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63 and ready to retire by 65
09-08-2018, 03:40 PM
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#1
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Recycles dryer sheets
Join Date: Sep 2018
Posts: 270
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63 and ready to retire by 65
Hi,
I have been a reader (lurker) for 3 months, so I joined. I like the forums with different view points and links to other resources.
Review my retirement plan if you have time/interest.
I plan to retire in 2020 and work part time. My DH is already retired and drawing pension but not SS. Home , cars and toys are paid for.
But I am apprehensive - have we saved enough ? (only 500K)
We have a residential rental (1K/month/net) and a LLC for commercial rentals (10K /year) .
DH wants to start SS as soon as 2019 - but with my 6 figure income, I tell DH "not until 2020" because we will lose too much in Fed and state Taxes. Correct ?
We plan to convert IRAs to Roths in 2020 to 2024.
We just bought an Airstream for travel in retirement and I am excited !
Also. reading "Your money or your life" and enjoying it
Thanks Octogirl
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09-08-2018, 03:47 PM
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#2
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Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 25,340
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Welcome to the forum!
You didn't say anything about other sources of income such as pensions and nothing describing expenses except the Airstream.
If you haven't seen it, this is a good set of questions that you'll want to have solid answers for:
http://www.early-retirement.org/foru...ml#post1399715
__________________
When I was a kid I wanted to be older. This is not what I expected.
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09-08-2018, 03:50 PM
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#3
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Recycles dryer sheets
Join Date: Feb 2018
Posts: 145
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How much are you expecting expenses to be when you retire.
Welcome and I’m sure you are excited by the next phase of your life.
__________________
Person who will often put his foot in his mouth and not realize it.
2020 or bust!
Or
Perhaps 2021...2022...NVM
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09-08-2018, 03:55 PM
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#4
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Recycles dryer sheets
Join Date: Sep 2018
Posts: 270
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Thanks for replies
I estimate expenses at 5K./ month as we have simple tastes.
by 2020, We will earn 5k /month on DH SS, pension, rental, LLC
I plan to claim SS when I am 70
I 'm just anxious - my parents lived into their 90's
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09-08-2018, 03:58 PM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,299
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Welcome to our wonderful forum Octogirl.
Expenses - what are your expected retirement expenses? Do you have monies put away for larger expenses - new roof/cars down the road?
Asset Allocation - what is your expected AA?
__________________
TGIM
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09-09-2018, 08:05 AM
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#6
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Recycles dryer sheets
Join Date: Sep 2018
Posts: 270
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Thanks for replies.
Expected retirement expenses, as tracked for the past 2 years = $4,000/month and I add $1000 / month for travel at least until age 75 then use it for health issues.
Do we have $ put away for large expenses ? $75,000 in a Roth
Current AA all in retirement accts= 65% equities/ 10% bonds/ 25% short term MM.
Met with Fidelity adviser to review AA - who says I am a bit conservative but I am ok with that.
We can take 2% withdraws /year to add 10K/year to income
Any recommendations ?
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09-09-2018, 08:18 AM
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#7
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Full time employment: Posting here.
Join Date: Feb 2017
Posts: 807
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Glad you have joined this forum - lots of good advice and information here!
Have you run your numbers through FireCalc yet?
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09-09-2018, 09:13 AM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,299
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Quote:
Originally Posted by Octogirl
Thanks for replies.
Expected retirement expenses, as tracked for the past 2 years = $4,000/month and I add $1000 / month for travel at least until age 75 then use it for health issues.
Do we have $ put away for large expenses ? $75,000 in a Roth
Current AA all in retirement accts= 65% equities/ 10% bonds/ 25% short term MM.
Met with Fidelity adviser to review AA - who says I am a bit conservative but I am ok with that.
We can take 2% withdraws /year to add 10K/year to income
Any recommendations ?
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As Cindyblue stated, try running your numbers through Firecalc calculator. There are many folks on this site who can assist as necessary.
I assume the combined SS numbers along with the 2% WR and your other income will cover the expected expenses.
Do you manage your own portfolio with Fidelity assistance, or pay Fidelity an advisory fee? You can obtain advice from Fidelity without any fees.
The 25% short term MM is on the conservative side, especially with no ACA medical to deal with. Fidelity can assist you in setting up a CD ladder for at least a portion of this part of your portfolio and will be FDIC insured. We appear to be in a rising interest environment and you can squeeze some additional % for your portfolio with minor liquidity risk at worst.
__________________
TGIM
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09-09-2018, 09:24 AM
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#9
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Recycles dryer sheets
Join Date: Sep 2018
Posts: 270
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Yes, there is alot of good advice
! ran numbers through FIREcalc. 96% success for 35 years ( using model with 70% of current income)
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