Tuesday, February 14, 2017
Transitioning into retirement
My retirement paperwork is officially received by the state, they have congratulated me, advised me of an approximation of what I can expect on a monthly basis (end of month), and alerting me that this still may* take up to 3 months to sort out (this is the dead season for retirement, BTW), they will email me 2 weeks before they are all set. No worries, I've got this.
We have been living on projected retirement income since I downsized, moved to the city 8 months ago. Continuing to live purposefully has allowed me to keep 6 months of living expenses (everything from soup to nuts) in my checking account. Once a month, I transfer any additional funds into my savings. I now have a very healthy, 20% down payment for my next home plus additional savings for a future car, emergency expense, etc..
While retirement for many means a total stopping of work, as long as I am physically able to, I plan on working until I am eligible to collect Medicare, having been one of the first teachers in this state to pay into that program. Currently, that is age 65, so 12 years to go. I continue volunteering at the hospital, and believe that I am making a good impression. I hope to get another full time position, in my new field, at the hospital for medical benefits. Any salary beyond that would translate into additional savings, most likely to be invested. If all goes as planned, with the already added additional income stream, I stand to make more income than I did in my former career, hopefully with a lot less stress, which has really impacted my health.
Medical insurance for me and the kids is a concern. They are aware that they may need to ask their father to go onto his plan (Note that since we married, I had always carried the insurance for the family, out of my paycheck). If for some reason I don't yet have a new job with benefits come 9/1, I can afford to get myself a plan, but would be hard pressed to also cover the kids, while maintaining the aforementioned goals.
Bills paid up, accounts and checking accounts balanced, taxes ready for a final go thru before sending them off to the CPA.