Can I Retire At 51 ? **Update**

[Mulligan]

Muni tax free interest and qualified dividends are included in the MAGI for subsidy purposes.

I think you should shop on the Exchange to see if you can get a better deal than $650 a month. I was in a similar situation, refused COBRA, got a Platinum plan for $378 with a subsidy. COBRA would have been $615.

I know you do not want to deal with the ACA, but eventually you will have to. It is better to deal with it early to see where you stand than later, since COBRA is only for 18 months.

When your Cobra expires, consider setting up an HSA, fully fund it and get the tax deduction. My retirement income is higher, but the tax savings pays for 4 months of my premiums. And while your at it, stay healthy and invest that HSA money and you will acquire another small pot of money when you turn 65.


Sent from my iPad using Tapatalk

 

[ownyourfuture]

I'd feel better with another $1M or so

We all would

 

[Big_Hitter]

^ I was specifically referring to the OPs situation

 

[ownyourfuture]

^ I was specifically referring to the OPs situation

I am the OP

 

[fishndad42]

Home: Roof, Siding, Windows, Furnace & AC, all new in the last 8 years.

I'm not sure what your planning assumptions are for longevity, many people look at a 30 year window. Given that, things like the roof and appliances, while newer, may not last that entire time. My budget includes a "sinking fund" for repairs and maintenance. Or perhaps some of your current assets are already considered your set-aside in your plan?

 

[ownyourfuture]

I'm not sure what your planning assumptions are for longevity, many people look at a 30 year window. Given that, things like the roof and appliances, while newer, may not last that entire time. My budget includes a "sinking fund" for repairs and maintenance. Or perhaps some of your current assets are already considered your set-aside in your plan?

Good point.
I have considered this.

 

[ownyourfuture]

Thanks to all who replied with questions/tips/concerns.

I forgot to add a file in the original message.
It's just a simple text file that I made with my word processor.
I like it because it puts everything right there in front of you.

I did 'tweak' one area.

Because a couple people here thought my budget would be very tight starting in my late 50's to age 62, when SS would begin, I assumed a monthly distribution of $500.00 from my 401-k/IRA beginning in 2021. The year I'd turn 59.5

I tried to copy & paste the text, but it was a mess.
A scan will have to do. *Sorry*

[URL=http://www.imagebam.com/image/370092404533667][/URL]

A couple items to note.
#1: I'm not accounting for any dividend hikes.
#2: The social security estimate is from 2 years ago. *Should be a little higher*