Been lurking here for a while and feel like I’ve learned a lot, but I really don’t have a natural aptitude for this stuff.
Recently got a new narcissistic 20 something boss to micromanage me along with a reduced territory/salary and a stress level through the roof. Was planning on retiring at 62, but feel I need to make a change now and hoping that can be retirement.
I turned 60 last fall, DW will be 60 very soon. House is paid, no debt to speak of.
Here are my numbers;
Brokerage/bank accounts $380K
My 401(k) $1,050,000
DW 401(k) $280k
My Roth $190k
DW Roth $115k
SS at 62 $25k, at 67 fra would be $35.5k
DW SS approx $20k @ 62, $25 @ fra
I also have a pension that will provide $32K at 65 if I take 100% coverage for my wife, or $35k with 50% spousal coverage. The payout is reduced permanently by 1/2% for each month if I were to start collecting prior to age 65. Non COLA.
DW will surely outlive me; I have bad genes and have already had couple scares, but currently healthy & active. Her family has much more longevity than mine, so I’d prefer to cover her at 100%.
Did a rough budget, came to about $55K a year not counting taxes or healthcare.
I feel like $100K/year should be my target. Also hoping my allocations would allow me to stay under the ACA cliff when my wife decides to retire in a couple years. I recently got on her company’s healthcare when I saw the writing on the wall. Her salary is approx $70k.
I am a little concerned with how motivated she would be to stay working if I were to pull the plug now, so I’m not sure I’d be comfortable if the numbers don’t work now.
Thanks for reading, appreciate any advice. This is a great group, it brightens my day when I get my weekly email update from this site.
Recently got a new narcissistic 20 something boss to micromanage me along with a reduced territory/salary and a stress level through the roof. Was planning on retiring at 62, but feel I need to make a change now and hoping that can be retirement.
I turned 60 last fall, DW will be 60 very soon. House is paid, no debt to speak of.
Here are my numbers;
Brokerage/bank accounts $380K
My 401(k) $1,050,000
DW 401(k) $280k
My Roth $190k
DW Roth $115k
SS at 62 $25k, at 67 fra would be $35.5k
DW SS approx $20k @ 62, $25 @ fra
I also have a pension that will provide $32K at 65 if I take 100% coverage for my wife, or $35k with 50% spousal coverage. The payout is reduced permanently by 1/2% for each month if I were to start collecting prior to age 65. Non COLA.
DW will surely outlive me; I have bad genes and have already had couple scares, but currently healthy & active. Her family has much more longevity than mine, so I’d prefer to cover her at 100%.
Did a rough budget, came to about $55K a year not counting taxes or healthcare.
I feel like $100K/year should be my target. Also hoping my allocations would allow me to stay under the ACA cliff when my wife decides to retire in a couple years. I recently got on her company’s healthcare when I saw the writing on the wall. Her salary is approx $70k.
I am a little concerned with how motivated she would be to stay working if I were to pull the plug now, so I’m not sure I’d be comfortable if the numbers don’t work now.
Thanks for reading, appreciate any advice. This is a great group, it brightens my day when I get my weekly email update from this site.
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