Best way seems to be just run the numbers

Basically, just put together a budget. You should already know your average spend for things (Utilities, Phone, Internet, Groceries, etc.) so you know a monthly number. A big part you need to figure out is health insurance and add that to your budget.

Then starting with your pension amount, subtract tax withholding (just fed and state, if any. Medicare and SocSec withholdings go away) for a net number. If that number is more than your spend, then you're golden, if it's not, then you need to make up the difference with 401K/IRA/etc. retirement savings.

In response to this post by WestyHokie

Posted: 01/31/2017 at 2:06PM

Speaking of retirement -- aint2Hokie4me 01/31/2017 10:49AM

PROPPERS! Good on you. ** -- bourbonstreet 01/31/2017 11:42PM

Congrats.. how did you know it was time? -- VTMojo 01/31/2017 1:23PM

According to the 'calculators', I need a 401k balance -- vt90 01/31/2017 2:55PM

How do those calculators factor in medical costs? -- Hokie360 01/31/2017 3:53PM

Same.. I'm planning on a simple lifestyle with -- VTMojo 01/31/2017 3:11PM

Congrats, I have 6-7 years; how does everyone know it's time? -- WestyHokie 01/31/2017 12:55PM

For me, I had achieved everything I wanted to professionally -- 133743Hokie 01/31/2017 9:33PM

Best way seems to be just run the numbers -- Hokerer 01/31/2017 2:06PM

What is this 'pension' thing you speak of? ** -- vt90 01/31/2017 2:48PM

You're just not an old enough fart ** -- Hokerer 01/31/2017 3:08PM

Congrats. This August for me (32 years) ** -- Chesapeake_Hokie 01/31/2017 12:22PM

Kewl and Congrats! I was two minutes from pulling the trigger.... -- DonHo-kieHi 01/31/2017 12:21PM

Man, it's like pullin' teeth, isn't it? ** -- PhotoHokieNC 01/31/2017 1:02PM

I have 25 more years -- MEHOKIE 01/31/2017 11:53AM

My jealousy knows no bounds! ** -- Monk of McBride 01/31/2017 11:53AM

134 weeks for me...but who's counting? ** -- Hokie Knight 01/31/2017 11:51AM

Congrats! Nine years retired for me. ** -- Major Kong 01/31/2017 11:35AM

Congrats....must be in the air -- `lag 01/31/2017 11:19AM

Congrats, I have 29 years of work after grad from -- fordham 01/31/2017 11:18AM

Whenever I see these I think of Steve McQueen SURVIVING The Great Escape ** -- typed by ben 01/31/2017 11:10AM

Hope you aren't a cop ** -- HokieDan95 01/31/2017 10:59AM

Congrats! Jealous ... I am. ** -- vt90 01/31/2017 10:58AM

If you're dead, aren't you retired already? -- halesvb11 01/31/2017 11:12AM

I wish. Still averaging over 50 hours a week dead. ** -- vt90 01/31/2017 11:19AM

Awesomesauce. Congrats! ** -- Burke Hokie 01/31/2017 10:54AM

Congratulations! ** -- Stork 01/31/2017 10:52AM

Looking at June 30 - will be 35 years plus 2 days ** -- Hokerer 01/31/2017 10:51AM

Best way seems to be just run the numbers

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