So I have been doing the "math" on retirement, and found this group. Seems to be a real wealth of experience here. Interested on opinions, let me lay it out here.
Ages: 51, spouse 53
Current annual income: $190K
Current annual investment funding: ~$24k/yr
Current IRA totals: $458k
Current 401K totals: $287K
Current Brokerage: $86K
Total investment portfolio: $838k
My pension: $1892/mo, available starting at 55, no early retire penalty
Spouses pension: $668/mo starting at age 62 (presently funded, it will grow)
Present net worth: ~ $1.3M (incl. 2 real estate properties)
Other: My pension will give me an additional ~$700/mo as a Social Security "Supplement" during any years that I retire before 62.
Social security estimate/mo for 62 and 67, me: $1660/$2600
Social security estimate/mo for 62 and 67, Spouse: $1550/$2500
Cost of living in present situation, incl mortgage, bare bones: $5k/mo
Comfortable monthly COL: $8k/mo
Ideal COL: $10k/mo
Plans: I want to retire between 55 and 58 and would not mind putting a requirement on myself for maybe $1000/mo or so for a few years. I started a web business 10 years ago, but thus far, it is all "fun money", not represented above. I might also work or consult part time.
Spouse is very happy in her job and wants to work until 62 (=59 for me).
A lot of our present income is directed at kids college right now, expect that to be over when I am 55.
Questions:
Well at a high level I am trying to do some rough planning of what to draw when. It looks like if we wait until I am 62, pensions and SS will provide ~ $5700/mo. Not bad. Should do that, and draw from retirement portfolio early?
We are very disciplined with finances, other than our mortgage (< 50% of home value) we have no liabilities. We also own a large lot of undeveloped land in a desirable vacation region. Value is hard to pin down, probably between $125k and $300k. No plans to build on it, bought as investment only, no loan on it.
We like to travel and would like to have a winter vacation home in the Caribbean (who wouldn't?) but haven't seriously looked into that.
Thoughts? Ideas? Based on the spreadsheets I am doing, 57-58 looks pretty good, the challenge is those "bridge"years, -62 or so. The SS supplement looks to incent me to retire earlier. Not a ton of money, but I'd hate to walk away from it.
Retiring at 55 would be sweet....
Thanks in Advance for any advice.
Ages: 51, spouse 53
Current annual income: $190K
Current annual investment funding: ~$24k/yr
Current IRA totals: $458k
Current 401K totals: $287K
Current Brokerage: $86K
Total investment portfolio: $838k
My pension: $1892/mo, available starting at 55, no early retire penalty
Spouses pension: $668/mo starting at age 62 (presently funded, it will grow)
Present net worth: ~ $1.3M (incl. 2 real estate properties)
Other: My pension will give me an additional ~$700/mo as a Social Security "Supplement" during any years that I retire before 62.
Social security estimate/mo for 62 and 67, me: $1660/$2600
Social security estimate/mo for 62 and 67, Spouse: $1550/$2500
Cost of living in present situation, incl mortgage, bare bones: $5k/mo
Comfortable monthly COL: $8k/mo
Ideal COL: $10k/mo
Plans: I want to retire between 55 and 58 and would not mind putting a requirement on myself for maybe $1000/mo or so for a few years. I started a web business 10 years ago, but thus far, it is all "fun money", not represented above. I might also work or consult part time.
Spouse is very happy in her job and wants to work until 62 (=59 for me).
A lot of our present income is directed at kids college right now, expect that to be over when I am 55.
Questions:
Well at a high level I am trying to do some rough planning of what to draw when. It looks like if we wait until I am 62, pensions and SS will provide ~ $5700/mo. Not bad. Should do that, and draw from retirement portfolio early?
We are very disciplined with finances, other than our mortgage (< 50% of home value) we have no liabilities. We also own a large lot of undeveloped land in a desirable vacation region. Value is hard to pin down, probably between $125k and $300k. No plans to build on it, bought as investment only, no loan on it.
We like to travel and would like to have a winter vacation home in the Caribbean (who wouldn't?) but haven't seriously looked into that.
Thoughts? Ideas? Based on the spreadsheets I am doing, 57-58 looks pretty good, the challenge is those "bridge"years, -62 or so. The SS supplement looks to incent me to retire earlier. Not a ton of money, but I'd hate to walk away from it.
Retiring at 55 would be sweet....
Thanks in Advance for any advice.