I retired after teaching 33 years. I am working part-time because I will NOT receive social
security. My house is paid and I just paid
cash for a new car. My life-pension is
$39,000 yearly and I have $500,000 in IRA.
Presently I use about $25,000 from my pension. At 63, I want to do volunteer work only but I
fear not having enough money.
Not only is each situation unique but each set of views also is unique. For example, my (one year) younger brother figured out how to retire at age 60 (turned out, through no fault of his, to be more like age 61) and figured $48,000 per year would be enough. However, I do not calculate individually since my spouse and I remain married (1967, soon 47 years) so I look at our combined incomes. Just our church tithe is $8,400 per year and in addition substantial other contributions / donations - so that makes a big difference in the view of sufficient money. I do not look at retirement as some sort of entrenchment. It is more likely (in our third year in retirement) that we live on 150% rather than 50% of what we brought home (not "made") before 2011 September from paid work.
I retired after teaching 33 years. I am working part-time because I will NOT receive social security. My house is paid and I just paid cash for a new car. My life-pension is $39,000 yearly and I have $500,000 in IRA.
Presently I use about $25,000 from my pension. At 63, I want to do volunteer work only but I fear not having enough money.
Thank you, but my MIL would not want to live in the Philippines under any circumstances. My DH is her only son, and we are not going to move there EVER. To cut her off from her sole living relative in the US would be a little harsh, don't you think, just to save some money? It's her $$$, and she has more than enough to keep her in the senior facility until she's approximately 126 yrs of age or more (she's 86 as of Easter Sunday).
We live in an extremely expensive area. We happen to love it, and intend to stay as long as possible. We have planned our finances for decades to do so, in fact. The facility we're looking at for our own next move (we're in our 60's and have been retired for 4 and 10 yrs, respectively) is even more expensive than the one MIL is in, but it's perfect for us.
Do we have enough money? We hope so, and having LTCi policies will certainly help protect our assets. If we lived in a cheaper area, we wouldn't need so much - the OP's figures are like a dream to anyone in Northern CA, LOL - but like I said, we like where we live, and wish to stay near our friends and family.
A friend just died at age 93 - from the time of moving into a "nursing home" was eleven years - in a low-cost county, at least about $350,000 "until Medicaid kicked in." - Still, enough money (I believe) in those circumstances. Recent DRwhow (public radio) was about how "we" are now living much longer and taking much, much longer to die.
II'm retired on SS and a small pension totaling $27k year. I own my condo, am single, and so far life is great! Don't plan to dip into savings of $100k until absolutely necessary.
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