Singletrack
Recycles dryer sheets
- Joined
- Oct 11, 2013
- Messages
- 62
Hello gang:
I was searching around for retirement planning info a few days ago, and I am happy to have stumbled across this forum. I am 56 years old, and I am being "rightsized" at my place of employment at the end of 2013. I will likely pursue some full or part-time employment in 2014, and I have been running the numbers to see what I might need if I just want (or need) to kick back for a while. I have had a high-stress job for a number of years, and I might want/need to just chill for a while. Our personal situation is as follows:
Mortgage debt: $51,000; 3.25% ($375,000 home value)
Taxable savings accounts: $2,200,000
401(k) and IRAs: $640,000
Lifetime pension/annuity: $30,000 per annum
I estimate our annual expenses at about $100,000 currently (I used the budget worksheet in the Fidelity Retirement Income Planner). We have two kinda-sorta grown children, although some financial support is still required.
We have a good chunk of our retirement savings in "after tax" accounts, so these can be accessed without tax implications. In addition, we still have about a $200k tax capital loss carryforward left from 2008 that can be utilized to offset future capital gains in the taxable investment account.
I have run a variety of retirement calculators, and most say that we are in pretty good shape - even if I want to retire without part-time income. That said, I am pretty active, and I would enjoy some part-time interaction or consulting work. I have mainly used the Fidelity Retirement Income Planner since it allows for quite a bit of detailed input on both the income and expense side.
I am still afraid to pull the trigger and relax, but I might start 2014 by watching the spending, seeing where we can cut back and seeing how things settle in. I would appreciate your thoughts and sanity check on our situation. Again, I'm happy to have found the forum and look forward to participating in the future.
I was searching around for retirement planning info a few days ago, and I am happy to have stumbled across this forum. I am 56 years old, and I am being "rightsized" at my place of employment at the end of 2013. I will likely pursue some full or part-time employment in 2014, and I have been running the numbers to see what I might need if I just want (or need) to kick back for a while. I have had a high-stress job for a number of years, and I might want/need to just chill for a while. Our personal situation is as follows:
Mortgage debt: $51,000; 3.25% ($375,000 home value)
Taxable savings accounts: $2,200,000
401(k) and IRAs: $640,000
Lifetime pension/annuity: $30,000 per annum
I estimate our annual expenses at about $100,000 currently (I used the budget worksheet in the Fidelity Retirement Income Planner). We have two kinda-sorta grown children, although some financial support is still required.
We have a good chunk of our retirement savings in "after tax" accounts, so these can be accessed without tax implications. In addition, we still have about a $200k tax capital loss carryforward left from 2008 that can be utilized to offset future capital gains in the taxable investment account.
I have run a variety of retirement calculators, and most say that we are in pretty good shape - even if I want to retire without part-time income. That said, I am pretty active, and I would enjoy some part-time interaction or consulting work. I have mainly used the Fidelity Retirement Income Planner since it allows for quite a bit of detailed input on both the income and expense side.
I am still afraid to pull the trigger and relax, but I might start 2014 by watching the spending, seeing where we can cut back and seeing how things settle in. I would appreciate your thoughts and sanity check on our situation. Again, I'm happy to have found the forum and look forward to participating in the future.