green night
Recycles dryer sheets
- Joined
- Sep 26, 2010
- Messages
- 77
Married, 3 kids ... senior and junior in high school, 6th grader. I'm working full time, salary 180K, wife working full time for the first time ... school teacher. She had been 1/2 time ... this is a big win for her pension, since it's based on her highest 3 years of salary.
OK ... here we go.
Soc Sec - mine is estimated to be 34K per year, hers 14K.
Pension - Mine is 45k per year (assuming i leave in next year), non cola, i can get it at 65 years old, Hers is estimated to be 15k per year (assumes her working 2 more years full time and then a few years 1/2 time), cola, and she gets it starting at 60 years old.
401K - 767K, Roth IRAs 218K, Reg IRAs 33K,
Savings in brokerage account - 972K
Stock options vested ... will sell next year ... after taxes - $125K
Deferred Comp -- payable in equel payments for 10 years ... $625K, ($65K per year)
From a Firecalc standpoint ... $2.15MM portfolio, spending $140K (includes taxes). In the model, I'm retiring in 10 years. I'll have my deferred income and wifes salary. I'm showing that I will not add anything to the portfolio during that time. Success rate ... about 92%
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Spending is $120K per year but that includes roughly $32K in house payments and taxes ... house will be paid off in 10 years
So, the plan is that I have 10 years of deferred income and wife will work much of that time. Then from 55 to 59 1/2 ... draw down savings. 60 - 65 wifes pension and 401K. 65 - 67 ... both pensions and 401K. 67+ soc sec, pensions, 401Ks.
About 180K saved for college ... that pays for the first two and a little bit of the 3rd, in state public schools ... hoping for some growth but may have to contribute $50 - 70K over the next few years.
Thoughts? TIA!
OK ... here we go.
Soc Sec - mine is estimated to be 34K per year, hers 14K.
Pension - Mine is 45k per year (assuming i leave in next year), non cola, i can get it at 65 years old, Hers is estimated to be 15k per year (assumes her working 2 more years full time and then a few years 1/2 time), cola, and she gets it starting at 60 years old.
401K - 767K, Roth IRAs 218K, Reg IRAs 33K,
Savings in brokerage account - 972K
Stock options vested ... will sell next year ... after taxes - $125K
Deferred Comp -- payable in equel payments for 10 years ... $625K, ($65K per year)
From a Firecalc standpoint ... $2.15MM portfolio, spending $140K (includes taxes). In the model, I'm retiring in 10 years. I'll have my deferred income and wifes salary. I'm showing that I will not add anything to the portfolio during that time. Success rate ... about 92%
__________________________________
Spending is $120K per year but that includes roughly $32K in house payments and taxes ... house will be paid off in 10 years
So, the plan is that I have 10 years of deferred income and wife will work much of that time. Then from 55 to 59 1/2 ... draw down savings. 60 - 65 wifes pension and 401K. 65 - 67 ... both pensions and 401K. 67+ soc sec, pensions, 401Ks.
About 180K saved for college ... that pays for the first two and a little bit of the 3rd, in state public schools ... hoping for some growth but may have to contribute $50 - 70K over the next few years.
Thoughts? TIA!