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Hi from Michigan, ER next year at 58. Thoughts
Old 02-20-2018, 07:37 AM   #1
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Hi from Michigan, ER next year at 58. Thoughts

I'm 58 and no longer employed, my wife is 57 and we are planing on her retiring May of 2019. I think we will be fine money wise but my wife is not totally convinced. Here's some details:
Her current salary about $60K
Current NW 1.3M , 1M in investable assets (400K in ret, 600K in non ret)
No debt, paid off house (300K)
My wife will get a small pension at 60, and at 62 we will both take SS.
So at 62 (4 years after retirement) pension + SS will be about $3400/m not including any dividends, interest or principle on our savings.
We plan to live off savings until SS, and to keep our reportable income as low as possible to get max ACA subsidies for as long as we can.

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Old 02-20-2018, 07:54 AM   #2
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Welcome and good luck. You should probably check out the link.

All depends on your expenses. Lots of great info on this site. Have you run your #'s thru Firecalc? Link is below.

-Big Dawg-FI since 9/2010. Failed ER in 2015. New target 2020.-

-"Blow that dough"-Robbie

" People say I'm lazy, dreaming my life away Well, they give me all kinds of advice designed to enlighten me When I tell them that I'm doing fine watching shadows on the wall "Don't you miss the big time, boy. You're no longer on the ball" -John Lennon-
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Old 02-20-2018, 08:03 AM   #3
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Expenses is the key number for success if you have run those numbers then at 40K a year you should be fine.
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Old 02-20-2018, 09:02 AM   #4
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Can your assets support your expenses if the ACA subsidies are eliminated in the 6 years until you qualify for Medicare.
I would run fire calc with both scenarios and evaluate the results.
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Old 02-20-2018, 11:11 AM   #5
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Welcome jjflyman! You've already received some good advice. I'd add taking a look at your asset allocation to make sure you are comfortable with the market risk but also not so conservative as to be at inflation risk. There are a lot of threads here (particularly in the FIRE and Money forum) that can give you some thoughts.

Also having a very good handle on your spending and being willing to reduce discretionary spending if needed is important.

We look forward to your contributions!
"One of the funny things about the stock market is that every time one person buys, another sells, and both think they are astute." William Feather
ER'd Oct. 2010 at 53. Life is good.
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