Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Starting the countdown.....
Old 10-13-2010, 12:53 PM   #1
Recycles dryer sheets
 
Join Date: Sep 2009
Posts: 62
Starting the countdown.....

Well the DW and I are 52. The kids are grown and gone. The $400K+ house is paid for, the cars are new, and I have no debts. I've been using Quicken for over 15 years now to track all spending, so I know over the last few years that my expenses are a little under 40K a year.

We have $1M in retirement accounts, another $350K in after tax accounts. We'll get small pensions when we hit 65 (total $1K per month). According to the gov SS site, the wife will get 1K a month at 62, I'll get around $2.2K at 67. Plugging those numbers into Firecalc makes things look easy, but there's always that little nagging fear....

The DW says she's going to keep working at least part time, making at least enough to cover health insurance, but I've set a target date for FIREing of April 2011 for myself. I've been lurking here for a while and will continue to do so, so keep all the great info coming.
__________________

__________________
SomedaySoon 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 10-13-2010, 01:56 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
bbbamI's Avatar
 
Join Date: Dec 2006
Location: Dallas 'burb
Posts: 9,039
Thanks for sayin' 'hi' SomedaySoon...and congrats on your countdown..
__________________

__________________
There's no need to complicate, our time is short..
bbbamI is offline   Reply With Quote
Old 10-13-2010, 02:31 PM   #3
Moderator
Alan's Avatar
 
Join Date: Jul 2005
Location: Eee Bah Gum
Posts: 21,146
Welcome to the forum. It looks like you are in pretty good shape to take the plunge, particularly with DW covering the healthcare.
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Now it's adventure before dementia
Alan is offline   Reply With Quote
Old 10-13-2010, 05:29 PM   #4
Full time employment: Posting here.
 
Join Date: Mar 2008
Posts: 637
Are taxes part of that 40k in annual expenses? Looks good otherwise.
__________________
bizlady is offline   Reply With Quote
Old 10-13-2010, 05:42 PM   #5
Recycles dryer sheets
 
Join Date: Sep 2009
Posts: 62
Well it does cover (significant) property taxes but not income taxes. I was plugging 50K into Firecalc to handle that, and it still was 100%
__________________
SomedaySoon is offline   Reply With Quote
Old 10-13-2010, 06:09 PM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Feb 2007
Posts: 5,072
Welcome and congrats!

There will always be some level of uncertainty and anxiety.

I am not going to let that hold me back.

There are a number of us in countdown mode... I have been counting for about 5 years now. I intend to FIRE according to plan.
__________________
chinaco is offline   Reply With Quote
Old 10-13-2010, 07:06 PM   #7
Thinks s/he gets paid by the post
obgyn65's Avatar
 
Join Date: Sep 2010
Location: midwestern city
Posts: 4,061
Sounds like like you are ready to FIRE. Go fo it.

Quote:
Originally Posted by SomedaySoon View Post
my expenses are a little under 40K a year (...) We have $1M in retirement accounts, another $350K in after tax accounts. We'll get small pensions when we hit 65 (total $1K per month). According to the gov SS site, the wife will get 1K a month at 62, I'll get around $2.2K at 67.
__________________
Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
obgyn65 is offline   Reply With Quote
Old 10-13-2010, 07:32 PM   #8
Full time employment: Posting here.
 
Join Date: Feb 2009
Posts: 886
Thanks for jogging the memory
__________________
Emeritus is offline   Reply With Quote
Old 10-13-2010, 07:49 PM   #9
Thinks s/he gets paid by the post
grasshopper's Avatar
 
Join Date: Oct 2010
Posts: 1,671
I like what you are doing. My wife and I on our 5th year of retirement. We got out at ages 54, and 52. We plugged 50K into Quicken for expenses including private health care. Real spending has been 10K less than that. The low yield bonds of the last two years, was a plus when we paid no income tax. Our taxable part of our portfolio which we live on has grown due to capital gains on our bond holding. I did take a whole bunch of gains out before the 0-5% long term rates phase out. Let us know how things progress.
__________________
grasshopper is offline   Reply With Quote
Old 10-13-2010, 09:07 PM   #10
Recycles dryer sheets
 
Join Date: Oct 2010
Location: Chicago suburbs
Posts: 109
Your situation (and Grasshopper's) looks pretty good. But I wonder how you both can afford private health insurance at your age? I don't recall either of you mentioning retiree health insurance subsidy from your former employer. The only other option I can think of is an inexpensive high deductible catastrophic policy, but then many wouldn't consider that real health care coverage.
__________________
Richard8655 is offline   Reply With Quote
Old 10-14-2010, 06:53 AM   #11
Recycles dryer sheets
 
Join Date: Sep 2009
Posts: 62
Health care is an issue I am concerned with. Here in NY we have the option for "Healthy NY" coverage from BS/BC of around $700 a month for a pretty decent HMO plan. The max income elligibility limit is about 3K per month, which my wife's income plus gains on our after tax portfolio won't exceed. I'm still hoping that the ObamaCare plan will favor Low Income/High Net Worth consumers as it currently appears to.
__________________
SomedaySoon is offline   Reply With Quote
Old 10-14-2010, 07:33 AM   #12
Thinks s/he gets paid by the post
grasshopper's Avatar
 
Join Date: Oct 2010
Posts: 1,671
My medical expenses are 21% of my spending. I have BCBS with a $5K deductible. I also my dental insurance, which has proved to be a break even expense to me.
__________________

__________________
grasshopper is offline   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
Final Countdown to ER Alan FIRE and Money 129 02-03-2010 02:42 PM
2 Year Countdown royboy65 Young Dreamers 6 08-19-2009 11:59 PM
countdown Rustic23 Forum Admin 6 01-30-2009 01:50 PM
The countdown begins kumquat Young Dreamers 26 06-02-2007 10:23 AM
Inversion countdown brewer12345 FIRE and Money 84 04-07-2006 07:02 PM

 

 
All times are GMT -6. The time now is 09:50 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.