Retiring on $60k/year
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Anonymous
Just did the math and if all he had was Medicare Part A (no Medigap or other insurance) the maximum out of pocket would have been about $35 if he was in the hospital for 150 days. If they were in for under 60 days, they’d just pay the $1,676 deductible. PP indicates he had other insurance, which should cover at least some of the difference and have an OOP maximum. I had an elderly relative who had Medicare and retirement insurance, and paid almost nothing for hospital care. If it was $41k he either had serious complications or something else was going on. |
Anonymous
I’m sorry you are in this spot. My father is going to be in this situation and it worries me a lot. He will have about $60K between pension and social security and has similar to what you have in cash in an IRA. He is renting and I worry about prices going up and that becoming unmanageable. He is 67 and is hoping to retire at 70 or maybe even 72, but like you he has health issues. He’s also employed in state government and his department relies heavily on government grants for funding, so I’m worried about the impact that could have on his job. If he can work until 70 that would be incredible at this point, since he has so much going against him. My spouse and I may need to step in and help, which is doable, but not ideal since we are pushing 40 and have three kids. My mother is also 67 and in much better health. She will probably also work until 70, but she could work longer since her job at an underfunded regional college is slightly more secure. She will be living on $30K between social security and pension, but she kept my parents’ paid off house and received an inheritance from her parents that she will hopefully be able to stretch over the next 20+ years. Like you, they’ve always lived very modestly but the divorce and some unlucky health and job choices earlier in their lives have made things incredibly tight now. You’re not alone in this at all. The suggestion of a low key part time job is worth exploring. Something that you could do for 10-10-20 hours a week after you retire and that you can do for 10-15 hours a week now just to build some more savings. |
Anonymous
+1. Such a trash person. |
Anonymous
I admire your mother. In which state does your mother live? |
Anonymous
| My parents live on this just fine. Just not in the DMV. They only live off a pension and social security. They did not save in other retirement vehicles. |
Anonymous
The key is "not DMV". And do your parents "own a home"? Because the real issue is being at the whims of a landlord and ever increasing rents |
Anonymous
| OP, yes, you can retire on that amount. My mom retired on that amount and also needed to pay a mortgage. Meanwhile, my mother in law in Europe (more expensive) is retiring on considerably less. We will purchase a house for her to make it feasible, but the point is-- lots of people survive on that income level. |
Anonymous
Not the PP but my mother also lives on appr. the same amount. Her home is paid for. She lives in Baltimore County, MD. |
Anonymous
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I'll be retiring in Nevada on roughly the same amount, $60k. I will have my home paid off by the time I retire but I think the key word here is relocating. I moved to Vegas years ago because the COL was lower.
I think you'll be fine on $60k. I know I will because I don't crave trips to Italy or world cruises. For me, just the fact that I will no longer have to put up with coworkers, arrogant supervisors or have to follow someone's scheduling is a massive, massive bonus. Good luck to you OP. |
Anonymous
Delaware taxes pensions, but the first $12,500 are exempt. But overall, DE taxes are cheap. |