What would you do if you were in this hypothetical scenario? (Hint: its not all that hypothetical to me)
1) You retire at 50 with a $55000 pension (you get a 4% raise every year)
2) Your wife retires with you and will have the same pension at 50 but shes only 46 now. She gets nothing for 4 years.
3) You also have approx $1.7 million in a mixture of IRAs, 401Ks and other taxable investments.
4) You dont want to set your withdrawals based on your income needs. You want to set your income based on the max you can comfortably withdraw regularly.
5) You want your total income to be approx the same now as it will be in 4 years when your wifes pension kicks in.
How much do you set your withdrawals at right now?
1) You retire at 50 with a $55000 pension (you get a 4% raise every year)
2) Your wife retires with you and will have the same pension at 50 but shes only 46 now. She gets nothing for 4 years.
3) You also have approx $1.7 million in a mixture of IRAs, 401Ks and other taxable investments.
4) You dont want to set your withdrawals based on your income needs. You want to set your income based on the max you can comfortably withdraw regularly.
5) You want your total income to be approx the same now as it will be in 4 years when your wifes pension kicks in.
How much do you set your withdrawals at right now?