Can I retire yet?

so over it here.
Just turned 53. Rep at Merck since 25. 2.3 million dollars in retirement and income accounts; Still owe money on my house but could sell and downsize. only want to work about 3 more years and then spend less than 80 grand a year and give it all up. Oh yeah and no other debt. No kids either

 

I would say you can retire!!! You've earned it!

 

Just do it! What the hell have you been spending your money on with no kids? That house should be paid off!

 

Depends on how long you think you'll live. I figured mine with an estimate to live to 90 due to good health and parents that loved long lives--I needed a bit MORE than what you mentioned to achieve that goal. The financial planner can help you calculate...

 

i wouldn't do it...people are living so long now, you could easily need to cover 30 more years of living, and run short....

now there is a whole new movement of "Nomads" that are choosing to build out vans, cargo vehicles, or live in mortohomes or RVs, that are able to live on a shoestring, and get out of corporate hell...it is not for everyone, but it does offer an earlier escape...

Otherwise, I would buck up, (unless Merck pushes you out) and try and work until at least 62...2.3 sounds like alot, but it really isn't these days...

 

well aren't you just Debby Downer last caller

 

All about where you live....some states have high tax rates that will chew up your pension income. Just be aware.

 

Just retired at 58 with $6Million, two decent pensions, and absolutely no debt. It's easy street now and don't miss the bully industry. Just beware healthcare insurance costs until you turn 65 are expensive if not in your pension.

 

now I believe that as much as I believe t'rump believes anything he says.

 

Left Merck after 20 years with 1.2 million in pension and savings along with my personal million and should be living comfortably without all the stress. House paid off.

 

That's excellent. Love to hear these success stories. Personally responsible for our futures not the company. No mall shopping, expensive cars, modest meals with a special one once in a while.

 

you can easily retire right now. the money you can generate on your savings plus social security would e easily keep you in your current lifestyle. you can find some part time fun job to make some spending money and save for your healthcare deductible every year. even if you live 30 years you can do that on 2 million

 

Not sure about that. Financial planner said don't forget to calculate extra money to offset inflation. The price of EVERYTHING will be higher in 10 years, 20 years, 30 years. Also need more cash for healthcare spending because aging people get sick, unlike when you were younger. Unfortunately, 2 million is not that much these days.

 

Don't let them talk you into an annuity, it is a sucker's bet. Put your lump mainly in an S&P index fund. Keep enough in cash to last you one year. You will make out fine.

 

What if the S&P falls 40% in one year? Too much risk.

 

Keep one year in cash. Annuities take your money and invest it in stocks and hedgefunds. What happens when their investments drop 40%? They either go bankrupt or you take a hair cut.

 

Screw running short. When my money runs out, I plan to become one more of the 50% of people living on assistance. I have paid in all these years, time for me to get some of it back before all the parasites and freeloaders get it all.

 

I like this, poster. Great idea. Forget the bullshit, stress, lay offs, etc... It sounds like so much fun. Visit all the places in an RV ( a nice one ). Go to the beaches, mountains, Detroit (ok skip this one). I'm in!

 

Budget $500 for retiree medical for a single person when you retire. Starting with the 2018 enrollment period, they doubled the pre-medicare rates for those turning 55 next year.

 

I think everyone 54 and younger who is eligible to retire next year pays
The same. $500 single. $1200 married, $1700 for married plus depedants. So much for subsidized medical!