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View Poll Results: i have 1.4 million, 41.5 years old, own 400k home free and clear,married, wife will work pt, need in
just from the look of it -YOUR CRAZY!! 3 4.76%
do your own dd 4 6.35%
my best "GUESS"is NO 20 31.75%
go for it - i would 10 15.87%
just from the look of it -YOUR DONE! welcome to ER 7 11.11%
my best "guess" is YES 12 19.05%
enough with your polls! 4 6.35%
go to bed!!! 3 4.76%
Voters: 63. You may not vote on this poll

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sorry guys, i like using polls to get a quick look ,short answer
Old 03-20-2007, 05:05 AM   #1
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sorry guys, i like using polls to get a quick look ,short answer

need reassurance .... i.e. hand holding
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Re: sorry guys, i like using polls to get a quick look ,short answer
Old 03-20-2007, 05:08 AM   #2
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Re: sorry guys, i like using polls to get a quick look ,short answer

a quick review only....
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Re: sorry guys, i like using polls to get a quick look ,short answer
Old 03-20-2007, 10:18 AM   #3
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Re: sorry guys, i like using polls to get a quick look ,short answer

More data is needed.

How much $$ will DW generate from PT?
Will she have medical insurance? If not, how will you cover the cost as it looks like it is not in your $5k per month expenses.

Does the $5k/month include taxes?

$1.4M will generate $56k at 4% SWR. Your $5k per month=$60k per year not counting insurance or taxes. With these limited figures I would say you are a bit short of ER.
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Re: sorry guys, i like using polls to get a quick look ,short answer
Old 03-20-2007, 10:26 AM   #4
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Re: sorry guys, i like using polls to get a quick look ,short answer

The question might be asked better as: If my wife walks out and takes the part time income and health insurance and 50% of the home equity and portfolio... Only you know that answer.

But cynical thought/comment process aside, it looks close to spittin distance to me!
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Re: sorry guys, i like using polls to get a quick look ,short answer
Old 03-20-2007, 11:02 AM   #5
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Re: sorry guys, i like using polls to get a quick look ,short answer

If you were a little older, say in your mid 50's, I would say yes, but you are only 41 and therefore have a long time horizon. Think what 1.4 mil will be worth in 30 years after inflation and then look at your numbers.

Also, you did not say, but I am assuming there are no pensions or other income to rely on besides your investments. Also, as Soc. Sec is on shakey ground, I would not rely on that 100%. Hopefully, it will be there, but most likely at a reduced amount.
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Re: sorry guys, i like using polls to get a quick look ,short answer
Old 03-20-2007, 11:07 AM   #6
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Re: sorry guys, i like using polls to get a quick look ,short answer

Steve hit the high points - Insurance and taxes.

Other than that - you'd be close.
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Re: sorry guys, i like using polls to get a quick look ,short answer
Old 03-20-2007, 11:31 AM   #7
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Re: sorry guys, i like using polls to get a quick look ,short answer

What does firecalc say?
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Re: sorry guys, i like using polls to get a quick look ,short answer
Old 03-20-2007, 11:32 AM   #8
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Re: sorry guys, i like using polls to get a quick look ,short answer

Re-thinking my reply. First of all, we have no idea what your wife's part time job will be contributing to your monthly income needed. I voted no, because of your monthly nut requirement. ($4,500 to $5,000)

If on the other hand, you wanted to scale that back and adapt a more modest lifestyle, perhaps an expate life, or move to a cheaper area in US, and put yourself on a tighter budget, then perhaps it would make sence.

If you could keep your withdrawels to not more than $3,000 per month, and your wife could contribute the rest, then you would probably be safe. But then again, I am ultra conservative in my thinking and projections.
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Re: sorry guys, i like using polls to get a quick look ,short answer
Old 03-20-2007, 05:15 PM   #9
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Re: sorry guys, i like using polls to get a quick look ,short answer

You're right on the edge but not quite. Now if you were willing to cut your housing down, that would free up cash and probably reduce your expenses.

You don't mention anything about possible pensions. You do have SS coming (maybe) in a couple more decades. Like me, heathcare is your wildcard. DW may not like you goofing off while she works for the health benefits.

If you really hate what you are doing and where you are at, you certainly have the luxury to look at something else and even to look at some PT activities you might like better.
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Re: sorry guys, i like using polls to get a quick look ,short answer
Old 03-20-2007, 06:10 PM   #10
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Re: sorry guys, i like using polls to get a quick look ,short answer

Unless your working wife has a chip implanted in her brain, and you have the controller under lock and key your retirement could walk right out the door any day.

Be sure to keep your job skills up!

Ha
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Re: sorry guys, i like using polls to get a quick look ,short answer
Old 03-20-2007, 06:21 PM   #11
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Re: sorry guys, i like using polls to get a quick look ,short answer

When you say you need 4500-5000 - I assume per month. Is that NEED or WANT.

My formula is: (( Bare Bones annual spending * 2) - Annual Pension Amt) * 25 = NEST EGG

Bare Bones is to maintain your current living Quarters and basics.
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Re: sorry guys, i like using polls to get a quick look ,short answer
Old 03-20-2007, 06:40 PM   #12
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Re: sorry guys, i like using polls to get a quick look ,short answer

4500-5000 is "want"
barebones= about $2600 x 12 = 31200 x 2= 62,400 x 25 = 1,560,000

so i got a bit to go.

i am assuming barebones is just living expenses ... not 'perks' like buying wants and not needs ~correct?
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Re: sorry guys, i like using polls to get a quick look ,short answer
Old 03-20-2007, 06:55 PM   #13
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Re: sorry guys, i like using polls to get a quick look ,short answer

Quote:
Originally Posted by wstu32
4500-5000 is "want"
barebones= about $2600 x 12 = 31200 x 2= 62,400 x 25 = 1,560,000

so i got a bit to go.

i am assuming barebones is just living expenses ... not 'perks' like buying wants and not needs ~correct?
Yup, those are the things you have to pay to live. I mulitply it times 2 to give you flexibilty to buy things you want - travel, dining out etc. - Just a guideline but, it seems to work for most folks.
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Re: sorry guys, i like using polls to get a quick look ,short answer
Old 03-20-2007, 06:57 PM   #14
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Re: sorry guys, i like using polls to get a quick look ,short answer

thanks cut-throat
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Re: sorry guys, i like using polls to get a quick look ,short answer
Old 03-20-2007, 07:09 PM   #15
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Re: sorry guys, i like using polls to get a quick look ,short answer

The 25 is for an approximate 4% withdrawal rate.
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