Plan_Early
Confused about dryer sheets
- Joined
- Oct 7, 2018
- Messages
- 6
My wife and I hope to retire in the early part of 2020.
Here is a quick run down on our financial picture:
Roth Ira $280k invested in vanguard sp500 index
my $401k $740k invested in vanguard sp500 index
DW $401k $130k invested in ( need recommendation for bond fund )
Etrade $40k invested in vanguard sp500 index
Total $1.19 million
We are putting away a little over $100k per year so are total should rise a little more before we retire if the stock market doesn't crash.
As I mention I'm 53 and DW is 52. We hope/plan on retiring the year I turn 55 which is 2020. I have two pensions that will start at 65 and total $10k but both are not COLA. We have a rental property that we get $20k a year from after expenses. My S.S. will be $23.5k at 62 and Dw will be $17k at 62. Not sure how to calculate the impact of stopping work at 55 versus 62 on S.S.
The total income once we reach 65 is $70k.
We plan on a budget of $100k and fire calc says we are good to go with some room as they say we could spend $135k. We could reduce that if needed.
My questions:
1. Where should I put the DW 401k as far as a bond account goes.
2. Does it make since to keep the Roth as the more riskier account in the SP500 versus a bond, so if it does grow it will be tax free?
3. I plan on keeping our income below the $64k for the ACA and pull the remaining part of our budget $36k from our ROTH so it's not counted as income. Does this make since?
I sure appreciate being able to tap the wisdom/experience in this group. I've been following this group for the last couple of years and applying advice I see in some of the discussions.
This is an exciting time for my DW and I. Some days it feels like we need to pinch ourselves to make sure this is real and we are really this close to retirement.
Here is a quick run down on our financial picture:
Roth Ira $280k invested in vanguard sp500 index
my $401k $740k invested in vanguard sp500 index
DW $401k $130k invested in ( need recommendation for bond fund )
Etrade $40k invested in vanguard sp500 index
Total $1.19 million
We are putting away a little over $100k per year so are total should rise a little more before we retire if the stock market doesn't crash.
As I mention I'm 53 and DW is 52. We hope/plan on retiring the year I turn 55 which is 2020. I have two pensions that will start at 65 and total $10k but both are not COLA. We have a rental property that we get $20k a year from after expenses. My S.S. will be $23.5k at 62 and Dw will be $17k at 62. Not sure how to calculate the impact of stopping work at 55 versus 62 on S.S.
The total income once we reach 65 is $70k.
We plan on a budget of $100k and fire calc says we are good to go with some room as they say we could spend $135k. We could reduce that if needed.
My questions:
1. Where should I put the DW 401k as far as a bond account goes.
2. Does it make since to keep the Roth as the more riskier account in the SP500 versus a bond, so if it does grow it will be tax free?
3. I plan on keeping our income below the $64k for the ACA and pull the remaining part of our budget $36k from our ROTH so it's not counted as income. Does this make since?
I sure appreciate being able to tap the wisdom/experience in this group. I've been following this group for the last couple of years and applying advice I see in some of the discussions.
This is an exciting time for my DW and I. Some days it feels like we need to pinch ourselves to make sure this is real and we are really this close to retirement.