Toddtheformeraccountant
Recycles dryer sheets
I've been watching this great group for about a year, and posted a couple miscellaneous threads from which I got great advice and feedback. You guys are great!
I've learned a ton and reading what all you folks have done has made me ready to pull the ripcord!
So, thought I'd go ahead and do my "howdy."
Me, 52...DW is 53. DW is FT Mom.
Three kids....one out of college and (mostly) on own...one in college, another in high school.
Assets:
$1.9M in various flavors of tax-advantaged (401K, IRA's, etc.),
$5.1M in garden variety taxable brokerage.
AA Target 50-55% equities, rest in fixed income. Simple simple...VOO, VEU, and VTI (mostly VOO) for equities....BND, VCIT, LQD for fixed income.
Also house, $1.1M value, fully paid for. Too big for the two of us...will downsize to smaller/less expensive house once youngest is off to college.
Liabilities - kids, probably another $400K to spend on college and "supplementation" (as well as incremental costs of supporting extra humans living in the house, for food, clothing, etc) before they completely fly the coop.
I've dialed in our expenses, looked at historical for the last two years on MINT, properly segregating the cost of kids. In terms of identified expenses, looking at about $125,000 per year for me and DW....that includes $25,000/year for medical. Even if I pad another $24000 on top of that, and factor in expected taxes on investment income (ran a pro forma on Turbotax) plus 10% of income to charitable....WR is 2.5%. Excluding a dime from social security or medicare.
If I factor in social security and medicare, "reserving" from assets what me and DW would collect between now and 70 y/o....WR is about 2%. I figured the annual "value" of medicare is about $12,000 per year. Figured SSI through a model I calculated and history of income.
I've been at Megacorp for 21 years....Bored as heck at work....no challenge, getting more and more irritated with corporate silliness. Blech. But I'm probably up for some type of promotion and/or bump in comp in the next month (long story as to why).
Unless raise is super dooper massive (which it won't be), I'm about to say "sorry guys it's time for me to move on with my life" after March 31. I'll tell them I'm willing to stay up to a year until they replace me and bring someone up to speed.
Also that I want some type of a "stay" agreement where they don't cut me loose on December 31 of 2018 and I just worked for just a base salary for 9 months. So I think that covers that.
I think the finances are solid, best I can tell.
The part of my plan that is not as well planned out...what the heck to do when retired. I'll definitely restart some hobbies I had earlier before I was consumed with work and family - photography and piano/music, and get involved in some type of charity/ministry. I think I'll have to learn as I go. That part concerns me, but I think I will be OK...but a tiny bit nervous.
I figure as a backup plan for "oh my god I'm bored and I can't stand it" I can work part time, or possibly full time for a smaller company with a business or purpose that fascinates me, with little concern on how much they pay me. But I'm not expecting that...just a backup.
Any suggestions, thoughts, "hey you bozo you forgot...'s" would be greatly appreciated.
Thank you!
I've learned a ton and reading what all you folks have done has made me ready to pull the ripcord!
So, thought I'd go ahead and do my "howdy."
Me, 52...DW is 53. DW is FT Mom.
Three kids....one out of college and (mostly) on own...one in college, another in high school.
Assets:
$1.9M in various flavors of tax-advantaged (401K, IRA's, etc.),
$5.1M in garden variety taxable brokerage.
AA Target 50-55% equities, rest in fixed income. Simple simple...VOO, VEU, and VTI (mostly VOO) for equities....BND, VCIT, LQD for fixed income.
Also house, $1.1M value, fully paid for. Too big for the two of us...will downsize to smaller/less expensive house once youngest is off to college.
Liabilities - kids, probably another $400K to spend on college and "supplementation" (as well as incremental costs of supporting extra humans living in the house, for food, clothing, etc) before they completely fly the coop.
I've dialed in our expenses, looked at historical for the last two years on MINT, properly segregating the cost of kids. In terms of identified expenses, looking at about $125,000 per year for me and DW....that includes $25,000/year for medical. Even if I pad another $24000 on top of that, and factor in expected taxes on investment income (ran a pro forma on Turbotax) plus 10% of income to charitable....WR is 2.5%. Excluding a dime from social security or medicare.
If I factor in social security and medicare, "reserving" from assets what me and DW would collect between now and 70 y/o....WR is about 2%. I figured the annual "value" of medicare is about $12,000 per year. Figured SSI through a model I calculated and history of income.
I've been at Megacorp for 21 years....Bored as heck at work....no challenge, getting more and more irritated with corporate silliness. Blech. But I'm probably up for some type of promotion and/or bump in comp in the next month (long story as to why).
Unless raise is super dooper massive (which it won't be), I'm about to say "sorry guys it's time for me to move on with my life" after March 31. I'll tell them I'm willing to stay up to a year until they replace me and bring someone up to speed.
Also that I want some type of a "stay" agreement where they don't cut me loose on December 31 of 2018 and I just worked for just a base salary for 9 months. So I think that covers that.
I think the finances are solid, best I can tell.
The part of my plan that is not as well planned out...what the heck to do when retired. I'll definitely restart some hobbies I had earlier before I was consumed with work and family - photography and piano/music, and get involved in some type of charity/ministry. I think I'll have to learn as I go. That part concerns me, but I think I will be OK...but a tiny bit nervous.
I figure as a backup plan for "oh my god I'm bored and I can't stand it" I can work part time, or possibly full time for a smaller company with a business or purpose that fascinates me, with little concern on how much they pay me. But I'm not expecting that...just a backup.
Any suggestions, thoughts, "hey you bozo you forgot...'s" would be greatly appreciated.
Thank you!
Last edited: