Trawler
Recycles dryer sheets
Thanks all for sharing.
I did the math wrong on calculating how much needed in original post.
So Here is more detail.
Was looking for the magic number however learning the magic number is what we are confortable with. 25x Just a good planning number and may be closer than I think?
I am 50 DW is 53 both currently working.
Zero debt
We save for retirement while working $82K per year. Max 401Ks. Company matches, company contributions to cash value retirements and roths in years we qualify, and additional non qualified savings.
At this years Market Highs total portfolio $1,325,000 does not include boat or house that are paid for. Currently down about $140K
Current AA is appox 15% ($200K cash) 10% bonds 75% a group well diversified mutal stock funds, (Will rebalance for more income). The break out is Qualified 401K, $$ value of work retirement, regular IRA and Roths accounts $840K. Non qualified $485K. Plan on doing some annual rollovers into Roths when income is lower to fill time gap till SS eligable.
Retirement total expense budget $72 K of which $20K is descretionary and $52K is essential. Used FIDO retirement income planner. Have tracked expense for 6 years and played what will change game in retirement . We actualy will spend more in retirement than working due to HC costs and more travel $$.
Budget includes LTC insurance (which we already have) and Healthcare if we can get it due PECs. If we cannot get insurance due to PECs then DW can go very part time and maintain our current group insurence until we can get that sorted out. Hopefully that part of the new Health care legislation will stick.
If retire April 2012- at earlist SS age I would recieve $18K per year DW $14K per year. No other pension income. So at SS eligable age need in todays $$ 72K- 32K = $40K needed from portfolio from there. Feel a bit to dependant on SS for two reasons one if one of us expires early or change in monthly benifit amount due to legislation changes. We could insure for some income replacement in case of death.
FIRE CALC says yes 97.1% with a mixed portfolio at April highs 3% inflation.
FIDO retirement says not quite there.
FP says not quite there need 1.8K
I think $1.5 is the magic number knowing we can cut back in bad market years. Or find some income DW is a nurse and I can always find something or create something.
Would like this boards thoghts
I did the math wrong on calculating how much needed in original post.
So Here is more detail.
Was looking for the magic number however learning the magic number is what we are confortable with. 25x Just a good planning number and may be closer than I think?
I am 50 DW is 53 both currently working.
Zero debt
We save for retirement while working $82K per year. Max 401Ks. Company matches, company contributions to cash value retirements and roths in years we qualify, and additional non qualified savings.
At this years Market Highs total portfolio $1,325,000 does not include boat or house that are paid for. Currently down about $140K
Current AA is appox 15% ($200K cash) 10% bonds 75% a group well diversified mutal stock funds, (Will rebalance for more income). The break out is Qualified 401K, $$ value of work retirement, regular IRA and Roths accounts $840K. Non qualified $485K. Plan on doing some annual rollovers into Roths when income is lower to fill time gap till SS eligable.
Retirement total expense budget $72 K of which $20K is descretionary and $52K is essential. Used FIDO retirement income planner. Have tracked expense for 6 years and played what will change game in retirement . We actualy will spend more in retirement than working due to HC costs and more travel $$.
Budget includes LTC insurance (which we already have) and Healthcare if we can get it due PECs. If we cannot get insurance due to PECs then DW can go very part time and maintain our current group insurence until we can get that sorted out. Hopefully that part of the new Health care legislation will stick.
If retire April 2012- at earlist SS age I would recieve $18K per year DW $14K per year. No other pension income. So at SS eligable age need in todays $$ 72K- 32K = $40K needed from portfolio from there. Feel a bit to dependant on SS for two reasons one if one of us expires early or change in monthly benifit amount due to legislation changes. We could insure for some income replacement in case of death.
FIRE CALC says yes 97.1% with a mixed portfolio at April highs 3% inflation.
FIDO retirement says not quite there.
FP says not quite there need 1.8K
I think $1.5 is the magic number knowing we can cut back in bad market years. Or find some income DW is a nurse and I can always find something or create something.
Would like this boards thoghts