I would appreciate your input on my estimated spending level.
I'm from Pennsylvania, no state tax on 401K,IRA,pensions.
My Excel sheet indicates I will have $81K in expenses (retire 2013). For federal tax I'm using the tax table directly (probably worst case) and get 17K. PA state tax is 3% so I'm using 20K for total of fed and state taxes. Property,school,local taxes are already included in original expenses. I'm excluding from portfolio monies for 2 year buffer. This is what I input:
spending level 101K
portfolio value 880k
35 years
DW on disability 18K
DW pension 31.2k
I entered DW as pension of 31.2+18=49.2K with COLA
My SS 20.2K at 2015 (age 62) no cola
Retire 2013 0 additional savings
Model cpi, constant spending model
Port fees 0.18%, total market 1871, 30 yr treasury, 60% equities
Port changes -75K/2013 mortgage -25k/2014 wedding
I get spending level =109K or start portfolio value = 648K
Company offers retiree medical approx. 15K/year essentially COBRA pricing
See any holes or advice? Thanks.
I'm from Pennsylvania, no state tax on 401K,IRA,pensions.
My Excel sheet indicates I will have $81K in expenses (retire 2013). For federal tax I'm using the tax table directly (probably worst case) and get 17K. PA state tax is 3% so I'm using 20K for total of fed and state taxes. Property,school,local taxes are already included in original expenses. I'm excluding from portfolio monies for 2 year buffer. This is what I input:
spending level 101K
portfolio value 880k
35 years
DW on disability 18K
DW pension 31.2k
I entered DW as pension of 31.2+18=49.2K with COLA
My SS 20.2K at 2015 (age 62) no cola
Retire 2013 0 additional savings
Model cpi, constant spending model
Port fees 0.18%, total market 1871, 30 yr treasury, 60% equities
Port changes -75K/2013 mortgage -25k/2014 wedding
I get spending level =109K or start portfolio value = 648K
Company offers retiree medical approx. 15K/year essentially COBRA pricing
See any holes or advice? Thanks.