Swordplay Charlie
Dryer sheet wannabe
- Joined
- Jul 8, 2017
- Messages
- 22
Hi all, after reading other sites advice boards you folks seem the most calm, sensible and fun. I've been lurking in the background for some time and finally registered. Would like to FIRE using age 55 rule but leery about what I have and would like outside input.
I'm 56, DW is 55. No kids. I retired out of the Marines in 1999 and went straight to work on the railroad. As for debt I owe about $9000 on a 401k loan ( I have cash in pocket to pay that off if I quit) and $22,000 on auto loan. As for assets, 401k has $400,000 traditional and $7000 Roth in it, military pension is approx $1670 a month (just going into saving at the moment), DW receives $775 a month from SS. She has $15,000 in Roth IRA and I have $6000 in Roth IRA, $20,000 cash on hand plus about $20,000 in Exxon stock that started as a teaching lesson and has now become to be considered as our emergency fund. Also some precious metals just for a very small diversification.
Railroad UHC insurance covers both of us along with myself having Tricare as secondary and DW is covered on Medicare part A. After the auto is paid off I would probably pay the extra to have Tricare be her secondary insurance. We also use the commissary and pharmacy located on the AFB near us which is a big saver.
Bottom line is we spend about $2600 a month for all utilities/auto/dining out/insurance/taxes and anything else we want. I would plan to take $1400 a month from 401k until I'm 62 at which time I'll take railroad retirement which is calc'ed at approx $2000 a month in today's numbers. Wife would get her railroad retirement portion the following year at an estimated $1000 a month.
Right now at work I call in at noon everyday 7 days a week (unless I've worked 5 straight days in a row) to see if I'm working second (starting hours of 2:30-4:00 pm) or third shift (10:30-11:00 pm) that day or if I'm on first shift (6:30-8:00 am) the next day or if I'm off until noon that day. It's a great job but the schedule is really getting hard on me as I get older. I am also open to working part time if I do FIRE.
Thanks in advance for any advice.
I'm 56, DW is 55. No kids. I retired out of the Marines in 1999 and went straight to work on the railroad. As for debt I owe about $9000 on a 401k loan ( I have cash in pocket to pay that off if I quit) and $22,000 on auto loan. As for assets, 401k has $400,000 traditional and $7000 Roth in it, military pension is approx $1670 a month (just going into saving at the moment), DW receives $775 a month from SS. She has $15,000 in Roth IRA and I have $6000 in Roth IRA, $20,000 cash on hand plus about $20,000 in Exxon stock that started as a teaching lesson and has now become to be considered as our emergency fund. Also some precious metals just for a very small diversification.
Railroad UHC insurance covers both of us along with myself having Tricare as secondary and DW is covered on Medicare part A. After the auto is paid off I would probably pay the extra to have Tricare be her secondary insurance. We also use the commissary and pharmacy located on the AFB near us which is a big saver.
Bottom line is we spend about $2600 a month for all utilities/auto/dining out/insurance/taxes and anything else we want. I would plan to take $1400 a month from 401k until I'm 62 at which time I'll take railroad retirement which is calc'ed at approx $2000 a month in today's numbers. Wife would get her railroad retirement portion the following year at an estimated $1000 a month.
Right now at work I call in at noon everyday 7 days a week (unless I've worked 5 straight days in a row) to see if I'm working second (starting hours of 2:30-4:00 pm) or third shift (10:30-11:00 pm) that day or if I'm on first shift (6:30-8:00 am) the next day or if I'm off until noon that day. It's a great job but the schedule is really getting hard on me as I get older. I am also open to working part time if I do FIRE.
Thanks in advance for any advice.