About Me

Fern

FINANCIAL GOALS

1.Pay off mortgage by 2015.
Balance as of 8/8/08: $70,000.

2.Save $1.2 million and retire by age 60. (I used to say I'd retire at 55, but i don't think that's doable now.)

Current investments/savings:

IRAs and 401(k): $285,887
Taxable investments: $127,440
Total savings: $413,327
Net market value of house:
About $330,000

Total net worth: $743,327

I might be able to live comfortably on less, especially as I'm not factoring in Social Security benefits, but due to the uncertainties of the Social Security system, my income, health insurance costs, inflation rate and other things beyond my control, I've set my sights on $1.2 million.

At age 60, i would find p/t work that offers health insurance. A tough one, but that's the plan. My mortgage will be paid off at around age 58, so the goal is to work p/t between 60 and 65 and live on my savings, but defer collecting Social Security for as long as possible.

Withdrawing 4% of $1 million would give me $40,000 a year to live on, which seems like plenty. Once i do begin Social Security, i'll have even more.

3. In retirement, get a dog from the pound. Find a 'fun' part-time job with health insurance (few and far between, but they're out there) until i'm age 65 and Medicare can pick up my health care expenses. Do more volunteer work. Revive my freelance business for pocket money. Travel. Cook. Kayak. Defer collecting Social Security until age 70.

This is The Plan. (I'm still in my 40s, but hey, I really like to plan ahead.)

Happy Turkey Day

November 21st, 2007 at 07:37 am

I am thankful for:

My health/my family/my financial security/my new job/our country's democracy and stability/the people in my life.

Have a great holiday; here's to getting where we want to be, safely and sanely.

Posted in Uncategorized | 4 Comments »

4 Responses to “Happy Turkey Day”

Ima saver Says:
November 21st, 2007 at 08:48 am

Have a wonderful thanksgiving!!
Toyguy1963 Says:
November 21st, 2007 at 09:18 am

Happy Thanksgiving to you too. I hope everyone has a great holiday.
Amber Says:
November 22nd, 2007 at 10:11 am

Happy turkey day to you to
debtfreeme Says:
November 26th, 2007 at 02:55 pm

Wonderful list!

New Job?? ANything you'd like to share yet?

Wild Blue Yonder

Directing my destiny, one day at a time.

Happy Turkey Day

4 Responses to “Happy Turkey Day”

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