Hey all. I'm 60 yo. I work ft. Been there 30 years. I have an auto immune disease that is making it difficult for me mentally and physically to continue working. My husband is 70 and has been retired for 10 years. He is healthy and vibrant and thinks I would be happier at home, less stressed and maybe have less flare ups if I retired now.
His pension is gross 3750 per month. He doesn't get SS. He has no retirement fund. We have $100k equity in our $200k home. We have $50k in Emergency savings. I have 300k in my retirement fund. If I retire today I get a pension of $2600 a month til I turn 62, then it goes down to 1500 a month but I start receiving $1600 a month in SS, for a total of $3100 at age 62. This is without touching the $300000. I'd like to let that grow for at least 10 more years. My retiree health insurance would be $2000 a year til I hit medicare age. My husband has a survivorship on his pension. so If he precedes me,I will get $2100 a month for the rest of my life. So my income as a widow would be $5200 a month. Married our joint income would be $6850. But I think I can still work part time for several years and make $500 to $1000 a month to add as a slush fund. We have no cc debt. We owe $24000 on 2 cars. Payments are $420 and $310. We could sell one car use it to pay off the other. They are both newer low mileage vehicles. Our all-in house payment is $1073. That is p&I, home ins, prop taxes and assoc fee. We aren't responsible for roof, siding, driveway or landscaping and have a community pool My husband part b is $170 a month and his retiree insurance is $100 a month. I make 67k a year plus about 3 k in yearly bonuses. Next month I'm getting a $2500 raise. So Id be walking away from $72,500 year job. Very scary. Every logical thought tells me to stay till I'm 62. My pension and SS would be about $3300 then. If I go now I won't receive any cola increases til I'm 62 yo. That would be giving up some of the largest colas in history. Ugh stupid inflation. At the same time we want to move to another retirement friendly state. We want to upgrade our home life with a newer nicer home. We want to purchase a home around $250k in a 55 community. We'd sell our current home and put 80k down on the new home. Our all in for the new home would be higher, at about $1600 a month, an extra $500 a month more. Plus we would now be responsible for roof, siding and driveway w the new more expensive home. What do you all think and why? Remember two things that are important but not financial. 1)I am sick. Not terminal but I have great days and not great days 2) my spouse is 70 and has been waiting patiently for 10 years for me to join him in retirement and get our final house and travel more,hang out w other retirees and enjoy life. I really want to work till 62 or even 61 but the ONLY reason is to get a bit more money, but it's so hard to go in everyday lately. Anyone retire before the money was all there perfectly? How should I be looking at this? Am I missing any key elements?
Submitted August 22, 2022 at 11:55PM by Anxious-Potential-57 https://ift.tt/jz52gGi
