I need your input as what to do in our current situation, as I am certainly stumped on this one, please bear with me with these numbers -
I am a 55 yr old, accident disabled physician, working part time in my own solo practice, with diabetes and such.... and am unable to get individual health insurance policy . My 50 yr old wife manages the office.
Daughter married and gainfully employed, son is a freshman in college. We are new empty nesters, my father lives with us half the year, he is 83 and has alzheimer's dementia.
Current yearly expenses - $ 120,000
Extra Padding, unexpected yearly expenses - $ 25,000
------------
Total annual expenses - $ 145,000
Current yearly disability income - upto age 65 - $ 156,000
Our combined salaries - part time work W2 - $ 60,000
Office building rental net income - - $ 60,000
{It houses our + 2 other practices } ------------
Total annual income - $ 276,000
Mortgage free Home and Office Building
529 Edu. savings enough for son's education
We save regularly, difficult to put a number, but say 50 to 100 k a year
Assets - numbers rounded
Retirement - Mutual Funds - $ 1,650,000
Non retirement - Taxable - $ 1,175,000
--------------
Total money assets $ 2,825,000
Asset Allocation - 45% Stocks/55% Bonds + fixed income
IF we close shop now and we retire ............
I lose - Medical Insurance, self insure for 11 yrs till age 66 - Medicare
- Our salaries $60,000
- Our Office rental income may go down by how much
(By an unknown amount as then our office will need to be rented out in the very soft rental market of our town)
I do gain freedom of not getting bound to a schedule even though it is part time, start hobbies and may do limited travel with constraints of disability.
The various calculators- Fidelity, Firecalc, etc show green, say we enough.
What would you do ?
Thanks in advance for all and any opinions, will render more info to any more questions......, (come on .... tell us to retire now )
Thanks and regards
I am a 55 yr old, accident disabled physician, working part time in my own solo practice, with diabetes and such.... and am unable to get individual health insurance policy . My 50 yr old wife manages the office.
Daughter married and gainfully employed, son is a freshman in college. We are new empty nesters, my father lives with us half the year, he is 83 and has alzheimer's dementia.
Current yearly expenses - $ 120,000
Extra Padding, unexpected yearly expenses - $ 25,000
------------
Total annual expenses - $ 145,000
Current yearly disability income - upto age 65 - $ 156,000
Our combined salaries - part time work W2 - $ 60,000
Office building rental net income - - $ 60,000
{It houses our + 2 other practices } ------------
Total annual income - $ 276,000
Mortgage free Home and Office Building
529 Edu. savings enough for son's education
We save regularly, difficult to put a number, but say 50 to 100 k a year
Assets - numbers rounded
Retirement - Mutual Funds - $ 1,650,000
Non retirement - Taxable - $ 1,175,000
--------------
Total money assets $ 2,825,000
Asset Allocation - 45% Stocks/55% Bonds + fixed income
IF we close shop now and we retire ............
I lose - Medical Insurance, self insure for 11 yrs till age 66 - Medicare
- Our salaries $60,000
- Our Office rental income may go down by how much
(By an unknown amount as then our office will need to be rented out in the very soft rental market of our town)
I do gain freedom of not getting bound to a schedule even though it is part time, start hobbies and may do limited travel with constraints of disability.
The various calculators- Fidelity, Firecalc, etc show green, say we enough.
What would you do ?
Thanks in advance for all and any opinions, will render more info to any more questions......, (come on .... tell us to retire now )
Thanks and regards