supernova72
Recycles dryer sheets
Hello, I originally posted this in "Hi I am" about 18 months ago. This is an update since some things have changed with my pension plan and balances.
* 53 years old and can take early retirement 55 (same company 29 years).
* I work in the information Technology field at a large aerospace company that makes jets, missiles, and cool stuff like that.
* $670K in a 401K (projection with company match is ~ $775K at 55).
* Asset allocation currently at about 65% equities, 35% bonds and cash.
* Company pension at 55 would be $3K a month (no lump sum option, No COLA).
* Retiree medical at $20 a month until I turn 65 at Medicare age
* $160K left on my mortgage (bummer). Home value is $420K, 4% 15 year loan (refi in 2011), $1530 P&I, paying an extra $670 a month. Will increase as possible but paying if off in three years seems very unlikely (will still owe $120K).
*No credit card or other debt.
*own three cars...kind of a car guy (One muscle car, two drivers). Total value about $35K.
*my retirement income needed will be about $70K if I still have a mortgage...which I don't want to have...if that makes sense. Without my mortgage my "budget" says I can live on $50K a year.
*Net worth with home equity is just over $1M. Not much in savings outside my 401K ($12K).
*when I retire I'll have about $30K in sick leave and vacation as a payout.
*for every year I work beyond 55 my pension increases by about $100 a month (update since OP--pension will be frozen to new accruals on Jan 1st 2016).
*I plan to take social security at 62 if that is still an option (~$1725 a month per ss.gov site).
Non financial side notes:
*Live in Seattle WA and would like to retire here if possible.
*Fitness is important to me and I want to continue being active while I still can.
*I take 2-3 trips a year to a warm tropical location (in my expenses)
My simple math at 55: $36K from company pension + $31K yr from investment income ($750K @ 4% SWR). So $67K annual total.
PS: I currently like my job and my comfort zone says 57 yrs ER old adds a nice cushion even tho my pension will be frozen for one yr. Annual income would be $77K including the 401K at 4% WR.
A bit long winded here...
Am I super dreaming? Firecalc said 93% the last I checked. Questions? Suggestions? Thanks!
* 53 years old and can take early retirement 55 (same company 29 years).
* I work in the information Technology field at a large aerospace company that makes jets, missiles, and cool stuff like that.
* $670K in a 401K (projection with company match is ~ $775K at 55).
* Asset allocation currently at about 65% equities, 35% bonds and cash.
* Company pension at 55 would be $3K a month (no lump sum option, No COLA).
* Retiree medical at $20 a month until I turn 65 at Medicare age
* $160K left on my mortgage (bummer). Home value is $420K, 4% 15 year loan (refi in 2011), $1530 P&I, paying an extra $670 a month. Will increase as possible but paying if off in three years seems very unlikely (will still owe $120K).
*No credit card or other debt.
*own three cars...kind of a car guy (One muscle car, two drivers). Total value about $35K.
*my retirement income needed will be about $70K if I still have a mortgage...which I don't want to have...if that makes sense. Without my mortgage my "budget" says I can live on $50K a year.
*Net worth with home equity is just over $1M. Not much in savings outside my 401K ($12K).
*when I retire I'll have about $30K in sick leave and vacation as a payout.
*for every year I work beyond 55 my pension increases by about $100 a month (update since OP--pension will be frozen to new accruals on Jan 1st 2016).
*I plan to take social security at 62 if that is still an option (~$1725 a month per ss.gov site).
Non financial side notes:
*Live in Seattle WA and would like to retire here if possible.
*Fitness is important to me and I want to continue being active while I still can.
*I take 2-3 trips a year to a warm tropical location (in my expenses)
My simple math at 55: $36K from company pension + $31K yr from investment income ($750K @ 4% SWR). So $67K annual total.
PS: I currently like my job and my comfort zone says 57 yrs ER old adds a nice cushion even tho my pension will be frozen for one yr. Annual income would be $77K including the 401K at 4% WR.
A bit long winded here...
Am I super dreaming? Firecalc said 93% the last I checked. Questions? Suggestions? Thanks!