Hi, I have been lurking here a few times but have not posted much.
I'm very fed up with my current job and new boss. I'm doing really well and my work evaluations are well above average (evaluation is base on client feedback, not boss). I could feel zero appreciation from boss. It's time to go. My contract ends next year Sept. 2016, and I am just finishing my work contract before I turn 53 yrs old. I'm applying for other jobs, but if I don't get any new job starting next year, I may just have to retire. Me and my wife are experience anxiety from my quitting my job for next year, but she understands. My wife is a houswife, and has no job.
I won't reach $1 Million by the time I quit next year, but will have around $700,000 (pre-tax and after-tax savings) at 53. After-tax savings will be in tax-free bonds, and pre-tax 403b will be 80% stocks. We live in a low cost southern state and can survive on $3,500/month or $42,000/year, using Obamacare as insurance. My wife and I will collect social security at 62 years old, which is probably around $34,000/year base on social security statements/calculators. If I don't find a job, I might do a SEPP 72 from my 403b to tide us over to 62 yrs old, withdrawing minimally to get very minimal or zero tax.
My wife and i have already traveled 30+ countries and we have lived in Europe for 5 years, so we could retire with minimal overseas travel - been world travelers already from age 20s to 50s. We have a timeshare exchange for travel and a sister who works for an airlines and gives us companion passes for travel. So, we can retire with minimal travel expenses.
We have no kids and don't really have to leave any remaining retirement money when we croak. In short, our goal to spend our retirement money until it is zero a day before we pass on to the next plane of existence. LOL.
Our back-up plan, if our financial situation turns out to be not so good, is to go live in the Philippines when we hit 60 or older. Our social security income alone will be sufficient to sustain us in the Philippines, where we still have relatives and friends. Right now, $1500/mo or $18,000/year means a luxurious life in the Philippines.
Anyway, I plugged in $700,000 in Firecalc with Social Security income (at 62 yrs old) and 50% equities / 50% fixed income, 30 years, and it came out to 99.1% with one failed scenario. With 75% equities/25% fixed income, it was around 95% success. Anyway, I still have anxieties, and hope that subsides soon.
I'm very fed up with my current job and new boss. I'm doing really well and my work evaluations are well above average (evaluation is base on client feedback, not boss). I could feel zero appreciation from boss. It's time to go. My contract ends next year Sept. 2016, and I am just finishing my work contract before I turn 53 yrs old. I'm applying for other jobs, but if I don't get any new job starting next year, I may just have to retire. Me and my wife are experience anxiety from my quitting my job for next year, but she understands. My wife is a houswife, and has no job.
I won't reach $1 Million by the time I quit next year, but will have around $700,000 (pre-tax and after-tax savings) at 53. After-tax savings will be in tax-free bonds, and pre-tax 403b will be 80% stocks. We live in a low cost southern state and can survive on $3,500/month or $42,000/year, using Obamacare as insurance. My wife and I will collect social security at 62 years old, which is probably around $34,000/year base on social security statements/calculators. If I don't find a job, I might do a SEPP 72 from my 403b to tide us over to 62 yrs old, withdrawing minimally to get very minimal or zero tax.
My wife and i have already traveled 30+ countries and we have lived in Europe for 5 years, so we could retire with minimal overseas travel - been world travelers already from age 20s to 50s. We have a timeshare exchange for travel and a sister who works for an airlines and gives us companion passes for travel. So, we can retire with minimal travel expenses.
We have no kids and don't really have to leave any remaining retirement money when we croak. In short, our goal to spend our retirement money until it is zero a day before we pass on to the next plane of existence. LOL.
Our back-up plan, if our financial situation turns out to be not so good, is to go live in the Philippines when we hit 60 or older. Our social security income alone will be sufficient to sustain us in the Philippines, where we still have relatives and friends. Right now, $1500/mo or $18,000/year means a luxurious life in the Philippines.
Anyway, I plugged in $700,000 in Firecalc with Social Security income (at 62 yrs old) and 50% equities / 50% fixed income, 30 years, and it came out to 99.1% with one failed scenario. With 75% equities/25% fixed income, it was around 95% success. Anyway, I still have anxieties, and hope that subsides soon.