We are planning to retire at the end of the year.
I'm 60, DW is 53.
Kids are out of college and working.
We live in Texas so there is no state income tax.
This is what our financial situation will look like:
Primary home: 300K, paid off.
Stocks: 900K
Bonds: 100K (i-bonds and TIPS)
4 rental units paid off, 950K: 40K/yr rental income (after expenses, before income tax)
Pension: 30K/yr (cola'd)
Social Security 2 yrs from now (at 62): 11K/yr
DW's SS 9 yrs from now (at 62): 10K/yr
Health insurance from former employer. Our out of pocket cost is 5-10K/yr.
(We have no long term care insurance.)
We don't have a budget, but we think we can live comfortably on 80-100K / yr (before income tax).
We could work for a few more years, but we had enough.
Can we retire? Do we have enough?
Thanks.
I'm 60, DW is 53.
Kids are out of college and working.
We live in Texas so there is no state income tax.
This is what our financial situation will look like:
Primary home: 300K, paid off.
Stocks: 900K
Bonds: 100K (i-bonds and TIPS)
4 rental units paid off, 950K: 40K/yr rental income (after expenses, before income tax)
Pension: 30K/yr (cola'd)
Social Security 2 yrs from now (at 62): 11K/yr
DW's SS 9 yrs from now (at 62): 10K/yr
Health insurance from former employer. Our out of pocket cost is 5-10K/yr.
(We have no long term care insurance.)
We don't have a budget, but we think we can live comfortably on 80-100K / yr (before income tax).
We could work for a few more years, but we had enough.
Can we retire? Do we have enough?
Thanks.
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