Empty-nesters looking to fly the coop!
I’m 57 years old and this year re-started self-employment; my husband is 56 and at his current employer for 18 years making low-end six figures.
We have 4 married children with a growing number of grandchildren (fun times). Everyone is self-sufficient; not a burden on us or society.
We are looking to retire as soon as possible, but are confident that, as we acquire information on what is still needed to get us there, we have income right now to get us on track to retire at least by age 67.
We have our primary residence in IL which we will sell anytime we think husband can afford to leave employment and move to our vacation/retirement home in TN and choose enjoyable ways to bring income in. Both of our homes are mortgaged (good equity available) with all the usual bills that go with them. We do have a HELOC on the IL home (balance due Feb 2017) which we are on target for paying off.
Husband is fully vested in a 401K/profit sharing acct from employer with just under $400,000 at present. We have been on the SSA site and know what both our incomes from that will be at age 66.5.
We’ve been discussing what retirement will look like to both of us and we know we will not need the income level we have now to be content and happy. We have used Quicken since 2006 to know where our spending is, so we are confident in what we’ll need as we downsize and look to a slower pace of living.
We are not sure where to start to find the next steps to take, but after looking at other input on this site, seems FireCalc may be a good place.
Thank you in advance for any direction/input any of you are willing to give.