Let's see, where to begin?
49, working as an engineer for a defense company (you've seen our stuff on the news). Have around $1 million in various accounts - 401(k), wife's IRA, Roths, a taxable brokerage account. Mostly mutual funds, maybe 5 or 10% bond funds. A couple of stocks. No mortage per se, but have a ~$40k balance in a HELOC.
My wife is ~9 years older and left the workforce in 2003. About 40% of the tax deferred stuff is in her name. No pension, and her 401(k) was rolled into her IRA.
At 55 I will be eligible for pension (I will have been with the company for 29 years), and my understanding is that if I work to retirement at 55 or older I can buy into the company's group insurance (e.g. get the group rate but pay 100% of the premium rather than 20% as I am now) until age 65.
My target for retirement is $2 million in all accounts, and I think I'll get there by 55 or 56. If I'm not there at 55 I may retire anyway and find something else to do until the balances top $2M.
So by 56:
- I'll be pension eligible
- I'll have a source for insurance that should be fairly affordable
- Wife will be SocSec and Medicare eligible
Looking forward to planning my RE over the next few years and happy to have found this forum.