supernova72
Recycles dryer sheets
Hello, fairly new to this forum but have been cruising through the interesting posts and information. A little about me:
* 52 years old and can take early retirement 55 (same company 28 years).
* I work in the information Technology field at a large aerospace company that makes jets, missiles, and cool stuff like that.
*No children or spouse (that I know of).
* $550K in a 401K (projection at pre-tax max with company match is ~ $750K at 55).
* Asset allocation currently at about 55% equities, 45% bonds and cash.
* 2012 return on the above portfolio was just over 10%.
* Company pension at 55 would be $3K a month (no lump sum option).
* Retiree medical until I turn 65 at Medicare age
* $185K left on my mortgage (ouch). Home value is $400K, 4% 15 year loan (refi in 2011), $1530 P&I, paying an extra $670 a month currently. Will increase as possible but paying if off in three years seems very unlikely (will still owe $120K.
*No credit card or other debt.
*own three cars...kind of a car guy (One muscle car, two drivers). Total value about $40K.
*my retirement income needed will be about $70K if I still have a mortgage...which I don't want to have...if that makes sense. Without my mortgage my "budget" says I can live on $50K a year.
*Net worth with home equity is about $800K. Not much in savings outside my 401K (maybe $10K).
*when I retire I'll have about $30K in sick leave and vacation as a payout.
*for every year I work beyond 55 my pension increases by about $200 a month.
*I plan to take social security at 62 if that is still an option (~$1600 a month).
Non financial side notes:
*Live in Seattle WA and would like to retire here if possible.
*My family (sisters, bro in laws, mom, nieces) are all self sufficient and financially secure.
*Considered Thailand or Philippines but after visiting both countries have decided against that (might end up marrying a 25 year old Thai lady).
*Fitness is important to me and I want to continue being active while I still can.
*I take 2-3 trips a year to a warm tropical location (in the budget I think ). Some of this is budget travel to SE Asia.
My simple math at 55: $36K from company pension + $30K yr from investment income ($750K @ 4% SWR).
A bit long winded here...
Am I super dreaming? Questions? Thanks!
* 52 years old and can take early retirement 55 (same company 28 years).
* I work in the information Technology field at a large aerospace company that makes jets, missiles, and cool stuff like that.
*No children or spouse (that I know of).
* $550K in a 401K (projection at pre-tax max with company match is ~ $750K at 55).
* Asset allocation currently at about 55% equities, 45% bonds and cash.
* 2012 return on the above portfolio was just over 10%.
* Company pension at 55 would be $3K a month (no lump sum option).
* Retiree medical until I turn 65 at Medicare age
* $185K left on my mortgage (ouch). Home value is $400K, 4% 15 year loan (refi in 2011), $1530 P&I, paying an extra $670 a month currently. Will increase as possible but paying if off in three years seems very unlikely (will still owe $120K.
*No credit card or other debt.
*own three cars...kind of a car guy (One muscle car, two drivers). Total value about $40K.
*my retirement income needed will be about $70K if I still have a mortgage...which I don't want to have...if that makes sense. Without my mortgage my "budget" says I can live on $50K a year.
*Net worth with home equity is about $800K. Not much in savings outside my 401K (maybe $10K).
*when I retire I'll have about $30K in sick leave and vacation as a payout.
*for every year I work beyond 55 my pension increases by about $200 a month.
*I plan to take social security at 62 if that is still an option (~$1600 a month).
Non financial side notes:
*Live in Seattle WA and would like to retire here if possible.
*My family (sisters, bro in laws, mom, nieces) are all self sufficient and financially secure.
*Considered Thailand or Philippines but after visiting both countries have decided against that (might end up marrying a 25 year old Thai lady).
*Fitness is important to me and I want to continue being active while I still can.
*I take 2-3 trips a year to a warm tropical location (in the budget I think ). Some of this is budget travel to SE Asia.
My simple math at 55: $36K from company pension + $30K yr from investment income ($750K @ 4% SWR).
A bit long winded here...
Am I super dreaming? Questions? Thanks!