lovinglife1
Dryer sheet aficionado
- Joined
- Sep 9, 2010
- Messages
- 36
Greetings to all!!
After following closely these last couple of months, I decided to join the fray.....
THEN....divorced at 34 with two daughters, financially decimated with 50K in short term debt, renting, child support/ care, just getting by...
NOW...age 54, with 26 years at megacorp considering ER next summer. Like many I only began to seriously effect retirement planning in my early 40's but, also unlike many, I have been blessed with good pay and benefits, along with some, hopefully, good planning.
DB, no-cola, at 64K/ year at 55 with an additional 7K supplement until 62. In addition, retired USAR after 20 years to collect 13K, cola'd at age 60.
I plan to wait until full SS benefits at 66.4 yrs.
I purchased 3 modest homes a few years ago and have paid them off. They are currently generating 38K/ year in rental income. Since they were all built in 2004, I have very few maintenance expenses. I plan to live in one of them for a few years until I decide whether to move somewhere else.
Megacorp and military support health care expenses. I purchased a LTC policy through the gov't at a Vet with an inflation option. I purchased this age 50 and currently pay $112/ month with a $300/ day coverage, unlmited.
I have $175K in stock and options I plan to use for the girls college expenses and a $50K emergency cash cushion.
Finally, I have $700K in my 401K and planning to fill it out to $750K by retirement. It is all in an interest income fund so I will need to figure out a suitable asset allocation.
Since I have a good income at present, I plan to complete purchasing the material things I need before FIRE so that I will not 'need' 'things' for some time...new truck, car, a new Harley (why not?), and a few other things.
I think I have it all figured out but, you know how it is....When you plan these things on your own, you are very likely not able to see the forest for the trees....
I am sure I have forgotten something??
The advice I've read these past months has been a Godsend...
Lovinglife1.....
After following closely these last couple of months, I decided to join the fray.....
THEN....divorced at 34 with two daughters, financially decimated with 50K in short term debt, renting, child support/ care, just getting by...
NOW...age 54, with 26 years at megacorp considering ER next summer. Like many I only began to seriously effect retirement planning in my early 40's but, also unlike many, I have been blessed with good pay and benefits, along with some, hopefully, good planning.
DB, no-cola, at 64K/ year at 55 with an additional 7K supplement until 62. In addition, retired USAR after 20 years to collect 13K, cola'd at age 60.
I plan to wait until full SS benefits at 66.4 yrs.
I purchased 3 modest homes a few years ago and have paid them off. They are currently generating 38K/ year in rental income. Since they were all built in 2004, I have very few maintenance expenses. I plan to live in one of them for a few years until I decide whether to move somewhere else.
Megacorp and military support health care expenses. I purchased a LTC policy through the gov't at a Vet with an inflation option. I purchased this age 50 and currently pay $112/ month with a $300/ day coverage, unlmited.
I have $175K in stock and options I plan to use for the girls college expenses and a $50K emergency cash cushion.
Finally, I have $700K in my 401K and planning to fill it out to $750K by retirement. It is all in an interest income fund so I will need to figure out a suitable asset allocation.
Since I have a good income at present, I plan to complete purchasing the material things I need before FIRE so that I will not 'need' 'things' for some time...new truck, car, a new Harley (why not?), and a few other things.
I think I have it all figured out but, you know how it is....When you plan these things on your own, you are very likely not able to see the forest for the trees....
I am sure I have forgotten something??
The advice I've read these past months has been a Godsend...
Lovinglife1.....