Retirement Projections That We Do
It is a new year and we have done our Family P & L Actuals from last year. We have also done our 2021 Budget and Goals sheets together. Now is the time to update our Retirement Projection sheets with our Actuals from 2020 to see our new Retirement Projections.
Since last year we decided on the year 2030 for Darlene to retire at. That is the year that I can go on Medicare Insurance so we would just need to buy Health Insurance for Darlene for about 11 years. We are projecting that it will cost us roughly $500 per month or $6,000 per year for her Health Insurance when she retires.
If she decided to work part-time for Insurance, she would have to average over 20 hours per week. Right now, she is feeling like being totally retired at age 54 so that is what we are planning on when doing our projections.
We have done Retirement projections with us starting Social Security at age 67 and others at age 70. We will keep doing both projections up to the date we need to start Social Security to decide which way we are going. Some things that can factor on when we start taking out Social Security is the following;
- How are Investments do for us for the next 12 years.
- When the kids move out of our house and we aren’t supporting them in anyway.
- When Darlene decides to fully Retire or if she decides to work for a while part-time for Insurance.
- How are Health is.
We wish we had a crystal ball to tell us a perfect time to start Social Security but we don’t. We are going to go with what are projections are showing us when we are closer to the date. Our current projections are showing us currently that we should start at age 67. But I still would love not to ever have to count on Social Security. My goal would be to wait till age 70 to start.
The tough part is most guys in my family on both sides of my parents don’t live past age 80. Only my Grampa actually did that I know of. We are projecting that I live to age 90. I hope to live to see the 100’s in my pipe dream. But I would want my health also and not just be able to lay in a bed when I am old. We try to take care of ourselves now so we can live long lives. More on the entire Podcast or at MillsWay.com
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