Reply to At what age will you retire and with how much?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Include home equity amount in the total but indicate it in parentheses.[/quote]

Retiring at age 54 this year. DH will be 61. (House entirely paid off & worth $700K.)

No debt. Kids all through college, that we covered. $3 million in retirement savings, $300,000 cash, and no pension (business owners). [/quote]

Congratulations!  What are you guys doing for health insurance?[/quote]

We'll be paying out of pocket. We have sufficient resources and low bills, and DH will start taking social security at 62 in one year. Health insurance for us will be about $2,000/month, and his social security will be around $2,500/month at age 62. I'll wait to take my own social security, which is also projected to be ~$2,500/month at the age of 62.[/quote]

Great!  I think SS at 62 makes sense for DH since he's much older than you and you will need that money to pay for healthcare.  However, cash flow permitting, consider waiting until 70 to collect SS so you maximize that benefit (remember that your healthcare premiums will drop when DH hits 65, thanks to medicare).  It's not about collecting the max amount of money from SS but maximizing guaranteed income as you grow older.  [/quote]

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