Lance a less
Dryer sheet wannabe
- Joined
- Aug 8, 2014
- Messages
- 10
Hello everyone. 51 year old frequent lurker on this site. Would love to retire in 3-4 years. I’m seeking advice on fine tuning my plan and getting a reality check on where we are. Married with 2 kids (17 and 11), wife is 51 also. We have tracked spending for the past 2 years and we spend 165k/year. I was surprised at the size of this number and kind of embarrassed. This includes music lessons for both kids and some summer camps but we really are kind of fiscally conservative in many ways such as NOT eating out frequently, drive older medium cost vehicles till they die, public schools for kids and no lavish vacations. The plan for us is to sell big house in 8 years, use half of monies to renovate the vacation house, half put into investable assets. I like the ******** calculator because it allows me to make blocks of retirement time where expenses change (kids out of house, sale of big house, etc). Really looking forward to some constructive advice on this. And just to clarify the background, there were no silver spoons in my family of origin, no trust fund, no college savings; I’ve been working since age 12…and yes I’m a little tired of work.
Financial status:
Investable assets: $4.2M (40% tax deferred), low cost index funds mainly, 45% stocks; hope to make that 4.7 at retirement
Expenses: I would fully expect our expenses to run about 170k for the first 5 years after retirement (before sale of big house). Then they would drop significantly.
Taxes: Have played with Taxcaster and I’m shocked at the relatively low amount we will be paying. We will probably not fall below the ACA subsidy threshold on some years during the “bridege” to age 65 and the budget includes 24k for ALL medical expenses (premiums, dental, out of pocket)
Main home: $1.1M
Vacation home: 400k
529s fully funded for both kids for state university with a little buffer
Debt: none
Pension: none
SS: plan to have wife claim at 62ish and me at 70. I have a significantly larger PIA.
Question for PB, we track expenses with an Excel spreadsheet and like our system. Do you think Quicken Lifetime Planner is worthwhile for our circumstances?
Thanks in advance.
Financial status:
Investable assets: $4.2M (40% tax deferred), low cost index funds mainly, 45% stocks; hope to make that 4.7 at retirement
Expenses: I would fully expect our expenses to run about 170k for the first 5 years after retirement (before sale of big house). Then they would drop significantly.
Taxes: Have played with Taxcaster and I’m shocked at the relatively low amount we will be paying. We will probably not fall below the ACA subsidy threshold on some years during the “bridege” to age 65 and the budget includes 24k for ALL medical expenses (premiums, dental, out of pocket)
Main home: $1.1M
Vacation home: 400k
529s fully funded for both kids for state university with a little buffer
Debt: none
Pension: none
SS: plan to have wife claim at 62ish and me at 70. I have a significantly larger PIA.
Question for PB, we track expenses with an Excel spreadsheet and like our system. Do you think Quicken Lifetime Planner is worthwhile for our circumstances?
Thanks in advance.