steady saver
Recycles dryer sheets
- Joined
- Apr 10, 2013
- Messages
- 498
A year and a half ago I posted here b/c DH was given the option of a package and we were all revved up to take it.
We didn't. Fear and feelings of uncertainty (both financial and emotional) set in and we decided to wait. It was the right decision at the time, though we sure wish they were handing out packages now, ha. All water under the bridge...
So here we are and DH is ready. Commute time has doubled, friends are being diagnosed with devastating diseases. Time to get off the hamster wheel and have fun. We have lots we want to do and we still really like each other!
I am including our current financial info, with notes, below. I'm basically trying to determine two main issues:
1. how to translate these different sources of funds into monthly (annual?) money for our living expenses
2. What shifts/rebalances we might make going forward? Our money is either in cash or equities.
Thanks in advance for taking the time to go through this. It's a lot of information but I figure it's easier just to put it out there.
(He just turned 55 by the way, and I'm about to turn 55)
Household/Living Expenses:
Monthly expenses, current - $12,500
Fidelity account(as of 12/28/17)
Retirement accounts:
Provident fund – $1,489,884
PF BRP - $270,270 Total of the two: $1,760,154
(Note: our accounts are roughly 90% equities. Aggressive growth)
Individual stocks within Fidelity- $1,017,455.00
Other stocks:
Ameritrade – $57,000
Random DRIPS –? Need to explore – likely minimal (i.e. guessing under $20,000)
Pension:
Monthly – $6124
Lump sum: (these are in addition to the monthly pension)
APF - $240,000
New Money Alliance - $45,366 Total of the two lump sums: $285,366
Social Security (2029)
• DH: $1,844 monthly ($22,128)
• DW: $354 monthly ($4,248 annually)
Credit Union account:
Cash– $270,000
Money Market account – $107,000
Savings -$7,600 Total of 3 credit union accounts: $ 384,600
College:
College fund: $16,000
Remaining expenses: roughly $10,000 (incl. rent, living allowance, graduation expenses, suit, etc.)
Approximately $6,000 left to consider
Notes:
• At $12,500 monthly expenses, we’d need $150,000 a year or $450,000 to cover 3 years of our current expenses (peace of mind). This does not take into account home remodeling, extensive travel or other “unusual” expenses.
• Our monthly income from DH pension is $6124. This leaves a shortage of $6376 each month (or, $76,512 a year until Soc. Sec. kicks in 2029 which is 12 years; would still have a shortage then too, just not as much). This does NOT take into account the two pension lump sums. We need to put those to work.
• We were planning to do some fairly major work on the farm and the house and had originally earmarked $300,000 for that. I’m not sure how that will work now.
• We have used YNAB to track expenses and they are pretty consistent. We’ve taken college expenses out of the equation because those are taken care of until son graduates.
• FIRECALC shows 100% good to go. I’m just trying to figure out how to make it work.
Thanks again. I really do appreciate your time and your wisdom!
We didn't. Fear and feelings of uncertainty (both financial and emotional) set in and we decided to wait. It was the right decision at the time, though we sure wish they were handing out packages now, ha. All water under the bridge...
So here we are and DH is ready. Commute time has doubled, friends are being diagnosed with devastating diseases. Time to get off the hamster wheel and have fun. We have lots we want to do and we still really like each other!
I am including our current financial info, with notes, below. I'm basically trying to determine two main issues:
1. how to translate these different sources of funds into monthly (annual?) money for our living expenses
2. What shifts/rebalances we might make going forward? Our money is either in cash or equities.
Thanks in advance for taking the time to go through this. It's a lot of information but I figure it's easier just to put it out there.
(He just turned 55 by the way, and I'm about to turn 55)
Household/Living Expenses:
Monthly expenses, current - $12,500
Fidelity account(as of 12/28/17)
Retirement accounts:
Provident fund – $1,489,884
PF BRP - $270,270 Total of the two: $1,760,154
(Note: our accounts are roughly 90% equities. Aggressive growth)
Individual stocks within Fidelity- $1,017,455.00
Other stocks:
Ameritrade – $57,000
Random DRIPS –? Need to explore – likely minimal (i.e. guessing under $20,000)
Pension:
Monthly – $6124
Lump sum: (these are in addition to the monthly pension)
APF - $240,000
New Money Alliance - $45,366 Total of the two lump sums: $285,366
Social Security (2029)
• DH: $1,844 monthly ($22,128)
• DW: $354 monthly ($4,248 annually)
Credit Union account:
Cash– $270,000
Money Market account – $107,000
Savings -$7,600 Total of 3 credit union accounts: $ 384,600
College:
College fund: $16,000
Remaining expenses: roughly $10,000 (incl. rent, living allowance, graduation expenses, suit, etc.)
Approximately $6,000 left to consider
Notes:
• At $12,500 monthly expenses, we’d need $150,000 a year or $450,000 to cover 3 years of our current expenses (peace of mind). This does not take into account home remodeling, extensive travel or other “unusual” expenses.
• Our monthly income from DH pension is $6124. This leaves a shortage of $6376 each month (or, $76,512 a year until Soc. Sec. kicks in 2029 which is 12 years; would still have a shortage then too, just not as much). This does NOT take into account the two pension lump sums. We need to put those to work.
• We were planning to do some fairly major work on the farm and the house and had originally earmarked $300,000 for that. I’m not sure how that will work now.
• We have used YNAB to track expenses and they are pretty consistent. We’ve taken college expenses out of the equation because those are taken care of until son graduates.
• FIRECALC shows 100% good to go. I’m just trying to figure out how to make it work.
Thanks again. I really do appreciate your time and your wisdom!
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