Goodprovider
Dryer sheet wannabe
- Joined
- Feb 9, 2020
- Messages
- 14
All:
It's been almost exactly one year since I posted my initial "Can I swing it?" thread. As advised on this forum, I've stuck around at my present job. It's a high-paying job but very stressful with not very much security. After another year of that, I'm now more mentally ready than ever to make the move to retirement, and my financial picture has improved considerably. Here's my present info compared to what I'd written here last year:
Last year:
- 45 years old
- Divorced
- 2 kids who will be college age in 5 years - I pay for half
- Paid-off house worth about 750k
- About 600k in a 401k
- Another 600k in liquid assets
- No debt; net worth is about 1.95 million
- Expenses are about 50k per year.
- Only certain retirement income would be social security, though may be in line for inheritances
Now:
- 46 years old
- Divorced
- 2 kids who will be college age in 4 years - I pay for half
- Paid-off house worth about 800k
- About 766k in 401k / profit sharing
- Another 940k in liquid assets (555k in savings remainder in equities)
- No debt; net worth is about 2.5 million
- Expenses are about 60k per year. (I added another 10k to this to be on the safe side)
- Only certain retirement income would be social security, though may be in line for inheritances
When I factor in social security, FIRECALC says I should be fine 100% of the time. College expense is not included in my budget, though health care is. Frankly, I pay so much in taxes now, simply eliminating that cuts my spending nearly in half. I figure I could simply live off my savings until age 59 when I can then start accessing my 401k without penalty. The only factor really giving me pause is my kids' college expense.
This community offer me some real sage advice last time around, and I'm figuring that I'll revisit the well one more time before truly making the plunge. I'm in the kind of career where once I end things, relinquish my clients etc., there's no going back.
Many thanks!
It's been almost exactly one year since I posted my initial "Can I swing it?" thread. As advised on this forum, I've stuck around at my present job. It's a high-paying job but very stressful with not very much security. After another year of that, I'm now more mentally ready than ever to make the move to retirement, and my financial picture has improved considerably. Here's my present info compared to what I'd written here last year:
Last year:
- 45 years old
- Divorced
- 2 kids who will be college age in 5 years - I pay for half
- Paid-off house worth about 750k
- About 600k in a 401k
- Another 600k in liquid assets
- No debt; net worth is about 1.95 million
- Expenses are about 50k per year.
- Only certain retirement income would be social security, though may be in line for inheritances
Now:
- 46 years old
- Divorced
- 2 kids who will be college age in 4 years - I pay for half
- Paid-off house worth about 800k
- About 766k in 401k / profit sharing
- Another 940k in liquid assets (555k in savings remainder in equities)
- No debt; net worth is about 2.5 million
- Expenses are about 60k per year. (I added another 10k to this to be on the safe side)
- Only certain retirement income would be social security, though may be in line for inheritances
When I factor in social security, FIRECALC says I should be fine 100% of the time. College expense is not included in my budget, though health care is. Frankly, I pay so much in taxes now, simply eliminating that cuts my spending nearly in half. I figure I could simply live off my savings until age 59 when I can then start accessing my 401k without penalty. The only factor really giving me pause is my kids' college expense.
This community offer me some real sage advice last time around, and I'm figuring that I'll revisit the well one more time before truly making the plunge. I'm in the kind of career where once I end things, relinquish my clients etc., there's no going back.
Many thanks!
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