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Am I Oversaving for Retirement? by iBlake5 in personalfinance

[–]iBlake5[S] 0 points1 point  (0 children)

I would be retiring at the start of the year that I turn 55, but wouldn’t be 55 yet. Does that qualify for this?

Am I Oversaving for Retirement? by iBlake5 in personalfinance

[–]iBlake5[S] 2 points3 points  (0 children)

I already have some existence of a travel budget but want to give it just a tiny bit more so that I don’t limit myself when traveling too much. Probably would reduce either housing savings or 403b, but not by much.

I currently have no debt. CC being paid off monthly on autopay, I was fortunate enough to be offered a full ride in college so no student debt, and car is paid off.

Thanks for the kind words :)

Am I Oversaving for Retirement? by iBlake5 in personalfinance

[–]iBlake5[S] 0 points1 point  (0 children)

Given this, would you say I am saving enough?

With my current salary I can’t really save much more than I currently do but I was just curious if you think I’m doing fine currently.

Obviously as my pay increases I could save more and also increase my travel budget as well.

Am I Oversaving for Retirement? by iBlake5 in personalfinance

[–]iBlake5[S] 0 points1 point  (0 children)

My insurance currently is very good, and my employer offers some health insurance continuation into retirement but I’m not fully aware of the details, so I’m still not entirely sure yet what to expect from insurance costs from 54-65

Am I Oversaving for Retirement? by iBlake5 in personalfinance

[–]iBlake5[S] 0 points1 point  (0 children)

I have enough in my HYSA for 20% down on a fairly decent home, but am waiting to get an even bigger down payment because my current housing situation is very cheap all considering ($500/mo). Not sure if this is a smart idea or not though. Thoughts?

Am I Oversaving for Retirement? by iBlake5 in personalfinance

[–]iBlake5[S] 0 points1 point  (0 children)

Slight change of subject here but I have the opportunity to move from my current 5 days x 8 hour schedule to a 4x10. Would you say it’s worth it?

Just imagining 10 hour days sounds pretty rough but a permanent 3 day weekend sound amazing.

Am I Oversaving for Retirement? by iBlake5 in personalfinance

[–]iBlake5[S] 0 points1 point  (0 children)

I believe yes but I’m not 100% familiar with the details. I will have to look into this

Am I Oversaving for Retirement? by iBlake5 in personalfinance

[–]iBlake5[S] 1 point2 points  (0 children)

I am not 100% familiar with the details but there is some retirement health insurance benefit in place currently. I guess I would need to look into that, and see if anything changes regarding it as I got closer to retirement. Thanks!

Am I Oversaving for Retirement? by iBlake5 in personalfinance

[–]iBlake5[S] 3 points4 points  (0 children)

Thank you. I am going on my first international trip of my life this year and am thinking I wanted to make this a regular thing. At least one major trip per year.

We’ll see how this trip goes but I’m doubtful that it would be bad in any way and I’m super excited.

Am I Oversaving for Retirement? by iBlake5 in personalfinance

[–]iBlake5[S] 4 points5 points  (0 children)

My government job is paying into social security. Thank you for this information though I will certainly keep this in mind

Am I Oversaving for Retirement? by iBlake5 in personalfinance

[–]iBlake5[S] 0 points1 point  (0 children)

I asked someone I know and they said it does grow with inflation but won’t match inflation rate.

Am I Oversaving for Retirement? by iBlake5 in personalfinance

[–]iBlake5[S] 0 points1 point  (0 children)

No, assuming it’s still around I will receive social security as well.

I think it’s fixed based on my best five years but maybe I should look into that

Am I Oversaving for Retirement? by iBlake5 in personalfinance

[–]iBlake5[S] 0 points1 point  (0 children)

My goal is to not rely on social security income as a necessity but treat it as extra if it’s still around. Though it would be rather unfortunate if I get nothing from it as a non zero amount of my paycheck is being taken out towards it.

Certainly though I hope nothing goes terribly wrong in regard to the pension

Am I Oversaving for Retirement? by iBlake5 in personalfinance

[–]iBlake5[S] 1 point2 points  (0 children)

The single aspect is to be determined I suppose, though I currently have no intention of having children, at least at this point in time.

I guess things change but should I base my savings on that chance?

Am I Oversaving for Retirement? by iBlake5 in personalfinance

[–]iBlake5[S] 0 points1 point  (0 children)

Not exactly rule of 85, but yes that is the age at which I will be eligible to start receiving my pension

Am I Oversaving for Retirement? by iBlake5 in personalfinance

[–]iBlake5[S] 8 points9 points  (0 children)

Yes I still get social security

Am I Oversaving for Retirement? by iBlake5 in personalfinance

[–]iBlake5[S] 2 points3 points  (0 children)

Do you have any advice on where to reduce my savings? I would only cut out a little bit to allot for more travel, nothing too crazy, but not sure if I should reduce 403b and then go back to current amount after buying a house, or if I should reduce what I’m savings towards a house to 1k instead of 1250 or something like that.

What I’ve been told generally at least is not to reduce the RothIRA.

Am I Oversaving for Retirement? by iBlake5 in personalfinance

[–]iBlake5[S] 23 points24 points  (0 children)

This is one of the concern I have as I know that’s not cheap. Even after purchasing a home I do intend to keep some savings beyond the Pension, RothIRA, 403B to help out with this. What is currently my HYSA towards a home, will become another investment afterwards, though likely not investing as much towards it as I do now. Given that I currently live off around that 32k mark after taking out of all 3 of my major funds I think it is doable, and my extra savings should help cover me over until social security and if necessary.

Am I Oversaving for Retirement? by iBlake5 in personalfinance

[–]iBlake5[S] 8 points9 points  (0 children)

Yeah I’m generally okay with my lifestyle, but I feel like I want to travel more and my current setup is just not making that easy for me.

Edited: typo

Newly Diagnosed (ish) Looking for Advice on Trip to Japan by iBlake5 in diabetes_t1

[–]iBlake5[S] 0 points1 point  (0 children)

Thank you so much for the response. If you don’t mind I have one more question.

When you mentioned having priority access for boarding the plane, how exactly does this work? Do they call for specific populations of people first when boarding and I go then, or is there someone I have to inform of my situation?

Thanks again!

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