Trawler
Recycles dryer sheets
My wife and I are looking at retirement In April of 2011 when I am 50. We currently are right at $997k in cash and securities and will save another $95K by retirement. break down is $602K in 401K & IRA and $244K balanced portfolio of funds and $150K cash. Zero debt and $240K equity in our home no mortgage. We do not use our home equity as part of our planning and would use only as last resort. We have tracked our expenses for the past 5 years and asked our self what changes the expenses when we retire. We came up with $70K per year plus income tax. Of the $70K $15 K is very descretioary and could cut if needed. If we stop earned income on retirement date combined SS income at age 62 is $32k annuallycombined. Have budgeted health and long term care into the budget. The fire calculator says for a 42 year history we are 97.3% succsess rate using mixed portfolioand 70K expense. However other calculators I have used I need to have around $1.5 million to be set free? Is it the income tax piece? If so any easy formulas to calc income tax. We have no need to leave any money behind when we are gone. So are we really there or am I missing something?
Would like to hear from others
Thanks
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Would like to hear from others
Thanks
Thanks