On_the_fence
Confused about dryer sheets
- Joined
- Mar 26, 2013
- Messages
- 8
I have the same question as many others here.
I am 57 and wife is 56. We have no debts of any kind. Our net worth is currently $2.2M. Of that, $550K is in primary residence and a rental property. Of the balance about $200K is in cash/savings (I am thinking of buying more rental property with that), $700K in IRA and 401Ks invested conservatively in mutual funds and about $750K similarly invested but in non-tax deferred accounts.
Careful review of last 2 years spending shows we spent on average $60K per year. Let's be cautious and assume $70K as base amount for future spending. I also assume no Social Security until age 67 and $2k/month (2013 dollars) from then on.
All the models I have tried show we should be safe to age 95 (again - trying to be cautious or optimistic!). Even Firecalc says 100%.
I probably would try to work at least part time but for the discussion let's assume I don't. I live in Florida and plan to stay here for quite a few years, maybe forever.
I know there's no guarantees, and that we can only estimate inflation, portfolio returns and longevity, etc., but my question is: have I missed anything obvious in trying to decide if we have enough and opt to take early retirement?
Thanks for all opinions.
On_the_fence in Florida.
I am 57 and wife is 56. We have no debts of any kind. Our net worth is currently $2.2M. Of that, $550K is in primary residence and a rental property. Of the balance about $200K is in cash/savings (I am thinking of buying more rental property with that), $700K in IRA and 401Ks invested conservatively in mutual funds and about $750K similarly invested but in non-tax deferred accounts.
Careful review of last 2 years spending shows we spent on average $60K per year. Let's be cautious and assume $70K as base amount for future spending. I also assume no Social Security until age 67 and $2k/month (2013 dollars) from then on.
All the models I have tried show we should be safe to age 95 (again - trying to be cautious or optimistic!). Even Firecalc says 100%.
I probably would try to work at least part time but for the discussion let's assume I don't. I live in Florida and plan to stay here for quite a few years, maybe forever.
I know there's no guarantees, and that we can only estimate inflation, portfolio returns and longevity, etc., but my question is: have I missed anything obvious in trying to decide if we have enough and opt to take early retirement?
Thanks for all opinions.
On_the_fence in Florida.