cfran
Dryer sheet aficionado
Just a huge shout out for what is by far my favorite website, the collective wisdom here is amazing and I'm grateful for having access to all of it!
I'm a 49 year old Husband/Father, DW(stay home mom) with two kids - 17/14. I'd really like to take myself out of the rat race sooner than later and I can't tell how quickly I can get there. My head is spinning with all the figures but do know I'd like to generate $170k/year (inclusive of taxes). So conservatively speaking I'd like to have $4.85m (3.5% = $170k). So here is my situation . . .
Taxable/Brokerage: $2.02m
401k / Roth / ESOP: $1.20m
Trust: $400k payable in 2020 and $400k payable in 2022 (due to business sale). This is basically $725k in cash now that is earning about 2% / year.
Total investable assets: $4m
No debt (home and secondary residence paid for).
Saving about $200k / year - mostly in taxable bucket
529's fully funded.
So I'm thinking I might be able to get there in 2019, but perhaps 2020 is the safer bet. Anyone have any initial thoughts on any of the above? On target?
Unrelated: how does one best figure out their retirement tax situation, especially if I'm to live of my brokerage account until I can touch the tax deferred dollars?
I'm a 49 year old Husband/Father, DW(stay home mom) with two kids - 17/14. I'd really like to take myself out of the rat race sooner than later and I can't tell how quickly I can get there. My head is spinning with all the figures but do know I'd like to generate $170k/year (inclusive of taxes). So conservatively speaking I'd like to have $4.85m (3.5% = $170k). So here is my situation . . .
Taxable/Brokerage: $2.02m
401k / Roth / ESOP: $1.20m
Trust: $400k payable in 2020 and $400k payable in 2022 (due to business sale). This is basically $725k in cash now that is earning about 2% / year.
Total investable assets: $4m
No debt (home and secondary residence paid for).
Saving about $200k / year - mostly in taxable bucket
529's fully funded.
So I'm thinking I might be able to get there in 2019, but perhaps 2020 is the safer bet. Anyone have any initial thoughts on any of the above? On target?
Unrelated: how does one best figure out their retirement tax situation, especially if I'm to live of my brokerage account until I can touch the tax deferred dollars?