Update: Pulling the Plug

[Dtail]

Quote:

Originally Posted by DustyL Thanks for the responses, timemoveson and whisper 66. It feels like it has been a long haul of living below our means for 30+ years, regardless of what I was making. But I need to re-run FIRECalc. I have also used the Ultimate Retirement Calculator, but not recently so I will re-run the numbers there as well. https://financialmentor.com/calculat...ent-calculator

If you have access to Fidelity, I would run their calculator too. It is Monte Carlo based and tends to give a more conservative result than the historical based calculators.
It also is a bit more flexible for expense input and assigns a higher inflation rate to medical expenses.

[Dtail]

Quote:

Originally Posted by DustyL Thanks Dtail. I did some initial review but need to do so now in earnest. Due to my severance (even part from the money I have been earning freelancing), my 2018 MAGI will be much too high to qualify for a subsidy in 2018. 2019, however, could be a different story since the severance will be over.

I had the same issue in 2016, but my severance and employer provided medical coverage ended Dec 31st, so no half year issue.
Perhaps Cobra for a half year even though could be expensive.

[DustyL]

I do have access to Fidelity so I will try its calculator.

Started the health care research yesterday. On the phone with Cobra folks; reviewing my son's health care plan at his job, my daughter's plan from school etc. Not a ton of fun but needs to be done. Had me thinking for a few minutes that I should get a job just to avoid figuring out health care (and paying for it).

With Cobra, I learned something I should have known when I selected my plan at the end of last year for 2018 -- you can't move from gold to silver or gold to bronze, only gold to gold. But I can switch from gold family to gold husband/wife and take the kids off. And can switch to silver or bronze during open enrollment. Next, need to review the ACA options/prices. Can't wait.

[ncbill]

Quote:

Originally Posted by DustyL I do have access to Fidelity so I will try its calculator. Started the health care research yesterday. On the phone with Cobra folks; reviewing my son's health care plan at his job, my daughter's plan from school etc. Not a ton of fun but needs to be done. Had me thinking for a few minutes that I should get a job just to avoid figuring out health care (and paying for it). With Cobra, I learned something I should have known when I selected my plan at the end of last year for 2018 -- you can't move from gold to silver or gold to bronze, only gold to gold. But I can switch from gold family to gold husband/wife and take the kids off. And can switch to silver or bronze during open enrollment. Next, need to review the ACA options/prices. Can't wait.

I've found the Personal Capital retirement calculator the most conservative of all the ones I've tried.

[DustyL]

Thanks. I will try that one as well. I do need to firm up my expenses in order to make the use of the retirement calculators a meaningful exercise.

[DustyL]

Another update.

About 2 1/2 years since I left my job and 1 1/2 years since my severance ended. I'm 58 1/2 and DW turning 57.

Finances: $4.76M with a 50%/50% stock bond split.

No mortgage. House equity is about $900K (not including in above net worth).

Kids: Daughter finishing up college (so fully paid up) with a good job when she graduates, son in grad school after working and supporting himself for years (we are helping him out).

Work: Continued to do work on freelance basis. Had good year in 2018 and great year in 2019 (easy, not stressful work, good $) such that we haven't had to withdraw anything yet from principal but the work is drying up and I haven't been motivated to replace it.

Healthcare: Until end of 2019 was on Cobra since I left my job but now on a new plan purchased in the market ($1250 per month for the two of us, which is a lot less than Cobra but much higher deductibles; kids health care is via school).

SS ($3200 for me and 1/2 of that for DW at 67, obviously more if we wait until 70) and Gov. pension ($10K at 62) essentially as above.

Need to track my spending more which I haven't been doing given my earnings, but probably around $150K (very high real estate taxes).

Happy new year to all. Thanks for all prior comments and suggestions.

[cnocmmz]

Fidelity Calculator never seems to give access?