Quote:
Originally Posted by Chuck1674
My conundrum: In two years I can retire at age 55 with a 65k per year pension. Or wait 5 more years to take home 72k at 60yrs old. I don't qualify for social security. If I try to keep my mortgage payment under $1000 is it feasible to enjoy the Villages on 65k or wait to be more secure. I will be by myself so I won't need as huge place. I need to know the hidden costs, taxes, bonds, insurance etc. I know this is a question for a financial planner and there are books on it but if anyone would like to share their situation I am listening. I want to get down there as soon as possible but I also don't want to shoot myself in the foot...again....lol my pension would have been 102k if I didn't get divorced, but it is so worth it...Cheers and thanks in advance.
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You do not say if there is an inflation clause in your pension. Our government says they want a 2% rate of inflation. First of all they have NEVER IN OUR HISTORY been able to control inflation at 2% or whatever.
Assuming that they do control inflation at 2% and do it LONG TERM-FAT CHANCE. In 36 years you will need more than $2.00 to buy what a dollar does today.
We've all seen reports, guides etc. In the real world all you need to know is what you have, the rate of return on your investments for your remaining lifetime, the exact date you will die, the rate of inflation for your remaining life time and the cost of any illness now and till you pass. Unless I miscounted there are seven questions you must answer ONLY ONE IS KNOWABLE-WHAT YOU HAVE NOW.