ReadyForRetirement
Dryer sheet aficionado
Hi. I have been lurking here for a long time. What a great community and a wealth of resources. Thanks to everyone in advance for reading this post and offering any wisdom you are willing to share. I am 55 and my wife is 57. We have lived frugally for a long time and will continue to live simply in retirement. We live in a paid for condo on the West coast of Florida. We love the condo and would only sell it if there was a dire financial situation in the future.
I am working through the final steps to be ready to retire this year, hopefully in March. My wife will continue to work for a couple of years longer as she likes her job and the benefits are good. She travels about 50% in her job and I plan to tag along for fun and will start doing a lot of her admin work so she will have more time for our fun together.
So are the details of our situation:
Annual Expenses Now: $65,000 (average over last 2 years)
Annual Expenses in 2 Yrs: $80,000 (assuming add’l $15k in medical costs)
Taxable Savings: $1,400,000
Tax-Deferred Savings: $875,000
Approximate allocation (45% VTI; 45% BND; 5% VNQ; 5% Cash)
My Social Security $37,750 @ age 70 or $25,850 @ age 65
Her Social Security $26,750 @ age 70 or $18,250 @ age 65
My Pension $27,500 @ age 65 (100% joint survivor – no COLA)
Her Pension $5,000 @ age 65 (100% joint survivor – no COLA)
Her Salary $80,000 before tax (Expected in 2017 & 2018)
Current Condo value $560,000
Kids are grown and majority independent. We don’t expect any significant costs here.
Ran FireCalc with many scenarios (SS @ 65 vs. 70 and different spending levels), but in general it seems to report 100% success up to ~$100k in annual spending.
What do you all think? What else should I be thinking or planning?
Thanks again for the help!
I am working through the final steps to be ready to retire this year, hopefully in March. My wife will continue to work for a couple of years longer as she likes her job and the benefits are good. She travels about 50% in her job and I plan to tag along for fun and will start doing a lot of her admin work so she will have more time for our fun together.
So are the details of our situation:
Annual Expenses Now: $65,000 (average over last 2 years)
Annual Expenses in 2 Yrs: $80,000 (assuming add’l $15k in medical costs)
Taxable Savings: $1,400,000
Tax-Deferred Savings: $875,000
Approximate allocation (45% VTI; 45% BND; 5% VNQ; 5% Cash)
My Social Security $37,750 @ age 70 or $25,850 @ age 65
Her Social Security $26,750 @ age 70 or $18,250 @ age 65
My Pension $27,500 @ age 65 (100% joint survivor – no COLA)
Her Pension $5,000 @ age 65 (100% joint survivor – no COLA)
Her Salary $80,000 before tax (Expected in 2017 & 2018)
Current Condo value $560,000
Kids are grown and majority independent. We don’t expect any significant costs here.
Ran FireCalc with many scenarios (SS @ 65 vs. 70 and different spending levels), but in general it seems to report 100% success up to ~$100k in annual spending.
What do you all think? What else should I be thinking or planning?
Thanks again for the help!
