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Old 02-08-2015, 01:39 PM   #1
Confused about dryer sheets
 
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Hi! Pretty new to this forum and finding a ton of great info, looking for more guidance. DW and I in very similar circumstance; 56 YO teachers with 34 years in. I am planning to retire this June, DW teaching at least another year possibly longer. I've run numbers thru multiple calcs and esp. FIREcalc and I almost can't believe the results, 100% positive! That is with both $80 or $100k in expenses. I consider myself average or less when it comes to financial knowledge so I'm considering seeing a FA but wanted to get more info here first. 2 kids already thru college, 3rd going in fall (mostly covered by 529 and scholarships) Mortgage PYMT - $1400 (8 more yrs)
Current annual household income - $142K
Details:2 pensions totaling - $72800
$150K in TSA, other accounts
SS@66.8 (10 years out) = $52300

We will both receive $192K from DROP when we retire which I will roll over to a IRA of some sort and that is where I need some guidance. I am OK with moderate risk and would consider our pensions as the "safe/bond" position in our mix. Any ideas, questions or comments are welcome! Thanks!
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Old 02-08-2015, 01:45 PM   #2
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Tdoug58, both with 80-100K in expenses? You mean total expenses for you and the DW @ 100K right? Sounds like you have the $ worked out. How about the what are you going to do all day part? That seems to be a big issue for many ER's.

Good luck.

Bigdawg
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Old 02-08-2015, 01:48 PM   #3
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Sounds good. I retired 5 years ago. DH just retired Tuesday. Had to stay home this weekend because we have been too busy this past week. Good luck and welcome!
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Old 02-08-2015, 01:55 PM   #4
Confused about dryer sheets
 
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Big Dawg, thanks for the reply, yes $112k would actually be 80% of our current salary and still comes out 100% in FIREcalc, unless I'm figuring something wrong. As far as what to do with my time, that's not a problem. As a teacher I've looked at my weeks off during summer as a test drive and I never have enough time. And hope to get caught up with the myriad numbers of home and self improvements that have been on back burner!
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Old 02-08-2015, 03:45 PM   #5
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Is pension cola'd ?
What's your home equity today ?

You might want to discount SS. Eg. Better to count on about 75% of what ever the SS calculators say... Builds in a margin of safety buffer

Great job. Enviable position and thanks for 32 years of educating our future !
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Old 02-08-2015, 05:59 PM   #6
Confused about dryer sheets
 
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Yes, pension is COLA'ed and about 100K home equity.

I don't agree with discounted SS, i see no reason for that. And 35 years teaching! Thanks!
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Old 02-09-2015, 04:03 AM   #7
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Quote:
Originally Posted by Tdoug58 View Post
...I consider myself average or less when it comes to financial knowledge so I'm considering seeing a FA but wanted to get more info here first. ... We will both receive $192K from DROP when we retire which I will roll over to a IRA of some sort and that is where I need some guidance....Any ideas, questions or comments are welcome! Thanks!
Hi Doug,
If you want to save yourself $5000 or more per year in FA fees, then just replicate a Vanguard LifeStrategy fund for your IRAs. These are "funds of funds", ie an LS funds holds 4-5 other Vanguard funds. There are several LS funds: pick one that fits your risk level then check the "Holdings & Management" tab to see the specific funds. https://investor.vanguard.com/mutual.../overview/0914
People with "average" financial knowledge can do this!

If you do decide to get a financial adviser, then pick a fee-only one (not paid by commission on what they sell you).

Good luck!
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Old 02-09-2015, 05:04 PM   #8
Confused about dryer sheets
 
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Thanks Racy,

Good info and that's hat I think and what I was looking for.
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$400K to invest
Old 02-14-2015, 06:35 PM   #9
Confused about dryer sheets
 
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$400K to invest

As I mentioned in my earlier post DW and I will receive about $400k in the next 1.5 year and I'd love input/ideas to rollover/invest. We both will receive pensions with COLA (see above). Thanks!
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