Before I start actively posting, thought I better introduce myself.
Planning on retiring a year from now (April '16), but, can go now if I had to.
Here is my current situation:
Worked for the same mega corp for 33 years. Am eligible to collect my pension now.
Currently live in the upper midwest.
Have a frozen pension, 401K, IRA, Roth IRA, Health Savings Account and deferred compensation.
Other than a small mortgage, totally debt free.
Wife has a very small pension from a part time state job and retired last year
Will have retiree medical for my wife and me.
Am 55 now, will be 56 when I retire.
I am not counting my dad's estate in my planning, but, he is 87 now.
My 20 something daughters have good jobs and more than totally self sufficient. They are smart with their money also and have already saved quite a bit.
Here is my plan:
Continue to work for one year. Will take a year to de-clutter the house and one more year of aggressive saving will further mitigate risk.
Sell my midwestern home and move to Florida.
Buy a condo in a golf course community for cash (have enough in my non-retirement brokerage account). I have the community identified and am now actively looking, hope to pull the trigger soon. Have friends who retired and moved to that community and more friends who recently retired in the area.
I can easily live off my pension and my deferred comp for 6 years. I'll be able to let our retirement accounts alone, and hopefully grow, during this period. Deferred comp will pay out over 6 years.
Will have a new car and and I have a '66 Mustang I can drive. That Mustang my dad bought for my mom when new….
Will have no debt.
Firecalc says I am good to go today (98%). Letting my retirement accounts ride for 6 years should hopefully reduce risk. My dad's estate would be a game changer, but, for conservatism, not dialing in any inheritance into my assumptions.
I think this last year will go pretty fast. Have lots to do. Will enjoy working on being stress free at work during this period.