2MM $ Club

You are so full of shit!

 

You are both shit heads.

Closing in on $2M....will probably retire before I get there.

How good is the Abbott Retiree health care? I can't start Medicare for another 3 years.

 

Talk to Abbott Benefits, they roll out the Red Carpet to folks in the $2M Club!

 

Understand that in retirement, your spending actually go down. If you have 25 or maybe 30 years in and your 55, you could retire in most cases. Take the “level income” option and enjoy life. My goal is to live longer than the years worked. With a little luck with health, I should be able to do that. It’s sad to see people work their asses off for a company that shows less loyalty that what their employees have and then die within a few years after retirement. I have seen this happen to to many of my friends. Even worse, some have died while working. They never took time to enjoy life without the stress of working for mother Abbott. If you have no debts (mortgage or loans) you should be able to live on $80-$100k per year. If you can’t you have other problems that need to be addressed. I figure my pension is worth about $1.7 million when I retire at 55. That is how much extra I would need to get $80-$100k per year if I bought my own annuity. So my pension and approx. $1.2 million in 401k (assuming 3% withdrawal after 59) i should be ok. Our total living expenses (utilities, property taxes, medical insurance, food and other basic needs) at retirement will only be around $35k. So think about what truly is important in your life, are you living to work or are you working to live?

 

I agree. I retired at 62 and my wife will do the same by the end of the year. I worked at Abbott for 12 years so the pension is ok and I do get the retiree health care. My expenses are a bit higher than yours but that's not to due debt (I have none) I just live in an expensive state. I figure between SSI and the 4% rule on assets I can have about $130K a year for 30 years and have some left over to give to the kids. This whole business just comes down to saving and not living too high.

Doubt I will make it to 95 but I will try!!

 

Bingo! Spot on... Pretty much in the same situation as you, except my 401K is less and I'm over 70, so I've been taking RMD the past few years. As a bonus, my wife had 25 years of service with Abbott. Great company. Kissed a lot of frogs during my career, but there was a pot of gold at the end of the rainbow. Godspeed!!!

 

If you have current limited 401k savings, could you work for 15 years and retire at 60. (Pension/SSI) Assuming home,auto, child expenses paid for.

 

"Kissed a lot of frogs", love it! I worked at ADC for many years....all the management are toady frogs.