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Old 01-18-2008, 04:45 PM   #1
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Is ER for me or just for everyone else?

I'm a 57-year-old getting ready to be ex-college professor. Hubby is M.D. We are kinda, sorta, semi, retiring in June. We will both try to work about 8 - 10 days a month in our respective medical specialties after that. Kids are 26 and 24. Youngest will be out of professional school in May 2009. Own house and vacation home, no debt, about $3.5 mil. in savings, IRAs, 401Ks. 60% equities and 35% bonds, 5% CDS/cash. We have run the FIREcal numerous times...looks like all is fine...I'm still scared!! We know how to put money in but not sure how to get it out...HELP!
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Old 01-18-2008, 05:36 PM   #2
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Welcome!
The first thing folks around here will want to know about is your expenses. However, the $3.5M will give you $140,000 income till SS kicks in, and my guess that would be another $40K to $50K so I would bet you have your expenses covered several times over.

So, get out that Bucket List and start filling in the blanks!
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Bucket?
Old 01-18-2008, 05:40 PM   #3
Confused about dryer sheets
 
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Bucket?

Not sure what you mean by bucket. Can you give me some direction?
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Old 01-18-2008, 05:43 PM   #4
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New Movie out 'The Bucket List'

Morgan Freeman and Jack Nicholson. Too retired coots that make a list of all the things they want to do before they kick the bucket. Looks like it might be a funny film.
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OK
Old 01-18-2008, 05:49 PM   #5
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OK

I get it...I heard of that movie but haven't seen it. Heard it was number one the weekend it came out...all the Boomers went to see it. Thanks for the advice. Any ideas on how to draw out $$$ Is there a thread for how to undo the savings of three decades?
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Old 01-18-2008, 05:56 PM   #6
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Can't help there. For now, I live on non IRA accounts and cola'd pension so I have not had to tap retirement accounts. You might start with:

Retire Early: Can I withdraw money from my IRA before age 59 ?
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Old 01-18-2008, 07:03 PM   #7
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I found this book to be useful:

Amazon.com: IRAs, 401(k)s & Other Retirement Plans: Taking Your Money Out: Books: Twila Slesnick,John C. Suttle
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Old 01-18-2008, 11:19 PM   #8
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Thanks. Need all the help we can get. We know how to work but not how to not work.:confused:
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Old 01-18-2008, 11:37 PM   #9
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Not sure what you mean by bucket. Can you give me some direction?
IRRC a guy named Ray Lucia has a withdrawal strategy based on short, medium and long term "buckets."

The idea is of course to have enough money in the low risk, non-volatile short term buckets that you can get through a down market without selling equities from the long term bucket.

He has a book out on it I think. I haven't read it.

Some on this forum use this strategy. I suspect that someone will be a long shortly to provide more details.

MB
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Old 01-19-2008, 03:30 AM   #10
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$3.5 mil in the bank,two houses paid off,debt free?? i'd say you have no problems at all,in fact you are in the retirement position most people just dream about.Get on the same page with your hubby about what you will do or wont do in retirement as it can be a bit boring if you aren't ready for it.
Welcome to the forum..
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Old 01-19-2008, 11:34 AM   #11
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Wyoming cowgirl, welcome! And congratulations to you and the Cowboy on doing such a great job on retirement preparation!

You might like to take a look at ORP -- another retirement calculator that, among other things, proposes a withdrawal plan.

Coach
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Old 01-19-2008, 11:48 AM   #12
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You won't be sleeping under bridges (unless you really mess up your asset allocation or use a financial advisor).

The only thing you have to worry about is boredom and that doesn't look like a problem.
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Old 01-19-2008, 08:05 PM   #13
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Originally Posted by Wyoming cowgirl View Post
We know how to work but not how to not work.:confused:
It's easy. Just let it happen. Plan to stay in WY?
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Old 01-20-2008, 10:30 AM   #14
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Actually we live in Texas. I grew up on a working ranch in Wyoming. Went to school in Colorado (CSU) and moved to Texas after grad. school. Love Texas, will never live in Wyo again but visit family and friends often. We are building a house (with cash) in Kerrville...very$$$$...shocked at building prices but DH likes a nice house. DH and I fish, hunt and I play golf so we are pretty active. Thanks to all for the warm welcome to the ER forums!!!
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