Here's our situation:
Age: 60 (me), 62 (wife)
Assets (not including house): 2.4M
House (conservative estimate): 350K
Social Security: I plan on delaying to 70 (high earner relatively speaking). My wife (62) could collect $1,000/month now, $1,300 at age 66.
Debt: Still owe $40K on the house.
One more year of work would earn us $170K max combined. I (the high earner) do not expect a salary increase or much bonus since my company sucks rewarding people.
Our expenses are $72K/year (essential), $96K max discretionary. we are not big spenders, look for every opportunity to save money, use coupons/promos, etc.
On the fence so far as retiring now, or trying to make one more year unless I get RIF'ed. Thoughts?
Age: 60 (me), 62 (wife)
Assets (not including house): 2.4M
House (conservative estimate): 350K
Social Security: I plan on delaying to 70 (high earner relatively speaking). My wife (62) could collect $1,000/month now, $1,300 at age 66.
Debt: Still owe $40K on the house.
One more year of work would earn us $170K max combined. I (the high earner) do not expect a salary increase or much bonus since my company sucks rewarding people.
Our expenses are $72K/year (essential), $96K max discretionary. we are not big spenders, look for every opportunity to save money, use coupons/promos, etc.
On the fence so far as retiring now, or trying to make one more year unless I get RIF'ed. Thoughts?