retiringby50
Recycles dryer sheets
- Joined
- Nov 26, 2007
- Messages
- 170
DH is 43 and currently working (with benefits). I also work. Our total work-related income is about $140K.
We have about $350K in 401(k), and I inherited about $1M (which includes the proceeds from the sale of a home) recently. We have a rental property and our own home, and we still have about 20 years to pay those off.
The 401(k) mix as well as the inheritance is/will be distributed approximately like this in various mutual funds: 10% cash/money market; 30% bonds; 50% large/value stock; 10% international. The "will be" is in there because we haven't received the money from the house sale yet but have on the liquid assets.
Our child is 10. We have a separate account with about $50K set aside for college (left from another inheritance almost 15 years ago), and as far as I can tell, there's no aspirations to become a doctor or lawyer (or something that will require a more costly education than normal).
I know we aren't supposed to count on future windfalls, but the in-laws have much property and have designated 4 homes to us, but I don't anticipate receiving this until possibly 10 years after I plan to retire (and don't want to count on this as part of the equation).
Think it can be done successfully? If we lived to our 90's, that means 40+ years of no work-related income! My dad died in his early 90's, although my mom died in her early 60's from cancer (unfortunately, the women on her side of the family all died younger and from various cancers, so that's a bad sign for me). Love to hear thoughts, advice, comments, etc.
I also plan to check out the book tomorrow!
We have about $350K in 401(k), and I inherited about $1M (which includes the proceeds from the sale of a home) recently. We have a rental property and our own home, and we still have about 20 years to pay those off.
The 401(k) mix as well as the inheritance is/will be distributed approximately like this in various mutual funds: 10% cash/money market; 30% bonds; 50% large/value stock; 10% international. The "will be" is in there because we haven't received the money from the house sale yet but have on the liquid assets.
Our child is 10. We have a separate account with about $50K set aside for college (left from another inheritance almost 15 years ago), and as far as I can tell, there's no aspirations to become a doctor or lawyer (or something that will require a more costly education than normal).
I know we aren't supposed to count on future windfalls, but the in-laws have much property and have designated 4 homes to us, but I don't anticipate receiving this until possibly 10 years after I plan to retire (and don't want to count on this as part of the equation).
Think it can be done successfully? If we lived to our 90's, that means 40+ years of no work-related income! My dad died in his early 90's, although my mom died in her early 60's from cancer (unfortunately, the women on her side of the family all died younger and from various cancers, so that's a bad sign for me). Love to hear thoughts, advice, comments, etc.
I also plan to check out the book tomorrow!