If $65K fully supports your needs you seem to be there. Do you have wiggle room if things get hairy? Do you have health care covered? It would seem that the first few years are critical. You will be drawing down a larger percentage of your portfolio as you want for the USAR pension and then SS. A major downturn during that period would be the worst case scenario. If you have flexibility to cut back or work part time you would be in great shape.I misspoke. I don't plan to "withdraw" $65,000, but I need/want a total of $65,000 (net) using 4% withdrawal + VA pension + USAR pension (60) + SS (62).
... $65,000 (net) ...
Yes, just think of taxes like any other expense when planning for retirement. The nice part is that early in retirement if you rely on post-tax dollars to meet expenses, you won't usually have a lot of taxes to pay.Health care is covered. At 55 I can keep my company plan in retirement at same cost. Tricare will kick in at age 60, plus the wife works at a medical clinic and has access to good health insurance.
$65,000 does allow for wiggle room since it's a little more than I bring home now, plus we should have the mortgage paid off in 2-3 years.
If by "take home" you mean "after taxes", that is not the correct number to use with FIRECalc. It doesn't know anything about your tax situation.I used 70K take home with FIRECalc and the results were still good. That's considerably more than I'll need to live comfortably (in the south).
I used 70K take home with FIRECalc and the results were still good.
The best way to road test your retirement taxes is to buy a copy of turbotax and prepare a dummy return with your expected numbers. It will not be exact to the penny, but you will have a good idea of where you stand.
96.3% as I recall.
So what will be your trigger to retire? Death?For me, it might be a mental issue, as I don't feel FI or serious RE situation even with 100% success from FIRECalc.
So what will be your trigger to retire? Death?
Ah, not death, just the threat of it....My "Trigger" will probably be when my company tells me to travel to Mexico to assist in starting up our sparkling new, high-tech Research facility down there. I ain't taking a bullet for any one!!
So what will be your trigger to retire? Death?
My "Trigger" will probably be when my company tells me to travel to Mexico to assist in starting up our sparkling new, high-tech Research facility down there. I ain't taking a bullet for any one!!