ClarkeK
Dryer sheet aficionado
Hey all,
I'm fairly new to this site and you've provided some very valuable information for me. I always thought I'd be forced to work till at least 62 due to the high cost of health insurance. But now I think I understand how to work my MAGI# to enable me to actually retire at 58 1/2! I've crunched the numbers so many times and various ways but I feel like I'm missing something.
The facts:
I'll be 57 late December, DW is 57 now, she has not worked since 2008
My two boys are grown and now married, DW watches pre-school grandchildren few days a week till school full time starts. My house is paid off ($325k), my two late model vehicles are paid off and we carry no other debt. All monthly expenses are paid by credit card and paid off in full every month. This enables me to track my exact monthly expenses.
401k: $496,000 (60% in 2025 Target Fund, 40% in S&P 500 fund)
Vanguard: $435,000. (100% in Vang Growth Index)
Cap One 360: $17,000
HSA Acct: $7000
Both 401k and Vanguard acts are a mix of Roth and Traditional IRA.
At 60 I receive $2200 monthly pension
At 62 my projected SS for both myself and DW total $2700 per month
Monthly expenses have been $1700-1800 (covid has kept them low)
Yearly property tax $5200
Projected expenses (post-Covid):
Monthly living: $2500 ($30,000 yr) Fluffed higher
RE taxes: $433 ($5200 yr)
ACA (est): $533 ($6400 yr)
Travel: $1250 ($15,000 yr). We've been bitten by the travel bug.
Misc/unplanned $416 ($5000 yr)
Total expenses: $61,600
Firecalc results are 100%
My salary is approx $130k and I find that a little hard to walk away from. I've worked in Procurement for an Aerospace mega corp for 28 years and the stress level is thru the roof. Too many meetings, schedules, deadlines, spreadsheets! I'm ready to call it a day but I need to be sure.
Appreciate any input!
I'm fairly new to this site and you've provided some very valuable information for me. I always thought I'd be forced to work till at least 62 due to the high cost of health insurance. But now I think I understand how to work my MAGI# to enable me to actually retire at 58 1/2! I've crunched the numbers so many times and various ways but I feel like I'm missing something.
The facts:
I'll be 57 late December, DW is 57 now, she has not worked since 2008
My two boys are grown and now married, DW watches pre-school grandchildren few days a week till school full time starts. My house is paid off ($325k), my two late model vehicles are paid off and we carry no other debt. All monthly expenses are paid by credit card and paid off in full every month. This enables me to track my exact monthly expenses.
401k: $496,000 (60% in 2025 Target Fund, 40% in S&P 500 fund)
Vanguard: $435,000. (100% in Vang Growth Index)
Cap One 360: $17,000
HSA Acct: $7000
Both 401k and Vanguard acts are a mix of Roth and Traditional IRA.
At 60 I receive $2200 monthly pension
At 62 my projected SS for both myself and DW total $2700 per month
Monthly expenses have been $1700-1800 (covid has kept them low)
Yearly property tax $5200
Projected expenses (post-Covid):
Monthly living: $2500 ($30,000 yr) Fluffed higher
RE taxes: $433 ($5200 yr)
ACA (est): $533 ($6400 yr)
Travel: $1250 ($15,000 yr). We've been bitten by the travel bug.
Misc/unplanned $416 ($5000 yr)
Total expenses: $61,600
Firecalc results are 100%
My salary is approx $130k and I find that a little hard to walk away from. I've worked in Procurement for an Aerospace mega corp for 28 years and the stress level is thru the roof. Too many meetings, schedules, deadlines, spreadsheets! I'm ready to call it a day but I need to be sure.
Appreciate any input!