Hello, new member shooting for 2016

[34rlsa]

Hello,

My wife and I are both 57 years old and planning on retiring in 3 years at age 60.

I have been using the "Flexible Retirement Planner"

The Flexible Retirement Planner | A financial planning tool powered by Monte Carlo Simulation

Our goal is to maintain our current modest standard of living.

According to the FRP program... between our pensions, IRA, 401b, and SS we appear to be safely on track even with a very minimal return on investments (<3%)... we may actually have more income in retirement than we do now.

We have no debt. Our health insurance is covered by my wife's employer at no cost. We will have to pay a small monthly premium for vision and dental coverage.

Kids are all grown... have graduated college... out of the house and securely on their own.

It actually seems to good to be true.

What could I be missing?

 

[Onward]

Congrats and welcome!

 

[RetiringAt55]

What could I be missing?

Here are some areas people sometimes miss:

Make sure the plan still works if one of you dies early.
Make sure you are properly handling whether or not the pensions have COLA and what the survivor benefit is.
Make sure you think about LTC insurance.
Make sure your spending numbers take into account home repairs and car repairs/replacements.
How are you handling taxes in your planning?
Have you thought about optimal SS claiming strategies?
Do you want to maximize benefits for your heirs?
Have you considered if you should do Roth conversions to get RMDs down?

Welcome!