Bigchinook
Confused about dryer sheets
Hello, I recently stumbled across this site when the bug hit me to get serious about FIRE. I'm 52, the wife 53 both working with combined income of $163k annual. We are both retired military receiving combined pensions of $81k (36% tax free VA disability). We are covered under Tricare for Medical.
The wife has and additional pension that she is eligible to take at 55, that would be $9k a year, but we are going to hold off until she turns 60 with it will be $12k annual
Current Investment portfolio is mostly 401k/Roth & Traditional $700k with $40k of total in taxable accounts/emergency funds. 60% Stock 30% bond 10% cash
2022 the mortgage will be paid off with no other debts and my goal is $10K monthly for annual retirement income of $120k starting in May 2022.
Our employers only off 401k Lump sum distributions for Age of 55, so I'm planning to utilize a SEPP for me at 55 to help bridge the gap years.
The wife will start dipping into her accounts in 2025 at 59.5 of age and I'm estimating total WD amounts from the portfolio (My SEPP and wife normal distributions) to total $259k over 13 years to maintain $120k annual adj for inflation.
We have no survivor benefits for any of the pensions, I planned on the nest egg to be the survivor benefit!
My questions revolve around SS age and waiting. The current plan has me starting SS at 62 and the wife waiting until 67 (she has full credits). Should she start SS early at 62 to lessen the WD from investments or wait it out for the larger benefit? If she started SS at 62, total WD from portfolio would drop from $259k to $162K.
Total portfolio in 2022 is estimated $800k. Not assuming growth or inflation: Nest egg left if we both check out at Age 90 and 91 would be $541k wife starting SS @ 67 or $638k wife starting SS @ 62 in today's dollars.
Thanks!
The wife has and additional pension that she is eligible to take at 55, that would be $9k a year, but we are going to hold off until she turns 60 with it will be $12k annual
Current Investment portfolio is mostly 401k/Roth & Traditional $700k with $40k of total in taxable accounts/emergency funds. 60% Stock 30% bond 10% cash
2022 the mortgage will be paid off with no other debts and my goal is $10K monthly for annual retirement income of $120k starting in May 2022.
Our employers only off 401k Lump sum distributions for Age of 55, so I'm planning to utilize a SEPP for me at 55 to help bridge the gap years.
The wife will start dipping into her accounts in 2025 at 59.5 of age and I'm estimating total WD amounts from the portfolio (My SEPP and wife normal distributions) to total $259k over 13 years to maintain $120k annual adj for inflation.
We have no survivor benefits for any of the pensions, I planned on the nest egg to be the survivor benefit!
My questions revolve around SS age and waiting. The current plan has me starting SS at 62 and the wife waiting until 67 (she has full credits). Should she start SS early at 62 to lessen the WD from investments or wait it out for the larger benefit? If she started SS at 62, total WD from portfolio would drop from $259k to $162K.
Total portfolio in 2022 is estimated $800k. Not assuming growth or inflation: Nest egg left if we both check out at Age 90 and 91 would be $541k wife starting SS @ 67 or $638k wife starting SS @ 62 in today's dollars.
Thanks!
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