fire_and_happy_fe
Confused about dryer sheets
- Joined
- Oct 4, 2020
- Messages
- 6
Plan to FIRE by the end of 2023 (3 more years) when I will be 46 years old. The following is my numbers. FireCalc gives me 100% success rate. However, I am afraid that I missed anything. It will be great to have the community’s help to double check my numbers.
43 years old, spouse 43 years old, 1 high school sophomore son
Yearly expense (without future health insurance cost):
$65,000
(Use an overestimated, roughly $50,000 as the income to be taxed)
Health insurance yearly cost for 2 people after ACA subsidy, in today's money:
$8,400 (health) + $400 (dental) + $120 (vision) = $9,000
Tax (roughly 20% bracket, combing both federal and state):
$13,000
Total yearly expense (without long term care cost):
$87,000
Long term care cost for 2:
$500,000 - average life-time cost in today's money
Distribute it over 30 years starting from 70 years old.
$16,666 - extra yearly expense starting from 70 years old.
Total assets:
$2,350,000 (excluding house and son 529 plan).
In that:
40% is 401 and TIRA. 60% is taxable and Roth.
AA is 60% stock and 40% bond+short-term
Emergency fund: $178,000
Will keep contributing $60,000 per year for 3 more years.
1 condo house:
$300,000
529 plan:
$137,000 (3 more years left until college).
Will keep contributing $12,000 yearly for 3 more years.
Social Security:
Use a conservative estimate for $30,000 for 2 people starting from 70 years old.
This does not impact the FireCalc's success percentage even if we do not include Social Security.
Thanks,
43 years old, spouse 43 years old, 1 high school sophomore son
Yearly expense (without future health insurance cost):
$65,000
(Use an overestimated, roughly $50,000 as the income to be taxed)
Health insurance yearly cost for 2 people after ACA subsidy, in today's money:
$8,400 (health) + $400 (dental) + $120 (vision) = $9,000
Tax (roughly 20% bracket, combing both federal and state):
$13,000
Total yearly expense (without long term care cost):
$87,000
Long term care cost for 2:
$500,000 - average life-time cost in today's money
Distribute it over 30 years starting from 70 years old.
$16,666 - extra yearly expense starting from 70 years old.
Total assets:
$2,350,000 (excluding house and son 529 plan).
In that:
40% is 401 and TIRA. 60% is taxable and Roth.
AA is 60% stock and 40% bond+short-term
Emergency fund: $178,000
Will keep contributing $60,000 per year for 3 more years.
1 condo house:
$300,000
529 plan:
$137,000 (3 more years left until college).
Will keep contributing $12,000 yearly for 3 more years.
Social Security:
Use a conservative estimate for $30,000 for 2 people starting from 70 years old.
This does not impact the FireCalc's success percentage even if we do not include Social Security.
Thanks,