Vincenzo Corleone
Full time employment: Posting here.
- Joined
- Jul 20, 2005
- Messages
- 617
Hi Everybody,
I've grown over the years to despise the field I'm in, which is a shame because I love the work I do. I'm desperate to free myself, and I find myself checking our NW on a daily basis (well, really, only when the markets are up) and running numbers obsessively, looking at different scenarios.
My DW doesn't mind her job and likes many of the people she works with, so she's not in as much of a rush. She wants to retire early if possible, but she isn't desperate.
Whenever I make a half-joke about retiring "tomorrow", she assures me that it would be fine with her. It's encouraging that she'd be fine with me RE while she toils away at work for another five years, but I don't know if the numbers work considering my/our age. I'm hoping to get some feedback from you good people.
Here's our situation:
- Me: 50; DW: 52; no kids, no heirs
- NW is 26-27X our annual expenses (both fixed and discretionary); roughly half of NW is in taxable accounts, the other half in tax-sheltered accounts.
- Our discretionary expenses include two overseas vacations a year and occasional toys (I've taken up the guitar and bought myself two guitars with at least one more in the planning; DW is an avid photographer who likes to upgrade her equipment every so often) - so there's room to cut back if we hit some bumps along the way. Taxes are included in our expenses. We have no real deductions, so we pay a lot in taxes. Assuming I RE, our income will be cut by less than half, so I assume that'll mean we'll pay less in taxes.
- DW, who plans to work until 2022 makes an annual income that doesn't quite cover our annual expenses, so we'll have to tap into our resources, if only a little bit; I'll encourage her (not that she needs it) to continue contributing the max to her 401k.
- DW will collect a modest pension with COLAs starting in 2022; DW will get employer-provided healthcare, however, it's pretty crappy. Most doctors don't participate in the plan, with only emergency hospitalizations fully covered. I have a pre-existing condition which occasionally requires two specialists.
- We live in a high cost-of-living area with no plans to move; we live in a high-rise condo with a magnificent view; home is paid-off.
- No debts
- My field is such that once I'm out, I'm probably out for good - there's really no going back.
- I'll most likely be the recipient of a substantial inheritence, but that isn't included at all in my Firecalc inputs; I'm planning as if I'll get nothing
Firecalc says I can go now (100% success) while DW slaves at work until 2022. I've assumed no social security in my inputs. Firecalc's results say our lowest portfolio balance may be slightly less than our current NW.
Would love to hear any thoughts. Thanks.
I've grown over the years to despise the field I'm in, which is a shame because I love the work I do. I'm desperate to free myself, and I find myself checking our NW on a daily basis (well, really, only when the markets are up) and running numbers obsessively, looking at different scenarios.
My DW doesn't mind her job and likes many of the people she works with, so she's not in as much of a rush. She wants to retire early if possible, but she isn't desperate.
Whenever I make a half-joke about retiring "tomorrow", she assures me that it would be fine with her. It's encouraging that she'd be fine with me RE while she toils away at work for another five years, but I don't know if the numbers work considering my/our age. I'm hoping to get some feedback from you good people.
Here's our situation:
- Me: 50; DW: 52; no kids, no heirs
- NW is 26-27X our annual expenses (both fixed and discretionary); roughly half of NW is in taxable accounts, the other half in tax-sheltered accounts.
- Our discretionary expenses include two overseas vacations a year and occasional toys (I've taken up the guitar and bought myself two guitars with at least one more in the planning; DW is an avid photographer who likes to upgrade her equipment every so often) - so there's room to cut back if we hit some bumps along the way. Taxes are included in our expenses. We have no real deductions, so we pay a lot in taxes. Assuming I RE, our income will be cut by less than half, so I assume that'll mean we'll pay less in taxes.
- DW, who plans to work until 2022 makes an annual income that doesn't quite cover our annual expenses, so we'll have to tap into our resources, if only a little bit; I'll encourage her (not that she needs it) to continue contributing the max to her 401k.
- DW will collect a modest pension with COLAs starting in 2022; DW will get employer-provided healthcare, however, it's pretty crappy. Most doctors don't participate in the plan, with only emergency hospitalizations fully covered. I have a pre-existing condition which occasionally requires two specialists.
- We live in a high cost-of-living area with no plans to move; we live in a high-rise condo with a magnificent view; home is paid-off.
- No debts
- My field is such that once I'm out, I'm probably out for good - there's really no going back.
- I'll most likely be the recipient of a substantial inheritence, but that isn't included at all in my Firecalc inputs; I'm planning as if I'll get nothing
Firecalc says I can go now (100% success) while DW slaves at work until 2022. I've assumed no social security in my inputs. Firecalc's results say our lowest portfolio balance may be slightly less than our current NW.
Would love to hear any thoughts. Thanks.
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