nadnerb
Dryer sheet aficionado
Turned 59 in June. Married with 3 adult offspring. My wife is 54 and stay-at-home mom/grandmother. Youngest child just graduated college and is back living with us while trying to find a job. Middle child & grandchild also live with us and my wife is childcare while daughter works. Currently work for mega-corp (33-yr. employee) $200K/year and a company car which would need to be replaced on retirement. Job changes/reorganization causing me to consider leaving – maybe retire, travel and volunteer or find a lower-paying/lower stress job locally to stay active and get healthcare. With the reorg, thinking of approaching management for an early retirement package.
Only debt is $133K left on a 30-yr. mortgage ($1500/mo. 14 years left). Current expenses $120K year including mortgage. Expenses going down since youngest graduated (no rent, school expenses, etc.) but likely to be offset or go up depending on healthcare costs. Retiree healthcare available $1700/mo to cover DW & dependents. $1100 for just self and DW.
401K is $1.6M and is invested 95% stocks plus pension current lump sum value is $1.07M for a total of $2.67M. $80K in cash/emergency fund. Equity in house estimated at $250K.
FIRE Calc score is 85% if I retired now and used 30-year timeframe. Haven’t chosen a financial planner yet. Considering Fisher Investments or local Edward Jones broker.
Questions:
Any concerns about asking for parachute?
What FIRE Calc score is needed to be comfortable in retirement decision?
Is Health Sharing a good option for healthcare until Medicare-eligible?
What do I need to consider if I took a lower-paying local job that included healthcare? Can I retire, pull from retirement and still work new job doesn't cover expenses?
Since DW is younger and healthy, how do I decide whether to take pension as a lump sum, or annuity with survivor option at 75% or 100%?
Any input on using a fiduciary like Fisher (no mutual funds) vs. broker?
Am I even close to being able to pull the plug?
Only debt is $133K left on a 30-yr. mortgage ($1500/mo. 14 years left). Current expenses $120K year including mortgage. Expenses going down since youngest graduated (no rent, school expenses, etc.) but likely to be offset or go up depending on healthcare costs. Retiree healthcare available $1700/mo to cover DW & dependents. $1100 for just self and DW.
401K is $1.6M and is invested 95% stocks plus pension current lump sum value is $1.07M for a total of $2.67M. $80K in cash/emergency fund. Equity in house estimated at $250K.
FIRE Calc score is 85% if I retired now and used 30-year timeframe. Haven’t chosen a financial planner yet. Considering Fisher Investments or local Edward Jones broker.
Questions:
Any concerns about asking for parachute?
What FIRE Calc score is needed to be comfortable in retirement decision?
Is Health Sharing a good option for healthcare until Medicare-eligible?
What do I need to consider if I took a lower-paying local job that included healthcare? Can I retire, pull from retirement and still work new job doesn't cover expenses?
Since DW is younger and healthy, how do I decide whether to take pension as a lump sum, or annuity with survivor option at 75% or 100%?
Any input on using a fiduciary like Fisher (no mutual funds) vs. broker?
Am I even close to being able to pull the plug?