dmeister33
Confused about dryer sheets
- Joined
- Dec 10, 2012
- Messages
- 4
I have been lurking for awhile and thought I would seek some advice.
I am 47, have a wife and 2 kids - I have worked hard for 25 years and am ready to get out of the rat race. My situation
- 1.5M in savings (not including home equity) 2/3 in 401K/IRA (non Roth)
- fairly aggressive but diverse investment strategy
- mortgage will be paid off next year (~500K value)
- kids 529 plans already set aside
- plan to retire at 50 (2015)
- current expenses $100K, save about 30-40K additionally annually
- planned retirement expenses should be the same until both kids out of college in 8 years, then will drop 25%
- SS will be about 40K/year between my wife and I at 67
In general, based on my calculations, I think I am on track to retire at 50. Am I crazy or am I missing anything? My other concerns are:
- will I have enough taxable money to draw from to cover me until we can draw from IRAs at 59 1/2 then from SS at 67?
- how much will health benefits cost for my family of 4 - I pay only a few grand annually through work now. Should one of us work just for benefits?
- if I am a Type A personality, will I be bored? I won't have anyone outside the family to hang out with if I retire early. Also not sure I know what I want to be when I grow up.
I know we can't plan for boomerang kids, market crashes, or major health issues. However, any thoughts or advice would be greatly appreciated. Thanks.
I am 47, have a wife and 2 kids - I have worked hard for 25 years and am ready to get out of the rat race. My situation
- 1.5M in savings (not including home equity) 2/3 in 401K/IRA (non Roth)
- fairly aggressive but diverse investment strategy
- mortgage will be paid off next year (~500K value)
- kids 529 plans already set aside
- plan to retire at 50 (2015)
- current expenses $100K, save about 30-40K additionally annually
- planned retirement expenses should be the same until both kids out of college in 8 years, then will drop 25%
- SS will be about 40K/year between my wife and I at 67
In general, based on my calculations, I think I am on track to retire at 50. Am I crazy or am I missing anything? My other concerns are:
- will I have enough taxable money to draw from to cover me until we can draw from IRAs at 59 1/2 then from SS at 67?
- how much will health benefits cost for my family of 4 - I pay only a few grand annually through work now. Should one of us work just for benefits?
- if I am a Type A personality, will I be bored? I won't have anyone outside the family to hang out with if I retire early. Also not sure I know what I want to be when I grow up.
I know we can't plan for boomerang kids, market crashes, or major health issues. However, any thoughts or advice would be greatly appreciated. Thanks.