lanceman002
Confused about dryer sheets
- Joined
- Jan 13, 2016
- Messages
- 6
Have been going over my numbers for some time now, and I'm at the place where I believe I'm ready to retire early - sometime in the 2nd half of 2016.
Current state: I'm 46 and my wife is 44. We have 3 kids - aged 21, 19, and 17. Two in college, one heading there in 2017. Then we'll be empty nesters.Live in Wisconsin. Planning to travel much more once the youngest heads off to college (in 2017).
Currently I have about $900K in retirement savings and plan to have $1M by later this year, 80K in education savings (for my kids), and about 50K of cash/other liquid assets. My wife plans to continue working part time - making about 10K/year. I'll do some things on the side once I'm retired that I, conservatively, expect will bring in about $25K/yr. Total net worth is about $1.3M (including home). House is paid for, and I have no money I owe (i.e. no car loans, credit card debt, student loans, etc). Most of my investment money is invested in index stock funds.
Based on estimating expenses, I'm expecting we'll spend about $45K (or less) per year. I do have a decent amount of Roth IRA money I can access, plus I plan to start a Roth IRA conversion ladder to move money to my Roth also.
Based on this - I figure I'll need to take 10K-20K from my Roth (at least initially). Based on the 4% rule, I should be good.
The unknown is health insurance (I'll need to provide this after retirement) and how Obamacare will be going forth (I think that we'd be good to get decent subsidies based on where I project we'll be for income after retirement - given what the current state of US healthcare remains similar to what it is). We are all healthy currently.
Based on how things fluctuate, I'd be willing to pick up something part time (or increase my side business) to help keep us living comfortably.
Would appreciate any thoughts/ideas on how sound this plan seems.
Thanks,
Lance
Current state: I'm 46 and my wife is 44. We have 3 kids - aged 21, 19, and 17. Two in college, one heading there in 2017. Then we'll be empty nesters.Live in Wisconsin. Planning to travel much more once the youngest heads off to college (in 2017).
Currently I have about $900K in retirement savings and plan to have $1M by later this year, 80K in education savings (for my kids), and about 50K of cash/other liquid assets. My wife plans to continue working part time - making about 10K/year. I'll do some things on the side once I'm retired that I, conservatively, expect will bring in about $25K/yr. Total net worth is about $1.3M (including home). House is paid for, and I have no money I owe (i.e. no car loans, credit card debt, student loans, etc). Most of my investment money is invested in index stock funds.
Based on estimating expenses, I'm expecting we'll spend about $45K (or less) per year. I do have a decent amount of Roth IRA money I can access, plus I plan to start a Roth IRA conversion ladder to move money to my Roth also.
Based on this - I figure I'll need to take 10K-20K from my Roth (at least initially). Based on the 4% rule, I should be good.
The unknown is health insurance (I'll need to provide this after retirement) and how Obamacare will be going forth (I think that we'd be good to get decent subsidies based on where I project we'll be for income after retirement - given what the current state of US healthcare remains similar to what it is). We are all healthy currently.
Based on how things fluctuate, I'd be willing to pick up something part time (or increase my side business) to help keep us living comfortably.
Would appreciate any thoughts/ideas on how sound this plan seems.
Thanks,
Lance