I just agreed to a voluntary separation with my employer. I will in turn receive 97 weeks of severance paid out every other week as normal. That will start at the beginning of July.... so I still work a few more months. I will still be under the company's healthcare plan for that whole time, then I can go cobra if need be.
I really wanted to work another 5 years, but here are the numbers:
401k = 460k
My house is valued at 220k and is paid off.
I have zero debt and a very frugal wife.
I will be 61 when the pay stops coming in and would have to live off of liquid for a year before social security which will be 2200/ month if I take it then. I also pull in another 1600 a month with a free lance gig that I've been doing for 15 years. I just bumped my 401k contributions to 10% from 6% since the company won't be matching after June. I have a small pension coming at 62 that's 150/ month. I expect the 401k to be 600k at 62 and don't see a problem living off of 4% of it per year.
Should I go back to work ... or does this look doable?
I really wanted to work another 5 years, but here are the numbers:
401k = 460k
My house is valued at 220k and is paid off.
I have zero debt and a very frugal wife.
I will be 61 when the pay stops coming in and would have to live off of liquid for a year before social security which will be 2200/ month if I take it then. I also pull in another 1600 a month with a free lance gig that I've been doing for 15 years. I just bumped my 401k contributions to 10% from 6% since the company won't be matching after June. I have a small pension coming at 62 that's 150/ month. I expect the 401k to be 600k at 62 and don't see a problem living off of 4% of it per year.
Should I go back to work ... or does this look doable?