Re: OT- Retirement....

Posted by kyhayman on March 10, 2005 at 15:45:12 from (205.188.117.7):

In Reply to: OT- Retirement.... posted by z145fergie on March 10, 2005 at 12:54:32:

While I am a ways from retiring yet I have looked into it. Also both my parents are retired (for years now). I think the 80% number is high, esp in the first few years. With inflation, who knows. What I do know is 53% of my income on the top end is taken in local, state, and federal taxes, plus retirement and health ins. With the pension plan I have that will drop to 15% coming out for federal income tax with maybe a little of the top end at the 28% rate. That means that I should be able to make it on 73% right off the top. Take out a commuting expense, work clothes (I wont be wearing many dress shirts and ties on the farm), and I think that 65-70% will be about right for me. But, I dont plan to spend any more retired than I do now, in fact I plan to spend less.

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