L Carlisle
Dryer sheet aficionado
Hi and I really appreciate you accepting me into your community.
Like most of you I have been saving my whole life so I could retire early.
I have 3 children from the ages of 32 to 26, all grown up, college educated and out of the house. Now it is time to "Semi Retire". Home will be paid off in 2 years.
My question is "Do I have enough to retire"?
My wife and I will be 55 in a few months and eligible to retire from my Industrial Job. My plan is to retire in about 18 months when I am 56 and 3 months. My 401K is worth about 800K, our IRA's are worth $250K and my lump sum pension will be worth 250K.
My wife has been retired for about 2 years and receiving an annuity of about 1K a month. I think we can easily live on 6K a month in retirement. I also have a small business that will produce 2K to 2.5K in semi-retirement
I would also like to leave a nest egg for my children after we are gone.
My 401K allows me to utilize the "55 Rule" so my plan is to take out what I need minus my wife's annuity and my business income.
From what I have read it would be optimal that we have 1.7M to 1.8M to feel comfortable.
What are your thoughts, this is a very hard decision to make but I just don't think I can mentally handle working in my industrial job much longer.
Thanks
Like most of you I have been saving my whole life so I could retire early.
I have 3 children from the ages of 32 to 26, all grown up, college educated and out of the house. Now it is time to "Semi Retire". Home will be paid off in 2 years.
My question is "Do I have enough to retire"?
My wife and I will be 55 in a few months and eligible to retire from my Industrial Job. My plan is to retire in about 18 months when I am 56 and 3 months. My 401K is worth about 800K, our IRA's are worth $250K and my lump sum pension will be worth 250K.
My wife has been retired for about 2 years and receiving an annuity of about 1K a month. I think we can easily live on 6K a month in retirement. I also have a small business that will produce 2K to 2.5K in semi-retirement
I would also like to leave a nest egg for my children after we are gone.
My 401K allows me to utilize the "55 Rule" so my plan is to take out what I need minus my wife's annuity and my business income.
From what I have read it would be optimal that we have 1.7M to 1.8M to feel comfortable.
What are your thoughts, this is a very hard decision to make but I just don't think I can mentally handle working in my industrial job much longer.
Thanks
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