Oma_here
Dryer sheet aficionado
After getting into retirement planning really late due to a late in life divorce I have been winging it. I read everything I could find but it is all geared toward young people. A little bit of mentally playing charades, has led me to this forum. I may not be young in calendar years, but I will be in number of years worked when I retire. Now after this long lead-in, I am trying to find out what is missing, if anything, in my planning and hope to get your help in finding potential problems.
I am 66 and for the last 17 years I have been socking away over half of my income in one form or another. As a result I now have a fully paid of condo in the SF bay area and about $650k in savings. $460k is in a 401k and the rest in a Roth and a taxable account. My annual cash outflow is ~$28k and that number is pretty precise since I have tracked my budget for years. Assuming that I need to replace this income plus accounting for healthcare, between a small pension ($13k/year), SS and my 401k Firecalc gives me a 100% success rate if I retire in four years. However, I am afraid that I have a blindspot somewhere and am missing an obvious cost item.
Please help out a FIR (as an aging hippie I like that term) and throw out some possible problems
Before I forget, with my family living spread out across the world, annual travel is already part of my budget.
I am 66 and for the last 17 years I have been socking away over half of my income in one form or another. As a result I now have a fully paid of condo in the SF bay area and about $650k in savings. $460k is in a 401k and the rest in a Roth and a taxable account. My annual cash outflow is ~$28k and that number is pretty precise since I have tracked my budget for years. Assuming that I need to replace this income plus accounting for healthcare, between a small pension ($13k/year), SS and my 401k Firecalc gives me a 100% success rate if I retire in four years. However, I am afraid that I have a blindspot somewhere and am missing an obvious cost item.
Please help out a FIR (as an aging hippie I like that term) and throw out some possible problems
Before I forget, with my family living spread out across the world, annual travel is already part of my budget.
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