Hello everyone! Like many others before me, I am a long-time lurker. THANK YOU for the knowledge and inspiration that has helped us make FIRE even remotely possible!
I am 50, DH is 59. I’ve always been a saver and DH has always been a spender, but after years of “nagging” him about not working until he dies, we finally have the same goal – to retire ASAP. I have documented our monthly spending for about a decade, so we have an excellent idea of our retirement budget, including health insurance, taxes, and a “sinking fund” for major repairs and car replacement. No debt except for a small mortgage that will be paid off next April.
Firecalc is at a 100% success rate if we assume that DH takes SS at his FRA of 66, but do we dare rely on receiving SS? We will need to withdraw 4.8% until DH’s SS starts in 7 years; the withdrawal rate then drops to 3.25%. I’ve already discounted DH’s SS estimate by 10% and I’ve assumed my SS will be zero (even though the estimate is about $1,800/month at my FRA of 67).
In order to have a 4% withdrawal rate without considering ANY SS, we would have to save about $600,000 more. By the time we save that, DH will reach 66 anyway, working the entire time instead of retiring early because of a fear that SS will no longer exist in just a few years.
Thank you for your thoughts or links to relevant threads!
Tazona
I am 50, DH is 59. I’ve always been a saver and DH has always been a spender, but after years of “nagging” him about not working until he dies, we finally have the same goal – to retire ASAP. I have documented our monthly spending for about a decade, so we have an excellent idea of our retirement budget, including health insurance, taxes, and a “sinking fund” for major repairs and car replacement. No debt except for a small mortgage that will be paid off next April.
Firecalc is at a 100% success rate if we assume that DH takes SS at his FRA of 66, but do we dare rely on receiving SS? We will need to withdraw 4.8% until DH’s SS starts in 7 years; the withdrawal rate then drops to 3.25%. I’ve already discounted DH’s SS estimate by 10% and I’ve assumed my SS will be zero (even though the estimate is about $1,800/month at my FRA of 67).
In order to have a 4% withdrawal rate without considering ANY SS, we would have to save about $600,000 more. By the time we save that, DH will reach 66 anyway, working the entire time instead of retiring early because of a fear that SS will no longer exist in just a few years.
Thank you for your thoughts or links to relevant threads!
Tazona