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Fingers crossed, a few more years
Old 12-25-2017, 04:50 AM   #1
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Fingers crossed, a few more years

Hello, i知 55, DW is 50. I am realistically 5 years away and DW
2 years away from exiting the work force. Our retirement goal
was a yearly income of 50k, and a paid for house. We should
have 600k in investments, 2 secure pensions totaling 38k a year
and a paid for house by retirement . Social Security should kick in
another 25k a year when both of us are eligible.
We currently spend 3200 per month but half goes to the
mortgage and commuting costs which will mostly be eliminated.
I just keep waiting for Lucy to pull away the football.
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Old 12-25-2017, 05:16 AM   #2
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Lucy is lurking in your investments...

If the two of you can live comfortably on pensions, SS, and =/> 4% of your investments, you're golden.

In down market years, you'll feel better staying well below 4% withdrawals.

In any case, congratulations!
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Old 12-25-2017, 05:53 AM   #3
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Welcome!

Sounds like a fine plan to me. Don't let doubts derail it. Once your house is paid off, most other spending is flexible, so you should be able to weather unexpected negatives.

It's true that Lucy is always lurking. Anything can change in life, often when it's least expected. To me, that's all the more reason to RE and try to make some more memories while you still can.

There's a whole thread on here about inspirational quotes. Refer to that when in doubt. I had some posted on the wall of my office the last year. My favorite has always been "Nobody ever lay on their death bed saying 'I wish I'd spent more time at the office.'"
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Old 12-25-2017, 06:02 AM   #4
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Quote:
Originally Posted by Colreb1962 View Post
Hello, i知 55, DW is 50. I am realistically 5 years away and DW
2 years away from exiting the work force. Our retirement goal
was a yearly income of 50k, and a paid for house. We should
have 600k in investments, 2 secure pensions totaling 38k a year
and a paid for house by retirement . Social Security should kick in
another 25k a year when both of us are eligible.
We currently spend 3200 per month but half goes to the
mortgage and commuting costs which will mostly be eliminated.
I just keep waiting for Lucy to pull away the football.
Does Lucy have your medical insurance covered until you both hit 65 and Medicare helps (notice I said helps)?
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Old 12-25-2017, 06:43 AM   #5
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Quote:
Originally Posted by Colreb1962 View Post
Hello, i知 55, DW is 50. I am realistically 5 years away and DW
2 years away from exiting the work force. Our retirement goal
was a yearly income of 50k, and a paid for house. We should
have 600k in investments, 2 secure pensions totaling 38k a year
and a paid for house by retirement . Social Security should kick in
another 25k a year when both of us are eligible.
We currently spend 3200 per month but half goes to the
mortgage and commuting costs which will mostly be eliminated.
I just keep waiting for Lucy to pull away the football.
If your goal of 50k is solid and accurate, it sounds like you have nothing to worry about.

Your pensions plus Social Security more than cover your expenses. Anything you have saved on top of that is gravy.

Double-check your spending estimates. Make sure to consider health costs, home maintenance, etc.

But assuming you have covered everything, congratulations! You are on track to winning!
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Old 12-25-2017, 07:33 AM   #6
Confused about dryer sheets
 
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I’ll be able to continue coverage for my wife and I
through my employer. The pensions are COLA’d
so as long as something completely unforeseen
doesn’t occur we should be good. Knock on wood.
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Old 12-25-2017, 07:37 AM   #7
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Quote:
Originally Posted by Colreb1962 View Post
Hello, i知 55, DW is 50. I am realistically 5 years away and DW
2 years away from exiting the work force. Our retirement goal
was a yearly income of 50k, and a paid for house. We should
have 600k in investments, 2 secure pensions totaling 38k a year
and a paid for house by retirement . Social Security should kick in
another 25k a year when both of us are eligible.
We currently spend 3200 per month but half goes to the
mortgage and commuting costs which will mostly be eliminated.
I just keep waiting for Lucy to pull away the football.
Congrats on the upcoming date!!! If you don't have healthcare, be prepared to control your taxable income with a 4-5 year ladder of income in a taxable account or Roth that will not show up in your taxable income. This will help with possible healthcare subsidies(assuming there is still a government healthcare plan). Planning ahead will be a great way to save on premiums.

VW
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Old 12-25-2017, 08:43 AM   #8
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Quote:
Originally Posted by Colreb1962 View Post
I値l be able to continue coverage for my wife and I
through my employer. The pensions are COLA壇
so as long as something completely unforeseen
doesn稚 occur we should be good. Knock on wood.
Congratulations - well done!
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Old 12-25-2017, 09:34 AM   #9
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Quote:
Originally Posted by Colreb1962 View Post
I値l be able to continue coverage for my wife and I
through my employer. The pensions are COLA壇
so as long as something completely unforeseen
doesn稚 occur we should be good. Knock on wood.
You appear golden to me!!! Enjoy
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Old 12-25-2017, 12:45 PM   #10
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We are very fortunate to live in a low COL place.

Although our state is fiscally challenged, our exclusive boys club (state legislature) still listens to their constituents and the notion that less government is preferred.

Governmental regulations are so lax that we don't even have building codes or inspections on construction outside city limits. Building costs are probably the lowest in the US anyway.

Our property taxes are ridiculously low, with $1,100 taxes on a $400k house. And there is no state income tax on defined pensions, governmental income and social security payments. If a property owner is disabled like my wife, there are no property taxes on the main residence.

These items all add up to making ER very possible for those of us living on a normal middle class income. It is a great place to retire.
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Old 12-25-2017, 01:12 PM   #11
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Governmental regulations are so lax that we don't even have building codes or inspections on construction outside city limits.
Is that kind of "less government" a good thing?
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