We should accomplish ER in 2014 when I'm 56, my wife is 53, our two kids will be done with college, the house will be paid off, and we'll have enough saved in my 401k/Roth for income.
However... how do we factor in the additional income influx when the SS checks start arriving in my mailbox at age 65 (and then again, three years later when my wife reaches 65)?
Do we ignore SS in the meantime and just stay the course at a 4% - 5% withdrawel rate? Then when those SS checks start arriving, consider them an increase in our income, to spend or to save?
Or... Do we withdraw a more generous percentage during our early ER years (is that redundant?), with the potential of even decreasing our savings, but knowing that SS is on the horizon to rescue and rejuvinate our income?
Or... is there another approach I'm not even considering?
We're expecting just a modest income at ER so an increase in our income would be welcome.
Thanks!
However... how do we factor in the additional income influx when the SS checks start arriving in my mailbox at age 65 (and then again, three years later when my wife reaches 65)?
Do we ignore SS in the meantime and just stay the course at a 4% - 5% withdrawel rate? Then when those SS checks start arriving, consider them an increase in our income, to spend or to save?
Or... Do we withdraw a more generous percentage during our early ER years (is that redundant?), with the potential of even decreasing our savings, but knowing that SS is on the horizon to rescue and rejuvinate our income?
Or... is there another approach I'm not even considering?
We're expecting just a modest income at ER so an increase in our income would be welcome.
Thanks!