freedomatlast
Thinks s/he gets paid by the post
- Joined
- Oct 27, 2013
- Messages
- 1,189
For years I've been planning to ER in 2019 or 2020. I turn 60 in January 2020.
I'm still working ($150k/yr) and presently have invested assets of about 3.7M plus a rental property that should yield about $100,000 after expenses and taxes when sold. My pension starts in January 2020 of $15,000/yr not indexed to inflation. DW plans to work until December 2020 ($65k/yr) when her non-indexed for inflation pension of about $15,000/yr will start. My social security at 70 years old should be about $38,000/yr and DW social security will be at least $19,000/yr at 70 years old. Of course we can start SS earlier if desired. We will be moving in the next year or two, but the new house won't be more than $150,000 more than the old one as estimated.
Expenses the last few years have been between $80,000 and $85,000/yr which included paying for a wedding, home improvements/upgrades and a new car over the last few years.
I have plenty of hobbies so what to do all day shouldn't be a problem.
Here's the decision I need to make by tomorrow at 7:00 AM: I have a very rare opportunity to take an early out package of one year's salary, including one year medical coverage. I can sign up for unemployment after severance runs out. After my medical coverage ends, I can be on DW's medical plan at her work. After she retires, we're on our own for medical coverage.
My calculations indicate we will be eligible for ACA insurance at a very low cost due to a stash of cash that will enable low MAGI till we reach 65.
But we're not counting on this so I'll add $20,000 for medical to the $85,000 annual expenses for a total of $105,000/yr .
For the last six months, the job has not been bad or super high stress, but for the previous 5 years it was it was super high stress and extremely dysfunctional. The direction could turn extremely negative again at any time.
Firecalc says I'm good for annual spending of about $165,000 at 100% success, so that gives me quite a margin for error.
I'm leaning toward taking the package and to ER, especially after a health scare last year, (turned out to be nothing) but would appreciate the experienced here to take a look at what I may be missing and to add what they would do given the circumstances, based on their experience and evaluation.
Thanks in advance.
I'm still working ($150k/yr) and presently have invested assets of about 3.7M plus a rental property that should yield about $100,000 after expenses and taxes when sold. My pension starts in January 2020 of $15,000/yr not indexed to inflation. DW plans to work until December 2020 ($65k/yr) when her non-indexed for inflation pension of about $15,000/yr will start. My social security at 70 years old should be about $38,000/yr and DW social security will be at least $19,000/yr at 70 years old. Of course we can start SS earlier if desired. We will be moving in the next year or two, but the new house won't be more than $150,000 more than the old one as estimated.
Expenses the last few years have been between $80,000 and $85,000/yr which included paying for a wedding, home improvements/upgrades and a new car over the last few years.
I have plenty of hobbies so what to do all day shouldn't be a problem.
Here's the decision I need to make by tomorrow at 7:00 AM: I have a very rare opportunity to take an early out package of one year's salary, including one year medical coverage. I can sign up for unemployment after severance runs out. After my medical coverage ends, I can be on DW's medical plan at her work. After she retires, we're on our own for medical coverage.
My calculations indicate we will be eligible for ACA insurance at a very low cost due to a stash of cash that will enable low MAGI till we reach 65.
But we're not counting on this so I'll add $20,000 for medical to the $85,000 annual expenses for a total of $105,000/yr .
For the last six months, the job has not been bad or super high stress, but for the previous 5 years it was it was super high stress and extremely dysfunctional. The direction could turn extremely negative again at any time.
Firecalc says I'm good for annual spending of about $165,000 at 100% success, so that gives me quite a margin for error.
I'm leaning toward taking the package and to ER, especially after a health scare last year, (turned out to be nothing) but would appreciate the experienced here to take a look at what I may be missing and to add what they would do given the circumstances, based on their experience and evaluation.
Thanks in advance.
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