Hello everyone, just joined this forum and love it. So I'm plunging in with my snapshot:
Sales engineer in Detroit, I'm 46(wife 47) married 10 yrs -no kids.
Total liquid = $650k - $500k in IRA(half roth/half rollover), $100k in 401k, $50k cash. 11 yrs to go on mortgage on house worth $300k(and dropping). $300k in lakefront real estate(as investment - low tax basis). May decide to build on the lakefront lot as retirement home, but now just holding it for waterfront property to rebound in 8-10 yrs.
Would like to retire at 55, hoping bull market continues at better returns over next 10 yrs than the last 10. Can we hope for 9-10% going fwd ? Wife and I have no pensions, just ss.
My rule of thumb has been to retire(and live off 4% draw), I would need $2 m(w mortgage) or $1 m ( w house paid off). Our situation is unique(no college, weddings to fund) so I wonder what you guys think of our projections?
Sales engineer in Detroit, I'm 46(wife 47) married 10 yrs -no kids.
Total liquid = $650k - $500k in IRA(half roth/half rollover), $100k in 401k, $50k cash. 11 yrs to go on mortgage on house worth $300k(and dropping). $300k in lakefront real estate(as investment - low tax basis). May decide to build on the lakefront lot as retirement home, but now just holding it for waterfront property to rebound in 8-10 yrs.
Would like to retire at 55, hoping bull market continues at better returns over next 10 yrs than the last 10. Can we hope for 9-10% going fwd ? Wife and I have no pensions, just ss.
My rule of thumb has been to retire(and live off 4% draw), I would need $2 m(w mortgage) or $1 m ( w house paid off). Our situation is unique(no college, weddings to fund) so I wonder what you guys think of our projections?