I stumbled upon this forum recently and have enjoyed reading the conversations taking place. I think the ideas here are just what I need to plan out our glide path to a good retirement. I have always been a saver/investor. Though, raising a family has greatly increased the quality of life it has also increased my cost of living
I always assumed I would retire someday. This has helped me focus on making it a reality.
Me: 61, Technology consultant on long term series of contracts with a Megacorp
DW: 50, Program manager with a large federal government agency
Three kids: One launched (28) & two at home ages 13 and 10
$2M in various retirement plans, primarily in equities
$500K home with $47K mortgage remaining @ 3%
$300K lake cabin under construction 85% complete
We plan to retire around 2024, maybe sooner.
To do’s before then:
- Finish paying off mortgage
- Finish building cabin
- Maximize remaining retirement contributions (49K) utilizing the catch up provisions. With a 5% assumed return, I expect that $3MM total should be doable.
- Increase after tax savings
- Better calculate future living expense needs.
- Determine kids’ college funding needs /sources (additional 529s or fund out of retirement cash flows?)
- Analyze my optimal SS start date with minor dependents’ SS benefits included.
- Pay more attention to my physical fitness so I can enjoy retirement.
- Accurately calculate FERS pension with early retirement.
- Determine appropriate AA strategy for retirement.