sink or swim - FIRE 4 years early
Hello all. I am 58 and DW is 53. I wasn't planning on retiring for another 4 years, but I accepted an early retirement package in March. I have always monitored our finances (accumulation phase) and was pretty confident we would have a comfortable retirement, but since I didn't expect to retire for 4 years, there are many things I had not prepared for yet (withdrawal phase). I have many questions and am spending a lot of time on this forum looking for answers. Since it is all new to me, I am concerned about what I don't know on this topic.
My numbers are:
$2.5m pretax accounts (IRA/401k)
$3.0m post tax accounts
No kids at home
I've ran the FIRE calc and seem to be fine.
My current plan is:
Live off of post tax accounts while converting pretax accounts to Roth (to minimize RMD taxes) while staying in 24% tax bracket. Also currently plan to take SS at 70 unless drastic things happen and I need the money earlier. Will probably slowly reduce my equity position to be less market sensitive.
I am learning more every day from reading this forum (like the need to pay quarterly taxes) and realize I will continue to change my plan the more I read and understand things.
I appreciate everyone sharing their thoughts and experiences.