Hope to retire in 2 years

[mhubbard84084]

Age 54, 300k in retirement funds, 150K equity in house,
Expenses
1450 House payment but rent the basement for 1100
250 utilities
400 food
600 child support for 2 more years

Save 50k each year until 57
Social S at age 62 18k per year
Sale house at 58 and retire to thailand where my wife is from

Ran Firecalc and it says 100% success. Any input? I'm not sure scared as heck of not having enough.

Thanks,

 

[38Chevy454]

All depends on what your expenses are in Thailand, which I have no idea. Get real expense figures and then you can determine what your success risk will be.

Per your numbers in 2 years, without assuming increases in value, you will have $400K in retirement fund and $150K in house proceeds, or conservative $550K. You need to cover the 5 year period between 57 and 62 before SS kicks in. Child support will be done, but will you have other expenses for the children?

You have food and utilities, but what about all your other expenses? Health insurance, property taxes, vehicle insurance and registration, vehicle fuel and maintenance, entertainment, clothing, income taxes, and many others.

In Thailand you have to live somewhere, what is that housing cost? Gets back to you need to define total expenses. Impossible to tell you if you have enough without better information.

 

[Al in Ohio]

That's not a lot saved in 401k for many unless you live real frugal and cut those expenses. I'd want 2-3 times that just to start feeling comfortable. Firecalc said 100%? On what annual expenses? Your missing some big ones like medical, travel and emergency fund.


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[gofan316]

550kx0.04=$22000; one can live comfortably for $50/day in Thailand; No insurance - pay out of pocket for medical expenses; But visa run, visiting family back in the states can add up expenses; or major illness

 

[rodi]

Welcome to the forum.

Does your spending included taxes? Do you understand the taxes of both the US and Thailand?

When you're done paying child support are you done helping your kids? I've seen friends assume the financial support ends abruptly with child support finishing, but then realizing that there are still obligations (help with college, help with unexpected starting-out expenses.)

Do you have an emergency fund built in?

I'm not saying your plan isn't doable - but it sounds like it needs a bit more thought and fleshing out.

 

[mhubbard84084]

I don't understand the tax for both countries still need to do some review, but if you have insight please share.

 

[mhubbard84084]

By the time I'm retired 2 years and maybe need to be 3 years, I should have 600 K and I'll be 56/57 In thailand I can live pretty good on about 2500 per month. The 600 K needs to last until I'm 62 which it should, then SS kick in at 1800 per month I then think I'll be fine.

 

[mhubbard84084]

Expenses in thialand will be in dollars
Housing 400 2 bed/1 bath house
Utilities 100
Food 600
Medical Insurance 200
Fun/travel 500
Misc 500
Taxes 100

No additional child expenses