InTheShade
Dryer sheet wannabe
Hello all. My wife and I are 54 and are looking to retire next year. I will receive a cola’d pension of $76K . We currently pay $2k/mo in mortgage but will be selling our house and moving into a lake house that we own outright. At that point we will be debt free. We are planning to put the house on the market next spring so we expect to have 6-8 months of mortgage payments after retirement. My wife will get a pension of about $10K per year at age 60 and then $10K in SS at 62. We own a small post office that generates $5k in rental income. We own $1.3M in land that generates about $20K on average in timber sales but this is very sporadic. We have $200k in retirement accounts and $1.8M in other savings (65% stocks, 20% bonds, 15% cash). Older son is married and on his own and youngest son will graduate from college (expenses are covered) next spring. My pension includes subsidized family health insurance currently costing $500/mo.
Our estimated expenses in retirement are $5.5K/mo after tax plus a desired travel budget of about $24K a year for at least a few years early on (or until we get sick of it). This budget leaves us room for belt tightening if the market turns south. It is our goal to leave an inheritance to our sons (say $4M + the land) so I am not aiming to spend it all but we both have things we want to do while we still have good health. All I need is a good crystal ball right?
Our estimated expenses in retirement are $5.5K/mo after tax plus a desired travel budget of about $24K a year for at least a few years early on (or until we get sick of it). This budget leaves us room for belt tightening if the market turns south. It is our goal to leave an inheritance to our sons (say $4M + the land) so I am not aiming to spend it all but we both have things we want to do while we still have good health. All I need is a good crystal ball right?