AverageGuy
Confused about dryer sheets
- Joined
- Oct 26, 2021
- Messages
- 6
My wife and I have one of those jobs that you can't return to so our retirement decision is really playing on my mind a lot. I know that may sound unusual but it is the case.
I need a lot of help on the fiscal side and the note "Confused about dryer sheets" is very true. I'm not too bright. All advice welcome!
Currently 48, married with two kids 12 and 15.
. Traditional IRA is $1.3M
. After Tax Saving $1.8M
. Own our own home $600K
. Pension if I retire now is $3500 a month.
. Ignore SS (but if you must know its $2500 a month at 67).
Our projected retirement expenses will be $100K p.a. including taxes.
Question #1: Would you feel comfortable retiring in this situation. Kid's college is already taken care of with a 529. Remember, there is no going back once I retire.
Now this where it gets tricky. From our combined annual salaries we can save about $140K p.a. and the pension grows to $7K a month if we work another 4.5 years.
Question #2: Do we retire now or work another 4.5 years? That will net me another $600K after-tax and pension doubles.
Our jobs can be fun but it's not something we jump out of the morning to do each day. We are mainly doing them because the kids are in school and it's not as though we can travel if we retired. After doing our jobs for 25+ years both my wife and I are tired of it.
I need a lot of help on the fiscal side and the note "Confused about dryer sheets" is very true. I'm not too bright. All advice welcome!
Currently 48, married with two kids 12 and 15.
. Traditional IRA is $1.3M
. After Tax Saving $1.8M
. Own our own home $600K
. Pension if I retire now is $3500 a month.
. Ignore SS (but if you must know its $2500 a month at 67).
Our projected retirement expenses will be $100K p.a. including taxes.
Question #1: Would you feel comfortable retiring in this situation. Kid's college is already taken care of with a 529. Remember, there is no going back once I retire.
Now this where it gets tricky. From our combined annual salaries we can save about $140K p.a. and the pension grows to $7K a month if we work another 4.5 years.
Question #2: Do we retire now or work another 4.5 years? That will net me another $600K after-tax and pension doubles.
Our jobs can be fun but it's not something we jump out of the morning to do each day. We are mainly doing them because the kids are in school and it's not as though we can travel if we retired. After doing our jobs for 25+ years both my wife and I are tired of it.
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