workmyfingerstothebone
Recycles dryer sheets
- Joined
- Oct 11, 2013
- Messages
- 117
Can I retire or am I missing something?
I hope I'm providing enough information so I can get some accurate analysis on whether I can retire now. Thanks in advance for your input.
Currently 54. DW = 47
DW wife plans to retire at 60 (she likes her job).
Living off one income for 16 years currently = 75K (gross)
We've been banking the other salary.
Current Annual Expenses = 55K
Only debt is 86K on a rental that is rented out for the mortgage payment, only 12 yeas left on mortgage.
No other debt including home (value = 350K).
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Basically we will live off wife's income and then start collecting pensions and social security as they become available. Then as we reach 71 we'll start taking the mandatory 4% withdrawls from our retirement accounts.
Pension Income starting @60 = 27K
Social Security @62 = 18.5K
Rental Inc @65 = 12.6K
Wife's Pension (I'll be 67) = 30.0 K
Wife's SS (I'll be 74) = 9K
Pensions adjust according to COLA of approximately 2%.
Health Insurance - I'm on the hook for 40% of the company's premium (est. my initial cost = 6K/yr).
I don't plan to use my retirement savings until I have to withdrawl the minimum 4% at age 71.
As well, we won't use the wife's retirement to live off of till she has to take the minimum 4% withdrawl at 71.
Retirement savings = 110K [Expect 5% growth for 18 yrs = 240K]
DW Retirement savings = 240K [Expect 5% growth for 24 yrs = 770K]
Cash savings = 40K
Rough estimate of expenses = Annual | Monthly
prop tx (starts at 3K/yr) = 4200 | 350
elec 2k/yr = 2000 | 167
water/sewer/garbage 1700/yr = 1700 | 142
home gas 500/yr = 500 | 42
food 100/wk = 5200 | 433
cell phone 1k/yr = 1000 | 83
clothes 500/yr = 500 | 42
tv/internet 600/yr = 600 |50
home Ins 600 each/yr = 1200 | 100
car ins 1200/yr = 1200 | 100
medical 8K/yr = 8000 | 667
gas- vehicles 3K yr = 3000 | 250
misc 6K/yr 500/mon = 6000 | 500
vacations 10k/yr = 10000 | 833
home repair/imprv 5K/yr = 5000 | 417
I hope I'm providing enough information so I can get some accurate analysis on whether I can retire now. Thanks in advance for your input.
Currently 54. DW = 47
DW wife plans to retire at 60 (she likes her job).
Living off one income for 16 years currently = 75K (gross)
We've been banking the other salary.
Current Annual Expenses = 55K
Only debt is 86K on a rental that is rented out for the mortgage payment, only 12 yeas left on mortgage.
No other debt including home (value = 350K).
--------
Basically we will live off wife's income and then start collecting pensions and social security as they become available. Then as we reach 71 we'll start taking the mandatory 4% withdrawls from our retirement accounts.
Pension Income starting @60 = 27K
Social Security @62 = 18.5K
Rental Inc @65 = 12.6K
Wife's Pension (I'll be 67) = 30.0 K
Wife's SS (I'll be 74) = 9K
Pensions adjust according to COLA of approximately 2%.
Health Insurance - I'm on the hook for 40% of the company's premium (est. my initial cost = 6K/yr).
I don't plan to use my retirement savings until I have to withdrawl the minimum 4% at age 71.
As well, we won't use the wife's retirement to live off of till she has to take the minimum 4% withdrawl at 71.
Retirement savings = 110K [Expect 5% growth for 18 yrs = 240K]
DW Retirement savings = 240K [Expect 5% growth for 24 yrs = 770K]
Cash savings = 40K
Rough estimate of expenses = Annual | Monthly
prop tx (starts at 3K/yr) = 4200 | 350
elec 2k/yr = 2000 | 167
water/sewer/garbage 1700/yr = 1700 | 142
home gas 500/yr = 500 | 42
food 100/wk = 5200 | 433
cell phone 1k/yr = 1000 | 83
clothes 500/yr = 500 | 42
tv/internet 600/yr = 600 |50
home Ins 600 each/yr = 1200 | 100
car ins 1200/yr = 1200 | 100
medical 8K/yr = 8000 | 667
gas- vehicles 3K yr = 3000 | 250
misc 6K/yr 500/mon = 6000 | 500
vacations 10k/yr = 10000 | 833
home repair/imprv 5K/yr = 5000 | 417
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