Flyfish1
Recycles dryer sheets
New to this board , but I enjoy it very much and am learning some things every time I read it.
I'm 52, am a highly paid professional, but have built an expensive lifestyle over the years that I need to unravel from to ultimately reach a stable retirement. We have two kids , both in college, which is covered by their 529"s, and most of their grad school costs will be as well if they choose to go that route.
I'm planning to pull the trigger at 60, but would like to taper down to 3/4 time at 58. Doing so and retiring successfully at 60 means getting expenses down to my estimated $15k per month. I know it sounds high...and I feel a little guilty even putting that number out there...
The home mortgage will finish at 60, the boat will still have balance at that point. Buy out from my business, will cover that and still put another $500k in the coffers, and a second business after tax should be another $400K. Plan is to build my commercial real estate portfolio to around $1M by then, (presently at $550k), which has been throwing off around 7-8% cash on cash pre tax. We will have a taxable account at an estimated $1.5M, now at $655, and a taxable account at roughly $2.3M, now at $1.1M, based on present funding levels and a hopefully decent rate of return. Add to that the above cash from the biz sales. In addition, and please don't attack ...I will have a whole life policy at around $1.4M. I know...it's a long story, but it is what it is. I fired my FA, but I still have the whole life. I am considering tapping that basis tax free for the first 10 years of retirement to allow the overall funds to grow??
I've run FIRE calc and my favorite the Ultimate Retirement Calc at financialmentor.com as well as others. Looks like we will be fine, but I am still dogged by high spend rates at present. If I could get those down, then my contributions could increase to the RE portfolio and the taxable acct., or I could just go sailing more. Trying to get my wife on the same page with monthly spending and it's not easy. I also worry about boredom in an early retirement , but have started reading Work Less, Live More and am hoping for some inspiration.
Thanks
I'm 52, am a highly paid professional, but have built an expensive lifestyle over the years that I need to unravel from to ultimately reach a stable retirement. We have two kids , both in college, which is covered by their 529"s, and most of their grad school costs will be as well if they choose to go that route.
I'm planning to pull the trigger at 60, but would like to taper down to 3/4 time at 58. Doing so and retiring successfully at 60 means getting expenses down to my estimated $15k per month. I know it sounds high...and I feel a little guilty even putting that number out there...
The home mortgage will finish at 60, the boat will still have balance at that point. Buy out from my business, will cover that and still put another $500k in the coffers, and a second business after tax should be another $400K. Plan is to build my commercial real estate portfolio to around $1M by then, (presently at $550k), which has been throwing off around 7-8% cash on cash pre tax. We will have a taxable account at an estimated $1.5M, now at $655, and a taxable account at roughly $2.3M, now at $1.1M, based on present funding levels and a hopefully decent rate of return. Add to that the above cash from the biz sales. In addition, and please don't attack ...I will have a whole life policy at around $1.4M. I know...it's a long story, but it is what it is. I fired my FA, but I still have the whole life. I am considering tapping that basis tax free for the first 10 years of retirement to allow the overall funds to grow??
I've run FIRE calc and my favorite the Ultimate Retirement Calc at financialmentor.com as well as others. Looks like we will be fine, but I am still dogged by high spend rates at present. If I could get those down, then my contributions could increase to the RE portfolio and the taxable acct., or I could just go sailing more. Trying to get my wife on the same page with monthly spending and it's not easy. I also worry about boredom in an early retirement , but have started reading Work Less, Live More and am hoping for some inspiration.
Thanks