buckeyefan
Confused about dryer sheets
- Joined
- Jan 11, 2016
- Messages
- 1
Hi everyone. Wanted to share our current journey and look for feedback.
Wife and I are both 45. Two children who will graduate high school in 2 years and 5 years.
Could retire with benefits in 8 years @ 53.
Current combined Income: $250K year gross. (targeting half in retirement).
Current Savings:
By age 53, we will owe less than $130K on our house worth $345K now. By 58, it will be paid off. No other debts planned at this time. Might buy new cars in 6 years to pay them off before we are 55. I estimate our yearly fixed expenses at about $45K when we retire, leaving the rest as discretionary.
I think we are shooting for her to retire at 53 and I will retire somewhere between 55-59. We plan to live off dividends from time we both actually retire and some part time jobs. At 62, we will take SS and keep the dividends going as need. Withdraw rate we plan to follow a 2-3% plan, just not sure when to start.
So I’ve read the forums for a while and of course everyone’s experiences are different.
Do you see any gaping holes I forgot to cover?
Wife and I are both 45. Two children who will graduate high school in 2 years and 5 years.
Could retire with benefits in 8 years @ 53.
Current combined Income: $250K year gross. (targeting half in retirement).
Current Savings:
- Cash/Emergency Fund: $38K now, planning $100k in 8 years
- Retirement vehicles:
- 401 and company savings plans: (company and personal contributions about $60k per year)
- Now $810K producing $30k of dividends we reinvest (We could take the dividends now but would have to pay higher tax).
- Estimated value: 8 years at age 53 est. $1,300,000 producing $45K in dividends.
- Estimated value: 14 years at 59 est. $1,800,000 producing ~$60K year in dividends.
- SS Me $1800/month @ 62 unless SS changes again
- SS Wife $1800/month @ 62 unless SS changes again
- When we officially retire, we can keep company Medical covered at the same rate as employees.
- Current funds for school: $60k ($30k each) with a goal of $80K ($40K each) by the time they start. Already told them we will help pay for tuition, books and fees up to $40K, but it’s their choice to take out loans if they want to live on campus or choose a school that cost more than the $40K.
By age 53, we will owe less than $130K on our house worth $345K now. By 58, it will be paid off. No other debts planned at this time. Might buy new cars in 6 years to pay them off before we are 55. I estimate our yearly fixed expenses at about $45K when we retire, leaving the rest as discretionary.
I think we are shooting for her to retire at 53 and I will retire somewhere between 55-59. We plan to live off dividends from time we both actually retire and some part time jobs. At 62, we will take SS and keep the dividends going as need. Withdraw rate we plan to follow a 2-3% plan, just not sure when to start.
So I’ve read the forums for a while and of course everyone’s experiences are different.
Do you see any gaping holes I forgot to cover?