Steelart99
Recycles dryer sheets
- Joined
- Apr 24, 2012
- Messages
- 184
Hello all. I’m totally fed up and ready to retire early … am I in the right place? I’d like to retire in 4-5 years; sooner is better. Both FireCalc and the Fidelity Retirement Planner seem to indicate that I’m likely on track (marginal) … BUT … I’d love a sanity check from a living, breathing entity. I don’t believe it.
I’m 53 and my DW is 45 and we’d like to ER in the same year. We have a no CC debt (pay off balance) and just refinanced to a 15 year, 3% mortgage ($290K balance) that we are planning to pay down by Jan-2018. We pay $5K on the mortgage whose minimal payment is $2329 (including tax and ins). I expect that we’d need $40K-$50K for living expenses after retirement and after the house is paid off. This figure includes about $500/person/month for medical insurance starting at ER.
My current salary is $125K and my DW’s salary is $84K. I contribute 12% (with +4% company match) to a 401K and my DW contributes 15% (with +4% company match) which is about $36K/year. Mostly in Large and Small Cap funds with some international exposure. We will be adding about $15K/year to our cash fund. I’m embarrassed to say that I’ve chased the market on several occasions and as a result lost money when I should not have (sigh …). I’ve lacked the education to invest wisely. I have about $340K in various 401K programs from several employees and my DW has about $80K. We will be getting pensions that I’ve estimated to be $850 and $600 if we start at ages 59 and 55 respectively. SS will be about $1640 and $950 if started at age 62.
Would anyone be willing to help with a sanity check?
Thanks
Dan
I’m 53 and my DW is 45 and we’d like to ER in the same year. We have a no CC debt (pay off balance) and just refinanced to a 15 year, 3% mortgage ($290K balance) that we are planning to pay down by Jan-2018. We pay $5K on the mortgage whose minimal payment is $2329 (including tax and ins). I expect that we’d need $40K-$50K for living expenses after retirement and after the house is paid off. This figure includes about $500/person/month for medical insurance starting at ER.
My current salary is $125K and my DW’s salary is $84K. I contribute 12% (with +4% company match) to a 401K and my DW contributes 15% (with +4% company match) which is about $36K/year. Mostly in Large and Small Cap funds with some international exposure. We will be adding about $15K/year to our cash fund. I’m embarrassed to say that I’ve chased the market on several occasions and as a result lost money when I should not have (sigh …). I’ve lacked the education to invest wisely. I have about $340K in various 401K programs from several employees and my DW has about $80K. We will be getting pensions that I’ve estimated to be $850 and $600 if we start at ages 59 and 55 respectively. SS will be about $1640 and $950 if started at age 62.
Would anyone be willing to help with a sanity check?
Thanks
Dan