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Getting nervous, would like feedback
Old 09-04-2018, 04:14 PM   #1
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Getting nervous, would like feedback

Hi all,

I am considering pulling the plug on w*rk in the Spring. Here is the scoop on our situation.

Kids grown and on their own.
I am 56, DW, 56

Current budget at about $135K with taxes built in.

I use Fidelity's Income planner for detailed spending plans.

Pension non-COLA $80K/year starting at 56

$2M in 401(k) broken down as follows:
$850K in Fixed fund that pays guarantee 3%( work for a financial firm)
$1.15M in Index funds, s&p, Int, Emerging Growth (60,10,30)




$160K in ROTH IRA
$50K cash
$80K CV Life Ins

Planned for LTC in budget

Planned for SS at 62, but am open to suggestions.

Have health care from employer for both of us until age 65($7K/year for a good plan)

No debt at all. House $400K, Lake camp $200K, truck, car

Plan to be snowbirds and live in FL 7 months of the year. We need to sell our house "North of the wall" to buy a place in FL. Plan to live at lake camp in the Summer.

Next step is drawn down planning and tax help.

thx for any input.
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Old 09-04-2018, 05:10 PM   #2
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Quote:
Originally Posted by fishvt View Post
No debt at all. House $400K, Lake camp $200K, truck, car
Does this mean you have no mortgage and $400k and $200k are the equity amounts?

Quote:
Plan to be snowbirds and live in FL 7 months of the year. We need to sell our house "North of the wall" to buy a place in FL. Plan to live at lake camp in the Summer.
Is your Lake camp in a locale that has a 7 month long winter?

Will you purchase a home in FL? Will the $400k pay for it?


You seem to be in very good shape unless inflation takes off.
You should consider other social security benefit claiming strategies as one potential way to maximize your inflation adjusted income stream.

You might wish to look at https://maximizemysocialsecurity.com/ or https://opensocialsecurity.com/ to explore options other than claiming at 62.

So what is making you nervous?
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Old 09-04-2018, 06:13 PM   #3
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Yes, those are approximate equity values. We have no mortgage. Yes, we plan to sell the house to buy in FL. Yes, it is a long Winter up here!!! Thx for the SS links. Nerves are the common ones seen here, outlive $$ and end of career.
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Old 09-04-2018, 06:21 PM   #4
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Yes, it is a long Winter up here!!!
Where I come from, someone who spends 7 months in Florida and summers at a lake camp wouldn't be called a "snowbird" - they'd be called a Florida resident who likes to get out of the heat.

We'll be moving to Maine when my wife fully retires next year. I hope to experiment with "snowbirding" myself.

Quote:
Nerves are the common ones seen here, outlive $$ and end of career.
Do your planning, try not to worry.
It's normal. Everyone gets through it.

If you haven't already done so, you might benefit from a few hours of time with a fee-only fiduciary financial planner. I'm guessing they would tell you that you'll be just fine. They may also have a few "tune up" suggestions for you.

You'll be fine.
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Old 09-04-2018, 06:24 PM   #5
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Thx! Maine is awesome. Beautiful.
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Old 09-04-2018, 06:25 PM   #6
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Looks like you are solid in general especially with medical. If you don't mind saying, what score does Fidelity provide to you?
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Old 09-04-2018, 06:30 PM   #7
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Thx! Maine is awesome. Beautiful.
I agree it is both awesome and beautiful.

We have owned a weekend/vacation home there near the beach for the past 6.5 years. We can't wait to be there full time.

Where in FL are you looking?
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Old 09-04-2018, 06:40 PM   #8
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It was at 125 last I looked. Im planning on leaving my 401k in tact to take advantage of the the 3% stable fund. In theory it could increase along with inflation , but that is not guaranteed. It used to be higher , years ago.
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Old 09-04-2018, 06:43 PM   #9
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Sarasota or Port Charlotte, not sure yet.
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Old 09-04-2018, 06:50 PM   #10
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Originally Posted by fishvt View Post
It was at 125 last I looked. Im planning on leaving my 401k in tact to take advantage of the the 3% stable fund. In theory it could increase along with inflation , but that is not guaranteed. It used to be higher , years ago.
So your max spending according to Fido is ~168k. That's good news.
Agree 100% on the Stable Value decision. Do you have good 401k equity options if you need to substitute investments?
I have 50% of my Fixed Income in SV currently at 4.24% but no floor guarantee. The 10 year return is even higher.
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Old 09-04-2018, 06:58 PM   #11
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Nerves are the common ones seen here, outlive $$ and end of career.
I was more worried about continuing to work and the health affect from working with incompetent manager so that I'd never have a chance to enjoy my money as I'd be 6 foot under. Moved from Chicago to Florida as I just couldn't deal with the dark gray, cold, snow and ice of the Chicago winter's. Just make sure you enjoy the heat and humidity that FL has. We do.

Good luck on your decision.
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Old 09-04-2018, 09:46 PM   #12
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Quote:
Originally Posted by fishvt View Post
Hi all,
I am considering pulling the plug on w*rk in the Spring. Here is the scoop on our situation.

Kids grown and on their own.
I am 56, DW, 56

Current budget at about $135K with taxes built in.

I use Fidelity's Income planner for detailed spending plans.

Pension non-COLA $80K/year starting at 56

$2M in 401(k) broken down as follows:
$850K in Fixed fund that pays guarantee 3%( work for a financial firm)
$1.15M in Index funds, s&p, Int, Emerging Growth (60,10,30)

$160K in ROTH IRA
$50K cash
$80K CV Life Ins
We're planning to pull the plug late next year with far less in assets and a smaller (though inflation-adjusted) pension. Though we are several years closer to SS.

The only issue I see is that you have to maintain assets to cover the declining value of the pension while supporting a fairly high spending rate.
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Old 09-04-2018, 10:16 PM   #13
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any chance of being asked to leave ( taking redundancy ) check the numbers and see if that is better or worse for you .

take care , but good luck
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