Shoot holes in my plan or give me a sanity check
Posted here a couple of years ago and will offer this update, hopefully for some wise and sage advice from those who have been there and done that.
Currently 53 yrs. old, wife 51yrs. old, both in reasonably good health. Have no debt, two fairly new vehicles, about $200K equity in home, $50K in savings and $700K in 401K and retirment plan. Planning to downsize this year and hoping to bank about $50K in the process. Employed and drawing $100K salary, wife works part time and makes less than $20K. Hobbies are golf, golf, golf, fishing, tennis, cycling, and about anything outdoors. Golf is a passion and so is motorcycling. Planning to bank another $50K before pulling out the stops and retiring at age 55 in two years. If all goes according to plan should have approx. $900K, give or take $50K either way by the time I'm 55. Also hoping for, but not counting on a buy out package which could add anywhere from $75-150K before taxes to my bottom line. Plan to do something part time on my own terms when I do retire. Current investments are well diversified and last year I made about a 28% return.
I believe I'm going down the correct path and have a fairly sound plan. However I don't know what the best investment strategy will be when I do retire as far as income generation. As well as should I be doing anything differently in posturing myself for retirement from an investment standpoint. Currently doing most of my business with Fidelity in the form of mutual funds, in addition to some individual stocks.
Would appreciate any and all advice.
"The only function of economic forecasting is to make astrology look respectable.” Ezra Solomon