Question on % of allocation to withdraw from to pay off house
Hi. I registered and introduced myself a while back but have just been lurking lately. Now I have a question, and if anyone's got an answer, it'd be great.
DH and I had talked about drawing down non-retirement funds to pay off house when market came back to 10,000. Now he suddenly has a bug in his bonnet and wants to do it tomorrow, as in Monday. I'm trying to figure out what fund types to draw down.
I am 55, my husband is disabled. I won't be able to work full time too much longer so I can help him. Will have medical insurance, 80% copay when we leave, 100% for his medical needs related to his job-related injury.
We will have government pensions, but no social security, now or later. The pensions would start out at our current outgo (minus house and current savings). I consider the pensions like a bond fund, right?
They have a Cost of Living increase of a maximum of 2% a year, so we will probably be getting behind fairly quickly on inflation.
What percentage breakdown of Large, Mid, Small caps, Int'l, Bonds fit that scenario? Don't know whether to look at an example from a 2015, -20, -25.
We are currently at Large 30%, 6.5% Mid, 2% Small, 12% Special (energy & health), 21% bond, and then 15% in Lifestyle funds at from my 457 and 401k set at year 2020.
My hubby never has been real interested in allocation for some reason. I need help since, although we've talked about it, today started wanting to just skim off funds from our accounts, just looking at the ones that are over $50k but not diversification percentages, and to do it A.S.A.P. (Dodge & Cox, Vanguard, T.Rowe Price)
We have basically 1/2 retirement, 1/2 non retirement money and would withdraw 10% of our total savings (20 of nonretirement) to pay off house. Currently (depends on the month) we have about 7-10 times our outgo saved total, before paying the mortgage off.
Any suggestions or sites would be appreciated. It's hard for me to gauge from the stuff I've seen, since we will not be touching it for 5 years while I work some limited part time and then just as COLA takes its toll, not immediately. But we will not be adding to our savings.
Clear as mud? I'm not too math minded.