Goodprovider
Dryer sheet wannabe
- Joined
- Feb 9, 2020
- Messages
- 14
Okay, this is now my current situation:
- Almost 47 years old
- Divorced
- 2 kids who will be college age in 3 years - I pay for half
- Paid-off house worth about 900k
- About 900k in 401k / profit sharing
- Another 1.2M in liquid assets (555k in savings remainder in equities)
- No debt; net worth is about 3 million
- Expenses are about 60k per year
- Only certain retirement income would be social security and dividends, though may be in line for inheritances
My job is stressful, and frankly I just think I'd welcome a radical change in my life.
When I factor in social security, FIRECALC says I should be fine 100% of the time. College expense is not included in my budget, though health care is. Frankly, I pay so much in taxes now, simply eliminating that cuts my spending nearly in half. I figure I could simply live off my savings until age 59 when I can then start accessing my 401k without penalty. The only factor really giving me pause is my kids' college expense.
I'd also consider moving to a low cost of living area to make my savings go further when my kids are out of the house. What are some good places for that?
Thanks in advance for any feedback. This board and its members are a tremendous resource.
- Almost 47 years old
- Divorced
- 2 kids who will be college age in 3 years - I pay for half
- Paid-off house worth about 900k
- About 900k in 401k / profit sharing
- Another 1.2M in liquid assets (555k in savings remainder in equities)
- No debt; net worth is about 3 million
- Expenses are about 60k per year
- Only certain retirement income would be social security and dividends, though may be in line for inheritances
My job is stressful, and frankly I just think I'd welcome a radical change in my life.
When I factor in social security, FIRECALC says I should be fine 100% of the time. College expense is not included in my budget, though health care is. Frankly, I pay so much in taxes now, simply eliminating that cuts my spending nearly in half. I figure I could simply live off my savings until age 59 when I can then start accessing my 401k without penalty. The only factor really giving me pause is my kids' college expense.
I'd also consider moving to a low cost of living area to make my savings go further when my kids are out of the house. What are some good places for that?
Thanks in advance for any feedback. This board and its members are a tremendous resource.