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Retirement takes some financial planning
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<blockquote data-quote="Ancient Alien" data-source="post: 3343929" data-attributes="member: 70963"><p>As you know. I retired 49 & 11-months with 28-11 months worked. I used my 7-weeks and optional week to make it to PEER 80. I'm in the WCT plan.</p><p></p><p>I pay $780 for insurance a month for the wife & I. $390 each. It doesn't include optical or dental. You can pay additional a month for dental but it's basically just two cleanings a year. </p><p></p><p>I read on here where other locals in the Western Plan pay a lot less for retiree medical but I am outta Spokane so that's what we pay. I went 100% Pension and got my wife two insurance policies. So if I tip over, she gets none of my pension but she'll be fine with the life insurance. It was the best deal in our situation.</p><p></p><p>Yet, health insurance & life insurance costs a month sure takes a bite out of my pension. </p><p></p><p>One beautiful thing most don't know after you retire is the lack of taxes. Your status now is unearned income so you have no SS or Medicare tax. Meaning say you make approx. $1,000 a week now but only get $710 of that as cash, when you retire... that $1,000 gross turns into about $870 net of cash. These are rough guesstimates but just for future retirees to know because a lot of my co-workers didn't know that.</p></blockquote><p></p>
[QUOTE="Ancient Alien, post: 3343929, member: 70963"] As you know. I retired 49 & 11-months with 28-11 months worked. I used my 7-weeks and optional week to make it to PEER 80. I'm in the WCT plan. I pay $780 for insurance a month for the wife & I. $390 each. It doesn't include optical or dental. You can pay additional a month for dental but it's basically just two cleanings a year. I read on here where other locals in the Western Plan pay a lot less for retiree medical but I am outta Spokane so that's what we pay. I went 100% Pension and got my wife two insurance policies. So if I tip over, she gets none of my pension but she'll be fine with the life insurance. It was the best deal in our situation. Yet, health insurance & life insurance costs a month sure takes a bite out of my pension. One beautiful thing most don't know after you retire is the lack of taxes. Your status now is unearned income so you have no SS or Medicare tax. Meaning say you make approx. $1,000 a week now but only get $710 of that as cash, when you retire... that $1,000 gross turns into about $870 net of cash. These are rough guesstimates but just for future retirees to know because a lot of my co-workers didn't know that. [/QUOTE]
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Retirement takes some financial planning
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