I enjoy reading everyone's post as I struggle to not stress about finances as the I am overly conservative and have constant fear to not mess it up. Mathematically I think we are fine but mentally I can never let go the need to work, save and invest.
I know no one here can help with the mental state but appreciate feedback on the numbers.
- 52 Years old
- Married 2 kids (23 and 14)
- Live in Philadelphia suburb
- Career - Software Sales
- Zero debt (house paid, cars paid, no CC)
- Non Retirement $'s - $2.3M
- IRA/401K - $1.7M
- House $600K
- Small Pension $672/month starting at 65
- Social Security $3,800 at age 70 . (wife would get 50% $1,900)
- Annual Spending - $120K .
- Actual spending last 10 years has averaged $100K but added some cushion to be conservative
I enjoy working in concept but am burnt on my current job/career. I can envision working in some capacity throughout my life (my mom is 85 and still works 2 jobs).
Ideally I work current career for 2-3 more years making $250K.
Switch out of career mode and make $70-$100K a year in less stressful corporate job. for 3-5 years
Part time later in life to be active, social and extra spending money $2K/month between wife and myself
Again based on my personality I can't stomach a 40% market correction. I want to be out of the game as much as possible for peace of mind.
So above is my fearful scenario to continue making income and have zero risk financially. Concern is once you leave corporate income there is no going back at this age.
My true desire would be to stop work corporate in 3-5 years and be done all work for good and work part time if I choose to for social reasons and not driven by finances.
Appreciate any thoughts and feedback as it appears dozens of people have pulled the plug at this stage with similar financial picture.
I know no one here can help with the mental state but appreciate feedback on the numbers.
- 52 Years old
- Married 2 kids (23 and 14)
- Live in Philadelphia suburb
- Career - Software Sales
- Zero debt (house paid, cars paid, no CC)
- Non Retirement $'s - $2.3M
- IRA/401K - $1.7M
- House $600K
- Small Pension $672/month starting at 65
- Social Security $3,800 at age 70 . (wife would get 50% $1,900)
- Annual Spending - $120K .
- Actual spending last 10 years has averaged $100K but added some cushion to be conservative
I enjoy working in concept but am burnt on my current job/career. I can envision working in some capacity throughout my life (my mom is 85 and still works 2 jobs).
Ideally I work current career for 2-3 more years making $250K.
Switch out of career mode and make $70-$100K a year in less stressful corporate job. for 3-5 years
Part time later in life to be active, social and extra spending money $2K/month between wife and myself
Again based on my personality I can't stomach a 40% market correction. I want to be out of the game as much as possible for peace of mind.
So above is my fearful scenario to continue making income and have zero risk financially. Concern is once you leave corporate income there is no going back at this age.
My true desire would be to stop work corporate in 3-5 years and be done all work for good and work part time if I choose to for social reasons and not driven by finances.
Appreciate any thoughts and feedback as it appears dozens of people have pulled the plug at this stage with similar financial picture.