Hi all. I found this wonderful board through the Dave Ramsey boards and I have a Firecalc question as well as the perennial question, do I have enough to retire? My spouse is already retired ( now age 71, retired at 68), already on SS and just took his 1st RMD at the end of December. I am 62 and planning on retiring in 1 year at 63.5 but continuing with some part-time work for a few years ( which will gross $70-77k/year) because I'm not sure we have enough money right now for a hopefully long retirement. We have $1.84 million in combined 401K/IRAs/Roth/Cash/taxable accounts. No debt or mortgage, paid-for cars, house is worth about $500K. We already moved and downsized to our retirement home. We live in a no state income tax state (TX), having moved from the highest taxed state (NY). Annual expenses probably will be $85,000/year while I still have to give my son some support. Hopefully that won't last forever, then I think we can safely live on about $70,000/yr, hopefully less.
Firecalc won't allow for someone already taking their RMD but I am wondering if I put in no income for him except his SS and RMD as an "other" category and just make his age younger if it will give me a reasonable estimation of whether there's enough money for this dream of mine.
BTW our TIAA-CREF and my IFA advisor think we'll be ok.
Thanks!
Firecalc won't allow for someone already taking their RMD but I am wondering if I put in no income for him except his SS and RMD as an "other" category and just make his age younger if it will give me a reasonable estimation of whether there's enough money for this dream of mine.
BTW our TIAA-CREF and my IFA advisor think we'll be ok.
Thanks!