scaubie
Recycles dryer sheets
Greetings all and thanks in advance for suggestions & opinions,
I work in corp America and have contributed heavily to my 401k for 30 yrs, investing mostly in stock index funds. I enjoy my work but the frequent travel, stress, deadlines, etc. combined with the growing demands of our 23yr-old special needs son have me considering stepping down and slowing down.
Our son is profoundly mentally retarded and attends an adult daycare. He receives approx $500/mo in SSI. We plan to place him in a group home one day but no time soon. When he is placed into a group home, the SSI will go away but the group home fees will be paid by SS...or Medicaid, but his expenses will be covered. (I could go on and on about what a joy he is but I will spare everyone...for now!) We also have an older son who is out of college and on his own. Ultimately, we will rely on this older son to 'oversee' his younger brother when we are no longer in the picture. We have a trust set up for our special need son but the older son receives all inheritence upon our deaths.
My wife is a teacher with an annual salary of approx $60K. She plans to retire in 7 yrs when she turns 60 and will have healthcare benefits which extend to me and our son...grateful. Her estimated annual retirement pension will be approx $15K/yr starting at retirement in 7 yrs.
Current investment mix (401K/IRA/Roth/Company stock) totals $1M. Based on 401K contributions and company match as well as modest gains to existing balance, my investments should total around $1.2+ at age 55.
Current $1M breakdown as follows:
-$750K 401K (80%/20% stock/bonds...maybe a bit aggressive)
-$60K Rollover IRAs
-$50K ROTH IRAs
-$150K company issued stock (after tax status)
Our home is valued at approx $750K and will be paid off this year..WOOHOO! We plan to downsize within two yrs and purchase a smaller home in the $300-400K range. I might pocket the additional $300-400K but considering a small lake home if I can pay cash for it. Regardless, I do not plan to rely on home equity to fund retirement.
Based on estimates from the Social Security website, our annual benefit at age 62 would be $38K ($23K/yr for me; $15K for my wife). Given the early retirement age, I plan to withdraw 3% annually from my retirement assets with a targeted income of $80-90K/yr. I have used the Fidelity retirement calculatator numerous times and the projections with everything I have just reviewed predict this is very doable.
So, please pick it apart. Back to my statement about enjoying work...I really do. Great boss! Great coworkers! Great company! Looking for better balance.
Peace
I work in corp America and have contributed heavily to my 401k for 30 yrs, investing mostly in stock index funds. I enjoy my work but the frequent travel, stress, deadlines, etc. combined with the growing demands of our 23yr-old special needs son have me considering stepping down and slowing down.
Our son is profoundly mentally retarded and attends an adult daycare. He receives approx $500/mo in SSI. We plan to place him in a group home one day but no time soon. When he is placed into a group home, the SSI will go away but the group home fees will be paid by SS...or Medicaid, but his expenses will be covered. (I could go on and on about what a joy he is but I will spare everyone...for now!) We also have an older son who is out of college and on his own. Ultimately, we will rely on this older son to 'oversee' his younger brother when we are no longer in the picture. We have a trust set up for our special need son but the older son receives all inheritence upon our deaths.
My wife is a teacher with an annual salary of approx $60K. She plans to retire in 7 yrs when she turns 60 and will have healthcare benefits which extend to me and our son...grateful. Her estimated annual retirement pension will be approx $15K/yr starting at retirement in 7 yrs.
Current investment mix (401K/IRA/Roth/Company stock) totals $1M. Based on 401K contributions and company match as well as modest gains to existing balance, my investments should total around $1.2+ at age 55.
Current $1M breakdown as follows:
-$750K 401K (80%/20% stock/bonds...maybe a bit aggressive)
-$60K Rollover IRAs
-$50K ROTH IRAs
-$150K company issued stock (after tax status)
Our home is valued at approx $750K and will be paid off this year..WOOHOO! We plan to downsize within two yrs and purchase a smaller home in the $300-400K range. I might pocket the additional $300-400K but considering a small lake home if I can pay cash for it. Regardless, I do not plan to rely on home equity to fund retirement.
Based on estimates from the Social Security website, our annual benefit at age 62 would be $38K ($23K/yr for me; $15K for my wife). Given the early retirement age, I plan to withdraw 3% annually from my retirement assets with a targeted income of $80-90K/yr. I have used the Fidelity retirement calculatator numerous times and the projections with everything I have just reviewed predict this is very doable.
So, please pick it apart. Back to my statement about enjoying work...I really do. Great boss! Great coworkers! Great company! Looking for better balance.
Peace
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