I am 43. DH is 45 and has been retired as a stay at home Dad. I want to join him! I sold my business and generated a nice lump of cash. But I am petrified it is not enough. Here is the financial situation...
I have about $3 million (still!) in stocks, bonds and other assets. I have $1.5 mm in a money market account. My house is worth about $5 mill and has no debt. I have another house I am trying to sell for about $1.3 mill. Also has no debt - so I can rent if I have to. I have a son, we have prepaid his college tuition and have about $50k in a 529 for expenses. I have no debt any where - no car loans, no credit card, mortgages or equity lines.
I am working in a yucky job making $200k. I need about $150 -200k per year to support my current expenses, but would be willing to sell the house at some point in the distant future - maybe 20 years and lower expenses? I also may like to work again doing something I love and generating far less income.
Do I have enough to retire? I am petrified to do it despite running models. I have already secured private health insurance and I get no other benefits from my current job. I also have a pension that I will get when I am 65 for $50k.
Any ideas on how to structure a portfolio to get income I need? Need all the help I can get!
I have about $3 million (still!) in stocks, bonds and other assets. I have $1.5 mm in a money market account. My house is worth about $5 mill and has no debt. I have another house I am trying to sell for about $1.3 mill. Also has no debt - so I can rent if I have to. I have a son, we have prepaid his college tuition and have about $50k in a 529 for expenses. I have no debt any where - no car loans, no credit card, mortgages or equity lines.
I am working in a yucky job making $200k. I need about $150 -200k per year to support my current expenses, but would be willing to sell the house at some point in the distant future - maybe 20 years and lower expenses? I also may like to work again doing something I love and generating far less income.
Do I have enough to retire? I am petrified to do it despite running models. I have already secured private health insurance and I get no other benefits from my current job. I also have a pension that I will get when I am 65 for $50k.
Any ideas on how to structure a portfolio to get income I need? Need all the help I can get!