infoseeker
Recycles dryer sheets
- Joined
- Feb 10, 2011
- Messages
- 61
Hello all. This idea of quitting work before age 65 is all new to me......Is it reasonable for both my spouse and I to retire together 2 years from now? I'm 58, spouse is 54. Our current combined annual income from work is about $165K. I will be recieiving military pension of about $1K/month at age 60 and at that time we will also be eligable for medical thru tricare (approx $500/annual premium). I have $375K in retirement savings, spouse has $250K retirement savings. We have $100K in nonretirement savings. House is paid for, we have no debts. We are both extremely healthy. No children to support............I am having trouble figuring out how much we money we "need" to retire. The problem with the online retirement calculaters is they assume you will need 70-80% of current income. How do we figure out what % we will need I'm no sure I have thought out everything involved. Any advice appreciated. thanks