I am feeling like it’s time to see if I can shut ‘er down. Here is my situation:
Me: 59 years old; Wife: 56
Wife plans to work for a while. Let’s say retire 1/1/23. She makes around 160,000 & has excellent healthcare. I am thinking it makes sense for her to continue 401-k contributions but only enough to max out the company match.
Retirement savings: 1.85 million. Taxable savings: 350,000
Home equity: 500,000 (owe 155,000 on mortgage):
Child 1: 24 yo college grad who is currently working full-time & living at home. She is considering grad school. If she gets accepted, her tuition would be covered by the school along with healthcare & some amount of a stipend. We have a custodial account in her name with around 20,000. Our financial assistance for her will probably exist for a little while but should be minimal. No student loans to pay back.
Child 2: 19 yo college sophomore. He has a large scholarship & we have more than enough in a 529 to cover him until he graduates. He is studying engineering & should have little trouble getting a job upon graduation.
Pension (wife): 14,500 starting 1/1/23 (non-COLA)
Social Security (age 70 for both of us - 40,000 annually each)
Ideally, I would like to retire at the end of this year & then withdraw $5000/month from savings at that point. Total income after she retires…I dunno…175,000.
I have tried plugging info into FireCalc but not sure if I am doing it correctly as my situation is a little tricky, it seems.
I am thinking that it makes sense to meet with an hourly fee retirement planner but I would really appreciate feedback from the crew here.
Me: 59 years old; Wife: 56
Wife plans to work for a while. Let’s say retire 1/1/23. She makes around 160,000 & has excellent healthcare. I am thinking it makes sense for her to continue 401-k contributions but only enough to max out the company match.
Retirement savings: 1.85 million. Taxable savings: 350,000
Home equity: 500,000 (owe 155,000 on mortgage):
Child 1: 24 yo college grad who is currently working full-time & living at home. She is considering grad school. If she gets accepted, her tuition would be covered by the school along with healthcare & some amount of a stipend. We have a custodial account in her name with around 20,000. Our financial assistance for her will probably exist for a little while but should be minimal. No student loans to pay back.
Child 2: 19 yo college sophomore. He has a large scholarship & we have more than enough in a 529 to cover him until he graduates. He is studying engineering & should have little trouble getting a job upon graduation.
Pension (wife): 14,500 starting 1/1/23 (non-COLA)
Social Security (age 70 for both of us - 40,000 annually each)
Ideally, I would like to retire at the end of this year & then withdraw $5000/month from savings at that point. Total income after she retires…I dunno…175,000.
I have tried plugging info into FireCalc but not sure if I am doing it correctly as my situation is a little tricky, it seems.
I am thinking that it makes sense to meet with an hourly fee retirement planner but I would really appreciate feedback from the crew here.