Ready2Go
Recycles dryer sheets
- Joined
- Sep 14, 2017
- Messages
- 146
Hi all. Been lurking a while and I like the neighborhood. The reason for my title is that I work for a large company that has been continually restructuring for a few years. Axe could fall at any time.
Demographics:
R2G
Demographics:
- DW has steady job in IT working for State Gov't. Also 52 yo.
- Mortgage ($150k left) will be paid in June 2022, unless we knock it out sooner.
- 2 kids...one is soph in college and other is junior in HS.
- No debt besides house.
- We both have pensions coming. If we both work until 60, we'll have $90k coming in annually starting at 60.
- DW & I will get retiree medical thru State plan at employee cost.
- Will probably start SS at 62 unless something changes my mind. I would just rather start using that money as soon as I can and thereby use less of mine.
- Projected 401k balances will be $1.9 mil...conservatively. Maxing out until 60.
- Primary residence worth $600k...may downsize immediately after RE depending on kids.
- College is being paid approx. 75% from 529 savings and 25% cashflow.
- Estimated expenses in retirement...$140k annual (post-tax). This is our dream number....if we did everything we wanted to do. Realistically, it will be between $110k and $130k
- Kids independence. This will be on my concern list forever. I worry about my kids future all the time. Genetic thing from my DM.
- After tax savings. We have very little beyond emergency that I can tap to bridge me to 60...should I be squeezed out early. I know about SEPP but not totally enamored with it. The option gives me some peace of mind.
- LTC. Been reading a lot about LTC insurance and the way the premiums have been escalating, I'm leaning toward self-insuring but need to do more research.
R2G