hmrambling
Dryer sheet wannabe
- Joined
- Nov 29, 2023
- Messages
- 13
I am a 48 year old married looking to retire in 2027 at age 51. My wife and I live in LCOL Louisiana.
Assets:
I have $218,000 in retirement savings invested primarily in stock and bond index funds (allocation: 65% stocks, 30% bonds, 5% cash). This is across a 457b, Roth IRA, and HSA. I also have $12k in I-bonds and $7k in T-bills for my emergency fund, as well as a $30k HYSA. My wife works but I have not included her income or assets.
Income:
I earn $6900/mo from my full time job and $500/mo from a part-time job. At 51, I can start collecting $5400/month from my state pension. I also receive $1900/mo (tax free) in veteran's compensation. At 67 I expect $150/month from Social Security - this is the amount after WEP GPO. In retirement I may continue part-time work ($500 mo) - I just sit at a desk at a library lol.
Expenses:
Our monthly expenses are about $3000, including $600 mortgage, $375 utilities, $200 gas, $300 restaurants, $400 groceries, $250 insurance, etc. We tithe and donate a percentage of income as well. My healthcare is covered by the VA so I don't use my HSA. State will pay 75% of my insurance premiums for private insurance when I retire. I'm on track to pay the house off in 10 years. Parents are deceased, no kids. We keep older vehicles that I maintain. We have emergency funds and ability to work part-time. I provided a detailed monthly expense breakdown, based on actual tracked spending. The expenses listed are expected retirement expenses. I'm eligible for long term care through VA, if needed. No major lifestyle changes are planned.
No reason to believe I won't live to at least 85. My wife works so she would have her income if I died prematurely, plus she is the beneficiary for all my accounts and life insurance. I did not account for change in tax status if she passes first however we only have debt on the house ($124K). Her retirement plan is similar to mine however I have 27 years in the system. She has less than 20 in the system so she will not be retiring right after me. She will be able to collect SS survivor benefits *until* she retires if something were to happen to me.
I have run the numbers and...before pulling the trigger, I would welcome this community's perspective on anything important I may be overlooking or could better optimize for a successful early 51 retirement. Please let me know if any other info would be helpful!
Assets:
I have $218,000 in retirement savings invested primarily in stock and bond index funds (allocation: 65% stocks, 30% bonds, 5% cash). This is across a 457b, Roth IRA, and HSA. I also have $12k in I-bonds and $7k in T-bills for my emergency fund, as well as a $30k HYSA. My wife works but I have not included her income or assets.
Income:
I earn $6900/mo from my full time job and $500/mo from a part-time job. At 51, I can start collecting $5400/month from my state pension. I also receive $1900/mo (tax free) in veteran's compensation. At 67 I expect $150/month from Social Security - this is the amount after WEP GPO. In retirement I may continue part-time work ($500 mo) - I just sit at a desk at a library lol.
Expenses:
Our monthly expenses are about $3000, including $600 mortgage, $375 utilities, $200 gas, $300 restaurants, $400 groceries, $250 insurance, etc. We tithe and donate a percentage of income as well. My healthcare is covered by the VA so I don't use my HSA. State will pay 75% of my insurance premiums for private insurance when I retire. I'm on track to pay the house off in 10 years. Parents are deceased, no kids. We keep older vehicles that I maintain. We have emergency funds and ability to work part-time. I provided a detailed monthly expense breakdown, based on actual tracked spending. The expenses listed are expected retirement expenses. I'm eligible for long term care through VA, if needed. No major lifestyle changes are planned.
No reason to believe I won't live to at least 85. My wife works so she would have her income if I died prematurely, plus she is the beneficiary for all my accounts and life insurance. I did not account for change in tax status if she passes first however we only have debt on the house ($124K). Her retirement plan is similar to mine however I have 27 years in the system. She has less than 20 in the system so she will not be retiring right after me. She will be able to collect SS survivor benefits *until* she retires if something were to happen to me.
I have run the numbers and...before pulling the trigger, I would welcome this community's perspective on anything important I may be overlooking or could better optimize for a successful early 51 retirement. Please let me know if any other info would be helpful!
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