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Starting the countdown.....
10-13-2010, 11:53 AM
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#1
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Recycles dryer sheets
Join Date: Sep 2009
Posts: 99
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Starting the countdown.....
Well the DW and I are 52. The kids are grown and gone. The $400K+ house is paid for, the cars are new, and I have no debts. I've been using Quicken for over 15 years now to track all spending, so I know over the last few years that my expenses are a little under 40K a year.
We have $1M in retirement accounts, another $350K in after tax accounts. We'll get small pensions when we hit 65 (total $1K per month). According to the gov SS site, the wife will get 1K a month at 62, I'll get around $2.2K at 67. Plugging those numbers into Firecalc makes things look easy, but there's always that little nagging fear....
The DW says she's going to keep working at least part time, making at least enough to cover health insurance, but I've set a target date for FIREing of April 2011 for myself. I've been lurking here for a while and will continue to do so, so keep all the great info coming.
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10-13-2010, 12:56 PM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2006
Location: Collin County, TX
Posts: 9,296
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Thanks for sayin' 'hi' SomedaySoon...and congrats on your countdown..
__________________
There's no need to complicate, our time is short..
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10-13-2010, 01:31 PM
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#3
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Administrator
Join Date: Jul 2005
Location: N. Yorkshire
Posts: 34,130
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Welcome to the forum. It looks like you are in pretty good shape to take the plunge, particularly with DW covering the healthcare.
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Enough private pension and SS income to cover all needs
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10-13-2010, 04:29 PM
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#4
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Full time employment: Posting here.
Join Date: Mar 2008
Posts: 968
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Are taxes part of that 40k in annual expenses? Looks good otherwise.
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10-13-2010, 04:42 PM
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#5
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Recycles dryer sheets
Join Date: Sep 2009
Posts: 99
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Well it does cover (significant) property taxes but not income taxes. I was plugging 50K into Firecalc to handle that, and it still was 100%
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10-13-2010, 05:09 PM
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#6
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2007
Posts: 5,072
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Welcome and congrats!
There will always be some level of uncertainty and anxiety.
I am not going to let that hold me back.
There are a number of us in countdown mode... I have been counting for about 5 years now. I intend to FIRE according to plan.
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10-13-2010, 06:06 PM
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#7
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Thinks s/he gets paid by the post
Join Date: Sep 2010
Location: midwestern city
Posts: 4,061
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Sounds like like you are ready to FIRE. Go fo it.
Quote:
Originally Posted by SomedaySoon
my expenses are a little under 40K a year (...) We have $1M in retirement accounts, another $350K in after tax accounts. We'll get small pensions when we hit 65 (total $1K per month). According to the gov SS site, the wife will get 1K a month at 62, I'll get around $2.2K at 67.
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__________________
Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
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10-13-2010, 06:32 PM
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#8
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Full time employment: Posting here.
Join Date: Feb 2009
Posts: 886
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Thanks for jogging the memory
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10-13-2010, 06:49 PM
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#9
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Thinks s/he gets paid by the post
Join Date: Oct 2010
Posts: 2,472
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I like what you are doing. My wife and I on our 5th year of retirement. We got out at ages 54, and 52. We plugged 50K into Quicken for expenses including private health care. Real spending has been 10K less than that. The low yield bonds of the last two years, was a plus when we paid no income tax. Our taxable part of our portfolio which we live on has grown due to capital gains on our bond holding. I did take a whole bunch of gains out before the 0-5% long term rates phase out. Let us know how things progress.
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10-13-2010, 08:07 PM
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#10
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gone traveling
Join Date: Oct 2010
Posts: 114
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Your situation (and Grasshopper's) looks pretty good. But I wonder how you both can afford private health insurance at your age? I don't recall either of you mentioning retiree health insurance subsidy from your former employer. The only other option I can think of is an inexpensive high deductible catastrophic policy, but then many wouldn't consider that real health care coverage.
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10-14-2010, 05:53 AM
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#11
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Recycles dryer sheets
Join Date: Sep 2009
Posts: 99
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Health care is an issue I am concerned with. Here in NY we have the option for "Healthy NY" coverage from BS/BC of around $700 a month for a pretty decent HMO plan. The max income elligibility limit is about 3K per month, which my wife's income plus gains on our after tax portfolio won't exceed. I'm still hoping that the ObamaCare plan will favor Low Income/High Net Worth consumers as it currently appears to.
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10-14-2010, 06:33 AM
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#12
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Thinks s/he gets paid by the post
Join Date: Oct 2010
Posts: 2,472
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My medical expenses are 21% of my spending. I have BCBS with a $5K deductible. I also my dental insurance, which has proved to be a break even expense to me.
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