Steelart99
Recycles dryer sheets
- Joined
- Apr 24, 2012
- Messages
- 184
Well, I’ve vacillated considerably given the uncertainties this year … but I’ve ‘mostly’ decided to pull the plug this Aug/Sep. I would appreciate a bit of a sanity check on my financial picture and/or any thoughts on how best to fund my expenses post retirement. Fidelity RIP says I’m okay for 45 years and *****/firecalc give me better than 95% success. I’m not sure if I missed anything …
My wife and I have retirement accts totaling in the mid $800K range, investment accts of about $65K and cash of about $65K for a total in the just over 7-figure range. My allocation is currently 60% equities, 34% bonds and 6% cash. I have two non-COLA pensions that would total about $1200-$1300/mo. if I take them this year or next year. I can start drawing from my 401K whenever I choose (rule of 55). Taking SS at age 62 would net $1800/mo. or $2500 at age 67. DW has a non-COLA pension that she can take at 58 worth about $750/mo. and SS of $1000/mo. at age 62.
Expenses/debts: Mortgage that will be paid off at the end of 2022 at $2100/mo. Medical insurance and OOP are planned at $1200/mo. All other expenses total about $2500/mo. not counting taxes. In my overall plan I have included about $70K for home improvement and auto purchase over the next several years.
I’m 57 and DW is 49.
I’m not sure I understand the best sequence of sources to use for income (pension, cash, sale of investments, SS, etc.).
I do appreciate your help.
My wife and I have retirement accts totaling in the mid $800K range, investment accts of about $65K and cash of about $65K for a total in the just over 7-figure range. My allocation is currently 60% equities, 34% bonds and 6% cash. I have two non-COLA pensions that would total about $1200-$1300/mo. if I take them this year or next year. I can start drawing from my 401K whenever I choose (rule of 55). Taking SS at age 62 would net $1800/mo. or $2500 at age 67. DW has a non-COLA pension that she can take at 58 worth about $750/mo. and SS of $1000/mo. at age 62.
Expenses/debts: Mortgage that will be paid off at the end of 2022 at $2100/mo. Medical insurance and OOP are planned at $1200/mo. All other expenses total about $2500/mo. not counting taxes. In my overall plan I have included about $70K for home improvement and auto purchase over the next several years.
I’m 57 and DW is 49.
I’m not sure I understand the best sequence of sources to use for income (pension, cash, sale of investments, SS, etc.).
I do appreciate your help.