Reply to Retiring on $60k/year

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[quote=Anonymous][quote=Anonymous]I am 63 and I am planning to retire in a couple of years. I will be retiring with $30k/year sate pension and $30k/year social security. I don't own a home and currently rent. I do not have any debts. I will have about $75k in cash (emergency fund)

Unfortunately, I never invested. So I do not have IRA or other kind of brokerage accounts.

My rent is about $1800/month. A few months ago I was confident I could live a simple life with $60k/year. However, I'll admit the chaos and scaremongering unleashed upon us is making me think whether I should rethink my plan to retire. For the first time in my life I am not optimistic about the future. I would love to work longer but I am not in the best of health

Do you know people who are retiring comfortably with anout $60k year?

My divorce a few years ago really derailed my retirement plan, but such is life.

[/quote]

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. [/quote]

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