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In Reply to: I got laid off at 51... posted by srdavis2000 on July 9, 2017 at 14:53:27:
We can retire on our 401k and other investments, sort of, plus I'm fortunate that my wife gets a decent pension from her decades as a public school teacher.
However, we would have to cut back significantly and be much more aware of our expenses and discretionary spending. I'm 58 1/2. Kind of weird that my blue-collar Dad was able to retire comfortably at 55 with his military retirement combined with his civil service retirement. He wasn't so dumb after all. Here I am still needing to work!
The one huge eye opener for me is the cost of good health care insurance. Notice I said "good".... not some junk plan that barely passes as worth while.
I have friends younger than 65 years old who are paying $1900/mo for two people in order to have the same level of good coverage that their employers once subsidized.
That's not chump change! To me that would be our biggest expense if retiring pre-65. Our mortgage payment (PITI included) isn't even that much, and it will be paid off in 8 years or sooner, much sooner if we chose to divert cash into paying it off. We have no other debt. Cars are paid for. It's health insurance costs that have me concerned most with retiring pre-65.
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Follow Ups
- RE: I got laid off at 51... - AbeCollins 12:13:44 07/10/17 (1)
- RE: I got laid off at 51... - srdavis2000 14:01:26 07/10/17 (0)
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