I think we are ready. There is nowhere else to run my ER plan by and get such helpful, real advice. Shoot to me straight. What am I missing because I think I am locked and loaded.
Who?
Me 53, DW 51...W2s since 1979. I did the corporate ladder thing and switched companies a few times chasing the dollar. Exhaustion and burn out have set in.
When?
I'd like to ER later this year...Thinking 11/1 to coincide with quarterly bonus.
Where will the $$ come from?
$2,400,000 retirement portfolio (60/40 invested....50/50 taxable/tax deferred)
$18,000 non-cola pension @55 (or $31,000@65)
Yes to Social Security for both of us
How much $$ do we need?
Budget says $96,000/year. I've tracked this for 2 years. I've considered categories that change....Kids drop off, travel and health increase. No more dry cleaning.
What about housing?
Sold the family home now that we are empty nesters. Having new home built. $$$ for home including furnishings are not included in above.
What about medical?
Thanks to a package from previous employer, we can stay on company medical until we hit 65. I've looked at long term care insurance but think self funding makes more sense now.
What about the kids?
One is off the payroll. Other is in last year of college and showing progress towards a successful launch.
What are we going to do?
Relax, interfere in the kid's lives, travel, eat better, get in shape, re-connect with family & friends, grow tomatoes, climb mountains, look out after the DM & DMIL, join Bible study, track down the family tree, scan the family pics, cross off items on the bucket list....the usual suspects.
What if the money runs out?
Go back to work, drive for Uber, sell the 2nd home, downsize primary home, inheritance....Thinking several options here, but want to avoid.
What are my questions/concerns?
1) DW has been slow to embrace RE. I think it's based on a herd mentality of "you are too young to retire and nobody does that" but I've kept her in the loop and showed her the $$$ and she is getting there. Any advice on this?
2) Does the financial plan really work? FireCalc is good, FA is good, other calculators are green. I worry what I am missing. What is it?
3) Is there a best time to leave w*rk? I don't want to leave anything on the table but don't want to continue to catch OMY disease...and I've already extended the date a few times already this year (still chasing the $$).
4) Am I cutting it too close? SWR would be 4% but that's before pension and social security.
What have I not thought about?
Who?
Me 53, DW 51...W2s since 1979. I did the corporate ladder thing and switched companies a few times chasing the dollar. Exhaustion and burn out have set in.
When?
I'd like to ER later this year...Thinking 11/1 to coincide with quarterly bonus.
Where will the $$ come from?
$2,400,000 retirement portfolio (60/40 invested....50/50 taxable/tax deferred)
$18,000 non-cola pension @55 (or $31,000@65)
Yes to Social Security for both of us
How much $$ do we need?
Budget says $96,000/year. I've tracked this for 2 years. I've considered categories that change....Kids drop off, travel and health increase. No more dry cleaning.
What about housing?
Sold the family home now that we are empty nesters. Having new home built. $$$ for home including furnishings are not included in above.
What about medical?
Thanks to a package from previous employer, we can stay on company medical until we hit 65. I've looked at long term care insurance but think self funding makes more sense now.
What about the kids?
One is off the payroll. Other is in last year of college and showing progress towards a successful launch.
What are we going to do?
Relax, interfere in the kid's lives, travel, eat better, get in shape, re-connect with family & friends, grow tomatoes, climb mountains, look out after the DM & DMIL, join Bible study, track down the family tree, scan the family pics, cross off items on the bucket list....the usual suspects.
What if the money runs out?
Go back to work, drive for Uber, sell the 2nd home, downsize primary home, inheritance....Thinking several options here, but want to avoid.
What are my questions/concerns?
1) DW has been slow to embrace RE. I think it's based on a herd mentality of "you are too young to retire and nobody does that" but I've kept her in the loop and showed her the $$$ and she is getting there. Any advice on this?
2) Does the financial plan really work? FireCalc is good, FA is good, other calculators are green. I worry what I am missing. What is it?
3) Is there a best time to leave w*rk? I don't want to leave anything on the table but don't want to continue to catch OMY disease...and I've already extended the date a few times already this year (still chasing the $$).
4) Am I cutting it too close? SWR would be 4% but that's before pension and social security.
What have I not thought about?