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Hi Friend NOOB here
Old 05-13-2013, 04:55 AM   #1
Confused about dryer sheets
Join Date: Jul 2012
Location: Clinton
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Hi Friend NOOB here


little about myself and wife, both 54 looking to pull the plug at 56.

we have

1,100,000 in 401K and add 25% of pay with company match 6%
we both make around $150,000 together. will have a penision after we retire of around 1000 amonth with a company medical that is paid for out of the pension (so the 1000 is free and clear). mortage is $120,000 and both cars paid for. with taking out 4% and dividens from stocks should clear around $70 per year,

does this look ok ? will it work? will we live happly everafter ;-)..

you guys are the best , love this forum

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Old 05-13-2013, 05:46 AM   #2
gone traveling
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Can't really help you because I do not know what living costs are in the US, but I really enjoyed your cute post. All the best
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Old 05-13-2013, 05:47 AM   #3
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Need to know more about your expenses.
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Old 05-13-2013, 09:14 AM   #4
Recycles dryer sheets
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Join Date: Apr 2013
Posts: 96
Fishingmn asked the question but only you have the answers. Have you thought about how much you really spend each month, written it down, reviewed it, and reviewed it again? When the DW and I wrote all our expenses down it was surprising what we actually were living on without sacrifice. No, we weren't buying new cars every year or living in a Mac-mansion but were quite content. Since we are D.I.N.K.'s we don't have to worry about what we leave behind.

When you think about not commuting, lower tax burden, not having work related expenses etc, those saving can be eclipsed by other expenses but your biggest, health care seems to be taken care of. If you have children and want to leave something then that comes into play as well. However it turns out for you good luck!
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Old 05-13-2013, 03:41 PM   #5
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The 4% withdrawal rate you read about includes dividends so yout 1.1mm would yield 44k in income. Add in $12k for your pension and you get $56k available to spend. That would include paying income tax. How much are you spending today, and how much would those expenses change when you retire ?

You can try running your numbers through FIRECalc or one of the other online retirment planning tools to give you an idea of how much risk you'd be accepting if you retired as planned.
"For the time being no discipline brings joy, but seems grievous and painful; but afterwards it yields a peaceable fruit of righteousness to those who have been trained by it." ~
Hebrews 12:11

ER'd in June 2015 at age 52. Initial WR 3%. 50/40/10 (Equity/Bond/Short Term) AA.
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Old 05-13-2013, 04:50 PM   #6
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I agree. Knowing your expenses is key in the FIRE planning stage.
Originally Posted by Fishingmn View Post
Need to know more about your expenses.
Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
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Old 05-13-2013, 05:07 PM   #7
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I hope to have many years of retirement before having my plug pulled.
"A man is a success if he gets up in the morning and goes to bed at night and in between does what he wants to do" --Bob Dylan.
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