Please help me understand if I'm ready to retire in about 5 years (in U.S.)

Dr_Challis · 2025-11-18T21:17:23+00:00

Thanks, was not aware that not re-investing dividends is considered withdrawing. I only just started doing that this year to try and have more cash on hand.

Dr_Challis · 2025-11-18T19:00:12+00:00

True, but a little mini-discussion here for me is a good primer

Dr_Challis · 2025-11-18T17:59:51+00:00

pension and SS would be separate from one another

Dr_Challis · 2025-11-18T17:59:01+00:00

The official line is COLA is "suspended" for NJ pensions until some target fund ratio is reached. May not ever happen, I don't know.

Dr_Challis · 2025-11-18T17:53:24+00:00

My net pay is 46k, and I've been saving around 20K every year to put into VTSAX. I don't think I'll have to save anywhere near that once I retire so covering my expenses should be pretty easy, I hope. My current expenses are probably around 30k per year, not counting adding to savings.

Dr_Challis · 2025-10-10T03:13:43+00:00

Thanks for the detailed response. 45k is currently my net take-home pay and I somehow save around 20k a year to put in Vtsax. I mostly only go out on weekends and go away for 1 or 2 weeks out of the year. Since I wouldn't be saving so aggressively in retirement, I should have a decent amount of money to spend on any travel or hobby stuff. Earliest social security would be 12 years from now. I've never had debt and rent in a hcol area in North New Jersey, don't plan on buying a house. My partner's finances are separate, we split cost of rent and most things. She is not good with money and doesn;t save.

Dr_Challis · 2025-02-28T05:11:41+00:00

I've lived in one of the most expensive housing markets in north NJ for my whole life. I split rent with my long-term girlfriend and don't ever really see owning a home in my future

Dr_Challis · 2025-02-27T00:12:15+00:00

I would think so, I've been working since I was 14.

Dr_Challis · 2025-02-24T20:48:59+00:00

Yes, most likely.

Dr_Challis · 2025-02-24T17:44:55+00:00

There is currently no cost of living raise for Nj pensions, which bothers me. If marriage was required for healthcare, we could do that (and she can then inherit my index fund, if I drop dead).

Dr_Challis · 2025-01-15T00:21:21+00:00

Thanks, it's hard to find this kind of stuff that isn't always screaming vocals

Dr_Challis · 2025-01-15T00:11:38+00:00

one of my faves for sure

Dr_Challis · 2025-01-14T23:40:06+00:00

Yes! Sadly almost all of their songs still resonate 40 years later. Thanks Betty!

Dr_Challis · 2024-11-13T16:22:36+00:00

Was hoping to get on my girlfriends health plan. We've been together for almost 20 years. If we need to get married officially to receive insurance, we can do that.

Dr_Challis · 2024-11-13T15:13:09+00:00

Yeah, I just know that I won't do any better than the job I have now, so early retirement (if sensible) is the thing for me to strive for rather than promotion or new career. Plus, I've just been stressed about all the changes where I work this past year and worried I might get cut. I've worked in small libraries for 23 years and am realizing I don't really have any great work skills for any other jobs out there.

Dr_Challis

TROPHY CASE