spender400
Dryer sheet wannabe
- Joined
- Feb 15, 2018
- Messages
- 18
Hi
Financial summary below for those who are good at number crunching.
I'm 47 with 3 kids, 2 live away with ex and 1 at home aged 5. I'm based in the UK so all figures in local currency:
House is owned outright - value 475k
Pension - Sipp (similar to 401k can't access 'til 55) = 410k
Shares and cash - 126k
Small house in Spain owned outright - 60k
Condo in Europe owned outright - 25k
My own company has cash reserves of 160k tax paid which I can withdraw steadily within certain tax limits.
No loans or credit. 2 cars owned outright.
From my age 50 I get a pension of 12k COLA
From my age 60 DW gets a pension of 6k COLA
From my age 67 I get a SS pension of 8.5k COLA
From my age 77 DW gets a SS pension of 8.5k COLA
Measured spending over last 18 months comes out at 37k annual spend inc payments for my 2 absent children.
Plan is to give up work soon and draw down cash stored in my company until age 55, then use the 401k/SIPP which will remain untouched & growing in a 60:40 vanguard fund for the next 8 years when I turn 55.
In the UK healthcare is provided by the state as a result of taxes paid so won't be a financial concern.
I wonder if this puts me 'ready to go', 'short by 'x'' or 'dream on space cowboy'.
All thoughts welcome.
Thanks
Financial summary below for those who are good at number crunching.
I'm 47 with 3 kids, 2 live away with ex and 1 at home aged 5. I'm based in the UK so all figures in local currency:
House is owned outright - value 475k
Pension - Sipp (similar to 401k can't access 'til 55) = 410k
Shares and cash - 126k
Small house in Spain owned outright - 60k
Condo in Europe owned outright - 25k
My own company has cash reserves of 160k tax paid which I can withdraw steadily within certain tax limits.
No loans or credit. 2 cars owned outright.
From my age 50 I get a pension of 12k COLA
From my age 60 DW gets a pension of 6k COLA
From my age 67 I get a SS pension of 8.5k COLA
From my age 77 DW gets a SS pension of 8.5k COLA
Measured spending over last 18 months comes out at 37k annual spend inc payments for my 2 absent children.
Plan is to give up work soon and draw down cash stored in my company until age 55, then use the 401k/SIPP which will remain untouched & growing in a 60:40 vanguard fund for the next 8 years when I turn 55.
In the UK healthcare is provided by the state as a result of taxes paid so won't be a financial concern.
I wonder if this puts me 'ready to go', 'short by 'x'' or 'dream on space cowboy'.
All thoughts welcome.
Thanks