Hi All -
Really looking forward to diving into some of the info here and am sure it will be hugely helpful as I start to plan the next phase of my life.
Here's my specifics:
- 53 yo
- Wife is SAHM 50
- Two daughters in 9th and 10th grade. Headed for college, older daughter talks about med school. I will be 60 when both finish undergrad.
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I have talked to a couple of financial guys and had some projections run for retiring in 5 years at 58. Both show me as being in a decent spot for that.
In addition to preparing as best I can for that, I also want to look at earlier opportunities, as I am growing pretty tired of the corporate grind and wouldn't mind doing something different with the latter half of my 50's.
So - I'm working on various scenarios/what-ifs:
- Retire at 58 (no severance)
- Retire sometime between 55 and 58 if a severance is offered
- What to do if severance comes sooner than 55
- Retire sooner and replace part of my income - i.e. what % of my current income would I need to replace via a part time job & wife re-entering the work force to maintain my current lifestyle if I went at 55 or 56? (Wife has stated that she wants to re-enter WF once daughters are in college)
55 is kind of a key milestone as that is the age I need to hit to be eligible for the retiree health care plan.
I won't ask the big "Can I Retire" question just yet, as I recognize that I need to get a better handle on my current and projected expenses, but I have a couple of related questions right now that perhaps someone here knows the answer to:
- If I were to go from making current salary to living off retirement withdrawals how is that treated when qualifying for student aid (aka "EFC" part of the FAFSA stuff) mid-way through my daughters' college years?
- What are the vehicles to investigate for avoiding early withdrawal penalties before age 59 1/2?
Any other thoughts on the above are hugely appreciated.