mtbikelover
Dryer sheet aficionado
- Joined
- Apr 15, 2019
- Messages
- 40
I was let go end of Sept from the job I planned to retire in 3 years from. It was totally unexpected and was pretty difficult emotionally. 2 months into it, I am learning that I am loving being a home maker. I have saved us a lot of money by doing the cleaning myself, cooking dinner every night, and taking care of the dog (used to use daycare and dogwalkers). Plus, my 2 hour commute is gone so I am saving gas money. I am shocked at how busy I am just taking care of the house and family. I am also way less stressed. I did love my job but didn't realize how crunched for time I really was being gone from 7am to 6pm 5 days a week.
I would love to "retire" now and not go back to work but my husband is freaked out. I have run the firecalc and only show 2% failure but was hoping others would take a look to see if I did it right. Here are our current numbers:
IRA's/401k's amount $2,300,000
Cash and after tax accounts $600,000 (1/2 invested, 1/2 money market account)
One time $35,000 pension in 2034
Social security of $30,000 in 2040 for me (I'm currently 48)
Social security of $20,000 in 2038 for husband (he's currently 50)
Total annual budgeted expenses of $167,000 in retirement starting 2023
We also have a whole life policy that we will use for cash. So from years 2043-2053, we will get an income of $110,000 per year (10 years) tax free. This is difficult to put into firecalc since I only have 3 slots to use for additional income.
Since husband will keep working for another 3 years, he will put in an additional $50k/year into our retirement account. I won't be adding anything but I won't need to take money out as I got a great severance package as well as will get my stock payout every year for the next 3 years.
Our budget includes health insurance and both kids college is already paid for with a 529.
Does it seem realistic that I could stay home and retire now?
One other thing that is not in our numbers it that my husband is going to get a very large inheritance when his parents pass. He doesn't want to include any of that in our planning but it will be significant (7 figures) so if something were to happen and we did run out of money when we are 75, we do have a safety net.
I would love to "retire" now and not go back to work but my husband is freaked out. I have run the firecalc and only show 2% failure but was hoping others would take a look to see if I did it right. Here are our current numbers:
IRA's/401k's amount $2,300,000
Cash and after tax accounts $600,000 (1/2 invested, 1/2 money market account)
One time $35,000 pension in 2034
Social security of $30,000 in 2040 for me (I'm currently 48)
Social security of $20,000 in 2038 for husband (he's currently 50)
Total annual budgeted expenses of $167,000 in retirement starting 2023
We also have a whole life policy that we will use for cash. So from years 2043-2053, we will get an income of $110,000 per year (10 years) tax free. This is difficult to put into firecalc since I only have 3 slots to use for additional income.
Since husband will keep working for another 3 years, he will put in an additional $50k/year into our retirement account. I won't be adding anything but I won't need to take money out as I got a great severance package as well as will get my stock payout every year for the next 3 years.
Our budget includes health insurance and both kids college is already paid for with a 529.
Does it seem realistic that I could stay home and retire now?
One other thing that is not in our numbers it that my husband is going to get a very large inheritance when his parents pass. He doesn't want to include any of that in our planning but it will be significant (7 figures) so if something were to happen and we did run out of money when we are 75, we do have a safety net.