An update two years later

[Tom52]

My wishes for a Happy and Healthy New Year to you all!

I have enjoyed some recent threads where folks are updating their old threads, just to let us know how things are going. It has been two years since I started this thread below so I thought it was time for an update.

http://www.early-retirement.org/foru...ise-41864.html

Two years ago things were not going well for my family and I really felt lost. I really appreciated the suggestions and words of encouragement at that time. Since then most things have at least stabilized.

On the positive side I am happy to report that first and foremost our health has been good. We continue to be totally debt free. I was fortunate to hang on to my fairly good paying job even though I was convinced it would not survive the down economy and a merger. My net worth, although still down from the highest levels from approx. 3 years ago, has increased by about $300K. We are saving approx. 30% of gross wages via 401K, IRA, and CDs. We LBYM with our total after tax spending of $40,000 in 2010 even with higher than normal (for us) medical costs.

On the negative side, DW has still not been able to find better than part time work with no benefits. I am still considering my position as doubtful for probably more than 2 years and then only if the economy does not tank again.

Right now we are sitting on about $1.5 mil. in retirement investments. Breakdown is approx. 40% stocks, 30% bonds, and 30% CDs.

If/when my job ends we plan to more or less retire with only the possibility of low paying part time work. We have no allusions about being able to find a good job with benefits at our ages, I just turned 58 and my wife will soon be 57.

So right now we are hoping to hang on for two more years and see if it might be possible to RE when I am 60 with maybe $1.6 mil., then taking SS at 62. The cost of health care should I lose my job continues to be our biggest concern.

All in all we are not where we want to be financially but we probably have a lot more saved than average people our age outside of this forum.

I will try to update again in another couple of years or in the event of an earlier than expected "forced retirement". I don't post alot on this forum because there are many here with more financial smarts than I have. I do usually visit every day to try to learn and to stay focused on the goal of RE.

This is truly a great and inspirational forum!

Tom

[REWahoo]

Quote:

Originally Posted by Tom52 We LBYM with our total after tax spending of $40,000 in 2010 even with higher than normal (for us) medical costs.... Right now we are sitting on about $1.5 mil. in retirement investments. I just turned 58 and my wife will soon be 57.

Tom, thanks for the update.

Looking at the information above, it would seem to me you are well past the point of being FI, especially when you factor in SS. Doesn't FIRECalc give you a 100% success rate retiring now and spending almost double your annual needs?

What am I missing?

[DblDoc]

Quote:

Originally Posted by REWahoo Tom, thanks for the update. Looking at the information above, it would seem to me you are well past the point of being FI, especially when you factor in SS. Doesn't FIRECalc give you a 100% success rate retiring now and spending almost double your annual needs? What am I missing?

I'm guessing healthcare?

DD

[REWahoo]

Quote:

Originally Posted by DblDoc I'm guessing healthcare?

I went back to his linked post from two years ago - think you are correct.

[Meadbh]

Tom, I just read through your old thread, and then your update message. Congratulations to you and DW on getting through the past couple of years with your dignity and hope intact. I'm glad to hear your story. It's a credit to your resilience.

[Moemg]

Tom , It seems like you got through your rough spot Congratulations !