oompfh
Confused about dryer sheets
Hi! After perusing many, many sites, I am excited to join this forum for what I hope will be a long run.
I have been reading blogs and articles and books over the last yr on retirement and have been unable to apply the calculations as specifically as I would like to my situation. Any help would be much appreciated. Here's my info:
52, single
two grown children--one gainfully employed, one in a full scholarship doctoral program.
two young children (4,8)--adopted and who I'm co-parenting with my best friend, so we split expenses for them.
Roth IRAs--75k and plan on continuing to make maximum contributions of 6500 a yr.
Rentals holding--no mortgages, 6000 gross a month
Rentals selling--will yield 400k
Cash--30k (building this up by about 1500 a month)
Career--about 43k a year for a 24 hr work week. I'd like to retire from it in 2016, will be able to keep my healthcare and small pension will be about 12k a year before taxes.
Home--my only expense: 2300 a month (will be paid off in 15 yrs)--not planning on paying off early as it's at a 3.25% interest rate.
Social Security--at 67 I'm hoping it's gravy
How much do I need in retirement--I'd say 60k net.
So mostly on posts I see net worth and then people will calculate the 3-4% withdrawal rate. I think I already have the withdrawal built into the rentals, right? ROI is about 11% so I don't think I want to liquidate any of it.
My questions are
1. Does it look okay to retire next year? Btw, I do have the option of returning to consult part time.
2. What to do with that 400k? If I roll it over into another property (part vacation rental, part second home) I can defer taxes. If I don't, I have to pay capital gains.
Thanks in advance for your thoughts!
I have been reading blogs and articles and books over the last yr on retirement and have been unable to apply the calculations as specifically as I would like to my situation. Any help would be much appreciated. Here's my info:
52, single
two grown children--one gainfully employed, one in a full scholarship doctoral program.
two young children (4,8)--adopted and who I'm co-parenting with my best friend, so we split expenses for them.
Roth IRAs--75k and plan on continuing to make maximum contributions of 6500 a yr.
Rentals holding--no mortgages, 6000 gross a month
Rentals selling--will yield 400k
Cash--30k (building this up by about 1500 a month)
Career--about 43k a year for a 24 hr work week. I'd like to retire from it in 2016, will be able to keep my healthcare and small pension will be about 12k a year before taxes.
Home--my only expense: 2300 a month (will be paid off in 15 yrs)--not planning on paying off early as it's at a 3.25% interest rate.
Social Security--at 67 I'm hoping it's gravy
How much do I need in retirement--I'd say 60k net.
So mostly on posts I see net worth and then people will calculate the 3-4% withdrawal rate. I think I already have the withdrawal built into the rentals, right? ROI is about 11% so I don't think I want to liquidate any of it.
My questions are
1. Does it look okay to retire next year? Btw, I do have the option of returning to consult part time.
2. What to do with that 400k? If I roll it over into another property (part vacation rental, part second home) I can defer taxes. If I don't, I have to pay capital gains.
Thanks in advance for your thoughts!