![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
Retirement Planning
Jan. 2nd, 2021 05:07 pmI've recently come to a conclusion which is worrying both Kent & Michael in a fun way: I could theoretically retire right now.
It would be a thin retirement with little free cash, but it is possible. The easiest path would be to buy Mom's farm and move to Ontario: within months, I'd be eligible for the provincial health plan so my only major expenses would be property taxes, utilities & food, stretching my cash reserves much further than they would in the US. Naturally, the guys are not enthused about living in northern Ontario, and frankly, I'm on that keen on it either. But the idea of retirement has suddenly become very, very real instead of some abstract possibility decades away.
In any case, I'm still planning to keep working until I'm 60 in 2027, which is only six years away. Then things get serious.
Michael goes on Medicare this August as he turns 65, so he'll be off my work-related medical insurance. That's a slight disposable cash bump, and one less worry if I change jobs or leave employment entirely. In a year, he can claim his own Social Security at full value (he's receiving discounted funds from his late wife's account currently).
Kent just turned 60. When I retire, he could take Social Security at a discount, or hold on for just a while longer to get the full benefit at 67. I'd really like him to wait until 67, but he's had enough of working for a living since he was 30 so he may not wait.
In the interim, I'm still working to reduce our recurring living expenses, stuff as much money as I can into retirement accounts, and generally ensure we're ready when the time comes. 2,371 day left.
It would be a thin retirement with little free cash, but it is possible. The easiest path would be to buy Mom's farm and move to Ontario: within months, I'd be eligible for the provincial health plan so my only major expenses would be property taxes, utilities & food, stretching my cash reserves much further than they would in the US. Naturally, the guys are not enthused about living in northern Ontario, and frankly, I'm on that keen on it either. But the idea of retirement has suddenly become very, very real instead of some abstract possibility decades away.
In any case, I'm still planning to keep working until I'm 60 in 2027, which is only six years away. Then things get serious.
Michael goes on Medicare this August as he turns 65, so he'll be off my work-related medical insurance. That's a slight disposable cash bump, and one less worry if I change jobs or leave employment entirely. In a year, he can claim his own Social Security at full value (he's receiving discounted funds from his late wife's account currently).
Kent just turned 60. When I retire, he could take Social Security at a discount, or hold on for just a while longer to get the full benefit at 67. I'd really like him to wait until 67, but he's had enough of working for a living since he was 30 so he may not wait.
In the interim, I'm still working to reduce our recurring living expenses, stuff as much money as I can into retirement accounts, and generally ensure we're ready when the time comes. 2,371 day left.
