tiredofwork
Recycles dryer sheets
- Joined
- Nov 29, 2005
- Messages
- 62
Will be terminated from my job within the next couple of months, after 13 years of service. I've seen it coming for a couple of years and, being a paranoid analytical INTJ personality type, have probably run a couple hundred scenarios through Firecalc and other planners. I'm 50 and my wife will be 51 next month. We have 2 teenagers - one goes to college next fall and the other is a high school freshman. I've excluded their college funds from the following figures:
Roth IRA -- $12,000
Traditional IRA/401K -- $232,000
Taxable accounts -- $415,000 (no unrealized capital gains)
S-Corp shares, book value -- $85,000 (illiquid, but has been generating 40-60% pretax returns on book value). A buyout offer, while not on the table at this point, might yield me $200-300,000 for my shares.
Military pension, COLA'd with TRICARE medical benefits begins at age 60 -- $18,500 per year
Social Security (me) age 66 -- $23,300 per year, not discounted for future reductions (I take a 15% discount when I'm running Firecalc)
Social Security (wife) age 66 -- $11,650 per year, also not discounted
Wife's pension at age 62 (no COLA) $1,400 per year
House paid for and I believe I can conservatively live on $55,000 per year (includes taxes and $1100 per month for medical insurance and medical out of pocket expenses).
I think it's doable, as long as I have a reasonable exposure to the stock market, but maybe there's some angle I haven't considered. I'm willing to teach a community college course and/or do some seasonal tax work if I need to.
Thanks for your advice.
Roth IRA -- $12,000
Traditional IRA/401K -- $232,000
Taxable accounts -- $415,000 (no unrealized capital gains)
S-Corp shares, book value -- $85,000 (illiquid, but has been generating 40-60% pretax returns on book value). A buyout offer, while not on the table at this point, might yield me $200-300,000 for my shares.
Military pension, COLA'd with TRICARE medical benefits begins at age 60 -- $18,500 per year
Social Security (me) age 66 -- $23,300 per year, not discounted for future reductions (I take a 15% discount when I'm running Firecalc)
Social Security (wife) age 66 -- $11,650 per year, also not discounted
Wife's pension at age 62 (no COLA) $1,400 per year
House paid for and I believe I can conservatively live on $55,000 per year (includes taxes and $1100 per month for medical insurance and medical out of pocket expenses).
I think it's doable, as long as I have a reasonable exposure to the stock market, but maybe there's some angle I haven't considered. I'm willing to teach a community college course and/or do some seasonal tax work if I need to.
Thanks for your advice.