• Question
  • Early Retirement at 56

    Asked on 10/18/2010

    I am 56 and have worked for my employer for 40 years and therefore according to my company can retire now with my pension of about 1850 a month. My husband plans on retiring also in the next year. He is only 45 and has worked in a prison for 20 years so he can get his full pension too. He plans on getting a full time job doing something else. We will both have medical benefits for life from his job and our 17 yr old daughter will be covered too till 26 if she is in college. She is a senior in high school and will attend college next fall. What I need to know is after taxes how much will my income be? And my husbands pension is about 2400 a month . How much will his be? We have some money in retirement plans but not that much, and we still have a mortgage to pay and 4 yrs of college for our daughter. Is it even feasible to think about retiring and just picking up a part time job?Will my daughter get more financial aid if we are on a fixed income retired?

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  • Categories: Work and Retirement, Early Retirement

Answers

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  • NewRetirement User

    69 year old from Houston, TX

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  • Unfortunately, we at NewRetirement cannot answer this question to the degree of detail you require without providing financial advice, which we are not allowed to do. In this case, given the detail to which you are attempting to plan your finances, we strongly recommend speaking to a professional financial adviser, who can better sort out your finances and tax strategies for retirement.

    You can speak to a financial adviser or find out more about them here:

    https://www.newretirement.com/Services/Professional_Financial_Advisors.aspx

  • Login to rate this answer:   Answered on 10/21/2010
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