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Retirement Planner

December 14th, 2011 at 11:24 am

Today I found this very interesting Retirement Planner calculator. Best one I have ever seen. I found it at CNN Money Retirement Planner.

We are kind of planning on hubby retiring in three years He will be 59.

The thing that worries me the most is when Hubby retires we will have to cover a large medical insurance premium until we are old enough for medicare. We will still get the medical insurance through his company but I think it will be in the $600- $800 range per month....does this sound right? I estimate his pension will be about $1400. per month.

4 Responses to “Retirement Planner”

  1. snshijuptr Says:

    If you are looking for a retirement calculator, you might want to check out firecalc.com. The site calculates your chance of not running out of money before you die. They usually recommend you look for an 80% chance of success. There are lots of options for withdrawal rates, investments, and pensions.

  2. EarlyRetirementJoy Says:

    Retirement Planner - My husband and I will be self funding our medical insurance as well, for approximately 9 and 16 years respectively, until we each reach the age of Medicare eligibility. We will be enrolling in a high deductible HMO (Kaiser in our case) for approximately $400 per month, plus setting aside a $5,000 lump sum amount in Year One for the deductible. Hopefully, because we are both very healthy, the deductible will not be pulled down to $0 in any given year, and going forward we'll simply need to close the gap on any deductible amount used rather than completely rebuild it. So our minimum output in Year One would be $4,400 ($400 x 12) + $5,000 (max deductible) for a total of $9,400, but, hopefully, closer to just $4,400 a year after that.

    For retirement calculation purposes, a very easy ballpark figure is that you will need 33 x your annual estimated retirement spend in savings before you can retire. Your annual retirement spend would be what remains after deducting any pension, social security or other monthly payments. Meaning, if half of your spend is being funded by these vehicles, only the remaining half would be applied to the 33 x formula. We're there, so we're pulling the plug on job #2 in the spring (we pulled the plug on job #1 this last spring), and we can hardly wait.

  3. patientsaver Says:

    I have long been planning an early retirement (59 or 60) but healthcare has always been a concern. Right now, I've got a high deductible ($5,000) HMO thru COBRA at $469/month. It's pretty pricy. However, I didn't have to pay anything toward the deductible this year, just co-pays. And a few things, like my mammo and flu shot, were completely free. My colonscopy was free save for $10 i had to pay the radiologist, plus the prep prescription at $43.

    T. rowe Price has a well-regarded retirement calculator on their site.

  4. Jerry Says:

    Health insurance is a huge expense in the States, and it leads even into retirement as you are seeing. When my wife and I used her COBRA between jobs a couple of years ago, it cost $1200 to cover us and our infant daughter. PER MONTH. We were flabbergasted. This was in Maine, though, and they have the 2nd highest premiums in the country. Unbelievable.
    Jerry

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