Hello to forum...and I'm scared
Fantastic forum. Love the "real life" experiences, advice, and general camaraderie that exists within the members/posters. Ya'll seem like a great group.
Okay,...nuff about you...<snicker>
about me: just turned 55, married, currently love job, we both hate where we live. Family - kids/grandkids all live "back home". I'm pretty much at my peak earnings years with lowest expenses, now that youngest has graduated from college, and has her own job, life etc...
After early retirement, we will move back home and build our "last" home.
As of today, 401k is at $433,000, and IRA is at $978,000.
total of $1,411,000 +/- market
Home has aprox value of $230,000 with $70,000 mort.
no pension. Will have health insurance from megacorp, but the cost is high at $900/month. (Megacorp just reduced their retiree health insurance subsidy from 70% to 10% two years ago...dirty rotten scoundrels..)
Been with same corp for over 30 years, and the carrot they've dangled all those years was very different. oh well....such is life.
401k/IRA is diversified into a mix of 65%stocks/25%bonds/10% cash. aprox
Also have about $70,000 in after tax savings. (emergency fund)
Social Security at age 62 (me) and 63(DW) will provide about $2000 a month in today's dollars.
I plan to self contract the new home construction and also plan on it being paid for when I finish. (We already own the land.) Due to the high health insurance, I feel that we will need about $65,000/year. (Earn almost twice that now.)
What is your opinion on the earliest age to pull the trigger? I'm currently saving $20,500/year (which is max) in the 401K, and another $12,000/year after tax.
Appreciate anyone's opinions..for..against.