golfnut
Full time employment: Posting here.
Just curious. My wife and I are calculating our expenses to figure how much we would need in funds to support an early retirement. One important item - besides healthcare expenses- is federal and state taxes. We have determined our expenses (net of taxes) to be approx. 75,000. How much should we add on for taxes ? We live in Illinois. Ages 54 (soon to be 55) and 52. We should have enough in taxable investments to get thru the next 5 years so hopefully we will not need to touch our 401k and IRAs until then.
Of the $75,000, we will be able to draw a small pension ($8,000 annual) and part time work bringing in $30,000 - so our total draw from taxable investments would be $37,000.
Any insights here would be helpful.
Thanks,
Golfnut.
Of the $75,000, we will be able to draw a small pension ($8,000 annual) and part time work bringing in $30,000 - so our total draw from taxable investments would be $37,000.
Any insights here would be helpful.
Thanks,
Golfnut.