oaklanding
Dryer sheet wannabe
- Joined
- Jan 27, 2021
- Messages
- 20
Hello,
I have just joined this forum, and I’ve really valued the thoughtful insight that others have provided on whether they think someone has enough to retire.
I am now asking for insight to help confirm my thought that I can retire now or perhaps my wife and I could retire now together. I'm not a math whiz, so your insight would be very much appreciated.
I recently lost my job. I’m 51, and I’m burnt out. Previous to the job loss I was thinking of retiring. I'd like to have the flexibility to retire or do something enjoyable and most likely for less pay. I like the idea of having time as my life gets shorter. I'm a cancer survivor. My mom died at 59 of cancer, which runs in my family.
Below is an overview of our finances. I’ve run them numerous ways through Firecalc, Fidelity Planner, T.D. Ameritrade’s planner, and other calculators. Annual spending calculator inputs of $120,000 to $140,000 (which include taxes and the purchase of health insurance if needed for 14 years until I/and my spouse qualify for Medicare) per year through age 100 makes the cut with a few million left over. My Firecalc calculations don't include inputs of SS or any possible pension from wife.
Our current annual spending is $100,000 (not including taxes or paying for healthcare if we need to before Medicare).
_____________________________________________________________
Our Finances:
Total Investable Assets: $5.6 M, (broken down below) Spouse and I anticipate taking SS at 70, with each getting payment of approx. $4,000 per month.
Our current asset allocation: 90% stocks, 7% bonds, 3% cash.
My wife is 55 and may continue to work until 62 when she’d qualify for a monthly pension of $1,900 per month. She makes $145,000 annually. I’d love to have her have the gift of early retirement if she wants it. Her pension, of course, would decrease, but I think we could live comfortably without it.
Taxable Account: $2.3 M, with three years of expenses in cash/bonds to help us navigate a bear market and not sell stock low. This account also throws off about $34,000 in dividends annually.
401Ks: $2.1 M (portion of this is in Roth 401K)
Roth IRAs: $1.2 M
529 Plan: $172,000 (this is for our one child who has three more years of private high school; the 529 will be directed to his college years.
House: paid off, worth $860,000
Do you think my wife and I could safely retire now based on what I've shared?
Thank you!
I have just joined this forum, and I’ve really valued the thoughtful insight that others have provided on whether they think someone has enough to retire.
I am now asking for insight to help confirm my thought that I can retire now or perhaps my wife and I could retire now together. I'm not a math whiz, so your insight would be very much appreciated.
I recently lost my job. I’m 51, and I’m burnt out. Previous to the job loss I was thinking of retiring. I'd like to have the flexibility to retire or do something enjoyable and most likely for less pay. I like the idea of having time as my life gets shorter. I'm a cancer survivor. My mom died at 59 of cancer, which runs in my family.
Below is an overview of our finances. I’ve run them numerous ways through Firecalc, Fidelity Planner, T.D. Ameritrade’s planner, and other calculators. Annual spending calculator inputs of $120,000 to $140,000 (which include taxes and the purchase of health insurance if needed for 14 years until I/and my spouse qualify for Medicare) per year through age 100 makes the cut with a few million left over. My Firecalc calculations don't include inputs of SS or any possible pension from wife.
Our current annual spending is $100,000 (not including taxes or paying for healthcare if we need to before Medicare).
_____________________________________________________________
Our Finances:
Total Investable Assets: $5.6 M, (broken down below) Spouse and I anticipate taking SS at 70, with each getting payment of approx. $4,000 per month.
Our current asset allocation: 90% stocks, 7% bonds, 3% cash.
My wife is 55 and may continue to work until 62 when she’d qualify for a monthly pension of $1,900 per month. She makes $145,000 annually. I’d love to have her have the gift of early retirement if she wants it. Her pension, of course, would decrease, but I think we could live comfortably without it.
Taxable Account: $2.3 M, with three years of expenses in cash/bonds to help us navigate a bear market and not sell stock low. This account also throws off about $34,000 in dividends annually.
401Ks: $2.1 M (portion of this is in Roth 401K)
Roth IRAs: $1.2 M
529 Plan: $172,000 (this is for our one child who has three more years of private high school; the 529 will be directed to his college years.
House: paid off, worth $860,000
Do you think my wife and I could safely retire now based on what I've shared?
Thank you!
Last edited:
and some of them aren't playing with a full deck. 
