sorry guys, i like using polls to get a quick look ,short answer
- Thread starter wstu32
- Start date
SteveR
Moderator Emeritus
- Joined
- Jul 1, 2005
- Messages
- 2,811
More data is needed.
How much $$ will DW generate from PT?
Will she have medical insurance? If not, how will you cover the cost as it looks like it is not in your $5k per month expenses.
Does the $5k/month include taxes?
$1.4M will generate $56k at 4% SWR. Your $5k per month=$60k per year not counting insurance or taxes. With these limited figures I would say you are a bit short of ER.
How much $$ will DW generate from PT?
Will she have medical insurance? If not, how will you cover the cost as it looks like it is not in your $5k per month expenses.
Does the $5k/month include taxes?
$1.4M will generate $56k at 4% SWR. Your $5k per month=$60k per year not counting insurance or taxes. With these limited figures I would say you are a bit short of ER.
crazy connie
Thinks s/he gets paid by the post
- Joined
- Feb 1, 2006
- Messages
- 1,183
The question might be asked better as: If my wife walks out and takes the part time income and health insurance and 50% of the home equity and portfolio... Only you know that answer.
But cynical thought/comment process aside, it looks close to spittin distance to me!
But cynical thought/comment process aside, it looks close to spittin distance to me!
If you were a little older, say in your mid 50's, I would say yes, but you are only 41 and therefore have a long time horizon. Think what 1.4 mil will be worth in 30 years after inflation and then look at your numbers.
Also, you did not say, but I am assuming there are no pensions or other income to rely on besides your investments. Also, as Soc. Sec is on shakey ground, I would not rely on that 100%. Hopefully, it will be there, but most likely at a reduced amount.
Also, you did not say, but I am assuming there are no pensions or other income to rely on besides your investments. Also, as Soc. Sec is on shakey ground, I would not rely on that 100%. Hopefully, it will be there, but most likely at a reduced amount.
Sheryl
Thinks s/he gets paid by the post
- Joined
- Apr 6, 2004
- Messages
- 1,463
Steve hit the high points - Insurance and taxes.
Other than that - you'd be close.
Other than that - you'd be close.
Re-thinking my reply. First of all, we have no idea what your wife's part time job will be contributing to your monthly income needed. I voted no, because of your monthly nut requirement. ($4,500 to $5,000)
If on the other hand, you wanted to scale that back and adapt a more modest lifestyle, perhaps an expate life, or move to a cheaper area in US, and put yourself on a tighter budget, then perhaps it would make sence.
If you could keep your withdrawels to not more than $3,000 per month, and your wife could contribute the rest, then you would probably be safe. But then again, I am ultra conservative in my thinking and projections.
If on the other hand, you wanted to scale that back and adapt a more modest lifestyle, perhaps an expate life, or move to a cheaper area in US, and put yourself on a tighter budget, then perhaps it would make sence.
If you could keep your withdrawels to not more than $3,000 per month, and your wife could contribute the rest, then you would probably be safe. But then again, I am ultra conservative in my thinking and projections.
You're right on the edge but not quite. Now if you were willing to cut your housing down, that would free up cash and probably reduce your expenses.
You don't mention anything about possible pensions. You do have SS coming (maybe) in a couple more decades. Like me, heathcare is your wildcard. DW may not like you goofing off while she works for the health benefits.
If you really hate what you are doing and where you are at, you certainly have the luxury to look at something else and even to look at some PT activities you might like better.
You don't mention anything about possible pensions. You do have SS coming (maybe) in a couple more decades. Like me, heathcare is your wildcard. DW may not like you goofing off while she works for the health benefits.
If you really hate what you are doing and where you are at, you certainly have the luxury to look at something else and even to look at some PT activities you might like better.
haha
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Unless your working wife has a chip implanted in her brain, and you have the controller under lock and key your retirement could walk right out the door any day.
Be sure to keep your job skills up!
Ha
Be sure to keep your job skills up!
Ha
Cut-Throat
Thinks s/he gets paid by the post
When you say you need 4500-5000 - I assume per month. Is that NEED or WANT.
My formula is: (( Bare Bones annual spending * 2) - Annual Pension Amt) * 25 = NEST EGG
Bare Bones is to maintain your current living Quarters and basics.
My formula is: (( Bare Bones annual spending * 2) - Annual Pension Amt) * 25 = NEST EGG
Bare Bones is to maintain your current living Quarters and basics.
Cut-Throat
Thinks s/he gets paid by the post
wstu32 said:4500-5000 is "want"
barebones= about $2600 x 12 = 31200 x 2= 62,400 x 25 = 1,560,000
so i got a bit to go.
i am assuming barebones is just living expenses ... not 'perks' like buying wants and not needs ~correct?
Yup, those are the things you have to pay to live. I mulitply it times 2 to give you flexibilty to buy things you want - travel, dining out etc. - Just a guideline but, it seems to work for most folks.
Cut-Throat
Thinks s/he gets paid by the post
The 25 is for an approximate 4% withdrawal rate.
Similar threads
