Thread: Way off the subject---RETIREMENT---but important to me!

Originally Posted by kycreekboy

I'm about to be faced with some of the same decisions. Been working for a great company that has a defined benefits plan and a 401K that I loaded up on when I was younger. I really couldn't ask for a better place to work. Good pay & benefits. I started with them when I was 20 years old and will turn 53 this August. I've always said I would retire at 55 as they will pay for half of my wife's and I health insurance at that point. Closer I get to 55, more I realize decisions are going to have to be made. And BIG ones too. Everything I own will be paid off before that. House & farm will be mine. My wife & I have no kids and will leave whatever is left to the nieces & nephews.
I keep thinking about the good men/friends that I have worked with over the years that passed away & didn't get to enjoy their retirement.
I don't want to be one of those guys....

Ditto on you last two comments. Seen it way too often myself.

Lot of good comments. Thanks for contributing to the discussion. I'm glad my thinking is in line with much of what I've read. I pretty much have everything outlined in an excel spreadsheet that shows my 401K, Pension, Roth IRA and Social Security from age 51-75. Taking my current 401K balance and assuming I max contributions of 24K each year and also 6.5K in an Roth IRA (that's 2015 MAX limits). I have both a traditional Pension and what the call a Portable Pension (like a savings account balance). I take all of that and compute a monthly payout assumption for each year---obviously the later to retire the more. Key is we all have to make assumptions. Health cost, stock market (up or down?), job security, taxes, unknowns out there, etc. Right now I don't own a house, but saving money and plan on paying cash for one or maybe 70% so I can write something off on taxes for a few years at least--but have the money to pay it off if I want. I hate to owe money to anyone. Only reason I have credit cards is because you almost have to for hotels, traveling, ordering things, etc. Nothing wrong with them either if the balance is paid promptly.

I know one thing. You sure can't take it with you. Nothing wrong with working if that is your thing. My thought is work is fine if you want too, but not that you have too---in order to make ends meet.