#31
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I already have someone that runs behind me "correcting" things I say - I'm married, but thanks
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Barry My SoundCloud page Avalon L-320C, Guild D-120, Martin D-16GT, McIlroy A20, Pellerin SJ CW Cordobas - C5, Fusion 12 Orchestra, C12, Stage Traditional Alvarez AP66SB, Seagull Folk Aria {Johann Logy}: |
#32
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That is correct. This year before retirement will be a year to collect realistic data on exactly what we need for monthly income. My wife and I have always been pretty sensible about what we spend. We do have some nice musical instruments but they are a justifiable business expense with our wedding music group. I've never owned a J45, maybe I should consider that We have learned this year that we can cut way back on the costs of eating out in restaurants. We do want to maintain our lifestyle and do some traveling while our health is still good. That is all cooked into the budget. We are all set on cars for awhile. We also have savings in 401k investments and other outside investments. I suppose the numbers will have to show if it's better to rollover the pension plan and take money gradually from the big pie of investments or take the monthly payout from the pension and save the other investments. From the information that my company provides the pension plan is adequately funded, but I suppose there is always a risk that could be an issue. All of the payout options that go beyond a single life annuity reduce the monthly payout obviously. As catdaddy pointed out, I don't think I could take the lump sum and purchase an annuity with the same payout if an annuity is the way to go. Lots of nice discussion and it sounds like many of you have been faced with the same decisions.
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#33
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I also track our utilities, property tax, vehicle registration, insurance, etc. Quote:
Also remember you'll have to pay taxes. Budget for that too. Quote:
As far as leaving money to heirs, don't forget about gifts. IIRC you can give each child $10,000 per year without their having to claim it. If you're able to roll it into an IRA for them it could prevent you from paying taxes on it and help meet minimum distribution requirements. |
#34
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Best to remember you will need additional funds for things like increases in taxes, utilities, home repairs, replacements of household items and on and on.
Also, what’s your strategy for health care? That’s a biggie.
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