Reply to What's your "number"?

Forum Index » Money and Finances

Reply to "What's your "number"?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I am 50 yr old female fed with combined retirement accounts of $3.9-$4M.  This excludes our primary residence (more than $1M equity but excluding since we need to live somewhere so doesn’t generate any income) which will be paid off by the time DC1 reaches 2nd year of college.  I will have a fed pension of at least $90k when I retire at 60.  Since I’ll have 30 years of service there will be no deduction in amount for taking it before 62.  As wives generally live longer than husbands he will sign the release to survivor benefits so I can collect the full amount right away.  Also plan to collect social security earlier.  Even without a mortgage the cost of taxes and home owner ins will be at least $20k by then.  Also any amount is treated as taxable income so need  about 380k if you want to live off 250 post tax.  Thankfully we’ll have health insurance as a retired fed.

I plan to travel quite a lot and help the kids beyond college so my ideal number is $8M but either way plant to pull the rip cord at 60.[/quote]

if your spouse declines the survivor benefit then he and your dependents will lose health insurance if you happen to die first, due to accident or what have you. suggest y'all elect the reduced benefit if fed health insurance is his plan[/quote]

Good to know but he can just use Medicare at 65 and if I die w/n 5 years of retiring that would really suck but he will probably agree still better to take full pension rather than 80% pretax.[/quote]

You're a fed. Where are you getting 20%?? "Full" survivors benefit costs 10% of the pre-tax benefit. "Reduced" survivors benefit costs 5%. With $8M in the bank, $4.5k a year to hedge against you dying early seems and keeping the gold-plated gov health insurance for your family seems pretty darn reasonable. But you do you.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics