getting ready to ER early next year, and looking for input from you experts on if i'm missing anything fundamental. here are the key facts:
firecalc suggests a $25k annual withdrawl on the $350k has a 83% chance of lasting 15yrs. a few thousand $'s worth of part-time/seasonal work each year would raise it over 90%. the 401k/IRA should at least double in the 15yrs before its needed, providing at least $33k/yr for my final 35yrs with a 95% confidence. i have not assumed any social security income, but the IRS suggests mine and my wifes combined accounts would provide $18k/yr at age 65 (in 2002 $'s).
any comments/input on my basic plan?
- age 39, married, no debts (own our home)
- 2 small kids, each with 529Bs that are well enough funded to pay for a 4yr college education
- taxable savings/investments of approx. $350k
- 401k and IRA savings of approx. $375k
- current and target budget is $25k/yr (we live in rural PA), this includes health care.
firecalc suggests a $25k annual withdrawl on the $350k has a 83% chance of lasting 15yrs. a few thousand $'s worth of part-time/seasonal work each year would raise it over 90%. the 401k/IRA should at least double in the 15yrs before its needed, providing at least $33k/yr for my final 35yrs with a 95% confidence. i have not assumed any social security income, but the IRS suggests mine and my wifes combined accounts would provide $18k/yr at age 65 (in 2002 $'s).
any comments/input on my basic plan?