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Greetings and what do you think?
Old 03-02-2019, 08:12 AM   #1
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Greetings and what do you think?

Greetings all! We got referred to FIRECALC by a friend about 2 weeks ago, and this is a great place to learn and confirm! We are looking forward to all we can get from this site and the links as we transition to our next phase. With that, here's most of the details:

I'm 58, my wife is 56. I'm retired Air Force, and currently still flying for a private company. She recently retired with 15 yrs fed service (mil/civ). One daughter, 26, on her own-minimal support from us.

The numbers:
Retired military pension - 3900/month (46,800 annual)
Rental property income is 20K/yr (covers our house expenses and property taxes in NE)
Her pension is on hold, can start at any time, but at a penalty prior to 62. Currently would be about 10,000/yr.

Invest: About 1.8M, across tax qualified and regular accounts (roughly 60/40 split)

SS at 62 for me would be 22,000, for her 18,000 (annual amts).

House is worth about $450K and paid off (only 3 yrs old in Papillion NE).

Health care is TRICARE; dental is Federal program.

Expect to spend about $125K/year average, reducing in our "golden" years. We love to hike and do outdoors stuff, so visiting parks and off road trails is high on the list. We also have planned in some lump sums for wedding, etc.. and a legacy amt of $350K. FIRECALC says we are good to go. Making the transition from accumulating to spending is much harder than we thought!

We'd appreciate any comments, thoughts or critiques. Have a great day!
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Old 03-02-2019, 08:23 AM   #2
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You should be good to go. Your WR is around 3% and drops substantially down when your wife turns 62. You could hold off your SS as long as you want. That's a pretty substantial budget with a paid off house and free medical.
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Old 03-02-2019, 09:47 AM   #3
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Welcome HighFlight! If you haven't found them already, we have a helpful list of things to think about in preparation for your 2nd retirement:

Some Important Questions to Answer

There are quite a few military retirees active here so you'll probably get some more specific responses from some of them.

Glad to have you on board with us!
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Old 03-02-2019, 12:18 PM   #4
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Greetings and congrats on the AF retirement!

We spent lots of time in NE and loved it.

That's a (relatively) generous budget, especially with no mortgage. Maybe you're planning to do some $$ travel?

FIRECalc is fun to play with, and if every scenario you can think of is giving you a green light, I'll wager you're good to go.

There are a few military retirees here and they always offer great insight. Glad to have you on the forum!
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Old 03-02-2019, 12:30 PM   #5
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I'm not expert and don't claim to be but you are in a great position for retirement. IMO So, many great financial minds here that can help in any area you want.
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Old 03-02-2019, 01:26 PM   #6
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You are good to go especially with Tricare. Enjoy retirement.
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Old 03-02-2019, 01:44 PM   #7
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Welcome to the forum. Your numbers look good.
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Old 03-02-2019, 02:49 PM   #8
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Welcome and enjoy reading here. A very broad range of opinions and ideas are found within. Rules are easy to follow.

To the question is it enough: Don’t argue with anything that is 100%
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Old 03-02-2019, 02:51 PM   #9
Confused about dryer sheets
 
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Quote:
Originally Posted by MBAustin View Post
Welcome HighFlight! If you haven't found them already, we have a helpful list of things to think about in preparation for your 2nd retirement:

Some Important Questions to Answer

There are quite a few military retirees active here so you'll probably get some more specific responses from some of them.

Glad to have you on board with us!
Thanks for the welcome! I'd found that set of questions, and they are very helpful. We think we are able to answer them all fairly positively. Just have to get the courage up to actually go.
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Old 03-02-2019, 08:47 PM   #10
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You are golden. Let's assume that you put aside some money to fill the gap from now until certain cash flows start:

DW pension: $10k * (62-56) = $60k
Your SS: $22k * (62-58) = $88k
DW SS: $18k * (62-56) = $108k

Total earmarks = $256k of $1.8 million, leaving $1,544k... then deduct $350k legacy... now $1,194k at 3.5% WR is $42k a year.

Once all streams are online:

Military pension: $47k
RE income: $20k
DW pension: $10k
Your SS: $22k
DW SS: $18k
Portfolio withdrawals: $42k

Total $159k
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