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Old 12-07-2014, 02:39 PM   #1
Thinks s/he gets paid by the post
Join Date: Dec 2014
Location: St. Charles
Posts: 3,068
Are we there yet?

I am a long time lurker (4+ years) that finally decided to drop in and say Hi.

DW and I are 59yo. DS is 33 and independent. I am an engineer by education, working now in project management. I have been with my current employer for 26 years. While I haven't left the company in that time, I have been through ownership by 4 Megacorps and 3 private equity firms. The more things change the more they stay the same. Planned RE date is end of August 2015 (60th birthday). DW is already semi-retired, working as a substitute teacher.

So, here we go with the financial stuff. In round numbers:

Retirement Accounts
IRA's: $1,200,000
401k: $565,000
After tax account: $735,000
Total: $2,500,000, AA: 65/35 stocks/bonds

Cash: $245,000

Condo: $160,000 (no mortgage)

My SS at FRA (66.2): $30,000/yr (DW will take 1/2 of mine at about the same time)

On the expense side:
3 year average (excluding HI, Taxes, and one time expenses): $65,000
Includes 2-3 vacations plus 3-5 long weekends per year
Subsidized HI available. Cost still not finalized, as current megacorp just changed carriers, but will about $8,000/yr.
So, planning on expenses of $65,000+10,000(HI)+10,000(taxes)=$85,000

I am conservative by nature so I only use the retirement accounts and my SS for retirement calculations. Cash, DW's SS, and potential inheritance are icing on the cake. Firecalc says I am all set, with room to spare.

The current job is not bad (has lots of international travel, which I kind of enjoy), and my salary is pretty good, but I am looking forward to a new stage in my life. Got a new travel trailer and looking to put some miles on it!

Looking forward to joining the conversations here!

So, Are we there yet!!
If your not living on the edge, you're taking up too much space.
Never slow down, never grow old!
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Old 12-07-2014, 04:31 PM   #2
Thinks s/he gets paid by the post
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Join Date: Feb 2014
Location: Williston, FL
Posts: 3,925
With $2.75M, you can withdraw $100K a year, for 25+ years, and never run out. Plus you have SS and maybe a pension? Plus maybe an inheritance?

It's a no-brainer.

Good luck on your travels!! I am planning an 60+ day Alaska RV trip in 2017.
FIRE no later than 7/5/2016 at 56 (done), securing '16 401K match (done), getting '15 401K match (done), LTI Bonus (done), Perf bonus (done), maxing out 401K (done), picking up 1,000 hours to get another year of pension (done), July 1st benefits (vacation day, healthcare) (done), July 4th holiday. 0 days left. (done) OFFICIALLY RETIRED 7/5/2016!!
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Are we there yet?
Old 12-07-2014, 06:12 PM   #3
Thinks s/he gets paid by the post
Join Date: Dec 2014
Location: St. Charles
Posts: 3,068
Are we there yet?

No pension. Took the lump sum from the one I had.
Everything else looks good, I agree. Just cold feet.
60 day RV trip sounds adventurous. So far we have only taken long weekends, but DW is already planning a 4-6 week trip to FL in September.
Enjoy your trip.

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If your not living on the edge, you're taking up too much space.
Never slow down, never grow old!
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