HI from Powder Springs GA

[destiny1]

I been lurking on this board for over a year. I have enjoyed the site.

I'm 53 year old plan on retiring 11/31/2008 at age 55 an 4 months.

I have tired to use the the FireCalc, I'm not sure if I using it correctly.

Or maybe I don't have enough to retire early.

Help

 

[Ed_The_Gypsy]

Welcome!

The answer is maybe to both.

What is your general situation?

 

[destiny1]

My husband is younger than I so he will continue work about 11 more years.

Today I have a balance of 251,000 in my company 401 K

I will take roughly 272,000 in a lump sum from a company penison.

I would like to get a 36,000 a year then until I get 62, then take early
withdrawal from SS.

Help

 

[Texas Proud]

I been lurking on this board for over a year. I have enjoyed the site.

I'm 53 year old plan on retiring 11/31/2008 at age 55 an 4 months.

I have tired to use the the FireCalc, I'm not sure if I using it correctly.

Or maybe I don't have enough to retire early.

Help

Congrats on posting on the board.... let me be the first to get a 'dig' in on you..

Are you planning to retire There is no such date as 11/31

 

[destiny1]

Yes I do plan on retiring, but I'm so nervous and today I feel that
it can not come soon enough.

 

[jdw_fire]

My husband is younger than I so he will continue work about 11 more years.

Today I have a balance of 251,000 in my company 401 K

I will take roughly 272,000 in a lump sum from a company penison.

I would like to get a 36,000 a year then until I get 62, then take early
withdrawal from SS.

Help

Welcome destiny1.

Taking $36K per year for 7 years is no problem since 7*36k = 252k. However there are questions that you need to consider. Do you want the $36k to be adjusted for inflation? More importantly, does your portfolio need to provide income in addition to SS to get you the amount you need at 62 and beyond? If so, how much? The answers to these are critical to your ER.

 

[destiny1]

Yes the 401 K and Lump sum will be invested for additonal income.

Present Investments for the 401K: Company Stock 25%
Russell 2000 15%
International 15%
Balance Fund 35%
Bonds 10%

YTD I have earned 18.6%.

This year I have been more in tune to the market and my n 401 K.

I have gained a lot of knowledge from reading the posting on this site.

I tried to use the advance FireCal and it confusing.

I have worked at the same company for 33 years.

The reason that I have so little in my 401 K is that I was a single
parent, so there was very little that I could save. For the last 5 years I have(since I remarried) saved 20% of my salary.

 

[Martha]

If you are having trouble using FIREcalc, you might want to post your specific questions on the FIREcalc topic. You might get some help there.

Do you know what to expect for social security? If not, you can go the the social security calculator at http://www.ssa.gov/retire2/AnypiaApplet.html

Welcome!

 

[frayne]

Hi, Powder Springs, from Rossville, Ga. here.

You may want to consult an hourly fee based financial advisor to give you a good objective look see to your plan.

I did run a 72T withdrawal model based on what you currently have and you could withdraw $36K without paying any penalty.

http://www.lpl.com/calculators/Retire72T.html

But again your mileage may vary and I would strongly suggest you have a professional double check the numbers.

Just my two cents.

 

[destiny1]

Thanks Frayne & Martha

Thanks for the advice and help.

I familiar with Rule 72T and have used their calculator before.

But when I plug the 36,000 & SS payment in Fire Cal I'm sure that I was doing wrong. Because I got a 0% unsucessful rate.

I have my yearly SS statement.

I did read the messages for FireCal and It did help a lot.

I was not sure how to use the buckets.

Thanks again,

Are both of you retired?

 

[frayne]

Hey your welcome, and yes I have been retired now for a year and a half. Retired shortly after turning 54 and working for a major oil company for 31.6 years. Rolled my 401K and pension lump sum into an IRA, all with Fidelity. I have yet to tap into it, as I had funds set aside and the DW still works, sometimes. I do plan to 72T this coming year.

 

[jdw_fire]

Thanks Frayne & Martha

Thanks for the advice and help.

I familiar with Rule 72T and have used their calculator before.

But when I plug the 36,000 & SS payment in Fire Cal I'm sure that I was doing wrong. Because I got a 0% unsucessful rate.

I have my yearly SS statement.

I did read the messages for FireCal and It did help a lot.

I was not sure how to use the buckets.

Thanks again,

Are both of you retired?

What are your inputs to FIRECalc?

 

[Martha]

Yes, maybe you could walk us through what you are putting into FIREcalc.

(I am retired as of today, except for cleaning out my office)

 

[Nords]

(I am retired as of today, except for cleaning out my office)

Send a moving company to do it!

 

[Dog]

Yes, maybe you could walk us through what you are putting into FIREcalc.

(I am retired as of today, except for cleaning out my office)

Martha, Congratulations to you..........and HAPPY NEW YEAR!!!!

 

[mickeyd]

(I am retired as of today, except for cleaning out my office)

Hey Martha, need any help with those boxes? You're not be going to take any paper clips with you, are you?

Welcome to the land of irresponsibility and relaxation.

 

[REWahoo]

Hey Martha, need any help with those boxes? You're not be going to take any paper clips with you, are you?

Martha, better load up. About the only downer (a very, very small one...) I experienced after retiring was when I had to actually buy some office supplies!

 

[lazygood4nothinbum]

martha, total congrats on er.

destiny1, congrats on the 11-year younger spouse. if anyone can guide you through to a successful retirement, these guys can.