Hi folks - l found this site recently and fell in love! I stumbled on FIREcalc and ******** (prefer the latter actually) and check on my trajectory monthly.
Here's my situation:
I'm 54 and employed by MegaCorp (21 years w/ $250k annual income). Spouse is 55 and unemployed currently. 3 kids, 2 are out of college and off the payroll - youngest is a freshman in college.
Net worth = ~$2.7M
$1,200k in retirement accounts - 401k & IRA
$550k in taxable brokerage - target date fund 2030
$550k in primary residence (no mortgage)
$375k in vacation residence (50% shared ownership - no mortgage)
I estimate needing about $100k/year for normal living expenses which includes health insurance until Medicare. I've factored in Social Security expected benefits for both myself and spouse... starting at full retirement age and getting ~$31k for me and ~$10k for spouse. Not sure what is best for filing but started with full age.
******** is giving me a 99.06% success rate with variable spending between $75-140k/year (figure we can tighten our belts if needed but spend a bit more when things are going well).
I've had rental property in the past and am thinking about using some of the $550k in the taxable brokerage and perhaps some mortgage on the primary residence to purchase a small multi-unit rental property in my town. I used to like the idea of steady rental income over having everything exposed to the stock market. The idea of some appreciation and reliable cash flow again is attractive. I'm relatively handy and can take care of regular maintenance on a rental property.
I'm curious about what others feel I might be missing. I plan to find something to do with my time - less stressful, part-time, whatever... volunteer work part-time as well. Definitely won't bring in $0 employment income for a while longer but also can't keep doing this job for more than another year or so, tops. Life doesn't go on forever and good health is not guaranteed. I want to take more walks outside, ride my bicycle, hike a bit, enjoy life more than I have the last 20 years.
Scared to pull the trigger.
Here's my situation:
I'm 54 and employed by MegaCorp (21 years w/ $250k annual income). Spouse is 55 and unemployed currently. 3 kids, 2 are out of college and off the payroll - youngest is a freshman in college.
Net worth = ~$2.7M
$1,200k in retirement accounts - 401k & IRA
$550k in taxable brokerage - target date fund 2030
$550k in primary residence (no mortgage)
$375k in vacation residence (50% shared ownership - no mortgage)
I estimate needing about $100k/year for normal living expenses which includes health insurance until Medicare. I've factored in Social Security expected benefits for both myself and spouse... starting at full retirement age and getting ~$31k for me and ~$10k for spouse. Not sure what is best for filing but started with full age.
******** is giving me a 99.06% success rate with variable spending between $75-140k/year (figure we can tighten our belts if needed but spend a bit more when things are going well).
I've had rental property in the past and am thinking about using some of the $550k in the taxable brokerage and perhaps some mortgage on the primary residence to purchase a small multi-unit rental property in my town. I used to like the idea of steady rental income over having everything exposed to the stock market. The idea of some appreciation and reliable cash flow again is attractive. I'm relatively handy and can take care of regular maintenance on a rental property.
I'm curious about what others feel I might be missing. I plan to find something to do with my time - less stressful, part-time, whatever... volunteer work part-time as well. Definitely won't bring in $0 employment income for a while longer but also can't keep doing this job for more than another year or so, tops. Life doesn't go on forever and good health is not guaranteed. I want to take more walks outside, ride my bicycle, hike a bit, enjoy life more than I have the last 20 years.
Scared to pull the trigger.