I'm 58 married with twin 13 year olds. I got laid off about a year ago and haven't found anything. Getting unemployment benefits but that will run out in about 3 months. My wife has a job with health benefits and plans to work until about 2013.
In 2013 (when I'm 60) I will get a Navy pension of about $1500/mo for the first 3 years (I have to pay back a $25,000 bonus) and then it will bump to about $2800/mo in 2016. I plan to wait until 64 for SS (2017) and my wife will take hers at 62 (2019).
I have about $1.6 million in investments 74% stock, 21% bonds and 5% cash.
I think I should be able to retire now at 58 and take out about $20,000 a year until 2013 and then take out $75,000 for about 5 years until all the pensions and SS kick in. Then drop to about $50,000 a year coming out of investments for the remainder of retirement.
Is this a reasonable scenario?
In 2013 (when I'm 60) I will get a Navy pension of about $1500/mo for the first 3 years (I have to pay back a $25,000 bonus) and then it will bump to about $2800/mo in 2016. I plan to wait until 64 for SS (2017) and my wife will take hers at 62 (2019).
I have about $1.6 million in investments 74% stock, 21% bonds and 5% cash.
I think I should be able to retire now at 58 and take out about $20,000 a year until 2013 and then take out $75,000 for about 5 years until all the pensions and SS kick in. Then drop to about $50,000 a year coming out of investments for the remainder of retirement.
Is this a reasonable scenario?