Am I almost there?

[makingaplan]

House paid off 10 years ago never any other debt. Last child senior at Notre Dame next year. Oldest employed and on her own. Both children will have good degrees no debt. I will be 50 next year my husband 54. I will not be able to receive full teacher pension until 55. 60 if I stop after next year. My husband has no pension but we both have over a million in 401k and 403B and roth IRA at this time. SS in the future for both of us. We spend about 60k a year, make about 115k, retirement savings last year 37k. We both have 27 years in at current jobs. Spending should be less next year. I am thinking after we get this last child off the payroll we will be home free. (Even with most education expenses out of 529 day to day cash adds up for her.) My parents are in fine shape and we will not need to provide for them no idea about his.Our FA keeps cautioning me about us giving up good jobs. (Let him teach high school for a week and see what he has to say. HA!)

We will need to provide our own health insurance. I do not know much about that at this time


What do I need to be taking a closer look at?

 

[travelover]

This: http://www.early-retirement.org/for...-answer-before-asking-can-i-retire-69999.html

 

[aja8888]

What do I need to be taking a closer look at?

For starters:

1. Projecting living expenses over the retirement period.

2. What an FA charges you vs. setting up investment accounts on your own.

3. Health insurance (Affordable Care Act?)

 

[aaronc879]

Are you saying that you and your husband have over a Million $ EACH? If you have over $2MM and spend $60K/yr then there's no reason to be working if you don't want to.

 

[makingaplan]

No 1 million together.


I am trying to figure out FA advisor and his value to me. Same advisor as parents about 1/3 of funds with him. ( My mother is very good with $ she was a pension plan manager before retirement. I am kind of trusting the fact she thinks he is good at his job and worth paying,) feel free to ad input here.


Any advise on researching lifetime needs? My parents have money and I only have one sibling who has considerable more than both my myself and parents. Long story short I would inherit at least as much as I currently have if I out live my parents.

 

[ER1970]

I think the key question is if you retire next year, how do you fund your expenses in the next 5+ years before receiving pension. It seems most of your $$ is tied up in IRAs which you most likely don't want to touch before 59. I don't think (and certainly hope not) your inheritance will be available to you within the next 5+ years either.

So what is your plan to bridge your expenses between 51 and 59? Will your husband continue working?

 

[aaronc879]

You don't say what your pension will be worth. I assume 80% of final salary which should give you at least $40K/yr COLA'd starting at age 60. Add SS and you'll be covered completely after age 62. Your savings only need to last from age 50 to 62. Of course you'll want some left but it won't be a necessity. You look good to go to me.
Don't count on an inheritance though. End of life care can cost many hundreds of thousands of dollars. No one in my family has required long-term care but it's rather common and VERY expensive.

 

[highlow65]

Your obviously a bright woman who can manage your own funds, I would suggest vanguard funds due to their low costs. You have done an amazing job putting kids through Notre Dame without any debt to them, congratulations. You are the only one who knows if you are comfortable retiring now, every extra year you work will obviously make things easier. Your choice but you need to check your health care costs and run firecalc, its not rocket science you need to decide.

 

[lemming]

Are you certain of the Social security numbers for you since you are a teacher? Did you pay into SS over all your career. I am thinking of the WEP offset.
Your numbers look pretty good to me except that you are looking at a longer retirement timeline if you retire at 52.

 

[makingaplan]

Yes sure of SS have paid in for years. My pension will only be about 2K a month.

My parents do have long term care insurance.

plan for cash is Roth contribution,savings bonds and set up 72T unless husband waits until 55 then use his 401K money.

Thanks on the kids savings, good financial aid, and lots of outside scholarship

Thanks for all the input!