klbvbb01
Dryer sheet wannabe
Hi everybody
I found this site several weeks ago and am reading through a lot of the topics on the forums. There’s a lot of useful discussions, smart people and this site is great!
I’m planning to retire from a large corporation later this year when I turn 55.
Below is a summary of our stats. Are we positioned reasonably well to do this? What do you think?
Ages and family:
- Me: 54.5
- DW: 63
- No kids
- One parent alive and not expected to require much financial support.
Retirement savings: $2,052,000
Accounts as follows:
401K: $847K
IRA: $298K
Taxable Accounts: $907K
Asset allocations:
US Stocks: 60%
Non-US Stocks: 4%
Bonds: 29%
Real Estate: 3%
Cash: 4%
Home: Paid for.
Other debt: None
Pension (private sector) begins at age 55: $60,588/year – 5.7% of lump sum (100% joint & survivor annuity, no COLA) or can take $1,063,000 lump sum.
Social Security for me (age 62) : $21.6K
Social Security for DW (age 66) : $10.8K
Annual Living Expenses : $100,000
- Includes recent quote on retiree medical plan from megacorp
- Based on actual living expenses over the last few years.
- Does not include state (6% Louisiana),federal or property taxes
- I have assumed 20% tax rate so $125,000 gross = $100,000 ATAX
FIRE Calculator 35 year retirement: 96.3% success ($125K/year, annuitize pension, 3% inflation, total market (50% stock/50% bond), social security for me and wife
FIRE Calculator 35 year retirement: 94.5% success ($125K/year, take lump sum pension, 3% inflation, total market (50% stock/50% bond), social security for me and wife
Vanguard Nest Egg Calculator: 94% success
CALCX.COM Calculator 35 year retirement: (4.5% return, take lump sum pension, 3% inflation, social security for me and wife) $1,064,000 remaining after 35 years.
Thank You
I found this site several weeks ago and am reading through a lot of the topics on the forums. There’s a lot of useful discussions, smart people and this site is great!
I’m planning to retire from a large corporation later this year when I turn 55.
Below is a summary of our stats. Are we positioned reasonably well to do this? What do you think?
Ages and family:
- Me: 54.5
- DW: 63
- No kids
- One parent alive and not expected to require much financial support.
Retirement savings: $2,052,000
Accounts as follows:
401K: $847K
IRA: $298K
Taxable Accounts: $907K
Asset allocations:
US Stocks: 60%
Non-US Stocks: 4%
Bonds: 29%
Real Estate: 3%
Cash: 4%
Home: Paid for.
Other debt: None
Pension (private sector) begins at age 55: $60,588/year – 5.7% of lump sum (100% joint & survivor annuity, no COLA) or can take $1,063,000 lump sum.
Social Security for me (age 62) : $21.6K
Social Security for DW (age 66) : $10.8K
Annual Living Expenses : $100,000
- Includes recent quote on retiree medical plan from megacorp
- Based on actual living expenses over the last few years.
- Does not include state (6% Louisiana),federal or property taxes
- I have assumed 20% tax rate so $125,000 gross = $100,000 ATAX
FIRE Calculator 35 year retirement: 96.3% success ($125K/year, annuitize pension, 3% inflation, total market (50% stock/50% bond), social security for me and wife
FIRE Calculator 35 year retirement: 94.5% success ($125K/year, take lump sum pension, 3% inflation, total market (50% stock/50% bond), social security for me and wife
Vanguard Nest Egg Calculator: 94% success
CALCX.COM Calculator 35 year retirement: (4.5% return, take lump sum pension, 3% inflation, social security for me and wife) $1,064,000 remaining after 35 years.
Thank You