Is 33-36 thousand enough to live on? Need some answers.

[Historic NY]

I'm planning on pulling the plug on my job within the next few months. It is a civil service position and will immediately give me 1/2 of my present yearly salary, minus federal tax only. I will not be paying SS, NY income tax, Medicare, union dues. The check will be monthly. I presently own my own home its paid for. i have a small home equity loan to pay for new garage to store a couple of my old cars. I have also squirreled away some savings. I probably will eventually post a resume since I do have a grad degree MPA. For now I will be content in just finishing up stuff around the house. You know all the crap you keep putting off, etc. I'm a little scared about leaving but after 30+ years I really think it is time to move on. I might be able to get the pension tax free due to old job related injuries that have not been settled.

[loveable liberal]

1. i did it at age 35. 48,000 to 32,000....without cc's it not bad...

i have 2 kids also. job security is where its at....

[MercutioATC]

2. How much do you have in savings (401k, bank, investments)?

[Historic NY]

3. Savings & some annuities

Cracked 100k in bank with some cash assets in stock & insurance annuity. Near as I can figure I'm probably only loosing about 300 per week after all is settled and done.

[MercutioATC]

5. If you're comfortable keeping that $100k for emergencies, you're OK

Actually, it's all about how you plan to live. In Costa Rica, you can live like a king on $35k/year. In New York, you'd starve. Do you want to travel? Eat out?

It's all about the lifestyle you want. I'd try for whatever you could be comfortable with keeping that $100k around for a rainy day (or two). That way, you'd have some additional interest income and a safety net to tide you over if things didn't go well.

[chicagojoe]

4. Many, many people live on much less.

That paid off house is a plus.

[Historic NY]

6. Well in a pinch I guess I could sell my library & cars.

I actually do and have budgeted myself since I started work. I usually along on about 300 a week. I only tap saving for those unexpected bills and usually replace it asap.

[Name removed]

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[Historic NY]

9. Hi antipasta

welcome :hi:

[freeplessinseattle]

10. sheeit, I should be homeless by those standards.

with a family that'd be tough, but that is doable for many people, including myself, and I don't own a single credit card. It is a bit stressful at times when a big chunk of moolah needs to be shelled out for car repair or dental, etc. but I eat like a queen, even can afford to shop at whole foods!

[Desperadoe]

8. Been there, done that

I retired, civil service, 3 years ago. There was a psychological adaption and somewhat of a living standard adaption but I am so happy that I did it.

I went through a period of about 2 months of serious fear after the first 5 months but I worked through it. It just takes a little bit of lifestyle changes.

My only advice is to make sure that you have plenty of things to do that don't require spending a lot of money. Cultivate hobbies that can be done from the home. Every time you leave the house and get in your car you will spend money.

These days I still think about the old job but I would never, ever consider going back. 35 years was more than enough in one lifetime.

[ebayfool]

11. You gotta be kidding ... I'd give my left ~@#$% for that!

I do it on less than $12,000 annual - no insurance (or any of those other niceties like savings, cds, etc) raising a disabled grandson (he has medical - no stipend, child support or food stamps) as a housekeeper. I'd say you could make do!