Okay; I'm a new member of this forum which is so FULL of good information. Thanks to everyone. I'm 54, and would love to retire early next year shortly after I turn 55. I have moved with this co five times over 30 years, and we are ready to go back home. Job is okay, but we are pretty miserable living where we are.
I'm currently within a few hundred dollars of being in six figures. (Counting bonuses, I'm several thou over six as to salary.) Wife is 56 and had breast cancer 17 years ago. We have saved 1.1 mill now and will receive 250k at age 55 from a previous pension. Have about $100k in after tax savings; emergency fund etc..
SS will be around 25k in todays dollars at my age 62. DW is a stay at home mom, with no one left to mommy to. Both kiddos are now on their own and doing fine. They are living in another community which is where we will move after er, to be closer to grandbabies. DW is committed to er; but I'm still a little frightened of leaving a $100k job with ten years before medicare.
I can get employee retiree health insurance but they recently changed the formula and it's incredibly expensive - $900/month now. No telling what the cost will be in 5 years.
Housing market is still stable in this area, and I "should" be able to do okay selling our home, and will be able to build retirement home for the equity in current home. Downsizing a little should should leave us with no house payment.
We both wouldn't mind working part time for a few years to offset the health insurance cost, but don't want to find ourselves where working is not optional.
We live frugally, and currently am saving over $25k a year in 401k. That includes my 18%, 3% catch up, plus employers contribution, and employers retirement cash balance contribution.
If you've read this far, thanks, and what do you think about my chance of success?
David
I'm currently within a few hundred dollars of being in six figures. (Counting bonuses, I'm several thou over six as to salary.) Wife is 56 and had breast cancer 17 years ago. We have saved 1.1 mill now and will receive 250k at age 55 from a previous pension. Have about $100k in after tax savings; emergency fund etc..
SS will be around 25k in todays dollars at my age 62. DW is a stay at home mom, with no one left to mommy to. Both kiddos are now on their own and doing fine. They are living in another community which is where we will move after er, to be closer to grandbabies. DW is committed to er; but I'm still a little frightened of leaving a $100k job with ten years before medicare.
I can get employee retiree health insurance but they recently changed the formula and it's incredibly expensive - $900/month now. No telling what the cost will be in 5 years.
Housing market is still stable in this area, and I "should" be able to do okay selling our home, and will be able to build retirement home for the equity in current home. Downsizing a little should should leave us with no house payment.
We both wouldn't mind working part time for a few years to offset the health insurance cost, but don't want to find ourselves where working is not optional.
We live frugally, and currently am saving over $25k a year in 401k. That includes my 18%, 3% catch up, plus employers contribution, and employers retirement cash balance contribution.
If you've read this far, thanks, and what do you think about my chance of success?
David