Coach
Thinks s/he gets paid by the post
Hello to all. My introduction: I'm 54, single, childless, a software developer, and (I think) FI. My plan is to retire in 12 to 18 months when a large project I'm involved in will be (I think) under control. If I can last that long; work has lost much of its joy and I do sometimes think about leaving earlier. My retirement expense budget is $40K a year. I'll detail my assets below, but they're mostly in a 403(b) from which I can withdraw penalty free if I'm at least 55 and separated from service. In a few months I'll turn 55 and be eligible to retire. Retiring allows me to remain in my employer's health plan, paying the whole premium myself. My medical history makes this attractive. There are a few other minor advantages to retiring rather than resigning.
My tax-deferred retirement savings, all at TIAA-CREF, consist of $550K in a 403(b), $63K in a traditional IRA, and $38K in a Roth IRA. Retirement savings are about 50% equities, 20% TIAA Real Estate and 30% TIAA Traditional. The latter two accounts are kind of hard to classify -- the Real Estate account holds commercial real estate and has a NAV that varies; the Traditional account guarantees your investment, pays a fixed interest rate that changes periodically, and has some withdrawal restrictions.
I have about $60K in other savings -- $50K in various mutual funds and $10K in money market.
With my three siblings I am the beneficiary of trusts set up by my Grandmother and Mother, currently worth about $1.6M, so my share is $400K. Dividends and income produced by these trusts are paid to my Father for as long as he lives. Then the assets will be divided among the four siblings. Dad is 89 and in pretty good health. The trusts are invested about 50% in equities and 50% in income-producing investments. The trusts are irrevocable and forbid distribution of principal, so it seems reasonable to include them in my planning. I assume they will not appreciate in value.
My only debt is $25K on a house worth about $120K. I will be able to collect Social Security.
Firecalc and Quicken tell me I'm good to retire now when I assume a $300K trust distribution in 10 years. The T. Rowe Price calculator is not as confident, so I'm ignoring it .
I've learned much in the time I've been reading this board, and I look forward to learning more from all of you in the future. I don't have any specific questions now (I'm sure that will change!), but if anyone has any thoughts or comments I'd be pleased to hear them.
Coach
My tax-deferred retirement savings, all at TIAA-CREF, consist of $550K in a 403(b), $63K in a traditional IRA, and $38K in a Roth IRA. Retirement savings are about 50% equities, 20% TIAA Real Estate and 30% TIAA Traditional. The latter two accounts are kind of hard to classify -- the Real Estate account holds commercial real estate and has a NAV that varies; the Traditional account guarantees your investment, pays a fixed interest rate that changes periodically, and has some withdrawal restrictions.
I have about $60K in other savings -- $50K in various mutual funds and $10K in money market.
With my three siblings I am the beneficiary of trusts set up by my Grandmother and Mother, currently worth about $1.6M, so my share is $400K. Dividends and income produced by these trusts are paid to my Father for as long as he lives. Then the assets will be divided among the four siblings. Dad is 89 and in pretty good health. The trusts are invested about 50% in equities and 50% in income-producing investments. The trusts are irrevocable and forbid distribution of principal, so it seems reasonable to include them in my planning. I assume they will not appreciate in value.
My only debt is $25K on a house worth about $120K. I will be able to collect Social Security.
Firecalc and Quicken tell me I'm good to retire now when I assume a $300K trust distribution in 10 years. The T. Rowe Price calculator is not as confident, so I'm ignoring it .
I've learned much in the time I've been reading this board, and I look forward to learning more from all of you in the future. I don't have any specific questions now (I'm sure that will change!), but if anyone has any thoughts or comments I'd be pleased to hear them.
Coach