WanderlustNC
Confused about dryer sheets
- Joined
- Feb 8, 2022
- Messages
- 9
Hello from NC. I am going to be 46 in a few months and have been saving for early retirement for over 20 years. I am blessed to work for a very employee focused company that puts a lot of effort in helping build wealth instead of liabilities.
After 20+ years in the market, I am looking forward to moving to the next chapter in my life which is more service based mixed in with my love of travel. A few years down the road we may live in Costa Rica or Panama'. I speak spanish and am familiar with the area.
I would like to retire in a 2026 - 2027 timeframe. If I need longer to build wealth, so be it. But I am tired and would love to move on by then. As it gets closer, the fear of no monthly paycheck and losing cheap health insurance is creeping in. That's why I am here, to learn more, plan more, and set realistic goals.
My wife has a small business and works for herself. Her income is small so I ignore it for planning purposes.
I have two teens that will start college in 2025 and 2027 respectively. I have $30K each in their college funds. I understand there will be a future need for funds here.
Nest egg: is split between 401K and private company stock.
401K in a 2035 TRowe Price date fund: $2M
Private stock: $1.7M (averages 15+% ROI)
Future investment savings: $120K per year until retirement
Expenses: Current minimum expenses is $5K a month. I am assuming $10K a month for planning purposes. This needs to be further refined. Healthcare is the obvious unknown that I am researching now. College is another area that needs attention and will depend on schools chosen and living at home or away.
SSA says about $20K per year if I retire in the next few years and start the draw at 62.
FireCalc has been helpful. Obviously tons of variables so depending on the settings, I range from being able to retire today to being broke in my 70's. Inflation is the nemesis once I cut the cord. I have also run simulations in various other programs and appear to be on track but will continue to track and plan.
I look forward to learning more and incorporating input from those who have gone down this path before me. Thank you in advance for helping me find blind spots!
After 20+ years in the market, I am looking forward to moving to the next chapter in my life which is more service based mixed in with my love of travel. A few years down the road we may live in Costa Rica or Panama'. I speak spanish and am familiar with the area.
I would like to retire in a 2026 - 2027 timeframe. If I need longer to build wealth, so be it. But I am tired and would love to move on by then. As it gets closer, the fear of no monthly paycheck and losing cheap health insurance is creeping in. That's why I am here, to learn more, plan more, and set realistic goals.
My wife has a small business and works for herself. Her income is small so I ignore it for planning purposes.
I have two teens that will start college in 2025 and 2027 respectively. I have $30K each in their college funds. I understand there will be a future need for funds here.
Nest egg: is split between 401K and private company stock.
401K in a 2035 TRowe Price date fund: $2M
Private stock: $1.7M (averages 15+% ROI)
Future investment savings: $120K per year until retirement
Expenses: Current minimum expenses is $5K a month. I am assuming $10K a month for planning purposes. This needs to be further refined. Healthcare is the obvious unknown that I am researching now. College is another area that needs attention and will depend on schools chosen and living at home or away.
SSA says about $20K per year if I retire in the next few years and start the draw at 62.
FireCalc has been helpful. Obviously tons of variables so depending on the settings, I range from being able to retire today to being broke in my 70's. Inflation is the nemesis once I cut the cord. I have also run simulations in various other programs and appear to be on track but will continue to track and plan.
I look forward to learning more and incorporating input from those who have gone down this path before me. Thank you in advance for helping me find blind spots!