disneysteve
Thinks s/he gets paid by the post
- Joined
- Feb 10, 2021
- Messages
- 2,400
Okay boys and girls, it's time to play everyone's favorite game, Can I Retire? The grand prize is (hopefully) a few decades of freedom for me.
Me: 56y, 6m
DW: 57y, 2m
Current income: 240K
Current (pre-COVID) spending: 84K
Portfolio:
tIRAs: 300K
Roths: 385K
401k: 160K
Taxable accounts: 840K
Total: 1.685M
Current asset allocation: 69% stock/22% bond/9% cash
We have zero debt.
Unfortunately, I will be receiving an inheritance this year. I am conservatively using 700K as the amount for planning purposes. That would bring us basically to 2.4M.
I was originally thinking I'd work FT until 60 but the more I run the numbers, the more I wonder if I could get out sooner. Right now, I have my eye on year-end 2022 when I'd be 58y, 4m.
If things stay on track, between now and then our portfolio could grow by an additional 400-500K taking us to 2.8-2.9M.
I've run FIRECalc using 100K as the spending amount to account for taxes. I have not factored in healthcare. If I stop working completely, we would need to pay for it. If I drop to part time, it would still be covered, just at a slightly higher premium than we currently pay. Dropping to PT would also provide enough income to cover all of our spending without having to touch savings at all. That could give the nest egg an extra year or two to grow until I stop for good.
Anyway, FIRECalc with 100K of spending starting with 2.8M for 32 years shows us at 99.2% success. Add in SS at FRA for each of us and we're at 100% easily.
What say you? I don't know what I don't know so hit me with questions or concerns or things I'm not thinking of. I'm new here, so be gentle.
Me: 56y, 6m
DW: 57y, 2m
Current income: 240K
Current (pre-COVID) spending: 84K
Portfolio:
tIRAs: 300K
Roths: 385K
401k: 160K
Taxable accounts: 840K
Total: 1.685M
Current asset allocation: 69% stock/22% bond/9% cash
We have zero debt.
Unfortunately, I will be receiving an inheritance this year. I am conservatively using 700K as the amount for planning purposes. That would bring us basically to 2.4M.
I was originally thinking I'd work FT until 60 but the more I run the numbers, the more I wonder if I could get out sooner. Right now, I have my eye on year-end 2022 when I'd be 58y, 4m.
If things stay on track, between now and then our portfolio could grow by an additional 400-500K taking us to 2.8-2.9M.
I've run FIRECalc using 100K as the spending amount to account for taxes. I have not factored in healthcare. If I stop working completely, we would need to pay for it. If I drop to part time, it would still be covered, just at a slightly higher premium than we currently pay. Dropping to PT would also provide enough income to cover all of our spending without having to touch savings at all. That could give the nest egg an extra year or two to grow until I stop for good.
Anyway, FIRECalc with 100K of spending starting with 2.8M for 32 years shows us at 99.2% success. Add in SS at FRA for each of us and we're at 100% easily.
What say you? I don't know what I don't know so hit me with questions or concerns or things I'm not thinking of. I'm new here, so be gentle.