I'm semi-retiring in September 2007 at age 55. DW is 55 also. DW and I will have 20k total pensions at 55, approximately 730k investments, expect 180k profit from house sale. Social security extrapolates to about 34k (today's dollars) at 62. House is for sale now. We'll rollover house profit to safer investments to use for first 7 years, more or less. We plan to rent small house (less than $1k). Subsidized health insurance (retiree medical through his company) is 15k/year. We both have health issues that would put us in the state pool. State pool and company medical are close in price but company medical is significantly better. Based on our calculations we need 67k per year to live on (inflation adjusted, of course). We also plan to make 20k in earned income until SS kicks in at 62.
We will take money out of taxed accounts first, then Roths, then remainder. We may at some point in the future buy a house, but are not sure where or when at this point.
67k is half our current income, but we save 30% a year and our current house costs us about 2k/month (including mortgage, taxes and insurance, but not repairs, etc.). We expect to cut our expenses by about a third (excluding housing and health insurance).
Firecalc says we are okay, but we're looking for human confirmation anyone out there have a similar situation? Any comments about our chance for success?
We will take money out of taxed accounts first, then Roths, then remainder. We may at some point in the future buy a house, but are not sure where or when at this point.
67k is half our current income, but we save 30% a year and our current house costs us about 2k/month (including mortgage, taxes and insurance, but not repairs, etc.). We expect to cut our expenses by about a third (excluding housing and health insurance).
Firecalc says we are okay, but we're looking for human confirmation anyone out there have a similar situation? Any comments about our chance for success?