Hello everyone this is my 1st time posting. I am enjoying the posts I have read, especially from the younger people, glad to see them starting early.
About me, I will be 56 in January, looking to ER in the spring of 2017. My spouse just turned 54 in October and also retired in October.
Assets
1.6M Net worth
20K 401K 2016 Contribution
22K Spouse’s fixed pension (Starts Oct 2016)
22K My SS (Starts 2027)
24K Spouse’s SS (Starts 2028)
Liabilities
$120K 15 yr Mortgage@ 2.875% in 3rd yr on 300K house.
No other debt. Cars are paid for. Currently live in NJ where the taxes are very high, $9400 per year and climbing.
Our plan is to stay in NJ until 2020 then move to a warmer less expensive area. Florida is being considered. We both plan on buying new cars within the next 5 years, budget of 40k max each. We have budgeted 15K per year for Health Care. We figure our annual net expenses with mortgage, utilities, food, healthcare, auto, travel, entertainment and taxes that will be due on amount of withdraw to be 90K.
I’m starting to think our tax rate that we are figuring might be a little high because some of the money after my spouse and I turn 59-1/2 will come from a Roth IRA.
We have no kids.
When I put this information into Firecalc I get 96.4% success for 35 yrs. I have looked at other calculators and come up with similar results. We also have a FA who also comes up with similar results. While excited about this, I am also cautious.
I have worked in my field for the last 32 years. I am in a customer service field and have seen many changes in both the economy and the demands of people. My partner and I are young and healthy and have been planning this for many years. Well now the rubber is beginning to hit the road. I welcome any opinions or points of view.
About me, I will be 56 in January, looking to ER in the spring of 2017. My spouse just turned 54 in October and also retired in October.
Assets
1.6M Net worth
20K 401K 2016 Contribution
22K Spouse’s fixed pension (Starts Oct 2016)
22K My SS (Starts 2027)
24K Spouse’s SS (Starts 2028)
Liabilities
$120K 15 yr Mortgage@ 2.875% in 3rd yr on 300K house.
No other debt. Cars are paid for. Currently live in NJ where the taxes are very high, $9400 per year and climbing.
Our plan is to stay in NJ until 2020 then move to a warmer less expensive area. Florida is being considered. We both plan on buying new cars within the next 5 years, budget of 40k max each. We have budgeted 15K per year for Health Care. We figure our annual net expenses with mortgage, utilities, food, healthcare, auto, travel, entertainment and taxes that will be due on amount of withdraw to be 90K.
I’m starting to think our tax rate that we are figuring might be a little high because some of the money after my spouse and I turn 59-1/2 will come from a Roth IRA.
We have no kids.
When I put this information into Firecalc I get 96.4% success for 35 yrs. I have looked at other calculators and come up with similar results. We also have a FA who also comes up with similar results. While excited about this, I am also cautious.
I have worked in my field for the last 32 years. I am in a customer service field and have seen many changes in both the economy and the demands of people. My partner and I are young and healthy and have been planning this for many years. Well now the rubber is beginning to hit the road. I welcome any opinions or points of view.