Monday, October 31, 2016
A mere 4 %
I continue to actively put together all of the pieces of my financial puzzle. I have estimated the monthly anticipated allotment for my impending retirement, effective March 1, which equates 52% of my current salary. A downside to early retirement has been to accept the 52% over the 75% that I would have received if I stayed in my now former career, as monies will be dispursed for a longer period of time. Since my monthly budget is based upon actual take home figures, I am using the lower of the 2 in establishing my monthly budget.
I drastically reduced an already modest household budget when we moved here to the city. I continue to seek ways to tweak it further, as utilities and cost of living expenses level out. For now, I can meet my monthly budget to the penny.
I immediately knew, however, that I'd need to return to some form of paid work with benefits, and am currently in the middle of a certification program to transition to a new career. I must have secured a position with medical benefits come Sept 1 2017, when my current medical benefits will expire.
I also immediately identified the need to continue to build savings for a possible future home, a replacement car (hopefully many years away as my current paid for vehicle is very affordable to run and maintain and only has approx. 53,000 miles on it), an emergency fund. In order to do so, the aforementioned new career's salary will be syphoned off to savings.
Additionally, I have been seeking alternative income streams, and have received confirmation of the acutal numerical I can anticipate on a monthly basis. This figure alone, outside of any salary from a future job, brings my monthly income just 4% short of what my full time salary has been for several years. I await to see the actual figure, after any taxes are withheld, which willl naturally raise the gap to over 4% but I am happy with this as it will certainly end up, in total, to be well over the 75% retirement I would have received if circumstances were different. This new income stream is to be back dated, so as to commence for Oct.
Knowing the aforementioned, I can readily accept a lower paying, entry level position in my newly chosen field, knowing that my bases and then some, are more than covered. It's a huge relief to be so well positioned, financially speaking. Workplace stress and a toxic environment brought truely significant changes to my life, many of which I headed off at the pass.
I am much better on many fronts, as a result.