Hi all,
I am 62 (will be 63 in three months) and my wife is 62 as well (several months younger than me). I am currently working (my wife stopped working over a decade ago). We have three children (one fully launched and two currently in professional school).
I have been working for about 38 years and am really mentally ready to move on to my next chapter (I also may not have an option in a few months due to some recent company reorganizations). My current compensation is about $180k per year.
I think I am in reasonable shape to move on (i.e., retire), but some second opinions are always welcome.
A summary of my current situation follows:
While I think we are OK and the planning tools support that, I am not overly confident and really appreciate some input from others.
All the Best,
ready53
I am 62 (will be 63 in three months) and my wife is 62 as well (several months younger than me). I am currently working (my wife stopped working over a decade ago). We have three children (one fully launched and two currently in professional school).
I have been working for about 38 years and am really mentally ready to move on to my next chapter (I also may not have an option in a few months due to some recent company reorganizations). My current compensation is about $180k per year.
I think I am in reasonable shape to move on (i.e., retire), but some second opinions are always welcome.
A summary of my current situation follows:
- · $276K in taxable accounts ($31k stocks, $61K bonds, $184K cash/low interest checking accounts)
- · $481K in a Roth IRA
- · $2.8M in Tax Deferred accounts (401K and traditional IRAs)
- · The asset allocation in the Roth IRA and Tax Deferred accounts is roughly 60% equities, 25% fixed income, 15% cash
- · I have a house with an approximate market value of $760K (free and clear – no mortgage); our plans are to downsize in the next year or two
- · Whenever I retire, I will have immediate access to a $50K per year pension (no COLA)
- · In 2.5 years an additional $16K per year pension will be available (no COLA)
- · Our plans for social security will provide $39K per year three years from now and then jump to $69K per year four years later (when I am 70 years old)
- · Our expenses for the next 3 years are quite high ($135K per year) since we are trying to help our two kids in professional school as much as possible
- · In the longer run, we believe our expenses will be more like $80K per year, but we would like to spend $100K per year while we are still active
- · We have no known health issues at this point, but paying for healthcare prior to Medicare is a concern
While I think we are OK and the planning tools support that, I am not overly confident and really appreciate some input from others.
All the Best,
ready53