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Greetings and what do you think?
03-02-2019, 08:12 AM
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#1
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Dryer sheet aficionado
Join Date: Feb 2019
Location: Cleveland, TN
Posts: 29
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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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03-02-2019, 08:23 AM
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#2
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Thinks s/he gets paid by the post
Join Date: Jul 2015
Location: Beaverton
Posts: 1,382
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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.
__________________
Jump in, the water's warm.
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03-02-2019, 09:47 AM
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#3
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Moderator
Join Date: Jul 2010
Posts: 7,945
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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!
__________________
"One of the funny things about the stock market is that every time one person buys, another sells, and both think they are astute." William Feather
----------------------------------
ER'd Oct. 2010 at 53. Life is good.
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03-02-2019, 12:18 PM
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#4
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Recycles dryer sheets
Join Date: Mar 2018
Location: CONUS
Posts: 187
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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!
__________________
W*rking hard, enjoying life.
Target: RE at 42 in '28 but subject to change because life be like that sometimes
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03-02-2019, 12:30 PM
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#5
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2016
Posts: 9,525
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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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03-02-2019, 01:26 PM
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#6
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,299
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You are good to go especially with Tricare. Enjoy retirement.
__________________
TGIM
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03-02-2019, 01:44 PM
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#7
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Thinks s/he gets paid by the post
Join Date: Mar 2008
Location: Atlanta Suburb
Posts: 1,499
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Welcome to the forum. Your numbers look good. 
__________________
"Oh, twice as much ain't twice as good
And can't sustain like one half could
It's wanting more that's gonna send me to my knees" - John Mayer
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03-02-2019, 02:49 PM
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#8
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Recycles dryer sheets
Join Date: Dec 2017
Location: CarUpOnBlocks NY
Posts: 178
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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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03-02-2019, 02:51 PM
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#9
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Dryer sheet aficionado
Join Date: Feb 2019
Location: Cleveland, TN
Posts: 29
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 Quote:
Originally Posted by MBAustin
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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03-02-2019, 08:47 PM
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#10
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,374
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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
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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