Talk of The Villages Florida
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Talk of The Villages Florida (https://www.talkofthevillages.com/forums/)
-   The Villages, Florida, General Discussion (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/)
-   -   How much is enough??? (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/how-much-enough-260400/)

Ron_Ski 04-09-2018 06:22 PM
Quote:
Originally Posted by Chuck1674 (Post 1531037)
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.
Unless you're working at a profession you really love, I would retire at 55 and take the money.

Why? At age 60 you would have already accumulated $325,000 in benefits.
You would have to live to 104 for the additional $7,000/Yr to equal the accumulated benefits of retiring at 55.

You could work a part time job doing something you really like or perhaps monetize a hobby you enjoy until your SS kicks in.

Best wishes in your retirement.

Chuck1674 04-09-2018 08:05 PM
Thanks, I found the Nuts and Bolts. Very helpful.

thetruth 04-09-2018 10:23 PM
Hopefully you have an accountant who can advise you
 
Quote:
Originally Posted by Chuck1674 (Post 1531037)
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.
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.

Transplant 04-09-2018 11:27 PM
At age 62 you might be able to collect Social Security using your ex wife's earnings.

"Current spouses and ex-spouses (if you were married for over 10 years and did not remarry prior to age 60) are both eligible for a spousal benefit.

You must be age 62 to file for or receive a spousal benefit. You are not eligible to receive a spousal benefit until your spouse files for their own benefit first. Different rules apply for ex-spouses. You can receive a spousal benefit based on an ex-spouse's record even if your ex has not yet filed for his or her own benefits, but your ex must be age 62 or older."

Topspinmo 04-10-2018 05:55 AM
If you have to get loan to buy house by now you are living above your means. Which imo means your looking at close million dollar properties. The sale of your home should cover cost of home down here?

If you can't retire at 55 on 65k pension without down spending you never will.

65k year is more than enough to retire on here, if you live within your means and don't have to take trip every month or compete with the snobs.

TX2040 04-10-2018 07:07 AM
What is the nuts and bolts section?

fw102807 04-10-2018 07:17 AM
Quote:
Originally Posted by TX2040 (Post 1531712)
What is the nuts and bolts section?
It's near the bottom of the home page

Wiotte 04-10-2018 07:38 AM
Quote:
Originally Posted by Topspinmo (Post 1531697)
If you have to get loan to buy house by now you are living above your means. Which imo means your looking at close million dollar properties. The sale of your home should cover cost of home down here?



If you can't retire at 55 on 65k pension without down spending you never will.



65k year is more than enough to retire on here, if you live within your means and don't have to take trip every month or compete with the snobs.


[emoji1303]


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Chatbrat 04-10-2018 09:32 AM
Two years of receiving $65K, is a lot better than receiving 2 weeks of $72K, unless, you have a contract with God--receiving $130K for 2 years--divided by$7k=almost 18 yrs--live while you can

Lottoguy 04-10-2018 09:44 AM
The big question is your health insurance? Will you have that if you retire at 55? You didn't mention that.

Lottoguy 04-10-2018 09:48 AM
Exactly what I said. Health insurance is the biggest concern. It's like people who want to live close to the ocean in Florida. They never think about the cost of home owners insurance for that location. Hurricane insurance is huge in Florida if your in a storm surge area.

DigitalGranny 04-10-2018 09:48 AM
There's no yearly maintenance fee in Lake County. Don't overlook the "historic" side, which is in Lake County. No bond either. Nice, mature landscaping and friendly people, too!. Plus it's easy to find a home under $150,000. Agree with the poster who advised working until you can pay cash.

Lottoguy 04-10-2018 09:55 AM
Yes, their now building site built homes on the lots of former manufactured homes on the historic side. Great location over there, close to everything.

tippyclubb 04-12-2018 12:49 AM
Quote:
Originally Posted by Chuck1674 (Post 1531037)
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.
We live on 55k-60k a year and live in a patio villa, which is paid for . We have no debt and our vehicle is paid for too. Both of us pay for health insurance which cost $12k a year. We eat out twice a week, sometime 3. We travel, take cruises, and do beach trips 3 or 4 times a year. We live a good life and want for nothing, so yes I think you can do it too with your projected income for 1 person.

Like others have mentioned your days are not guaranteed. This was the main factor in our decision to retire early. I was 59 and husband was 62. Had we of worked longer we would have more money but it wasn't worth it. We are having to much fun being retired. I say go for it!

Lottoguy 04-12-2018 09:12 AM
Well said! I think it all comes down to your current job. If you hate it then retire. If you love it then stick to working. Health insurance is by far the biggest concern to those who want to retire before age 65. Now, many major companies will not longer offer health insurance to many long term employees.


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