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.)

Reading, reading

November 27th, 2007 at 08:08 am

I'm about halfway thru with Xmas shopping and all of it's been done online. Sweet. I hate crowds and fighting for a parking space.

Now that i finished reading "You Can Do It, the Boomers Guide to Retirement," I'm on to a new book which i picked up used for $2 at my library Book Nook. It's called "Nickel and Dimed, On (Not) Getting by in America." Written in 2001 and on the NYT best seller list, the author decided to try to see if she could live on minimum wage as all the politicians say that any job is better than no job at all. So she took work as a waitress, hotel maid, house cleaner, nursing home aide, etc.

From the back cover: "She soon discovered that even the 'lowliest' occupations require exhausting mental and physical efforts. And one job is not enough; you need at least two if you intend to live indoors. Nickel and Dimed reveals low-wage America in all its tenacity, anxiety and surprising generosity - a land of Big Boxes, fast food and a thousand desperate strategies for survival."

It sounds very interesting but i haven't started reading it yet.

Posted in Uncategorized | 3 Comments »

3 Responses to “Reading, reading”

Carolina Bound Says:
November 28th, 2007 at 07:31 am

I read "Nickel and Dimed" several years ago, and it made a huge impression on me. Since then I have always tipped generously.
koppur Says:
November 28th, 2007 at 12:50 pm

That's a really good book! I always try to tip generously and keep in mind what servers go through daily for thier paycheck if I get not so good service. Enjoy it!
baselle Says:
November 28th, 2007 at 10:42 pm

Its an awesome book. There-but-for-the-grace-of-god-go-I kind of book.

Wild Blue Yonder

Directing my destiny, one day at a time.

Reading, reading

3 Responses to “Reading, reading”

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