Facts and figures

[spender400]

Hi

Financial summary below for those who are good at number crunching.

I'm 47 with 3 kids, 2 live away with ex and 1 at home aged 5. I'm based in the UK so all figures in local currency:

House is owned outright - value 475k
Pension - Sipp (similar to 401k can't access 'til 55) = 410k
Shares and cash - 126k
Small house in Spain owned outright - 60k
Condo in Europe owned outright - 25k
My own company has cash reserves of 160k tax paid which I can withdraw steadily within certain tax limits.

No loans or credit. 2 cars owned outright.

From my age 50 I get a pension of 12k COLA
From my age 60 DW gets a pension of 6k COLA
From my age 67 I get a SS pension of 8.5k COLA
From my age 77 DW gets a SS pension of 8.5k COLA


Measured spending over last 18 months comes out at 37k annual spend inc payments for my 2 absent children.


Plan is to give up work soon and draw down cash stored in my company until age 55, then use the 401k/SIPP which will remain untouched & growing in a 60:40 vanguard fund for the next 8 years when I turn 55.

In the UK healthcare is provided by the state as a result of taxes paid so won't be a financial concern.

I wonder if this puts me 'ready to go', 'short by 'x'' or 'dream on space cowboy'.

All thoughts welcome.

Thanks

 

[Dtail]

Welcome spender400.
Have you tried to put your numbers in the Firecalc retirement calculator supported by this site?
Does your annual spend include a budget for large ticket items such a new car and new roof down the road?

 

[spender400]

Hi Dtail, Firecalc looks good for my figures based on how I entered them and there's a bit spare for cars etc

 

[Dtail]

Hi Dtail, Firecalc looks good for my figures based on how I entered them and there's a bit spare for cars etc

Sounds good to me. I assume the 2 children away from home costs is a child support type of costs, which would go away eventually.

Have you thought about what you are retiring to, since you are on the youngish side even for this site?

 

[spender400]

Yes that's correct around 4.5k per year drops away in 5 years when child support finishes. For my own plans I'd like to indulge my interests more with time and spend school hols in my house in Spain where life is a bit more relaxed and climate is better.

 

[spender400]

I wonder if I could coax a few more opinions as I'm 50:50 on whether I'm FI or not?