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Am I Ready???
Old 04-05-2010, 09:17 AM   #1
Recycles dryer sheets
Join Date: Oct 2009
Posts: 85
Am I Ready???

Married with children aged 15, 13, 10 and 9 ( I know, no chance, right?).
Want to retire in 3 years. Currently age 53 with 29 years at major company.
Can keep company insurance after retirement. Also will have tricare (Military) insurance at age 60.

Anticipate that in 3 years my 401K will be worth $750,000, and my company pension lump sum should be worth $450,000.
I receive VA disability pension of $1300/Mo (tax free). I'll also qualify for Army Reserve retirement at age 60 ($800/Month), and hopefully some social security pension will still be there when I reach 62.

Live in the rural south, house paid for, no current bills other than utilities, medical co-payments, home/car insurance premiums. Total monthly bills equal approximately $1000. Probably spend another $2000 a month on miscellaneous stuff (gas, food, entertainment, school). I figure I need about $4000 a month to do it (Not counting wifes income).

Wife is 12 years younger and will continue to work (nurse).

What do you think

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Old 04-05-2010, 10:22 AM   #2
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Join Date: Jan 2007
Location: Sarasota,fl.
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I think you need to really track all your expenses for at least six months to see where you stand .Your expenses might be a lot higher than you are estimating . Plus you have four children to educate .

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Old 04-05-2010, 05:13 PM   #3
gone traveling
Join Date: Oct 2009
Posts: 125
As long as you are not a spendthrift, you are ready. Are the kids going to public schools, and are planning to go to a state university?

The only concern would be health insurance, since the new health care program will not be in place until 2014.
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Old 04-05-2010, 05:49 PM   #4
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You should be ready using a 4% withdrawal rate. Send the kids to community college.
Proverbs 15:22 Designs are brought to nothing where there is no counsel: but where there are many counsellors, they are established.
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Old 04-05-2010, 07:31 PM   #5
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Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
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Originally Posted by rec7 View Post
Send the kids to community college.
At our local community college, if you can maintain a 'B' average, tuition is free. A kid is crazy not to get the first 2 years of college there.
Full time wuss............
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