70k/yr spending is 4.6% withdrawal rate. $50k/yr is 3.3%. And a number of expenses will drop out over the years such as mortgage in 9 years, kid expenses in 12-15 years??. Don't forget that the 70k portfolio withdrawal doesn't include taxes, so you may have to "gross up" the withdrawals to $75k or $80k to actually get $70k in cash to spend every year (YMMV based on your tax situation and carryover CG losses  ).
You also have potential to contribute more $$ between now and 2011, and to (hopefully) have some portfolio growth between now and then. You likely had a lot more money a year ago given your high stock allocation.
Did you estimate SS payouts based on taking them at age 62 and without any earned income between 2011 and 2028 when you start taking SS? The annual statements from SSA that we get tell you your expected payment at age 62 but it is based on a projection of earned income till age 62. You won't have anything from age 46-62 if you quit in 2011. Maybe a few thousand a year difference?
Seems like a fairly safe plan, particularly if actual expenses are closer to $50k than 70k long term. Health care is a big unknown, as is social security in 16-19 years. But if you are planning on the possibility of part time employment, that will help a lot with portfolio survivability.
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