Good day all
I have introduced myself prior and have had some small input, now we are finally trying to see if we can make the move to RE. That being said, not sure it is really early; however, earlier than my Mother and Father. Somewhat winded here so here goes lol.
Well, I have been a long time observer and a somewhat reserved discussion participant. DW and I have both decided to finally call it quits after the OMY scare. (I am nervous) Hopefully, we can and here are the Stats. Interested for feedback especially assistance to figure out what I will actually take home after taxes, or is there something missing in the equation?
Ages:
DW: Retire 01 April 2020 (April Fools day :-0) at age 66
Me: Retire 01July 2020 at age 60 (59 and 11 months)
Pensions/SS pre-tax (All are Cola'd) (need help on the tax thing)
DW: Pension: $1,250 monthly
DW SS: $1,360
Me: Mil pension $3,992.00 monthly
Me: Fed Gov pension $ 675 Monthly
Me: Disability (A lot of medical issues and not taxable) $3245 Monthly
Me: SS at age 62 (Not sure if I should take it then) website states about $1,700
Investments/Cash give or take a few... about 1.1M
60%(S&P) /30% (bonds) /10% (cash)
*Been running a spreadsheet on expenses for the last few years which are :
-Essential expenses (Bills) 50K, i.e. Mortgage (1,600) electric, natural gas, phone ect.
-Entertainment expenses 20K: i.e. Dining out, travel shopping ect.
Total about 70K annually. Goal is to spend about 100K annually because we want to travel more and just overall enjoy, and I still want to invest a little something monthly.
*Medical: We are very fortunate to have military medical i.e. Tricare and wife now has Medicare so there is No real expense here.
Since our Guaranteed streams of income should cover most or all of our anticipated expenses I would like to leave some money for our Aires.
The only real concern I have I guess is if one of us were to pass first, moreover myself since most of the income is coming from my side. The DW is 6 years older so? I do have a small 10 year 100K term insurance that will help.
FireCalc has us 100% @ 130K annually using 500K. We will use the other 500K for LTC and leaving some funds to family.
Ok, please poke holes in our plan and let me know if we are missing anything?
This site has been extremely insightful for the young and the more seasoned folk.
I have introduced myself prior and have had some small input, now we are finally trying to see if we can make the move to RE. That being said, not sure it is really early; however, earlier than my Mother and Father. Somewhat winded here so here goes lol.
Well, I have been a long time observer and a somewhat reserved discussion participant. DW and I have both decided to finally call it quits after the OMY scare. (I am nervous) Hopefully, we can and here are the Stats. Interested for feedback especially assistance to figure out what I will actually take home after taxes, or is there something missing in the equation?
Ages:
DW: Retire 01 April 2020 (April Fools day :-0) at age 66
Me: Retire 01July 2020 at age 60 (59 and 11 months)
Pensions/SS pre-tax (All are Cola'd) (need help on the tax thing)
DW: Pension: $1,250 monthly
DW SS: $1,360
Me: Mil pension $3,992.00 monthly
Me: Fed Gov pension $ 675 Monthly
Me: Disability (A lot of medical issues and not taxable) $3245 Monthly
Me: SS at age 62 (Not sure if I should take it then) website states about $1,700
Investments/Cash give or take a few... about 1.1M
60%(S&P) /30% (bonds) /10% (cash)
*Been running a spreadsheet on expenses for the last few years which are :
-Essential expenses (Bills) 50K, i.e. Mortgage (1,600) electric, natural gas, phone ect.
-Entertainment expenses 20K: i.e. Dining out, travel shopping ect.
Total about 70K annually. Goal is to spend about 100K annually because we want to travel more and just overall enjoy, and I still want to invest a little something monthly.
*Medical: We are very fortunate to have military medical i.e. Tricare and wife now has Medicare so there is No real expense here.
Since our Guaranteed streams of income should cover most or all of our anticipated expenses I would like to leave some money for our Aires.
The only real concern I have I guess is if one of us were to pass first, moreover myself since most of the income is coming from my side. The DW is 6 years older so? I do have a small 10 year 100K term insurance that will help.
FireCalc has us 100% @ 130K annually using 500K. We will use the other 500K for LTC and leaving some funds to family.
Ok, please poke holes in our plan and let me know if we are missing anything?
This site has been extremely insightful for the young and the more seasoned folk.