I did a thing today!

[Monterey298sc]

Put my business property’s for sale, I will continue to operate until sold. Several employees quit to go on Covid unemployment. Sick and tired of working my ass off when I don’t need to, and can’t find help.

My question ? In Fire Calc

I will have about 3.4 M liquid after sale
Primary home 400,000. Paid off
Rental home 120,000 paid off. 600 in rental income per Mo/ for my Down’s syndrome brother in law care he is 56

Vacation lake home 250,000 paid off floating cabin, low expenses of about 5,000 per year. Included in expenses.
2 cars paid off
No debt at all

I do NOT have a pension / self employed. So I need to draw right away.
I am 61 the DW is 59

I don’t like to count SS, I act like that is gravy money in fire calc

Our expenses are about 95,000 per year including health care of currently 28,000 . I am expecting a total of 125,000 per year with blow the dough.

I am coming up with 94% success for 30 years I am sure that would be 100% with SS.

Now question? Would YOU retire with these numbers. Did I mention I am stressed to the MAX!!!!! This is my 39th year ! Of high stress job. Funeral service owner.

When would you draw SS, we are both healthy, at least for now.

Thank you .

 

[REWahoo]

Now question? Would YOU retire with these numbers.

Yes.

 

[Bigdawg]

I will have about 3.4 M liquid after sale
Primary home 400,000. Paid off
Rental home 120,000 paid off. 600 in rental income per Mo/ for my Down’s syndrome brother in law care he is 56

Vacation lake home 250,000 paid off
2 cars paid off
No debt at all

I do NOT have a pension / self employed. So I need to draw right away.
I am 61 the DW is 59

I don’t like to count SS, I act like that is gravy money in fire calc

Our expenses are about 95,000 per year including health care of currently 28,000 . I am expecting a total of 125,000 per year with blow the dough.

I am coming up with 94% success for 30 years I am sure that would be 100% with SS.

Now question? Would YOU retire with these numbers. Did I mention I am stressed to the MAX!!!!!

When would you draw SS, we are both healthy, at least now.

Thank you .

Getting a handle on expenses is important. It seems like your $125k for expenses is ball park/estimate. If you are both healthy(you say you are) then your health $ should go done with ACA. You mention not counting SS but then you ask when to draw it. Go to SSA.gov and see what your estimated #'s will be for you and your your wife. 3.4 liquid would give you your $125K/yr at 4% withdrawal rate. If you add in SS and get lower health care costs with ACA you should be good to go. Biggest issue is that stress. Get rid of that is #1 priority. You may even want to work part time later after the stress is gone. Good luck.

 

[Dtail]

I would use 35 years in Firecalc.
Not including SS is just way too conservative at your ages. At least include 75% of expected benefits.
If you are searching for 100% success rates, I would use more realistic numbers, as you wish for a more realistic output.

 

[Ronstar]

Now question? Would YOU retire with these numbers.

Yep as long as you keep running your business until the business properties are sold. (I think you alluded to that.) IMO, they will sell quicker if the business is still operating.

 

[EastWest Gal]

Put my business property’s for sale, I will continue to operate until sold. Several employees quit to go on Covid unemployment. Sick and tired of working my ass off when I don’t need to, and can’t find help.

My question ? In Fire Calc

I will have about 3.4 M liquid after sale
Primary home 400,000. Paid off
Rental home 120,000 paid off. 600 in rental income per Mo/ for my Down’s syndrome brother in law care he is 56

Vacation lake home 250,000 paid off floating cabin, low expenses of about 5,000 per year. Included in expenses.
2 cars paid off
No debt at all

I do NOT have a pension / self employed. So I need to draw right away.
I am 61 the DW is 59

I don’t like to count SS, I act like that is gravy money in fire calc

Our expenses are about 95,000 per year including health care of currently 28,000 . I am expecting a total of 125,000 per year with blow the dough.

I am coming up with 94% success for 30 years I am sure that would be 100% with SS.

Now question? Would YOU retire with these numbers. Did I mention I am stressed to the MAX!!!!! This is my 39th year ! Of high stress job. Funeral service owner.

When would you draw SS, we are both healthy, at least for now.

Thank you .

I did retire with numbers not far from yours, including expenses. No rental income though. We are both 61, healthy and getting healthier. 20 months ago the portfolio including rollover IRA was $3.4M. It hit $4M Friday, even with withdrawals and sale of a few assets.

We’ll take SS at 70 unless our health changes.

Look closely at your income without business income. Keep it under $68K and you’ll save $20K on health insurance. I’m bunching up asset sales and Roth conversions to 2020 and 2022 to get the HI subsidy 2021 and 2023. It’s like cutting our HI to 60%. We hit Medicare age in 2024.

 

[street]

Yep as long as you keep running your business until the business properties are sold. (I think you alluded to that.) IMO, they will sell quicker if the business is still operating.

x2

 

[JRon]

Yes I would retire. Unless you or DW have a family history of a short life span look at SS at either 67 or 70, but don’t worry about that until you approach 67.

 

[chassis]

Congratulations.

Include SS in your plan. It is part of your plan.

I would retire if in your shoes. Consult if you want/are able.

 

[Gumby]

Does your $125k annual spending also include taxes?

 

[GravitySucks]

Long answer:
Yes

 

[Ready]

$28K for healthcare - wow! I would think if you stop working you would be eligible for subsidized coverage. In any case, those figures will go down dramatically once you are on Medicare, so worst case you only have to cover those figures for another 4-6 years.

So with that in mind I would definitely sell your business and de-stress. If you stop working permanently you will be fine.

 

[MarieIG]

Me? I would use a 3% w/d rate and take higher earner's SS at 70. Leaving behind a highly stressful job would be part of the "treat" offered by retirement and I would be ok with a modest first year or two.

Not sure if spouse of higher earner has their own record.

Certainly, you have put in enough time working - so that's not an issue.

Perhaps you may be able to get a better price on health coverage with a lower (taxable) income?

 

[youbet]

Several employees quit to go on Covid unemployment. .

I hope you challenge these fraudulent unemployment applications when you're contacted by the state unemployment folks!