Beachbound
Dryer sheet wannabe
Long time member and first post. Probably too long and not enough info- but it’s my start! So much great information here, I always feel so unprepared, and un-ready to make the big jump!
I’ve been with a large company just over 28 years now- great salary, nice annual bonus- but the job is hard both physically and mentally. Your never off- never away and if it’s not email, text, or just being in the building- it’s 24/7.
Always told myself I would retire at 55. That time is now finally just 3 months away- and the panic of being ready is setting in. It’s so hard to walk away from a big salary- but I know life is short, and this is the kind of job that seems to age me more everyday. I don’t want to wait to retire, and then only a few years of true enjoyment in life.
No kids, wife currently works too, that would retire at the same time at 56.
The short of it-
900k in 401 all pre-taxed
160k in investment acct paid out and taxed once retired
60k stock options invested right away and cashed/taxed
120k cash
Pension available at 55- most likely wait until 65 to claim, which would be about $45,000 non cola. Can claim at 55 around 29,000- continues to grow the longer I wait to start.
Social security for both at 65 would be about another $40,000 based on current estimates.
No debt except mortgage- but still owe $480,000. House is on my 5 years old- so no major repairs along the way. Could sell house for 1M, downside and pay cash for smaller home in areas we would like to move (NC, TN, etc). That’s the plan 2-3 years after retiring. Enjoy the big house for a while-close to family- then get back to where we prefer to live and previously lived before here.
Currently live in FL with aging parents (87/83). They are in great health now- but I know their time is not forever, and would love to spend more time with them. I wouldn’t sell current house, or move from state until they would either move with us for in house care- or not need our help.
Basic Expenses now are $90,000 and there is certainly some fat to trim if needed. The current house payment/taxes, that’s a big chunk. Mortgage isn’t that bad, but taxes, HOA is $10k a year. Once we own a home outright from further sale- pension, SS- it will cover our basic expenses and more. Looking back, we’ve had years where we spent 100K or even 120k- but I can track those and see what caused the upswings, large amounts (move to florida, improvements on home, car, etc). The monthly/yearly expensive don’t vary greatly, and I’ve tracked to know what we will always have-need to for future, etc.
Enough cash, influx of funds to easily get from 55-57. Then would have to start pulling from 401k. No health coverage from company- so would go cobra for 2023-then move to AcA plan in 2024.
No fancy plans- not trips to Europe needed. We’re fine hanging around the house, gardening, time with friends, family, etc. we’ve always been homebodies and never in to any expensive entertainment or hobbies. We’ve made small salaries and we’ve made large salaries. We adjust our spending as needed while ensuring we saved along the way. I can think of toms of dough we blew up along the way, and certainly wish we had it back now.
My biggest concern- will we run out? I feel fortunate with a pension and SS, we have that for the rest of my life (and spouse). So we will never be OUT of money even if the 401k is depleted faster than we plan. Based on. Y current health/habits- I honestly don’t see 90 in my future. I want my life back now- but don’t want to be stupid and have worked hard my whole life to have a miserable retirement. How do I balance enjoying each day without just being stupid and jumping ship to soon.
All advice is welcome. I can rationalize anything and think all this will be no problem- then w-years down the road think- OMG- WTH did I do?
Thank you all!
I’ve been with a large company just over 28 years now- great salary, nice annual bonus- but the job is hard both physically and mentally. Your never off- never away and if it’s not email, text, or just being in the building- it’s 24/7.
Always told myself I would retire at 55. That time is now finally just 3 months away- and the panic of being ready is setting in. It’s so hard to walk away from a big salary- but I know life is short, and this is the kind of job that seems to age me more everyday. I don’t want to wait to retire, and then only a few years of true enjoyment in life.
No kids, wife currently works too, that would retire at the same time at 56.
The short of it-
900k in 401 all pre-taxed
160k in investment acct paid out and taxed once retired
60k stock options invested right away and cashed/taxed
120k cash
Pension available at 55- most likely wait until 65 to claim, which would be about $45,000 non cola. Can claim at 55 around 29,000- continues to grow the longer I wait to start.
Social security for both at 65 would be about another $40,000 based on current estimates.
No debt except mortgage- but still owe $480,000. House is on my 5 years old- so no major repairs along the way. Could sell house for 1M, downside and pay cash for smaller home in areas we would like to move (NC, TN, etc). That’s the plan 2-3 years after retiring. Enjoy the big house for a while-close to family- then get back to where we prefer to live and previously lived before here.
Currently live in FL with aging parents (87/83). They are in great health now- but I know their time is not forever, and would love to spend more time with them. I wouldn’t sell current house, or move from state until they would either move with us for in house care- or not need our help.
Basic Expenses now are $90,000 and there is certainly some fat to trim if needed. The current house payment/taxes, that’s a big chunk. Mortgage isn’t that bad, but taxes, HOA is $10k a year. Once we own a home outright from further sale- pension, SS- it will cover our basic expenses and more. Looking back, we’ve had years where we spent 100K or even 120k- but I can track those and see what caused the upswings, large amounts (move to florida, improvements on home, car, etc). The monthly/yearly expensive don’t vary greatly, and I’ve tracked to know what we will always have-need to for future, etc.
Enough cash, influx of funds to easily get from 55-57. Then would have to start pulling from 401k. No health coverage from company- so would go cobra for 2023-then move to AcA plan in 2024.
No fancy plans- not trips to Europe needed. We’re fine hanging around the house, gardening, time with friends, family, etc. we’ve always been homebodies and never in to any expensive entertainment or hobbies. We’ve made small salaries and we’ve made large salaries. We adjust our spending as needed while ensuring we saved along the way. I can think of toms of dough we blew up along the way, and certainly wish we had it back now.
My biggest concern- will we run out? I feel fortunate with a pension and SS, we have that for the rest of my life (and spouse). So we will never be OUT of money even if the 401k is depleted faster than we plan. Based on. Y current health/habits- I honestly don’t see 90 in my future. I want my life back now- but don’t want to be stupid and have worked hard my whole life to have a miserable retirement. How do I balance enjoying each day without just being stupid and jumping ship to soon.
All advice is welcome. I can rationalize anything and think all this will be no problem- then w-years down the road think- OMG- WTH did I do?
Thank you all!