scared and nervous!!!!

[goblu]

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.

[growing_older]

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.

[Texas Proud]

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....

[EastWest Gal]

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.

[meierlde]

Quote:

Originally Posted by EastWest Gal 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.