Greetings,
My situation:
48 years old two grown and married children and one sixteen year old (his college is taken care of through a unique scholarship program). Married. Live in East Tennessee.
Work is OK. I have lots of really close friends there so I enjoy that part of the job. The work is just OK. I'm not inspired by it, others there live and breathe the work but that's just not me. I would definitely miss my friends if and when I leave the company but I wouldn't miss the work very much.
Just refinanced the house so I have 30 years of $1800 payments (includes taxes and insurance). The house is quite large (3500+ sq. feet).
Good health.
Portfolio:
600K in a 70/30 stock/bond ratio with about 200K in IRAs/401K and the rest in a taxable brokerage account.
Strategy (very fluid at this point):
Contribute maximum 16K (hopefully) to 401K for 7 years.
Semi-retire in 7 years hoping to live off of portfolio and find PT work or run a small business (if low key that's something I enjoy).
I'm thinking I would need about 54K per year (minus any PT income) until I turn 62 and then take about 1200 in Social Security and reduce my drawn down at that point (around 40K).
With all of the kids almost out of the house, I would seriously consider downsizing to about 1/3 sized living quarters (reducing the draw down amount even more).
Goals:
Travel: a big trip once a year (cruises, international) and lots of little weekend getaways. Also trips to see the kids who are across the country.
Take long walks/hikes.
Go to local sporting events.
Have more time to work out.
Ride my motorcycle as much as possible.
Look for ministry/mentoring/coaching opportunities.
My analysis:
I think that 7 years is a reasonable goal. When I play with the numbers on FIRECalc the biggest impact on the portfolio is time. The longer you wait, the bigger the amount. All of the other variables have a lesser impact.
Questions:
Is my analysis and strategy sound or off base? What suggestions and tweaks would you offer?
What sort of PT work or small businesses work best for the semi-retired (sorry if I use the wrong term here, I'm the newbie).
My situation:
48 years old two grown and married children and one sixteen year old (his college is taken care of through a unique scholarship program). Married. Live in East Tennessee.
Work is OK. I have lots of really close friends there so I enjoy that part of the job. The work is just OK. I'm not inspired by it, others there live and breathe the work but that's just not me. I would definitely miss my friends if and when I leave the company but I wouldn't miss the work very much.
Just refinanced the house so I have 30 years of $1800 payments (includes taxes and insurance). The house is quite large (3500+ sq. feet).
Good health.
Portfolio:
600K in a 70/30 stock/bond ratio with about 200K in IRAs/401K and the rest in a taxable brokerage account.
Strategy (very fluid at this point):
Contribute maximum 16K (hopefully) to 401K for 7 years.
Semi-retire in 7 years hoping to live off of portfolio and find PT work or run a small business (if low key that's something I enjoy).
I'm thinking I would need about 54K per year (minus any PT income) until I turn 62 and then take about 1200 in Social Security and reduce my drawn down at that point (around 40K).
With all of the kids almost out of the house, I would seriously consider downsizing to about 1/3 sized living quarters (reducing the draw down amount even more).
Goals:
Travel: a big trip once a year (cruises, international) and lots of little weekend getaways. Also trips to see the kids who are across the country.
Take long walks/hikes.
Go to local sporting events.
Have more time to work out.
Ride my motorcycle as much as possible.
Look for ministry/mentoring/coaching opportunities.
My analysis:
I think that 7 years is a reasonable goal. When I play with the numbers on FIRECalc the biggest impact on the portfolio is time. The longer you wait, the bigger the amount. All of the other variables have a lesser impact.
Questions:
Is my analysis and strategy sound or off base? What suggestions and tweaks would you offer?
What sort of PT work or small businesses work best for the semi-retired (sorry if I use the wrong term here, I'm the newbie).
