Lucky_Luke
Confused about dryer sheets
- Joined
- Oct 13, 2023
- Messages
- 6
Here are the details based on Gumby’s notes:
1. Current expense is $130k with $1500 mortgage that will be completed in 2.5 years. At retirement the projected expenses will be about $127k (taking into consideration 4% inflation from now until then, removing mortgage and other expenses).
2. For one gap year, we will be using ACA and figuring about $12k for both of us. For LTC, we are planning to self-funded, setting aside about $600k for the last person and if that is not enough the proceeds from selling our home ($500k now) may cover the remaining LTC costs.
3. The expenses that I figured are based on the detailed and tracked spreadsheet of all needs, wants, and wishful. I have also figured into the expenses all the one-time costs (at different intervals). I have been tracking our expenses for the past two years. Thus it is pretty accurate picture of our expenses. We have room to reduce if needed.
4. No major lifestyle changes
5. Sources of income:
Pension (non-cola): $70k (assuming I stayed until I retire at 65 in five years, if not, it’s $4200 at 65 if I retired or quit right now). Thus I have a pair of silver handcuffs.
Social security (his at 67): $28k (five years short of 30 to not have WEP applied)
Social security (hers at 70): $45k
Total: $143k
The pension has 100% survivor benefits for my wife if I decide to leave early. Thus, for her income when I'm gone, it'll be my pension + her ss or roughly $115k.
Vice versa, if she leaves early, it'll be my pension + my ss (since it's more than her ss survivor bene) or roughly $98k.
6. Yes, these are the projected pension/social security numbers from their respective calculators.
7. I have visited social security admin site many times and have figured WEP/GPO impacts.
8. I have done the tax projection, including RMDs at 75.
9. Nest eggs are as follows (round numbers)
His IRA/403b: $850k (tax-deferred)
His Roth: $105k (with $30k contribution for the next 5 years until retirement)
Hers IRA/401k: $745k (tax-deferred)
Hers Roth: $110k
10. Will (hopefully) take advantage of the longevity genes that we inherited (my mother passed away at 85, father (91) is still living, her mom (82) and her father (90) are still living and doing well). We will be controlling our destiny. For the various calcs, I use 88 for me and 90 for her.
11. I have run the number through FIRECalc many times among other calculators (NewRetirement+, i-ORP, Engaging Data, ********, Personal Capital, retirementbudgetcalculator, etc…)
12. If one of us is left, I shaved off about 20% off the expenses.
I am 59 and so is my wife. I'm still working, at least for another five years. The boss has retired early two years ago. We live in LCoL area and we are 2.5 years away from paying off the house. The boys are grown and off the payroll.
So when I ran FIRECalc 3.0, I’d get 100% success. NewRetirement+ had me at 76%. Our retirement income is more than enough to cover the expenses and then some, even with 4% inflation every year figured into the calculation. Assuming that there is no serious market crash right before or as I retire, I do believe that we are good on this gliding path. Also, we will be converting up to the top of our 24% bracket (if we have the money saved up) to Roth for the next several years. Btw, I also ran the numbers with the lower pension amount as well.
I figure that I could try to post here in early-retirement to see if others can see what I don’t see. Posting in other places, I’d get the name-calling … humble bragging. I’m not bragging. It is scaring me to death, wondering if we have enough to cover everything that we have not accounted for.
I appreciate another pair of eyes looking at these numbers. Thank you in advance.
1. Current expense is $130k with $1500 mortgage that will be completed in 2.5 years. At retirement the projected expenses will be about $127k (taking into consideration 4% inflation from now until then, removing mortgage and other expenses).
2. For one gap year, we will be using ACA and figuring about $12k for both of us. For LTC, we are planning to self-funded, setting aside about $600k for the last person and if that is not enough the proceeds from selling our home ($500k now) may cover the remaining LTC costs.
3. The expenses that I figured are based on the detailed and tracked spreadsheet of all needs, wants, and wishful. I have also figured into the expenses all the one-time costs (at different intervals). I have been tracking our expenses for the past two years. Thus it is pretty accurate picture of our expenses. We have room to reduce if needed.
4. No major lifestyle changes
5. Sources of income:
Pension (non-cola): $70k (assuming I stayed until I retire at 65 in five years, if not, it’s $4200 at 65 if I retired or quit right now). Thus I have a pair of silver handcuffs.
Social security (his at 67): $28k (five years short of 30 to not have WEP applied)
Social security (hers at 70): $45k
Total: $143k
The pension has 100% survivor benefits for my wife if I decide to leave early. Thus, for her income when I'm gone, it'll be my pension + her ss or roughly $115k.
Vice versa, if she leaves early, it'll be my pension + my ss (since it's more than her ss survivor bene) or roughly $98k.
6. Yes, these are the projected pension/social security numbers from their respective calculators.
7. I have visited social security admin site many times and have figured WEP/GPO impacts.
8. I have done the tax projection, including RMDs at 75.
9. Nest eggs are as follows (round numbers)
His IRA/403b: $850k (tax-deferred)
His Roth: $105k (with $30k contribution for the next 5 years until retirement)
Hers IRA/401k: $745k (tax-deferred)
Hers Roth: $110k
10. Will (hopefully) take advantage of the longevity genes that we inherited (my mother passed away at 85, father (91) is still living, her mom (82) and her father (90) are still living and doing well). We will be controlling our destiny. For the various calcs, I use 88 for me and 90 for her.
11. I have run the number through FIRECalc many times among other calculators (NewRetirement+, i-ORP, Engaging Data, ********, Personal Capital, retirementbudgetcalculator, etc…)
12. If one of us is left, I shaved off about 20% off the expenses.
I am 59 and so is my wife. I'm still working, at least for another five years. The boss has retired early two years ago. We live in LCoL area and we are 2.5 years away from paying off the house. The boys are grown and off the payroll.
So when I ran FIRECalc 3.0, I’d get 100% success. NewRetirement+ had me at 76%. Our retirement income is more than enough to cover the expenses and then some, even with 4% inflation every year figured into the calculation. Assuming that there is no serious market crash right before or as I retire, I do believe that we are good on this gliding path. Also, we will be converting up to the top of our 24% bracket (if we have the money saved up) to Roth for the next several years. Btw, I also ran the numbers with the lower pension amount as well.
I figure that I could try to post here in early-retirement to see if others can see what I don’t see. Posting in other places, I’d get the name-calling … humble bragging. I’m not bragging. It is scaring me to death, wondering if we have enough to cover everything that we have not accounted for.
I appreciate another pair of eyes looking at these numbers. Thank you in advance.
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