Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
scared and nervous!!!!
Old 02-09-2015, 07:43 PM   #1
Confused about dryer sheets
 
Join Date: Jan 2015
Posts: 1
scared and nervous!!!!

Here is my story. 48 years old this june. Want/need to quit my job-job not going well. Have wife and 2 kids ages 15 and 10.
in taxable account: $212,000
457 : 141,000
403b: 257,000
roth ira: 290,000
expenses about 66,000/year.
House will be paid off in 2.9 years, and that money can be used for living expenses for child in college....tuition is taken care of for both children.
income about $30,000/year, after I quit my job, but will have to buy health insurance.
at age 60, pension will kick in at $30,000/year.
at 67 social security will kick in at $36,000/year. I have done lots of retirement calculators....and hope to get a job, but not sure when or how much...might be $10/hour job.
Any thoughts?? Thank you in advance. Worried I will run out of money, but if I do, could always sell the house, and have $250,000, but will need to find other shelter.
__________________

__________________
goblu is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 02-09-2015, 08:41 PM   #2
Thinks s/he gets paid by the post
growing_older's Avatar
 
Join Date: Jun 2007
Posts: 2,608
I'm a little confused, but I think you are saying you have about 900k and expenses 66k. If that includes everything, such as taxes and healthcare, then maybe this will work. You have some side job that pays 30k, remember you will need to account for taxes and healthcare. So if you only need 36k to make up your 66k total, then 900k at a SWR of 4% will eke out 36k. Not a good plan for more than 30 years, but it looks like you have reinforcements of 66k annually coming between age 60 and 67.

So it looks like a big maybe. Perhaps you can experiment a little with FireCalc with your real numbers, so some of the guesses above can be changed to your actual situation.
__________________

__________________
growing_older is offline   Reply With Quote
Old 02-09-2015, 08:59 PM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 13,262
One thing that I would do is check the cost of health insurance...

I am VERY surprised how much it is costing me.... my COBRA premiums would be $1750 per month... I got a bronze plan for $880 per month.... last year a better plan cost me $680....

DW does not understand budgets at all... zip, nada, what ever else you say.... all I tell her is that we have enough money for as long as I live.... but might not have enough for her life span....
__________________
Texas Proud is offline   Reply With Quote
Old 02-09-2015, 10:39 PM   #4
Thinks s/he gets paid by the post
 
Join Date: Feb 2014
Posts: 1,471
Be aware that the estimated social security income is based on continuing to work at your present compensation. It will be reduces significantly by several years of zero earned income.

It doesn't sound quite enough to me to completely retire. You may want to just job hunt to get by enough to make ER work when you really have enough. I have a DH sitting beside me ready to watch the Tonight Show,me who only vaguely understands what I talk about with investments and money. You are not alone. My ACA bronze plan is costing $860/mo, includes me, DH both age 55 and a 22 yr old son.

Try FireCALC to see where you really are.

Good luck figuring this all out. Welcome to the forum. I find very friendly, encouraging, and knowledgeable people here.
__________________
EastWest Gal is offline   Reply With Quote
Old 02-09-2015, 10:55 PM   #5
Thinks s/he gets paid by the post
 
Join Date: Mar 2010
Location: Kerrville,Tx
Posts: 2,714
Quote:
Originally Posted by EastWest Gal View Post
Be aware that the estimated social security income is based on continuing to work at your present compensation. It will be reduces significantly by several years of zero earned income.

It doesn't sound quite enough to me to completely retire. You may want to just job hunt to get by enough to make ER work when you really have enough. I have a DH sitting beside me ready to watch the Tonight Show,me who only vaguely understands what I talk about with investments and money. You are not alone. My ACA bronze plan is costing $860/mo, includes me, DH both age 55 and a 22 yr old son.

Try FireCALC to see where you really are.

Good luck figuring this all out. Welcome to the forum. I find very friendly, encouraging, and knowledgeable people here.
If your average including the zero years is above the second bend point on the SS formula (4980 a month for 2015) than an additional dollar in the average only returns $.15. So working longer may or may not make a huge difference.
__________________
meierlde is online now   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
58 and lost & scared... Carol Heartburg Hi, I am... 20 06-24-2008 11:13 AM
Hello to forum...and I'm scared DavidG Hi, I am... 4 04-09-2008 10:29 PM
Nervous, just plain nervous limpid lizard FIRE and Money 48 11-13-2007 09:18 AM
I just submitted the biggest proposal of my life, and I'm nervous!! thefed Other topics 7 09-23-2007 06:56 PM
Confused and scared confused Young Dreamers 32 07-28-2005 12:03 PM

 

 
All times are GMT -6. The time now is 09:32 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.