Decision time, retire or don't retire that is the question.
 

Ready for our month of May visit and there is much on the agenda. Financial guy says we have enough to live at same level until 94 years of age. I turn 55 in September. Not sure I am ready to stop working but a change certainly wouldn't hurt my feelings. Bring on your wisdom and relatable points of view.

Modeling & Assumptions.
Whatever your situation, assumptions can be made to pay thru 94.
No guarantees.
Advisors make money by playing with models.

:popcorn:

OK, will comment as Coach K (wife) and Sportsguy (cabana boy) are in a similar position.

What's your health care payment/insurance strategy for the next 10 years?
What's your current employable skill set in the middle of rural Florida?
What's your remote skill set for working at home and then playing golf in the afternoon?

What weekend activities do you love currently?

So your finance guy has a prediction, based on a conservative set of assumptions with an actual annual execution budget? Have you and your finance guy created an actual finance execution plan starting now?

So I work in corp finance, not much different at times, and have lots of skepticism of high level blanket powerpoint exclamations and actual financial execution of said powerpoint concepts. :blahblahblah: I have been an execution killjoy to some high level executives dreams. barf

So if not, I suggest that you do, so that you can see if you actually understand the expenses of retiring early, and what parttime or health care insurance you need to actually execute, remembering that most likely your current healthcare insurance needs are highly subsidized by your employer, and will not be the same in TV, as generalized by your finance guy. .

If you need execution financial planning TV specific numbers, there are many posts here giving reasonable numbers. . .

so, interested in your answers :)

finance guy

Too young to retire.

Either use your brain or it will go away.

Semi retire and work from home if not ready. Could be dead in 10 years, enjoy life while you are healthy.

I didn't see @dewilson's comment, but I am bit more specific as to an execution plan. @dewilson is always conceptually correct: he's more of the powerpoint guy
:bigbow:

:duck:

Very rare for an advisor to tell you to retire early unless he / she has the potential of getting more of your money. Example - do you have a 401 K ? Does he or she recommend moving it to somewhere else under their control ? I also retired early - age 53 with a bridge to 55. More than several of my friends took the same package as I. Two items I can offer from experience to you .If you have a good 401K plan do not move it. My buddies who did are sorry they did - once out you can't go back. There will be plenty of time in the future to explore that option. Two be careful of medical plan promises. Our employer ( a fortune 500 company) reneged on their promise to us and from 55 to 65 it was by far our biggest expense. On the plus side - retire early - best thing I ever did.

If I were you, the biggest concern would be the cost and availability of medical insurance until turning age 65.

From the financial point of view, what cost estimates has your advisor made? From the health point of view, do you have any pre-existing conditions that will increase your difficulty in obtaining affordable coverage? Are you willing to accept a higher copay to lower the premium?

Finally, the unpredictable: in what ways will politicians change the existing healthcare laws in the next 10 years?

Good luck ... it's a jungle out there!

Thanks for your comment
 

Retirement medical/prescription plan is set with a max 5% increase annually. I would receive a fixed pension amount plus savings for income. My skills are 33 years as an expert on everything related to natural gas including repairs, pipe fitting and line sizing for all commercial and residential applications. Honestly projections are related to never working again and I just can't picture not having a schedule at this point. My killjoy persons are not recommending retirement they just give me the models like all of you killjoys lol. Thanks for the comment.

Don't forget tax rates and inflation, if you live to be 85 a lot of changes will happen in 30 years.

I think it really depends on what kind of work you're talking about. Are you an executive with a 6-figure salary? I'd say maybe hold on to that for another year or three. Give yourself a bit more padding, sink it all into your retirement funds/annuities, or heck just stick it in the savings account at the bank. Why? Because "just in case" you need a new roof, or misfortune strikes and ends up costing an arm and a leg, you need access to cash that won't put a dent into that magic "94" end goal.

Are you working as a shift manager at a store, for under $40,000? Maybe switch down to a part time sales clerk instead. It'll keep you busy at least a few days every week, and give you enough grocery money that you can get the prime rib and lobster tails instead of the ground chuck and shrimp. Or make organics a regular part of your grocery trip instead of just a "oh that one thing when it's on sale" thing.

I'd definitely recommend doing -something- to keep busy. Keep your mind sharp, your social skills intact, plus it's a good segue from the routine of working 5 days a week down to no schedules, no cares.

For a reference point, I'm 64 (and a half!) and have to buy my own health insurance. I am in excellent health, no smoking, no high cholesterol, not overweight. My $5k deductible plan is over $800 per month.

I can see Medicare in the distance :MOJE_whot:

ETA: I see you are an expert on gas fittings and piping. I am sure you could find a home for your skills here, full or part-time, if you chose.

Always appreciate your comments.
 

Believe me these financial people as coach put it are killjoys and there analysis is never guaranteed as we both know. My situation is a bit more interesting in that if I do not lock in what I have by December 2021 then I must wait three more years contractually. In June of 2022 everything is on the table for negotiation and could change in a potentially negative way. Example, lose any subsidized medical coverage for retirees and spouse.

Model say...
 

Inflation is accounted for in the model at 2% annually and a 4% return on savings.

Retired at 58, 11 years ago this Summer. Not even the slightest of regrets.

Look forward to doing whatever I want to do everyday.