Hello everyone! I'm 56 and I "retired" with a buy-out from a Fortune 500 company last month. After 25 yrs I earned a $32k pension and the company will subsidize $8k per life yearly for my wife and I's health insurance leaving us paying $7.2k total for the same policy I had while an active employee. We have a LTC insurance policy for each of us too ($3k annually).
Children are all on their own. Wife still works full time and earns ~$150k average yearly salary. We own two rental houses (both currently occupied by our children and grandchildren) valued at around ~$170k as well as $250k equity in our own $400k home. Our combined 401K/IRAs total around $1M.
I am now working part time ~30h/wk as a consultant with absolutely zero stress doing a job I enjoy. It's a very small company in which I get a lot of equity (which may or may not pay off) in addition to a $36k salary.
The plan is for us to contribute another ~$400k to our assets, pay off our mortgage and for both of us to completely retire debt-free in 4 years at age 60 and begin IRA withdrawals then. At age 62 we will be eligible for a combined SS benefit of $50k annually. We don't spend extravagantly and we generally have saved close to 50% on average. Cost of living is low in our state and we don't drive new cars or need expensive toys. We do enjoy travel and on average we'd like to spend around $10k annually on this. Thought I'd say hello and reach out to those here with more experience and ask If this seems like a reasonable plan. Am I missing anything? Thanks!
Children are all on their own. Wife still works full time and earns ~$150k average yearly salary. We own two rental houses (both currently occupied by our children and grandchildren) valued at around ~$170k as well as $250k equity in our own $400k home. Our combined 401K/IRAs total around $1M.
I am now working part time ~30h/wk as a consultant with absolutely zero stress doing a job I enjoy. It's a very small company in which I get a lot of equity (which may or may not pay off) in addition to a $36k salary.
The plan is for us to contribute another ~$400k to our assets, pay off our mortgage and for both of us to completely retire debt-free in 4 years at age 60 and begin IRA withdrawals then. At age 62 we will be eligible for a combined SS benefit of $50k annually. We don't spend extravagantly and we generally have saved close to 50% on average. Cost of living is low in our state and we don't drive new cars or need expensive toys. We do enjoy travel and on average we'd like to spend around $10k annually on this. Thought I'd say hello and reach out to those here with more experience and ask If this seems like a reasonable plan. Am I missing anything? Thanks!
