We've planned to retire in 2024 when all the kids are done with college undergrad. However I was recently laid-off from mega corp, (very blessed to receive a nice package). It was quite a stressful job and so far I really enjoy the freedom, more quality time with family, work on small projects around the house and volunteers. And at times, a bit frustrated that I am unable to find a job. I thought maybe I should officially declare ER but need advice for the following concerns:
1. Not sure how DW will react and how to overcome the guilt that she will be working while I stay at home.
2. Not sure how our children will see this. Dad is not working hard (good model ?)
I have read great info here and used several retirement calculators and they all gave me 100% with the scenario that DW will be working until 2020.
Our Info:
- I am 49 and DW is 46. 3 children, one in college. (already saved enough for tuition). But only save 1/2 for the 2 younger college tuition.
- DW 401K 300K and my is 600K. Invest in 60/40 stock/bond
- House worth 750K with 300K mortgage. Plan to pay off by 2020.
- Cash 350K, may go in partnership with relative to invest in RE shopping plaza
- Residential Rentals worth 1.5M with 600K mortgages. ~3.5K/Month NI
- Defer Compensation Account: 340K pay out in the next 4 years at 85K/yr before tax. 20/80 stock/bond.
- Small non-COLA pension. Able to start receiving 900/Month at 55. Or shoud I wait for later?
- DW salary is 70K/yr
- Annual expenses 66K after tax
Any financial suggestions for the above will be much appreciated.
Many thanks.
1. Not sure how DW will react and how to overcome the guilt that she will be working while I stay at home.
2. Not sure how our children will see this. Dad is not working hard (good model ?)
I have read great info here and used several retirement calculators and they all gave me 100% with the scenario that DW will be working until 2020.
Our Info:
- I am 49 and DW is 46. 3 children, one in college. (already saved enough for tuition). But only save 1/2 for the 2 younger college tuition.
- DW 401K 300K and my is 600K. Invest in 60/40 stock/bond
- House worth 750K with 300K mortgage. Plan to pay off by 2020.
- Cash 350K, may go in partnership with relative to invest in RE shopping plaza
- Residential Rentals worth 1.5M with 600K mortgages. ~3.5K/Month NI
- Defer Compensation Account: 340K pay out in the next 4 years at 85K/yr before tax. 20/80 stock/bond.
- Small non-COLA pension. Able to start receiving 900/Month at 55. Or shoud I wait for later?
- DW salary is 70K/yr
- Annual expenses 66K after tax
Any financial suggestions for the above will be much appreciated.
Many thanks.
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