Hi. I just found the forums this evening. I have a ton of reading to do here but thought I'd introduce myself and seek any feedback.
We have 16K left on the mortgage on a 350K house where we would like to stay as long as possible. No kids. We have lots of non-work interests in the arts, fitness, etc. I'm 52 and my wife is 54. My dream is to volunteer or work in a part-time job I love, maybe fitness-related or arts-related, and to spend parts of the winter in a warmer place.
Once the mortgage is paid off, yearly expenses would be around $60,000, which would include paying some money for house projects and some travel.
We both work in education. Wife makes 75K a year with good insurance (public university in administration). It is the most she's ever made. I took a big pay cut for my job at a private school, where I also make around 75K and insurance is OK. I had been at a law firm that was very generous with its profit sharing, which went into a 401(k) during some good years to be investing.
So that has helped me have about 840K in an IRA, about 60K in my 403(b) [I'm maxing the contributions], and 100K in already-taxed savings. Wife has about 150K in retirement. I'm due to receive about 30K a year in Social Security at age 67. I'm not sure about my wife's Social Security take. Probably 20K?
I do not see retirement as imminent, but I could see pulling the plug in 3-5 years to go do some volunteer or low-paying stuff. But I am interested in thoughts and/or advice about what I should be considering. Health insurance is my main concern. My health is very good though my mom died young and my dad is deceased. My wife's health is just OK but her family health history is excellent. That being said, I do not think I should bank on being on her insurance.
Any thoughts or advice would be appreciated but certainly not expected at this early stage in my participation here!
Thanks for reading.
We have 16K left on the mortgage on a 350K house where we would like to stay as long as possible. No kids. We have lots of non-work interests in the arts, fitness, etc. I'm 52 and my wife is 54. My dream is to volunteer or work in a part-time job I love, maybe fitness-related or arts-related, and to spend parts of the winter in a warmer place.
Once the mortgage is paid off, yearly expenses would be around $60,000, which would include paying some money for house projects and some travel.
We both work in education. Wife makes 75K a year with good insurance (public university in administration). It is the most she's ever made. I took a big pay cut for my job at a private school, where I also make around 75K and insurance is OK. I had been at a law firm that was very generous with its profit sharing, which went into a 401(k) during some good years to be investing.
So that has helped me have about 840K in an IRA, about 60K in my 403(b) [I'm maxing the contributions], and 100K in already-taxed savings. Wife has about 150K in retirement. I'm due to receive about 30K a year in Social Security at age 67. I'm not sure about my wife's Social Security take. Probably 20K?
I do not see retirement as imminent, but I could see pulling the plug in 3-5 years to go do some volunteer or low-paying stuff. But I am interested in thoughts and/or advice about what I should be considering. Health insurance is my main concern. My health is very good though my mom died young and my dad is deceased. My wife's health is just OK but her family health history is excellent. That being said, I do not think I should bank on being on her insurance.
Any thoughts or advice would be appreciated but certainly not expected at this early stage in my participation here!
Thanks for reading.