Hello all, in a few months, at age 57 I am 97% certain I am pulling the trigger and retiring from a 36 year career at the same company. My wife and I have looked at the numbers separately and together and we both think we should be ok but there is still an uneasy feeling. I have been following the forum for a few years and respect the opinion and insight provided. Here is our situation:
Our total discretionary and non discretionary expenses are approximately 100-120K per year. I think we can reasonably cut that back, my wife has other thoughts
We have two boys in college, as a result, our largest one time expense over the next 4 years will be the college tuition for our two boys. Approximately $175K (~$44k per year). We have the full amount set aside in Educational and separate investment accounts.
Our assets include:
- my wife, or maybe my wife's salary of $110K per year. She loves her job and plans to work for the next 5+ years. Company will provide health insurance for the entire family
- our home valued at 600K ($100K outstanding mortgae)
- $1m in tax deferred retirement accounts
- $1.5M in taxable investments (85% stocks, 15% bonds). Currently generating $54K in dividends/distributions
- cash based pension plan valued at $250K which I can take as a lump sum or as a $16K per year annuity
- $40K Health Insurance account provided by my company to pay for insurance premiums if necessary
We are fairly certain my wife's job is safe but obviously nothing is guaranteed and perhaps that is what is generating that nagging worry.
Thanks in advance for any insight into our situation,
Our total discretionary and non discretionary expenses are approximately 100-120K per year. I think we can reasonably cut that back, my wife has other thoughts
We have two boys in college, as a result, our largest one time expense over the next 4 years will be the college tuition for our two boys. Approximately $175K (~$44k per year). We have the full amount set aside in Educational and separate investment accounts.
Our assets include:
- my wife, or maybe my wife's salary of $110K per year. She loves her job and plans to work for the next 5+ years. Company will provide health insurance for the entire family
- our home valued at 600K ($100K outstanding mortgae)
- $1m in tax deferred retirement accounts
- $1.5M in taxable investments (85% stocks, 15% bonds). Currently generating $54K in dividends/distributions
- cash based pension plan valued at $250K which I can take as a lump sum or as a $16K per year annuity
- $40K Health Insurance account provided by my company to pay for insurance premiums if necessary
We are fairly certain my wife's job is safe but obviously nothing is guaranteed and perhaps that is what is generating that nagging worry.
Thanks in advance for any insight into our situation,