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Need Some Help
Old 09-01-2006, 08:13 PM   #1
Confused about dryer sheets
Join Date: Sep 2006
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Need Some Help

Hi been reading alot of the posts and now am ready to explain my situation. Wife and I have approximately $1 million set aside not including house that is paid off. Wife is teacher and I am an engineer. I am 49 and wife is 52 our money is tied up in 401's. Broken down into mostly 60% bonds and 40 % stocks* in mutual funds.

My wife will get two pensions total about 1600 a month at age 62 and I will get one about 200 a month.

SS should be about 1100 for wife at 62 and same with me.

We would like to retire around 55 both us.

What do you think
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Re: Need Some Help
Old 09-01-2006, 08:20 PM   #2
Recycles dryer sheets
Join Date: Apr 2005
Posts: 402
Re: Need Some Help

I think someone will say "run FireCalc" and compare to your actual budget :-)
Whatever you do will be insignificant, but it is very important that you do it.
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Re: Need Some Help
Old 09-01-2006, 08:29 PM   #3
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Re: Need Some Help

Originally Posted by Golfer
What do you think

The firecalc link is at the bottom of the page. That online program is pretty much designed to help you with estimations such as yours. You did not give any expense information in your post and that is, of course, half the equation.

Play around with FIRECALC over the weekend. As a rough estimate, if your expenses are anywhere close to reasonable and your investments appropriate, sounds like you are well on your way.
San Francisco Area
ESR'd March 2010. FIRE'd January 2011.

As if you didn't know..If the above message contains medical content, it's NOT intended as advice, and may not be accurate, applicable or sufficient. Don't rely on it for any purpose. Consult your own doctor for all medical advice.
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Re: Need Some Help
Old 09-03-2006, 07:32 AM   #4
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Re: Need Some Help

Welcome to the Forum Golfer.

If part of your concerns is taking money from the 401k before you are 59 and a half, if you retire from the job where you have the 401k in the year you are 55, you can withdraw starting at age 55 with no penalty.

If that exception doesn't fit your situation, you can rollover the 401k into an IRA and do what are called 72t distributions. If that interests you, there is more info at

No more lawyer stuff, no more political stuff, so no more CYA

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Re: Need Some Help
Old 09-03-2006, 08:50 AM   #5
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Re: Need Some Help

It sounds like you have done a good job at saving/staying out of debt. You need to figure out how much $ you need anually to comfortably live on and what you will do about health insurance.
If your job is stressful - you may be able to bail before 55.
Firecal can be very enlightening...

Overall you guys are in a good situation!
Freed at 49. You only live once - live it
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Re: Need Some Help
Old 09-03-2006, 08:03 PM   #6
Confused about dryer sheets
Join Date: Sep 2006
Posts: 4
Re: Need Some Help

Thanks for the replies ran FireCalc and said we had between 90 to 100% chance of success.
Our monthly debt is about $2,500 only thing we did not look at is health care yet. We still have two kids that will be going to college but figure the best route is commnunity college which is about $4,000 per year.
Then loans for them with our help at the last two years
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