Hi everyone, I'm Rowdy. Here are my details:
- 50, married, with 1 teenager in high school and 1 graduated college.
- Engineering Manager & Navy Reserve Officer {Captain (O6)}. Retiring from Navy Reserve soon after 27+ years. Total income approximately $100k+.
- Shy of $300k in various accounts; mostly 401ks, IRAs, less in Roth IRA, and some in non retirement accounts. Emergency fund on my to-do list as well as increasing my Roth contributions. Annual savings rate including company match around 15%. 90% equities & 10% bonds.
- Pensions: Navy Reserve pension (COLA adjusted) about $30k at 60; increasing to about $45k at 67 following VSI payback. Corp pension {from previous, not financially stable company} about $7k (not COLA adjusted) starting at 60. Plan to wait until 67 for SS. All amounts are PV.
- Tricare Medical starting at 60.
- Youngest covered for college by new GI Bill (spent a year in Baghdad for this) & college savings.
- Mortgage for the foreseeable future; affordable payment {low interest, 30 yr}. Have equity in house.
- Small amount of consumer debt.
Realistically won't be able to retire until 59 or 60 (according to FIRECalc) assuming spending at about 60% of current income. Would love to pull the trigger earlier if possible! I've been working the budget pretty aggressively, but don't want to get too crazy. I'll publish my budget in another post; was able to reduce hundreds of dollars per month by going after some low hanging fruit (axing cable, driving cars longer, increasing deductibles, discounts, taking lunch to work, etc).
Ideal situation in ER would be 8 months in Midwest and 4 in Hawaii; or maybe 12 months in Hawaii!
Questions:
- How to ER a few years earlier than 59 or 60. Just bought a lotto ticket today!
- How to pull off this Midwest/Hawaii snowbird plan.
- How to decrease spending now and increase savings without living like a pauper.
- How to put together a realistic retirement budget; I have one at 50% of current income, but would likely have to stay put in the Midwest with this one. I think at 60%, we could possibly snowbird for a few months each year...Or maybe I'm just dreaming...
Thanks for your comments and suggestions.
Rowdy
- 50, married, with 1 teenager in high school and 1 graduated college.
- Engineering Manager & Navy Reserve Officer {Captain (O6)}. Retiring from Navy Reserve soon after 27+ years. Total income approximately $100k+.
- Shy of $300k in various accounts; mostly 401ks, IRAs, less in Roth IRA, and some in non retirement accounts. Emergency fund on my to-do list as well as increasing my Roth contributions. Annual savings rate including company match around 15%. 90% equities & 10% bonds.
- Pensions: Navy Reserve pension (COLA adjusted) about $30k at 60; increasing to about $45k at 67 following VSI payback. Corp pension {from previous, not financially stable company} about $7k (not COLA adjusted) starting at 60. Plan to wait until 67 for SS. All amounts are PV.
- Tricare Medical starting at 60.
- Youngest covered for college by new GI Bill (spent a year in Baghdad for this) & college savings.
- Mortgage for the foreseeable future; affordable payment {low interest, 30 yr}. Have equity in house.
- Small amount of consumer debt.
Realistically won't be able to retire until 59 or 60 (according to FIRECalc) assuming spending at about 60% of current income. Would love to pull the trigger earlier if possible! I've been working the budget pretty aggressively, but don't want to get too crazy. I'll publish my budget in another post; was able to reduce hundreds of dollars per month by going after some low hanging fruit (axing cable, driving cars longer, increasing deductibles, discounts, taking lunch to work, etc).
Ideal situation in ER would be 8 months in Midwest and 4 in Hawaii; or maybe 12 months in Hawaii!
Questions:
- How to ER a few years earlier than 59 or 60. Just bought a lotto ticket today!
- How to pull off this Midwest/Hawaii snowbird plan.
- How to decrease spending now and increase savings without living like a pauper.
- How to put together a realistic retirement budget; I have one at 50% of current income, but would likely have to stay put in the Midwest with this one. I think at 60%, we could possibly snowbird for a few months each year...Or maybe I'm just dreaming...
Thanks for your comments and suggestions.
Rowdy