Reply to Can we afford to retire now?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I would not be comfortable in your situation. I am on the low end of DCUM wealth/income scale, and I don't have plans for a lavish retirement.... but my number for retiring at 55 is at least 5 million plus a fully paid off mortgage. (That isn't going to happen for me.... but I dare to dream.)[/quote]

Are you married?

I'm just wondering if that $5 million is household assets of two people or just for you?  And you either don't have a spouse or they have their own pot of $.

I'm 55 with $4 million of my own, but then my spouse also has their own pot of money ($4 million), so I'm thinking it is doable.

It better be!  I've already annouced my retirement. ;-)[/quote]

Obviously with $8M it's "doable", but it does depend upon your yearly expenses.  We need to know your mortgage/insurance/proptax/maintenance, car expenses, food, travel, HEALTHCARE, and everything else to say with 100% certainty.  Because if you want to spend $500K/year, it's probably not as doable
[/quote]

I guess at this point I just want clarification that when people say that they have a particular number that they are shooting for for retirement, is that a household wealth number (both spouses) or just you as an individual, not including the assets and debts of your spouse?

But yes, lots of details beyond that-- for example we are still paying a mortgage but it's only $2k per month, and I'll carry federal employee health insurance into retirement, which is still an expense, but less than what it costs through ACA.  [/quote]

yes, if you have access to federal (or any company health insurance) thru retirement or age 65, even if retired, your medical costs will be much lower.  We will pay $3-3.5K more per month than our current health insurance when we have to use the ACA (and then the deductible will be $7/14K rather than $1.5/$3K) , even on cobra it will still be $1.5K/month cheaper (and the similarly lower deductible) than the ACA.  We can afford it, but I suspect many do not realize they might be spending $40K+ on healthcare until they turn 65 (we spend about $5-7K per year now including copays/everytihgn  until we max out) So if you are spending an extra $35K+ for 10+ years that's something to consider. [/quote]

Isn't it nice how healthcare indentures people to work full time? Even if they can make do with part time jobs or even retire if they don't mind living modestly.  It's especially designed to f people 50+. [/quote]

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