eytonxav
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Just found out my department/position is being eliminated. Will have 2 months to find another job within company and 4 months severance, plus bonus and vacation pay if nothing turns up. I took an early out package 3 years ago from my prior company, and left with a lump sum that is now valued at $1.555M (IRA). Since I am 57, I was hoping to avoid tapping into the lump until I reached 59.5, but now I am wondering whether to simply retire or look for another job to get me to that magic age. I know I can 72t, but it seems to me that this requires a lot of discipline and can take away some flexibility in structuring investments. I have no desire to work again given my many interests/activities, but I still feel a bit nervous and guilty about pulling the plug now at 57.
Current family budget is running around $82K, but this can be cut to about $70K after I pay off my mortgage. If we downsize from the mac-mansion, could probably get expenses down to ~ $60K.
In addition to the lump sum mentioned above, I have about $50K in 401K, and ~ $65K in other IRAs, and medical insurance is mostly paid for via my retiree benefits from my previous job. My wife has part time job, which is rewarding, but only pays $10K/yr. I also have a son half way through college and a daughter in HS, and this obligation may require an additional $75K in funding to get my daugther thru 4 yrs of college. Unfortunately, aside from college fund $s that are already set aside, my taxable savings are only about $115K. Once I turn 62, SS will kick in and when my wife turns 65, she will receive a DPB.
I feel very fortunate to have accumulated what we have, but having grown up in a blue collar family, I am still nervous about being without a job and making the money last. I realize this is fairly high level info, but given my general situation, should I be sweating this decision?
Thanks,
DFW
Current family budget is running around $82K, but this can be cut to about $70K after I pay off my mortgage. If we downsize from the mac-mansion, could probably get expenses down to ~ $60K.
In addition to the lump sum mentioned above, I have about $50K in 401K, and ~ $65K in other IRAs, and medical insurance is mostly paid for via my retiree benefits from my previous job. My wife has part time job, which is rewarding, but only pays $10K/yr. I also have a son half way through college and a daughter in HS, and this obligation may require an additional $75K in funding to get my daugther thru 4 yrs of college. Unfortunately, aside from college fund $s that are already set aside, my taxable savings are only about $115K. Once I turn 62, SS will kick in and when my wife turns 65, she will receive a DPB.
I feel very fortunate to have accumulated what we have, but having grown up in a blue collar family, I am still nervous about being without a job and making the money last. I realize this is fairly high level info, but given my general situation, should I be sweating this decision?
Thanks,
DFW