Married 56 yo, debt free, pension, $1.7 mill saved.

[besa]

Annuity income- $30,000 ?

Not this much.

I figure about $15k/year until I die.

I can get money now, but the longer I wait, the more I get later.

I know some folks say annuities are bad, but I didn't lose any money in them during this COVID crash.

Can't be all bad.

Stress level because of annuities = 0

 

[besa]

Found a couple of budget spread sheets etc. on the web.

Then went through all of my spending for the last 3 months.

Plugged everything in, trying to over estimate vs under.

Ended up with a monthly expense of ~$3k vs my original bad guess of ~$1k/month.

Very big error. Thank FIRE folks for the inquisitive questions.

The biggest monthly expenses were: Insurance and Gas. Both of these will drop a bit when I retire.

I also have one more kid to help with college. I have a prepaid college program paid off that gets him 120 semester hours. I have to pay for books and lodging.

We put 2 other kids through college already and the cost was about $600 to $1000/month.

So, for the last one, if I retire this will be an expense of about $48k for 4 years. This will come out of our cash reserves.

Any feedback?

 

[WyomingLife]

I am getting lost in the math and haven’t studied this thread.

You put two children through college at a burn rate of $1000/month each, but to do the same for your third the cost quadruples?

Your non-college expense yearly budget is $36K. Does that include HC?

What is your stache?

 

[besa]

I am getting lost in the math and haven’t studied this thread.

You put two children through college at a burn rate of $1000/month each, but to do the same for your third the cost quadruples?

Your non-college expense yearly budget is $36K. Does that include HC?

What is your stache?

I am retired military and have health care until medicare. 65?

3rd child college is worst case $1k x 12 x 4 = 48k.

We have about >~$150k liquid.

My DW can't fathom retirement. She seems to want to work until she dies...from work.

So...first world problems. I know it could be much much worse.