We are playing around with a few scenarios that involve a reduction in our work load and we're hoping to get some advice on a model we could use or how we should possibly approach this issue….
Details
Husband 43, Wife 50
Cash in Bank = $125K
Stocks in Brokerage Acc = $110K
401K/Small Roths = $925K
Other Investments = $75K
Current Income…Husband $250K, Wife $110K
Educational Expense....Child received full scholarship, so ed IRA will cover living expenses for her at college
Spending…$120K/yr (includes Ed IRAs, mortgages, etc)
Scenario 1…..10 year plan
Husband stops working, but wife continues in role (full benefits). Wife can retire with full benefits in 10 years (age 60) from major company. Husband can pick up occasional work, but would likely be limited to around $25K/yr as a conservative value. Once wife reaches 58, her 401K money becomes available. It will take 15 years for husband to access money w/o penalty. Additionally, by the 15 yr point all mortgages are paid off.
Questions: Is there a model out there that would look at this and predict whether the above scenario is workable?
Details
Husband 43, Wife 50
Cash in Bank = $125K
Stocks in Brokerage Acc = $110K
401K/Small Roths = $925K
Other Investments = $75K
Current Income…Husband $250K, Wife $110K
Educational Expense....Child received full scholarship, so ed IRA will cover living expenses for her at college
Spending…$120K/yr (includes Ed IRAs, mortgages, etc)
Scenario 1…..10 year plan
Husband stops working, but wife continues in role (full benefits). Wife can retire with full benefits in 10 years (age 60) from major company. Husband can pick up occasional work, but would likely be limited to around $25K/yr as a conservative value. Once wife reaches 58, her 401K money becomes available. It will take 15 years for husband to access money w/o penalty. Additionally, by the 15 yr point all mortgages are paid off.
Questions: Is there a model out there that would look at this and predict whether the above scenario is workable?