Greetings to all who read this forum almost daily, as I have for past several years, dreaming of the day when I could sleep in and do whatever I wanted to do each day. Finally posting today. I want your opinions. I think I'm a-ok, but want the wisdom of this forum, as I respect those who have followed a similar path regarding their personal finances, or who are following the path towards the goal of FI.
At age 54 I have accepted a downsizing offer from the company--its complicated, but lets just say, I'm gone, left with a big smile,
as the corporate gig, with the flights & travel, the boring meetings, politics, BS, personnel issues, etc. got the best of me for the past 30+ years. I have been a high earner and top performer in my field, and lucky with some company stock options.
DW is a homemaker, 1 child in last yr of college, 1 in technical school. Live in Tennessee.
We have always lived frugally, way below our means, for many years, as our parents grew up in the depression, and we were raised in frugal homes, those habits stuck, even though I had gross earnings in the mid 6 digits for a several years. We do enjoy treating ourselves to 2-3 vacations per year costing maybe 10k total, we go out to eat x 2 per week,(inexpensively) we enjoy concerts and sporting events, etc. We can easily live on approximately 85k per year including a 10k allowance for healthcare. Mortgage payoff is in a separate account, not yet pulled the payoff trigger, but money is there, ready when I am, which should be soon, as we just downsized.
Investment portfolio is at $3.8M (does not include mortgage payoff account)with 90% in taxable. Majority of it at Vanguard, at approximately 43% stock, 57% in bonds, CD's, cash.
I get nervous when the market drops, but I'm learning to not look at portfolio when market drops...it helps me stay calm, as I worked my rear off my entire life, saved diligently and don't want to mess up at this point.
OK...questions....am I A-OK?
how do I not mess it up? ..just allocate it as I'm comfortable (at less than 50% equities as I feel I won the game and don't want to take any more equity risk than necessary) and not look at except to rebalance annually?
what kind of withdrawal methodology is suggested?
need suggestions re non stock component as I currently have a lot in cash, suggestions on bond allocation?
brand new to the retirement game, like it so far but its only been 2 months, ....any tips on how to have a successful transition?
Thanks to all
I value your thoughts and opinions, glad, no thrilled, to be in the class of 2013.