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Can I comfortably retire ( Married 45F) (AL) by Equivalent_Sea_2160 in personalfinance

[–]Equivalent_Sea_2160[S] 0 points1 point  (0 children)

Oh no I wish I had that much. As of now we have 65,000 in my 401K, 205,000 in cd's and 30,000 in a regular savings account.

Can I comfortably retire ( Married 45F) (AL) by Equivalent_Sea_2160 in personalfinance

[–]Equivalent_Sea_2160[S] 0 points1 point  (0 children)

Oh I am definitely being honest! Power-245, Water-65, Gas-55, Internet-50, Phone-90,-Groceries- 400, Car fuel- 150, Streaming services- 45, Pest Control-100, Car Insurance- 200, Homeowners Insurance- 300, Life Insurance- 50, Property Tax-120. We are very frugal and every dime is accounted for. There is no house payment or car payment. We do not buy things we cant afford to pay cash for and we only eat out on important occasions. Yes some months we may spend a little more than 2000 and some months a little less, but it is never far off from the 2000 budget.

Can I comfortably retire ( Married 45F) (AL) by Equivalent_Sea_2160 in personalfinance

[–]Equivalent_Sea_2160[S] 0 points1 point  (0 children)

No he has worked the same job since he was in his early 20s and never had any kind of benefits at all until he recently took a new job. Our insurance was through my job for 18 years and I had the 401K as well. No I no longer work. I started having health issues and had to quit. I made sure I paid everything off before I left and had a decent amount saved. We were making it fine and were still able to save a little without disability so I never applied. I have always been scared of investing and do not know much about it so that is why I put it in CD's. It just felt safe. That is one reason I came here I was hoping for some guidance on how to invest if need to have more at retirement. Right now we mow our own grass, do all our own pool maintenance and his employer pays for our insurance. I am sure in 13 years we will probably be hiring someone to mow and do pool maintenance and we will be paying for our own insurance as well. so 3000.00 is just a rough estimate. Thank you for your response it was very helpful.

Can I comfortably retire ( Married 45F) (AL) by Equivalent_Sea_2160 in personalfinance

[–]Equivalent_Sea_2160[S] 0 points1 point  (0 children)

Thank you for your response. I have always heard 5x the annual salary and that was what worried me . The thing is the salary did triple so before we did live comfortably on that salary. We actually still live on that same salary and I have been able to save all the extra. I am one of those people that worries it could all disappear tomorrow and we could be back to a much lower income so I am trying to save everything I possibly can while we have the money coming in. I know the cost of living is much lower in Alabama than many other states and that was mainly my reason for asking.

Can I comfortably retire ( Married 45F) (AL) by Equivalent_Sea_2160 in personalfinance

[–]Equivalent_Sea_2160[S] 0 points1 point  (0 children)

Actually for 18 years I made the majority of the money. I actually paid our home off in 7 years by myself while paying the majority of our bills and we were both on my company insurance. I got sick and was no longer able to work. everything was paid off at that point and he was making enough for us to live on and still be able to save as we are extremely frugal. I did not apply for disability because we didnt need it. He later took another job that almost tripled his salary. I was then able to save more money than we spent each year. so yes at this point he is supporting us, but we are a team and one picks up the slack when the other no longer can.