cantfindmyglasses
Dryer sheet wannabe
- Joined
- Jan 19, 2018
- Messages
- 17
Hi everyone, I'm 55 (wife is 52) with severe case of OMY Syndrome, and itching to move beyond mega-corp for next phase of life. Won't be fully FI til age 60 (former gov't employer's pension and retiree health coverage kick in), but able to ER much sooner if I can stomach some degree of taxable savings spend-down. Have 2 streams of side income that will ramp up during ER. Multiple Monte Carlo simulators and our financial planner have confirmed feasibility by the numbers.
BOTTOM LINE / REQUEST FOR OPINIONS: My numbers are nowhere near some of yours, but still solid. Would any of you consider ER under these circumstances, if full FI is still a couple years away and you'd have to draw on taxable savings between now and then? Is this a crazy thought? Figured that all of you would be best sounding board. Thanks in advance!
Here are the vital statistics:
Ages: 55 & 52
Net Worth: 1.1 m
Liquid Assets: 750 k (270 taxable, 480 tax-deferred or tax-free, diversified).
Debt: 0 (house is paid for)
My current income: 100k
Wife's current self-employment income: 8k and growing
Annual Expenses: 50k
College Expenses: 75k (total remaining for both kids combined)
Passive Income: 15k-20k
Pension Income: 20k (age 60)
Side employment: 15k (after ramping up during ER)
Health insurance: During ER, would qualify for ACA subsidy based on lower income (assuming that dominant local insurer remains on exchange)
BOTTOM LINE / REQUEST FOR OPINIONS: My numbers are nowhere near some of yours, but still solid. Would any of you consider ER under these circumstances, if full FI is still a couple years away and you'd have to draw on taxable savings between now and then? Is this a crazy thought? Figured that all of you would be best sounding board. Thanks in advance!
Here are the vital statistics:
Ages: 55 & 52
Net Worth: 1.1 m
Liquid Assets: 750 k (270 taxable, 480 tax-deferred or tax-free, diversified).
Debt: 0 (house is paid for)
My current income: 100k
Wife's current self-employment income: 8k and growing
Annual Expenses: 50k
College Expenses: 75k (total remaining for both kids combined)
Passive Income: 15k-20k
Pension Income: 20k (age 60)
Side employment: 15k (after ramping up during ER)
Health insurance: During ER, would qualify for ACA subsidy based on lower income (assuming that dominant local insurer remains on exchange)