WasToldThereWouldBeNoMath
Dryer sheet wannabe
- Joined
- Jan 3, 2020
- Messages
- 14
I'm lucky to have found this forum in the hopes of receiving some advice.
Wife and I are 52. I'd like to retire. Now. Here are the details:
I want to do it. Can I do it? Would you do it?
I've run some Monte Carlo simulations, and the success % numbers are in the mid-70s to high-80s range depending on market returns, etc.
Thanks in advance and I hope you are either enjoying an early retirement or well on your way to achieving one.
Wife and I are 52. I'd like to retire. Now. Here are the details:
- $990K in tax-deferred assets currently in a 75/25 AA of mutual/bond funds (would not tap into until after 59-1/2)
- $500K in taxable assets in a roughly 50/50 mix of money market account and 60/40 AA mutual/bond funds
- $53K in non-COLA annual pension until age 62
- $28K in non-COLA annual pension from 62 on
- $25K in Social Security from 62 on
- Wife earns $30K, plans to work another 8 years until 60 and will contribute $3K annually to her tax-deferred account
- Would add about $11K for wife's Social Security at 62
- No mortgage or other loan debt
- Two kids but college is 100% covered by additional college savings
- Estimated after-tax expenses: $125K to cover expenses and a vehicle replacement, travel, or repairs each year with an estimated reduction by $10K per year from 60 to 70 and another $10K per year from 70+ (all in today's dollars)
- Willing to do a little part-time work if necessary
I want to do it. Can I do it? Would you do it?
I've run some Monte Carlo simulations, and the success % numbers are in the mid-70s to high-80s range depending on market returns, etc.
Thanks in advance and I hope you are either enjoying an early retirement or well on your way to achieving one.