BellyFull
Confused about dryer sheets
- Joined
- Oct 21, 2012
- Messages
- 5
Hi I'm new to the forum and am 52, married with one child. My son is a college sophomore at a private school. Back in 2007 I thought I was on track to retire at 55 but my portfolio took a big hit in the 2008 market crash. In 2007 I had $960k in investable assets which then dropped to $550k and only now have I built it up to $940k.
My assets are as follows:
Taxable Account $ 330k (half in a managed account, half in mutual funds)
Roth IRA's (myself and wife) $160k
401k & Roth 401k $ 300k
ESOP (Employer stock) $150k
In addition we own our home valued at $465k. Our mortgage on the house is $332k.
Our net worth is around $1,072,000.
Our investments are at about a (80-20) split of Equities and Fixed Income. The non-employer funds are with Morgan Stanley. I'm pretty comfortable with the broker I have.
Our current combined incomes amount to $110k per year. With our son in college we have not been able to add to our savings in fact we have been drawing $20k a year from our taxable accounts.
I am not looking to bequeath a large estate but would like to leave the house to him. We currently have our assets in a living trust.
We don't feel that we need a lot of money to live on in retirement. More is always better but we probably need to generate $75k per year from our portfolio. I am thinking probably $1,500,000 is the number to have saved with a 5% withdrawal rate. It doesn't look like ER is going to happen at 55 so I am wondering if 60 is realistic. I am probably of the opinion that starting with a drawdown of 5% or 5.5% and decreasing later in life makes sense because in your 60's are probably the peak for what you want to maintain your living expenses. When we get to 80 we don't think we will need as much.
Some good discussion on this board. People don't seem to be hesitant to say how much money they have so as they say if you put your heads together you can make your money green...
I'd retire tomorrow if I thought I could afford it but am slowly coming to the conclusion that 59 and 1/2 or 60 (2020) is the ticket. Thanks for reading.
My assets are as follows:
Taxable Account $ 330k (half in a managed account, half in mutual funds)
Roth IRA's (myself and wife) $160k
401k & Roth 401k $ 300k
ESOP (Employer stock) $150k
In addition we own our home valued at $465k. Our mortgage on the house is $332k.
Our net worth is around $1,072,000.
Our investments are at about a (80-20) split of Equities and Fixed Income. The non-employer funds are with Morgan Stanley. I'm pretty comfortable with the broker I have.
Our current combined incomes amount to $110k per year. With our son in college we have not been able to add to our savings in fact we have been drawing $20k a year from our taxable accounts.
I am not looking to bequeath a large estate but would like to leave the house to him. We currently have our assets in a living trust.
We don't feel that we need a lot of money to live on in retirement. More is always better but we probably need to generate $75k per year from our portfolio. I am thinking probably $1,500,000 is the number to have saved with a 5% withdrawal rate. It doesn't look like ER is going to happen at 55 so I am wondering if 60 is realistic. I am probably of the opinion that starting with a drawdown of 5% or 5.5% and decreasing later in life makes sense because in your 60's are probably the peak for what you want to maintain your living expenses. When we get to 80 we don't think we will need as much.
Some good discussion on this board. People don't seem to be hesitant to say how much money they have so as they say if you put your heads together you can make your money green...
I'd retire tomorrow if I thought I could afford it but am slowly coming to the conclusion that 59 and 1/2 or 60 (2020) is the ticket. Thanks for reading.