ChicagoGal
Recycles dryer sheets
- Joined
- Apr 21, 2014
- Messages
- 159
My BS bucket overfloweth. It's been bubbling at the surface for a while, but now with my long-time boss retiring in April and my job being "reimagined" to work that I have no interest in doing, I think it's time. Would appreciate the collective wisdom (such as it is) of this crowd:
Me: single, 58 years old, no kids (heirs would be nieces and nephews - if there's money left, happy to help them out)
My stash:
401k: $1.1MM
IRA: $78.K
Brokerage: 311K
Company stock account: $151K (net of cap gains/income taxes due)
IBonds: $11K
HSA: $20K
Current asset allocation has crept up to about 88% stock/12% bonds - I haven't rebalanced in a while. Probably want to bump up the "bonds-as-ballast" allocation for a while, anyway.
Old school pension: $46K/year or $868K lump sum if I take it now. Estimated to grow to $55K/year or $960K lump sum if I wait to take it until my 62nd bday (Aug 2024). Pension is frozen, so working longer will not affect it.
Health care: Retiree medical through my company, which will cost about $5.6K/year until age 65, then $3K/year as secondary to Medicare.
Long term health care plan: self funding, using equity in my house (current value ~$600K), if needed.
Social Security: ~$35K/year at FRA (age 67)
Estimated expenses: $95K/year (excluding taxes). This includes $20K/year for travel, which would obviously be cut back as appropriate. The first 7 years would be an additional $27K/year expense until mortgage is paid off (unless I pull out $160K to pay that off now).
Life expectancy: Who the heck knows? Longevity runs in my family (3 grandparents lived into their 90s), although so does cancer (mom died at 37). I'm overweight, and recently diagnosed with diabetes, but it's well managed and I've lost 40 pounds as a start. For financial purposes, I've been assuming I'll make it to 95 ("only the good die young").
If I'm doing it right, Firecalc and I-ORP both say it looks good. I've interviewed a fiduciary financial advisor, and may end up paying her $1,750 for a more detailed plan. But I really don't even want to wait for that.
What say ye? What am I missing?
Me: single, 58 years old, no kids (heirs would be nieces and nephews - if there's money left, happy to help them out)
My stash:
401k: $1.1MM
IRA: $78.K
Brokerage: 311K
Company stock account: $151K (net of cap gains/income taxes due)
IBonds: $11K
HSA: $20K
Current asset allocation has crept up to about 88% stock/12% bonds - I haven't rebalanced in a while. Probably want to bump up the "bonds-as-ballast" allocation for a while, anyway.
Old school pension: $46K/year or $868K lump sum if I take it now. Estimated to grow to $55K/year or $960K lump sum if I wait to take it until my 62nd bday (Aug 2024). Pension is frozen, so working longer will not affect it.
Health care: Retiree medical through my company, which will cost about $5.6K/year until age 65, then $3K/year as secondary to Medicare.
Long term health care plan: self funding, using equity in my house (current value ~$600K), if needed.
Social Security: ~$35K/year at FRA (age 67)
Estimated expenses: $95K/year (excluding taxes). This includes $20K/year for travel, which would obviously be cut back as appropriate. The first 7 years would be an additional $27K/year expense until mortgage is paid off (unless I pull out $160K to pay that off now).
Life expectancy: Who the heck knows? Longevity runs in my family (3 grandparents lived into their 90s), although so does cancer (mom died at 37). I'm overweight, and recently diagnosed with diabetes, but it's well managed and I've lost 40 pounds as a start. For financial purposes, I've been assuming I'll make it to 95 ("only the good die young").
If I'm doing it right, Firecalc and I-ORP both say it looks good. I've interviewed a fiduciary financial advisor, and may end up paying her $1,750 for a more detailed plan. But I really don't even want to wait for that.
What say ye? What am I missing?