lauradrops
Recycles dryer sheets
Hello all, been reading and learning for a while now. We had a solid plan to RE in 2023, but life happens and it is changing to 2019. I am 49 and Hubby is 57. The plan was for child 3 to graduate HS in 2023 and call it quits. Our eldest is fully established in his career and younger son graduates PA school this December.
Now for the wrench. Our plan was always to move back to NY for retirement, but my Dad's recent passing has left us a paid for house on Long Island. We had always assumed we would sell it, but I cannot part with it. My entire family has passed in 5 years and I am reluctant to let it go now. So that is the situation and these are the numbers.
IRA 1,300,000
Inher. IRA 110,000 (rmd about 4,000 yr)
401k 25,000
investments 31,000
pension 6000yr
72t 6000yr
savings 178,000
NC home 300,000 (owe 80,000)
NY home 500,000
2017 auto ( owe 2,500)
No debt other than NC mortgage and car (82,500 total)
We have fully paid for health insurance from husband's retirement from first career that will become our supplement at medicare. There is a chance he can transfer his job in NC to NY but we are planning without that just in case. We don't want to touch our investments until he is 59 1/2, so the plan is to sell the NC home and use savings combined with the 16,000 (pen., 72t & rmd) to make the 60,000 (pre tax) we need to live on for 2 1/2 yrs. The savings would be 408,000 , but 130,000 of that is earmarked for home renovations that the NY house needs. So that leaves 278,000 in savings.
I know 60,000 sound low, but we have run the numbers over and over and with health ins. covered and no mortgage we calculate about 48,000 plus a cushion. So I figure if we use 110,000 of savings over 2 1/2 yrs, we still have a nice safety net of 168,000 left.
So some days I think this is very doable, but others I am very nervous. What do you think?
Now for the wrench. Our plan was always to move back to NY for retirement, but my Dad's recent passing has left us a paid for house on Long Island. We had always assumed we would sell it, but I cannot part with it. My entire family has passed in 5 years and I am reluctant to let it go now. So that is the situation and these are the numbers.
IRA 1,300,000
Inher. IRA 110,000 (rmd about 4,000 yr)
401k 25,000
investments 31,000
pension 6000yr
72t 6000yr
savings 178,000
NC home 300,000 (owe 80,000)
NY home 500,000
2017 auto ( owe 2,500)
No debt other than NC mortgage and car (82,500 total)
We have fully paid for health insurance from husband's retirement from first career that will become our supplement at medicare. There is a chance he can transfer his job in NC to NY but we are planning without that just in case. We don't want to touch our investments until he is 59 1/2, so the plan is to sell the NC home and use savings combined with the 16,000 (pen., 72t & rmd) to make the 60,000 (pre tax) we need to live on for 2 1/2 yrs. The savings would be 408,000 , but 130,000 of that is earmarked for home renovations that the NY house needs. So that leaves 278,000 in savings.
I know 60,000 sound low, but we have run the numbers over and over and with health ins. covered and no mortgage we calculate about 48,000 plus a cushion. So I figure if we use 110,000 of savings over 2 1/2 yrs, we still have a nice safety net of 168,000 left.
So some days I think this is very doable, but others I am very nervous. What do you think?