I am 52 and DW is 51. Plan was always to replace income, no thought of spend. Realized mistake way too late. Current situation:
$350k annual compensation
$348k debt, all in a mortgage, $100k equity
$10k/mo expenses
$1.9M 401k and IRA,s
$425k deferred comp. 2014 $$$, (100k at 55 yrs old, rest over next 9 years)
$225 cash balance (forecast balance to be $325k at 55 yrs old)
Expect approx. 5k/mo SS and 3 small pensions at 67 yrs old
All investments heavy in equities, about 30% in utilities.
2 children, one out of college, other senior, college covered thru cash flow
Plan was to replace income, at $350k - savings w/ lesser taxes (I hope) what should be my plan?
At 55 I will receive $450k if I FIRE plus $30k for next 9 years. 401k and IRA,s will be $1.9M plus 2.5 yrs of contributions and appreciation (hopefully) and 12 years later an income stream of 5k/mo plus/minus SS uncertainties. Should I go for income stream (annuities) and guarantee cash flow or play the appreciation game and have a stash for the kids and charities?
$350k annual compensation
$348k debt, all in a mortgage, $100k equity
$10k/mo expenses
$1.9M 401k and IRA,s
$425k deferred comp. 2014 $$$, (100k at 55 yrs old, rest over next 9 years)
$225 cash balance (forecast balance to be $325k at 55 yrs old)
Expect approx. 5k/mo SS and 3 small pensions at 67 yrs old
All investments heavy in equities, about 30% in utilities.
2 children, one out of college, other senior, college covered thru cash flow
Plan was to replace income, at $350k - savings w/ lesser taxes (I hope) what should be my plan?
At 55 I will receive $450k if I FIRE plus $30k for next 9 years. 401k and IRA,s will be $1.9M plus 2.5 yrs of contributions and appreciation (hopefully) and 12 years later an income stream of 5k/mo plus/minus SS uncertainties. Should I go for income stream (annuities) and guarantee cash flow or play the appreciation game and have a stash for the kids and charities?