Planning on retiring in about 18 months at 60, DW will be 55. Have 13 year old twins. Assets approx. 1.5M, w/ 35% taxable and 65%IRA.
I will have a Navy pension that will pay out approx 15K first 3 years then 30K after that (paying back a previous buy out). In addition, in 3 years the mortgage will be paid off. In another 3 years will start taking SS.
The problem is, income from stock dividends and pension will be rather small in the first 5-6 years, which is exactly the time we want to do some extensive travel with the kids, do some landscaping, etc. while we are still young. By 2019, pensions and SS will pretty much pay for all living expenses (and are COLA protected).
So we want to access all our funds( i.e. DW doing a 72t) and take out a bit more aggressive the first 5-6 years (like maybe 5%). After than we can throttle back to perhaps 3.5% from then on.
Does this sound like a good plan? I know from reading here that it is risky to pull too much money out in the early part of retirement, but on the other hand, the kids and us are only young once and would like to take advantage of doing stuff early on.
I will have a Navy pension that will pay out approx 15K first 3 years then 30K after that (paying back a previous buy out). In addition, in 3 years the mortgage will be paid off. In another 3 years will start taking SS.
The problem is, income from stock dividends and pension will be rather small in the first 5-6 years, which is exactly the time we want to do some extensive travel with the kids, do some landscaping, etc. while we are still young. By 2019, pensions and SS will pretty much pay for all living expenses (and are COLA protected).
So we want to access all our funds( i.e. DW doing a 72t) and take out a bit more aggressive the first 5-6 years (like maybe 5%). After than we can throttle back to perhaps 3.5% from then on.
Does this sound like a good plan? I know from reading here that it is risky to pull too much money out in the early part of retirement, but on the other hand, the kids and us are only young once and would like to take advantage of doing stuff early on.