Am I Ready???

[rdjrn]

Married with children aged 15, 13, 10 and 9 ( I know, no chance, right?).
Want to retire in 3 years. Currently age 53 with 29 years at major company.
Can keep company insurance after retirement. Also will have tricare (Military) insurance at age 60.

Anticipate that in 3 years my 401K will be worth $750,000, and my company pension lump sum should be worth $450,000.
I receive VA disability pension of $1300/Mo (tax free). I'll also qualify for Army Reserve retirement at age 60 ($800/Month), and hopefully some social security pension will still be there when I reach 62.

Live in the rural south, house paid for, no current bills other than utilities, medical co-payments, home/car insurance premiums. Total monthly bills equal approximately $1000. Probably spend another $2000 a month on miscellaneous stuff (gas, food, entertainment, school). I figure I need about $4000 a month to do it (Not counting wifes income).

Wife is 12 years younger and will continue to work (nurse).

What do you think

 

[Moemg]

I think you need to really track all your expenses for at least six months to see where you stand .Your expenses might be a lot higher than you are estimating . Plus you have four children to educate .

 

[swampwiz]

As long as you are not a spendthrift, you are ready. Are the kids going to public schools, and are planning to go to a state university?

The only concern would be health insurance, since the new health care program will not be in place until 2014.

 

[FANOFJESUS]

You should be ready using a 4% withdrawal rate. Send the kids to community college.

 

[Dawg52]

Send the kids to community college.

At our local community college, if you can maintain a 'B' average, tuition is free. A kid is crazy not to get the first 2 years of college there.