Philliefan33
Thinks s/he gets paid by the post
- Joined
- Oct 20, 2014
- Messages
- 1,677
Hello. I recently joined the site and have been going through the posts a little at a time, trying to learn. I thought it best to introduce myself before asking too many questions.
Me: 49, planning to retire from Megacorp next year at age 50
DH: 61, retired from 37-year federal career.
Two grown daughters, finished college with no debt. Both living on their own.
Primary home paid for.
Vacation home paid for (we use this home frequently now; and plan to spend about half our time there once I retire).
Residential rental property paid for. This generates $1300/month (gross).
Spending in retirement: ~100K. (this is where I need help – see questions later)
DH pension: 100K, COLA eligible (50% survivor payment)
DH contract work: ~20-30K per year since retirement, but not guaranteed and he will retire for real at some point
My pension: 18K at age 55, 24K at age 60 (partially COLA – the plan changed 5 yrs ago)
DH SS (age 66): 10K – after GPO
Me SS (age 67): 22K
550K in TSP, 550K in my 401K, 150K total in Roth IRAs, ~50K in TIRAs and SEP IRA, 300K in taxable mutual fund account
We had always planned for me to retire at age 50. Now that it’s close, I think we hit our target but I’m not sure. I hope we have - I've grown frustrated with my work situation and want out!
The 100K per year spending is based on our spending (from Quicken) over the last three years. I did not count expense that we no longer have – for example tuition payments. However I’m not sure that was the best way to estimate expense, because some things (like health insurance) are paid out of my paycheck so never get noted in Quicken.
Would it be better to make a list of anticipated spending categories, and then use the data I have to estimate the yearly cost? Real estate taxes, utilities, food, health insurance, etc. What are some budget items that typically get overlooked?
Me: 49, planning to retire from Megacorp next year at age 50
DH: 61, retired from 37-year federal career.
Two grown daughters, finished college with no debt. Both living on their own.
Primary home paid for.
Vacation home paid for (we use this home frequently now; and plan to spend about half our time there once I retire).
Residential rental property paid for. This generates $1300/month (gross).
Spending in retirement: ~100K. (this is where I need help – see questions later)
DH pension: 100K, COLA eligible (50% survivor payment)
DH contract work: ~20-30K per year since retirement, but not guaranteed and he will retire for real at some point
My pension: 18K at age 55, 24K at age 60 (partially COLA – the plan changed 5 yrs ago)
DH SS (age 66): 10K – after GPO
Me SS (age 67): 22K
550K in TSP, 550K in my 401K, 150K total in Roth IRAs, ~50K in TIRAs and SEP IRA, 300K in taxable mutual fund account
We had always planned for me to retire at age 50. Now that it’s close, I think we hit our target but I’m not sure. I hope we have - I've grown frustrated with my work situation and want out!
The 100K per year spending is based on our spending (from Quicken) over the last three years. I did not count expense that we no longer have – for example tuition payments. However I’m not sure that was the best way to estimate expense, because some things (like health insurance) are paid out of my paycheck so never get noted in Quicken.
Would it be better to make a list of anticipated spending categories, and then use the data I have to estimate the yearly cost? Real estate taxes, utilities, food, health insurance, etc. What are some budget items that typically get overlooked?