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Full time employment: Posting here.
I’m really looking forward to retiring, but it may be too late for me to retire early. I recently turned 60 and thinking of retiring in a little over 4 years. My youngest son is a sophomore in college and I don’t see him graduating in less than three years. Oldest son still living at home but I’m hoping we resolve that fairly soon. I took an early retirement 15 months ago to take a position with a new company. I need at least 5 years with new company to achieve full vesting on 401K / retirement plan. My wife (age 57) works for the local school district and she wants to retire in two to three years.
We have a combined income of about $285K. We live somewhat below our means, but don’t deny ourselves too much. My goal in retirement is to maintain our current lifestyle and I think I’ll need about $170K to $220K annually (before taxes) to do that.
Current situation:
Retirement Accounts: $2.4 Million
Non-retirement accounts: $0.3 Million
My Pension: None (I took a lump sum in lieu of pension)
DW’s pension at 65: $18K / yr
My Social Security at 66: $30K / yr
DW’s Social Security at 66: $5K / yr
I expect that my current employment will generate about $400K in new 401K / retirement / equity account deposits over the next 4 years. My current retirement accounts are managed by an Independent Financial Advisor in a diversified range of investment vehicles.
I have access to retiree health care from my prior employer once I quit working for good.
I think I’ll be in pretty good position to retire in 4 years, even if I withdraw at the upper end of my estimated range. I don’t think I’ll be able to retire much earlier than that because of the vesting issue at my new company. I could always work an extra year if I needed to, which makes a dramatic difference due to delayed withdraws, additional deposits and additional growth.
Your thoughts / opinions are appreciated. Thanks.
We have a combined income of about $285K. We live somewhat below our means, but don’t deny ourselves too much. My goal in retirement is to maintain our current lifestyle and I think I’ll need about $170K to $220K annually (before taxes) to do that.
Current situation:
Retirement Accounts: $2.4 Million
Non-retirement accounts: $0.3 Million
My Pension: None (I took a lump sum in lieu of pension)
DW’s pension at 65: $18K / yr
My Social Security at 66: $30K / yr
DW’s Social Security at 66: $5K / yr
I expect that my current employment will generate about $400K in new 401K / retirement / equity account deposits over the next 4 years. My current retirement accounts are managed by an Independent Financial Advisor in a diversified range of investment vehicles.
I have access to retiree health care from my prior employer once I quit working for good.
I think I’ll be in pretty good position to retire in 4 years, even if I withdraw at the upper end of my estimated range. I don’t think I’ll be able to retire much earlier than that because of the vesting issue at my new company. I could always work an extra year if I needed to, which makes a dramatic difference due to delayed withdraws, additional deposits and additional growth.
Your thoughts / opinions are appreciated. Thanks.