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Yeah, no, maybe ?
Old 03-03-2017, 01:07 PM   #1
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Yeah, no, maybe ?

Hey all ! I've been lurking for awhile and need someone to say yay or nay for getting out at 60. Just turned 58, today as a matter of fact, 3/3/1959 !
I've got 950K in 401K
I will take SS at 62 for about 24K/yr
Pension will be full at 60 for 46.5K/yr
Will spend about 84K/yr (this will include medical)
I think Im good to go. Need another human to verify
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Old 03-03-2017, 01:15 PM   #2
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Happy Birthday. So, it looks like you need about $14K plus inflation protection on the pension from the $950K portfolio once you turn 62. Seems pretty do-able. Have you run FireCalc?
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Old 03-04-2017, 07:49 AM   #3
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Kevin, is pension inflation adjusted? That is a nice income stream of ~half your spending. I would also run numbers on on delaying SS to maximize benefits. With the pension and your 401k, you have a good pool to draw down until you could get to max SS
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Old 03-04-2017, 09:35 AM   #4
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Quote:
Originally Posted by TNBigfoot View Post
Kevin, is pension inflation adjusted? That is a nice income stream of ~half your spending. I would also run numbers on on delaying SS to maximize benefits. With the pension and your 401k, you have a good pool to draw down until you could get to max SS
Agree with looking at delaying SS. If you wait until 70, I bet your SS and pension would completely cover your expenses.
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Old 03-04-2017, 09:49 AM   #5
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Doing real quick math, it seems your nest egg+pension+401k will support higher spending than that assuming the pension is COLA'd and a 3% SWR on the 401k.
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Old 03-04-2017, 11:01 AM   #6
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You are good to go. Congrats, you done well. Now reap your rewards.
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Old 03-04-2017, 01:38 PM   #7
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Welcome Kevin! If you haven't found them already, we have a helpful list of things to think about as you are planning your retirement:

Some Important Questions to Answer

As already suggested, running FIREcalc (link at the bottom of each page) or another retirement calculator is a good exercise. Also keeping good track of expenses as well as planning for infrequent/unpredictable major expenditures (roof, vehicle, wedding, etc.) is important.
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Old 03-04-2017, 01:55 PM   #8
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Looks good! I also agree about looking at delaying SS though, assuming you've got reasonable good longevity. I would only collect at 62 if you didn't have sufficient other resources to live on for a while or if you think there's not much chance you'll make it to your mid-70's.
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