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Old 02-09-2017, 08:16 AM   #21
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P A R T Y !

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Old 02-09-2017, 07:50 PM   #22
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Your situation, sounds to me, that you are in a, more than good situation, but rather, you are fortunate way beyond your self-imposed requirements.

Reading your post makes me second guess my situation.Which is much more modest and with much smaller margins.

As I see it, you are well within reason and are going to be just fine.

Congrats!!
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Old 02-10-2017, 01:45 PM   #23
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Originally Posted by RobbieB View Post
Why relocate?

If you like your house and your location enjoy them!
+1

We are in the Bay Area (similar RE environment to Seattle) and own our own home with a paid off mortgage. I get why folks would want to downsize and relocate to a lower cost area, but I don't consider it a must-do if your financial ducks are in a row. Our house is paid off, the property taxes are low (thanks to CA Prop 13), and thanks to the nice weather (kinda like Seattle) energy costs for heating/cooling aren't that bad. Politically/culturally it is a good fit too - as Seattle may be for you.

I think your financial situation looks good (similar to mine, actually ) so just go with it - don't leave unless you *really* want to.
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Old 02-10-2017, 03:15 PM   #24
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Originally Posted by JeffInSeattle View Post
Hello all. Thought I'd introduce myself and see if you all think my financial ducks are lined up right for a nice retirement. I'm 60, my wife is 64, and our 2 sons are 23 and 26. Older is fully independent with a great job, younger graduates this spring and plans a year of Americorps work.

I did a careful calculation of baseline monthly expenses and came up with about $5500. Then added $2500 for travel and unexpected stuff. I used the Fidelity calculator which I recommend highly. It lets you enter time-boxed expenses, like increased medical for the 5 years before I hit 65. The calculator shows we're in good shape even with a significantly underperforming market. Here's the hard numbers:

  • About 2.2 million in taxable (401K) accounts. 300k in non-taxable funds. So, 2.5 million total.
  • Teeny pension, $500 non-COLA (happy meal money)
  • We own our house, worth 1 million in hot Seattle market right now.
  • Very likely inheritance, within at most 10 years, of 200 to 500 thousand.
  • Social security for wife in 6 years at 70, $1300, and for me $3300 in 10 years at 70, total SS $4600 in starting 10 years.
  • Wife works part time for about $10k per year.
  • We will probably relocate to a lower cost area some time, freeing up maybe 300k equity from our house.

So ... are we nuts, or on track?? Feeling a little anxious now because I just gave notice. My boss took it very well but was disappointed. We agreed that I could come back on contract for specific tasks. I am very highly regarded here; the most senior engineer of around 600 total.

From the info you provided, you are more than ready to go! And go, you did! Congratulations and: ENJOY!!!
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Old 02-10-2017, 03:19 PM   #25
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Looks like Jeff gave notice, posted here then left the building. Hasn't logged on again since his first and only post two days ago...
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Old 02-10-2017, 03:21 PM   #26
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Why relocate?

If you like your house and your location enjoy them!
That's a good point - you already live in the "best place on earth" (that's my personal opinion only, though )
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Old 02-10-2017, 03:31 PM   #27
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The OP's numbers look good. He's set to go.

I want to point out something though.

Quote:
Originally Posted by JeffInSeattle View Post
... Here's the hard numbers:
  • About 2.2 million in taxable (401K) accounts. 300k in non-taxable funds. So, 2.5 million total.
The convention is to call 401k and IRA "tax-deferred" accounts. Some even call them "non-taxable", but the "tax-deferred" term is more appropriate. Only Roth accounts are truly "non-taxable".

The term "taxable account" is reserved for after-tax accounts, where the dividends and capital gains are taxed in the year that they are received, but of course the principal is not taxed as with an IRA or 401k withdrawal.

It does sound backwards because a $1 in an IRA or 401k is not worth as much as $1 in an after-tax "taxable" account, but the above terminology is the convention.
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Old 02-10-2017, 06:48 PM   #28
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Wanted to say thanks to all for your encouraging words and taking the time to scan our figures. I'm emotionally up and down right now having jumped off the cliff; it's one thing to think about it and another to do it. The Big Boss where I work said they'd hire me back in a heartbeat, which I thought was awfully nice. And I can do contract work later if I desire.
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Old 02-11-2017, 11:24 AM   #29
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Originally Posted by JeffInSeattle View Post
Wanted to say thanks to all for your encouraging words and taking the time to scan our figures. I'm emotionally up and down right now having jumped off the cliff; it's one thing to think about it and another to do it. The Big Boss where I work said they'd hire me back in a heartbeat, which I thought was awfully nice. And I can do contract work later if I desire.
Good idea to maintain that option, I think. I've done a bit of consulting work since FIRE 2+ years ago, and have enjoyed it.
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Old 02-11-2017, 11:30 AM   #30
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Kick back and have fun!
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Old 02-11-2017, 05:19 PM   #31
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looks to me that you could do better on the SS with your DW taking a spousal at FRA...I'd run that number ...
+1
OP - you can pay about $45 to get software to run the options regarding SS, as I agree with above poster, due to the vast difference in your SS. Probably you wife taking it at an age earlier than 65 will result in more money.
I also think you taking it at 70 is the smart choice, to provide the large SS payments.

However, these software firms run 100's of possible situations to get the best choice.
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