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Standing at airplane door... will someone PLEASE check my parachute?
Old 01-18-2017, 10:45 AM   #1
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Standing at airplane door... will someone PLEASE check my parachute?

Hi. I have been lurking here for a long time. What a great community and a wealth of resources. Thanks to everyone in advance for reading this post and offering any wisdom you are willing to share. I am 55 and my wife is 57. We have lived frugally for a long time and will continue to live simply in retirement. We live in a paid for condo on the West coast of Florida. We love the condo and would only sell it if there was a dire financial situation in the future.

I am working through the final steps to be ready to retire this year, hopefully in March. My wife will continue to work for a couple of years longer as she likes her job and the benefits are good. She travels about 50% in her job and I plan to tag along for fun and will start doing a lot of her admin work so she will have more time for our fun together.

So are the details of our situation:

Annual Expenses Now: $65,000 (average over last 2 years)
Annual Expenses in 2 Yrs: $80,000 (assuming add’l $15k in medical costs)

Taxable Savings: $1,400,000
Tax-Deferred Savings: $875,000
Approximate allocation (45% VTI; 45% BND; 5% VNQ; 5% Cash)

My Social Security $37,750 @ age 70 or $25,850 @ age 65
Her Social Security $26,750 @ age 70 or $18,250 @ age 65

My Pension $27,500 @ age 65 (100% joint survivor – no COLA)
Her Pension $5,000 @ age 65 (100% joint survivor – no COLA)

Her Salary $80,000 before tax (Expected in 2017 & 2018)

Current Condo value $560,000

Kids are grown and majority independent. We don’t expect any significant costs here.
Ran FireCalc with many scenarios (SS @ 65 vs. 70 and different spending levels), but in general it seems to report 100% success up to ~$100k in annual spending.

What do you all think? What else should I be thinking or planning?
Thanks again for the help!
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Old 01-18-2017, 11:02 AM   #2
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Not sure what you are waiting for.... time to take that leap of faith!
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Old 01-18-2017, 11:05 AM   #3
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15k in medical costs may be enough, or not. Depends. Just count on it going above the inflation rate.

Do your expenses include all taxes? Sometimes people forget.
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Old 01-18-2017, 11:15 AM   #4
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So, in 10 years you are going to be getting over $75K per year in SS and pension (if you want) and expenses are $80K.....


Someone needs to push you out the door!!!
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Old 01-18-2017, 11:24 AM   #5
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Love Long Boat Key and that coast. Go for it!
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Old 01-18-2017, 11:37 AM   #6
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Someone needs to push you out the door!!!
Make sure the GoPro is running!!
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Old 01-18-2017, 11:43 AM   #7
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Enjoy the jump! Earn only inflation on the money and you get 100k real for life. More likely 125k or more.
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Old 01-18-2017, 11:55 AM   #8
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Yes it includes taxes... Property and about 11k per year for income. I haven't really dug into the impact of withdrawals after wife quits working...
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Old 01-18-2017, 11:56 AM   #9
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Thanks... That's why I am thinking March is perfect timing... Max out Catch up on 401k and pull the cord.
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Old 01-18-2017, 11:57 AM   #10
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So, in 10 years you are going to be getting over $75K per year in SS and pension (if you want) and expenses are $80K.....


Someone needs to push you out the door!!!
THANKS! I was hoping that would be the case.
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Old 01-18-2017, 11:59 AM   #11
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Make sure the GoPro is running!!
Didn't work a GO Pro into the expenses... time to reevaluate costs
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Old 01-18-2017, 11:59 AM   #12
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FWIW the OP's numbers are similar to mine (+- 20%) and I pulled the trigger at 55. No complaints a year later other than wishing I'd done it sooner.
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Old 01-18-2017, 11:59 AM   #13
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Enjoy the jump! Earn only inflation on the money and you get 100k real for life. More likely 125k or more.
Thanks for the vote of confidence.
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Old 01-18-2017, 12:29 PM   #14
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FWIW the OP's numbers are similar to mine (+- 20%) and I pulled the trigger at 55. No complaints a year later other than wishing I'd done it sooner.
Stepford,
Thanks for sharing... I wish I had gotten serious about this sooner too. Hard to get any time back you have missed with family or having fun. You are a year out of the gate, what if anything might you do differently if you were doing it again??

Thanks again!
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Old 01-18-2017, 12:30 PM   #15
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Love Long Boat Key and that coast. Go for it!
Thanks we love it here...
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Old 01-18-2017, 12:49 PM   #16
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As long as your retirement funds are not in shares of M & M enterprises

skip to 1 min 10 seconds for the parachute scene.
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Old 01-18-2017, 01:13 PM   #17
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You will be fine. I'm in a similar situation where my pension and SS exceed my spending and I'm looking at the growing portfolio (over the last 10 years) and wondering what the heck I was worried about. Nearly everyone has the same apprehension.
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Old 01-18-2017, 03:21 PM   #18
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You will be fine. I'm in a similar situation where my pension and SS exceed my spending and I'm looking at the growing portfolio (over the last 10 years) and wondering what the heck I was worried about. Nearly everyone has the same apprehension.
Thanks for sharing Travelover!
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Old 01-18-2017, 04:19 PM   #19
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Er.. Umm. ..

The headline had me confused.

I actually stood in the door of a C130 for aprachute jump. We overran the landing zone and jumpmaster stuck his hand in front of my face. To stop egress. Any touch on the body was a go signal, they did not want me landing in a city. Stood there in the go position for a half hour of a go around. Spectacular view.

Sorry, cant help with finances, I am not that good.
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Old 01-18-2017, 04:21 PM   #20
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The single largest 'essential spending' category in my 2017 budget is allocation to reserves for non-recurring expenses. This is why I like to claim that actual spending (which I track to the penny) feeds the budget, and it is the budget that is the key financial management document. Just something to keep in mind! 😊
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