Hi everyone...
Here are my stats:
I just turned 48 and am single with no dependents. I hope to be retire by the end of the year that I turn 56. Sooner is always better, but my guesstimate is that I'll have enough money by then to be able to have a $4000/mo income, increasing by 2% every year after that.
As a birthday present to myself (and because I was worried about investing that money in the market right now, and wanted a "safe" return), I paid off my mortgage at the end of last month, and now I'm debt free.
My net worth is currently about 506,000.00 including my condo equity and subtracting the 20k I've put aside for some home renovations.
I'm currently maxing out my 401k and Roth and plan to continue to do so, increasing to the catchup max when I hit 50.
I'm planning on putting $3840 a month into savings/brokerage acct investments on top of that.
I've been basing my calculations on 6% earnings on my investments... though I wonder if that's too high or too low... considering the market climate. When I retire I plan to live on my brokerage account until I hit 70 and draw the largest amount of social security that I can. SS estimate says I should get like 3875/mo at 70 but I know that's going to go down based on not working from 56.5 to 67.
As you can probably tell I've done a lot of estimating on all this, using https://www.calculator.net/investment-calculator.html and https://www.calcxml.com/calculators/how-long-will-my-money-last
So... I'm Hoping I'm estimating correctly but if anyone else sees a pitfall I'm missing, please let me know!
Here are my stats:
I just turned 48 and am single with no dependents. I hope to be retire by the end of the year that I turn 56. Sooner is always better, but my guesstimate is that I'll have enough money by then to be able to have a $4000/mo income, increasing by 2% every year after that.
As a birthday present to myself (and because I was worried about investing that money in the market right now, and wanted a "safe" return), I paid off my mortgage at the end of last month, and now I'm debt free.
My net worth is currently about 506,000.00 including my condo equity and subtracting the 20k I've put aside for some home renovations.
I'm currently maxing out my 401k and Roth and plan to continue to do so, increasing to the catchup max when I hit 50.
I'm planning on putting $3840 a month into savings/brokerage acct investments on top of that.
I've been basing my calculations on 6% earnings on my investments... though I wonder if that's too high or too low... considering the market climate. When I retire I plan to live on my brokerage account until I hit 70 and draw the largest amount of social security that I can. SS estimate says I should get like 3875/mo at 70 but I know that's going to go down based on not working from 56.5 to 67.
As you can probably tell I've done a lot of estimating on all this, using https://www.calculator.net/investment-calculator.html and https://www.calcxml.com/calculators/how-long-will-my-money-last
So... I'm Hoping I'm estimating correctly but if anyone else sees a pitfall I'm missing, please let me know!
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