I want to share some numbers and also have a question about FireCALC:
First the question--when you donate to FireCalc, is that how you get access to advanced features? It's not clear what you get by donating. I plan to donate but just curious what you get when you do.
Now, the numbers.
I'm 54, husband 55. DH a self-employed musician and stayed at home completely when our son was little. A few thousand a year income at most. Net worth: $3.6M. I have $250K in current 401K, $420K in IRA from previous 401Ks. $130K in treasuries (short term now, just a safe place to hold it), $78K in an inherited IRA (I have to take distributions already), $2.1M in taxable investment accounts, balanced, index funds through DFA and also cash enough for about 1 yr expenses. House ($310K) paid for, car and van paid for, will need a new van in about 5 years. Will need to do COBRA when I go half time then find health insurance, also for our son until he finds work after college. He graduates in 2015. His 529 plan will be depleted next semester, estimated out of pocket expenses for him to finish school about $25K. I estimate my expenditures this year to be $100K (excluded paying off the house from the treasury account) and next year about $70K including health insurance, long term care insurance, timeshare maintenance fees. Plus whatever for fun and travel.
Going 1/2 time in the fall ($70K/yr) but will lose benefits and will need to do COBRA then find another plan. Passive income about $40K from dividends and farm property. Tiny pension kicks in in 2024 ($6000/yr) and will take SS at age 67, about $22000/yr. Basic FireCALC says I'm at 100% chance of success. And we started a Roth IRA for our son last year as a way of gifting now to avoid estate taxes later. My inheritance helped me retire early and I would love for my son to experience the same freedom without waiting for me and DH to die.
Do you see any holes in the plan?