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Hi! 58 y.o. ready to retire!
01-20-2010, 04:50 PM
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#1
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gone traveling
Join Date: Jan 2010
Location: Seattle
Posts: 27
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Hi! 58 y.o. ready to retire!
Hi everone,
I'm a 58 yo married man with about $1.3M in assets, house paid off, no debts, qualified for retiree health benefits from the state.
I'm mostly invested in munis, inflation and stock market indexed CDs.
I'll have about $250K worth coming due within a year.
I have about $500K in Edward Jones, should I be worried about that?
My wife is still making low 6 figure income. She hopes to have another $250k saved up in a few years. I need to get out of my current hi-stress job within a year.
I put more miles per year on my bicycle than we do on the car, 5 years old and 13k miles.
We don't live extravagantly, so we're hoping to pull this off.
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01-20-2010, 06:33 PM
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#2
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Thinks s/he gets paid by the post
Join Date: Nov 2005
Location: Colorado, USA
Posts: 1,127
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Hi Rascal, and welcome to the forum.
It sounds like you're well on the road to retirement. This is a good time to really nail down a budget in retirement. Once you have a good idea of how much you want to spend, using the FIRECalc calculator should give you a good feeling for how much you'll need in investments to provide the funding. There's a link to FIRECalc near the bottom on each page.
You've got health insurance covered which is a major plus.
One of the questions FIRECalc will ask is how long you expect to be in retirement. With what sounds like a healthy bicycling habit I'd go a little long on that one.
Welcome aboard!
Coach
__________________
"Comprehensive health insurance is an idea whose time has come in America." President Richard M. Nixon, February 6, 1974
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01-20-2010, 07:06 PM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2007
Posts: 14,328
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Welcome. Sounds like you are good to go.
You may want to understand better what you are paying to EJ in yearly expenses - many here would find their fees excessive.
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01-20-2010, 07:10 PM
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#4
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2007
Posts: 5,596
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Looks like you got the major bases covered. Contrats and welcome
__________________
I purr therefore I am.
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01-20-2010, 10:24 PM
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#5
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gone traveling
Join Date: Jan 2010
Location: Seattle
Posts: 27
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Thanks for the warm welcome
I've played with Firecalc a fair amount. It's very cool.
Accurate budgeting, aye Coach, there's the rub.
And my crystal ball is a little cloudy today.
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01-21-2010, 04:16 AM
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#6
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Thinks s/he gets paid by the post
Join Date: Apr 2005
Location: Duesseldorf, Germany
Posts: 1,202
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here is how to polish your crystal ball:
All depends on your actual and future expenses. If you know that they are and will be within your ER budget, all is fine.
This is why tracking expenses is often recommended here, at least for a certain time before ER decision is taken.
Also if ER is coming not by your own decision, expenses tracking is the first step to making sure that you live within your means.
Other than that: congratulations and enjoy ER!
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01-21-2010, 06:44 AM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2006
Location: Washington, DC
Posts: 11,331
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Welcome to the forum. If you are riding more than you drive you should join the 50+ forum at bikeforums.net to complement this site.
__________________
Idleness is fatal only to the mediocre -- Albert Camus
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01-21-2010, 09:39 AM
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#8
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gone traveling
Join Date: Jan 2010
Location: Seattle
Posts: 27
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I've been collecting all my expenditures for at least a year. I just have to do the math. Is there an easier way than just creating a spreadsheet? *hits google looking for "budget tools"* I am on Bikeforums now and I do frequent the 50+ forum
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