mich1997
Confused about dryer sheets
I lost all interest in my job several years ago, so I have been gearing up to retire for the last several years. I think I am financially set to retire, but would appreciate a 2nd opinion from the people on this board. I will be turning 50 years old this fall, with no spouse or dependents. Here are my facts:
- I will have approximately $1.625 million in January 2014, split nearly equally between tax-deferred and after-tax money. 98% invested in cash.
- I own a home in Vegas free-and-clear that I will be moving into (currently I lease it out to a tenant). I have no debts of any kind.
- I have been tracking every dollar that has passed through my hands for the last 20 years using Quicken software, so I have a great idea of the expenses that I will face in retirement. My base living expenses (excluding travel, "fun money", etc.) will only be around $20K per year, including health care. (Thanks to the low interest-rate environment, my taxable income will be very small, allowing me to qualify for Obamacare health care subsidies).
- I will receive a non-COLA pension of $35K/year when I hit 65, plus $25K in social security when I hit 67.
- Having no dependents to leave an inheritance for, I plan to convert a chunk of my portfolio to single-premium immediate annuities when I hit 65. This should allow me to earn 7% for life on the amount I convert. I will only convert an amount necessary to cover any shortfall in my base living expenses.
Do you think I am financially ready to retire? Thanks for looking over my situation.
- I will have approximately $1.625 million in January 2014, split nearly equally between tax-deferred and after-tax money. 98% invested in cash.
- I own a home in Vegas free-and-clear that I will be moving into (currently I lease it out to a tenant). I have no debts of any kind.
- I have been tracking every dollar that has passed through my hands for the last 20 years using Quicken software, so I have a great idea of the expenses that I will face in retirement. My base living expenses (excluding travel, "fun money", etc.) will only be around $20K per year, including health care. (Thanks to the low interest-rate environment, my taxable income will be very small, allowing me to qualify for Obamacare health care subsidies).
- I will receive a non-COLA pension of $35K/year when I hit 65, plus $25K in social security when I hit 67.
- Having no dependents to leave an inheritance for, I plan to convert a chunk of my portfolio to single-premium immediate annuities when I hit 65. This should allow me to earn 7% for life on the amount I convert. I will only convert an amount necessary to cover any shortfall in my base living expenses.
Do you think I am financially ready to retire? Thanks for looking over my situation.