One day at a time…
Glad to have found a site of like-minded people!
I plan to FIRE next year in May at the age of 51.
Have read “Some Important Questions to Answer Before Asking - Can I Retire?”
I’m single with no Ex or children.
Parents seem to be financially self-sufficient. Need to have a talk with them about long term care, but think they're OK.
Live in low/moderate COL Midwest town.
I’ve tracked my spending for last 7 years.
I’ve run just about every free retirement calculator out there.
Have my own spreadsheet to analyze a simple linear model.
Use a wealth management team for my investments right now. They confirm I’m good to go. Will stop using them when I FIRE and have more time to manage my portfolio. Have managed it before and comfortable doing it.
Target allocation will be 47% equities, 38% bonds, 9% alternatives and 6% in cash (2 years expenses plus funds to do some home upgrades/repairs I know need to be done).
Have also modeled taxes based on portfolio allocation and deferred income. Plan to have my tax guy do a dummy return to confirm.
Numbers are a little complicated. This is a simplified version of what they should be at RE date:
Mortgage paid off (house value about $280k), no debt
Assuming I live to 90 (Wharton longevity calculator has me at 85 with a 77-94 range)
Deferred Income Account: $145k ($29/yr, starts 2016 runs 5 years)
IRA/401k: $515k (Plan to SEPP in 2021 after deferred income done, est. about $30k/yr)
After Tax Account: $1,710k
Total Investable Assets (includes deferred income & IRA/401k, but not house): $2,370k
No pension. Have modeled with SS=$0 as a buffer (should be about $1,700 per month if taken at 62, but will likely wait, need to tax model it).
OK to die broke (or with enough to pay for my funeral).
Total est. spend/yr including taxes (fed, state & property): $66k or about a 2.8% initial WR.
Assuming $4,800/yr for health insurance, need to research better.
FIRECalc & ******** = 100%
Fidelity RIP = On Track
T. Rowe Price Income Calculator = 92%
What do y’all think, can I RE next year in May with the assumptions above?
What else should I be considering?
Thanks!
Glad to have found a site of like-minded people!
I plan to FIRE next year in May at the age of 51.
Have read “Some Important Questions to Answer Before Asking - Can I Retire?”
I’m single with no Ex or children.
Parents seem to be financially self-sufficient. Need to have a talk with them about long term care, but think they're OK.
Live in low/moderate COL Midwest town.
I’ve tracked my spending for last 7 years.
I’ve run just about every free retirement calculator out there.
Have my own spreadsheet to analyze a simple linear model.
Use a wealth management team for my investments right now. They confirm I’m good to go. Will stop using them when I FIRE and have more time to manage my portfolio. Have managed it before and comfortable doing it.
Target allocation will be 47% equities, 38% bonds, 9% alternatives and 6% in cash (2 years expenses plus funds to do some home upgrades/repairs I know need to be done).
Have also modeled taxes based on portfolio allocation and deferred income. Plan to have my tax guy do a dummy return to confirm.
Numbers are a little complicated. This is a simplified version of what they should be at RE date:
Mortgage paid off (house value about $280k), no debt
Assuming I live to 90 (Wharton longevity calculator has me at 85 with a 77-94 range)
Deferred Income Account: $145k ($29/yr, starts 2016 runs 5 years)
IRA/401k: $515k (Plan to SEPP in 2021 after deferred income done, est. about $30k/yr)
After Tax Account: $1,710k
Total Investable Assets (includes deferred income & IRA/401k, but not house): $2,370k
No pension. Have modeled with SS=$0 as a buffer (should be about $1,700 per month if taken at 62, but will likely wait, need to tax model it).
OK to die broke (or with enough to pay for my funeral).
Total est. spend/yr including taxes (fed, state & property): $66k or about a 2.8% initial WR.
Assuming $4,800/yr for health insurance, need to research better.
FIRECalc & ******** = 100%
Fidelity RIP = On Track
T. Rowe Price Income Calculator = 92%
What do y’all think, can I RE next year in May with the assumptions above?
What else should I be considering?
Thanks!