Retiring in June (age 56)

[WestwardBound]

I've been reading this board for a couple years and found lots of helpful information. I've been working with an FA for about 5 years and think I will fully takeover management by this time next year. He's been helpful in planning and evaluating what we've been doing for a long time and getting us to see the goal ahead and boosting investing.

I've got about 2.3m in tax-deferred, 600k taxable and a pension. I will get about 500k in various deferred comps over the next two years. My company offers retirees option to stay on group health plan after age 55 and enough service.

I have some different quirks as to how my assets work in the plan but the FAs retirement planning software (large financial institution) and the several online planners I've used typically give 90-95% success.

My wife and I still have one daughter to get through college in next few years which is covered by 529 savings. We will spend time looking at potential retirement locations out west (live in eastern city suburbs now) in small city near mountains. CO, MT, WY are places we'll start.

Thanks for reading and I'll be here asking questions and participating from now on.

 

[bigcmagor]

Congratulations! Well done.

 

[flintnational]

Welcome to the forum. Congratulations!

 

[street]

Just wanted to say congratulations on your up coming retirement. That is a big deal in a persons life.
If I read the post correct you should have about 3.4M and not knowing your projected expenses you have a nice stash to work with.
Good Luck and you really have found a great place for all your questions.

 

[sturbridge]

If 3.4 million plus a pension is only giving you a 90-95% success rate, your annual spending must be super high! Congratulations on your achievements.

 

[Dtail]

Congrats.Does sound like decently high budget, but nothing wrong with that.

 

[WestwardBound]

Thanks for the comments. I do have a pretty good sized monthly nut. We live in a pretty HCOL are. I still have a mortgage and I will pay the full rate for the health plan. But its a good plan that doesn't have much out of pocket after the premium.

Over time the plan is to downsize somewhere else out west using the equity (about 600k) in the house to roll into a no mortgage house and the health care premiums end at medicare. Our current state isn't too bad on taxes and real estate taxes are far from the highest on the east coast.

In time I hope to bring our monthly spending needs down but I don't want to have to change our current lifestyle too drastically.

 

[ivinsfan]

I'm going to toss Utah into that mix of states you mentioned either Northern Utah where I went to college or Cedar City..Cedar would be my choice,

 

[Nick12]

Impressive. You would live quite well in Florida if you don't mind the heat and humidity. No state income tax.

 

[HI Bill]

Congrats! Why don't you dump the FA now, and save $30K or so? As long as you have a tax-efficeint plan for distributing assets....