Wrkn4wkend
Dryer sheet wannabe
- Joined
- Nov 7, 2012
- Messages
- 14
So I have been coming to this site and reading for about a year. I signed up about a year ago but never posted anything until now.
So here is our situation.
43/42 years old. One child(21), that is raised and will be leaving the nest in 2 months. So we will be young empty nesters soon.
120K combined annual income (although my salary can add more with bonus)
Currently we have high 6 figures between tax deferred & taxable accounts, company stock and emergency savings. We currently max out 401K's and try to save an additional $5,000 or $6,000 a year as well.
Only debt is our home which should be paid off in 7 years.
We would like to try to retire in our early 50's but I just don't know if it is realistic.
I have several concerns,
1. Medical Insurance, I am guessing at least $1000 a month and probably more.
2. SS is projected to not have enough to pay out in full starting in 2033(about the time we would be eligible)
3. I have began to realize that a lot of our $$ will not be accessible until we turn 59.5
I have run the numbers through FIRE Calc and it seems to like our chances at anywhere from 95% to 100% success depending on a few variables.
One of the biggest things that I have a problem with is most everything seems to suggest that we should plan on 70% to 100% of pre retirement income. I really think for us it would be no more then 50%($60K) as we kinda like the simple life.
Thanks for the great site and thanks for reading my post. All input is welcome.
So here is our situation.
43/42 years old. One child(21), that is raised and will be leaving the nest in 2 months. So we will be young empty nesters soon.
120K combined annual income (although my salary can add more with bonus)
Currently we have high 6 figures between tax deferred & taxable accounts, company stock and emergency savings. We currently max out 401K's and try to save an additional $5,000 or $6,000 a year as well.
Only debt is our home which should be paid off in 7 years.
We would like to try to retire in our early 50's but I just don't know if it is realistic.
I have several concerns,
1. Medical Insurance, I am guessing at least $1000 a month and probably more.
2. SS is projected to not have enough to pay out in full starting in 2033(about the time we would be eligible)
3. I have began to realize that a lot of our $$ will not be accessible until we turn 59.5
I have run the numbers through FIRE Calc and it seems to like our chances at anywhere from 95% to 100% success depending on a few variables.
One of the biggest things that I have a problem with is most everything seems to suggest that we should plan on 70% to 100% of pre retirement income. I really think for us it would be no more then 50%($60K) as we kinda like the simple life.
Thanks for the great site and thanks for reading my post. All input is welcome.
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