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Retirement Discussions / Retire Well on Less
|Subject: What's up?||Date: 9/25/2010 12:16 PM|
|Author: alstroemeria||Number: 1373 of 1762|
There've been no new posts here for months, so I'm wondering how's everybody doing? Are you retired or working? Is your retirement income (or projected income) on plan? Have you lost your job and suddenly realized, by golly I'm retired?
Here's whassup with us. DH only needs 10 years of service instead of 15 as we thought to qualify for employer-subsidized retiree health insurance. So, if he works an additional 3 semesters (beyond the end of this school year when he planned to retire at 62), we'd save a bit over $500/month--for the rest of our lives (plus get another $100 or so/month in pension, plus another $300+/month by delaying application for Social Security). That ain't hay. He's considering it, still enjoying his job, but probably not as much as he'd enjoy retirement.
Another wrinkle is that my daughter is expecting our first grandchild, and I kind of want to live close to them. But that means close to Manhattan--much more expensive than South Carolina(!). In order to do that, we'd have to make significant cuts to discretionary parts of the budget (travel, computers, cable, books, facials...). Still mulling it all over. (NY state is actually not a bad place to retire as they don't tax SS or hubby's SC state pension--that's most of our retirement income, leaving us in a very low income bracket. Housing and utilities are expensive there, however. Even CT exempts SS income, but not out-of-state pensions.)
Last time I posted about it, it looked like our income streams would be as follows:
50% Social Security
40% Portfolio income (interest, dividends, etc)
If hubby works those extra semester, it looks more like:
25-30% Portfolio (so we can use a much lower withdrawal rate--that's nice, coz as an investor, I pretty much suck)
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