Ten years ago, I posted this:
https://www.early-retirement.org/forums/f28/retire-in-two-years-69204.html
I can't believe it has been ten years! My spouse never did retire. He was given different responsibilities at work and really started loving his job. I am pushing him to retire by next summer or the year after that at the latest. My retirement plan has us spending at least 4% of our invested assets for the first six years. We will need between 60-80K of income until child is launched. A lot of this depends on how much college will cost. We have almost 70K in her 529 plan, but I'm still not sure it will be enough.
I think in my old post I was projecting about 30-40K/yr of spending. No way that would have been feasible. I'm pretty sure we would both be out working again and probably not in jobs we'd enjoy that much. I hope the 4% withdrawal isn't too aggressive since I will hopefully still be around 30 years from now. However, once kid is out on their own, SS will kick in for my husband, and I'll start collecting it a few years after that when I"m 62. That will cover most of our expenses and we can use our investments for some fun/wants and big ticket items.
I'm currently trying to figure out if Roth conversions are possible. I'm in my early 50s now, so we need to be careful about inflating income too much for healthcare and college. I am younger than my spouse so it's worth considering. The downside is our state has high taxes (6.8%). I need to build a spreadsheet, unless there's some nifty software out there that is good for this kind of thing. Any recommendations?
I'm kind of glad he didn't retire. The bare bones budget would have been pretty difficult I think. Child did need to have braces after all and also decided to play a travel sport lol.
https://www.early-retirement.org/forums/f28/retire-in-two-years-69204.html
I can't believe it has been ten years! My spouse never did retire. He was given different responsibilities at work and really started loving his job. I am pushing him to retire by next summer or the year after that at the latest. My retirement plan has us spending at least 4% of our invested assets for the first six years. We will need between 60-80K of income until child is launched. A lot of this depends on how much college will cost. We have almost 70K in her 529 plan, but I'm still not sure it will be enough.
I think in my old post I was projecting about 30-40K/yr of spending. No way that would have been feasible. I'm pretty sure we would both be out working again and probably not in jobs we'd enjoy that much. I hope the 4% withdrawal isn't too aggressive since I will hopefully still be around 30 years from now. However, once kid is out on their own, SS will kick in for my husband, and I'll start collecting it a few years after that when I"m 62. That will cover most of our expenses and we can use our investments for some fun/wants and big ticket items.
I'm currently trying to figure out if Roth conversions are possible. I'm in my early 50s now, so we need to be careful about inflating income too much for healthcare and college. I am younger than my spouse so it's worth considering. The downside is our state has high taxes (6.8%). I need to build a spreadsheet, unless there's some nifty software out there that is good for this kind of thing. Any recommendations?
I'm kind of glad he didn't retire. The bare bones budget would have been pretty difficult I think. Child did need to have braces after all and also decided to play a travel sport lol.