Sunny
Recycles dryer sheets
- Joined
- Nov 7, 2013
- Messages
- 236
We have woken up some and changed our ways. We switched from high consumerism lifestyle to living on a budget awhile back. Current spending is still high but it is what we are going forward with and we have been on it for a year. For months I have been struggling with how close are we to FIRE. I know only we can make the call but the scenario:
Assets in investments: $1,600,000
Ages: 45/57, kids grown and out of college.
Debt: $196K mortgage on house value of $310K. Taxes are high but we wouldn't move away from family that is in the area.
Pensions: no COLA, one could start in 2014 at $17,000 per year, the other in 2024 at $22,000
Spending: $78K a year.
Biggest concern besides long term care eventually, health insurance: planning on sticking with employer offered insurance in retirement at $13,000 per year for first year projecting going up 9% a year
No expensive hobbies other than we would like to travel a few times each year.
Great desire/need for at least one of us to exit a career job ASAP.
FireCalc seems to give us a 88-92% success rate depending on what settings are used, but I am a novice on using firecalc. Other Calcs seem to be similar.
1) any feedback on how close we are financially (we are also reading books on preparing for retirement from an emotional and keep active standpoint)
2) any words of wisdom?
3) succinct resources to be able to help alleviate fears of we go to early and run out of money at the time we can no longer work?
4) how to find an "expert" such as a retirement advisor to help us determine if we are on the right track since many would be thrown from our atypical age and wealth scenario? Our current investments are managed and that may change once in retirement if I take it over, but we were hoping to get an outside opinion.
Thanks much on any (even harsh) feedback.
Assets in investments: $1,600,000
Ages: 45/57, kids grown and out of college.
Debt: $196K mortgage on house value of $310K. Taxes are high but we wouldn't move away from family that is in the area.
Pensions: no COLA, one could start in 2014 at $17,000 per year, the other in 2024 at $22,000
Spending: $78K a year.
Biggest concern besides long term care eventually, health insurance: planning on sticking with employer offered insurance in retirement at $13,000 per year for first year projecting going up 9% a year
No expensive hobbies other than we would like to travel a few times each year.
Great desire/need for at least one of us to exit a career job ASAP.
FireCalc seems to give us a 88-92% success rate depending on what settings are used, but I am a novice on using firecalc. Other Calcs seem to be similar.
1) any feedback on how close we are financially (we are also reading books on preparing for retirement from an emotional and keep active standpoint)
2) any words of wisdom?
3) succinct resources to be able to help alleviate fears of we go to early and run out of money at the time we can no longer work?
4) how to find an "expert" such as a retirement advisor to help us determine if we are on the right track since many would be thrown from our atypical age and wealth scenario? Our current investments are managed and that may change once in retirement if I take it over, but we were hoping to get an outside opinion.
Thanks much on any (even harsh) feedback.