MarcusAurelius
Confused about dryer sheets
- Joined
- Jan 2, 2022
- Messages
- 9
Happy New Year to all.
Long time, first time. I've been preparing for retirement for many years, I think I'm finally ready. Countdown timer on my phone has been set for a few months.
This is my scenario:
Single, turning 57 in autumn. No children or dependents.
* Traditional IRAs from employment (SEP/SIMPLE) - $1.2M
* Roth IRA - $385K
* Roth 401K - $14K (just started)
* Taxable Accounts: $1.2M (about $300K is in cash)
* HSA: $85K (used as essentially as investment)
Total: $2.8M
The breakdown of investments (all in mutual funds, mostly Fidelity/Vanguard):
Stock: 60%, Bond: 10%, Balanced: 15%, Cash: 15%
Home mortgage has $85K remaining (final payment in early 2027), worth at least $450K now.
Auto was purchased last year and paid in full. Less than 5000 miles put on it in the last 18 months.
Estimated Monthly Expenses:
Mortgage (thru 2027): $2200-$2500 (included likely tax increases)
Other Expenses: $1500 (this has been the average for last 2 years, this includes almost everything actually spent for food, credit cards, utilities)
Health Insurance (on ACA plan): $700 (w/out subsidy), $250-$600 (w/subsidy). For the past few years, mostly routine checkups (<$1000/year OOP). BP, Sugar, and weight in normal range past 5 years.
The only income that I would show for ACA purposes will come from dividends / capital gains in the taxable accounts. This has averaged about $40K for last few years, but this year is around $70K (ouch!). I've already sold funds in the past few years to try to reduce this amount to more tax efficient index funds.
Social Security Estimates (doesn't include 2021 income yet): $1900 (62), $2650 (67), $3300 (70). Thanks to those who have recently posted the link to the SS site that provides the benefits.
Our small company was purchased last year by a much larger organization, so my mostly influential role is much more subservient to their wishes. I've been mostly remoting for past 5 years, I expect that this will mostly end in the next 3 months. Commute would be about 1 hour each way to new office (right now it's 90 minutes each way).
Fidelity Planner / Firecalc (using 40 years, $60K expenses, $2.8M portfolio) - 100% success, leaving at least $1M on table.
I would greatly appreciate any thoughts and ideas. One thing that I'm unsure of is the best way to withdraw required money. I probably have enough for next 2 years just in traditional bank type accounts, so it would be after that.
Long time, first time. I've been preparing for retirement for many years, I think I'm finally ready. Countdown timer on my phone has been set for a few months.
This is my scenario:
Single, turning 57 in autumn. No children or dependents.
* Traditional IRAs from employment (SEP/SIMPLE) - $1.2M
* Roth IRA - $385K
* Roth 401K - $14K (just started)
* Taxable Accounts: $1.2M (about $300K is in cash)
* HSA: $85K (used as essentially as investment)
Total: $2.8M
The breakdown of investments (all in mutual funds, mostly Fidelity/Vanguard):
Stock: 60%, Bond: 10%, Balanced: 15%, Cash: 15%
Home mortgage has $85K remaining (final payment in early 2027), worth at least $450K now.
Auto was purchased last year and paid in full. Less than 5000 miles put on it in the last 18 months.
Estimated Monthly Expenses:
Mortgage (thru 2027): $2200-$2500 (included likely tax increases)
Other Expenses: $1500 (this has been the average for last 2 years, this includes almost everything actually spent for food, credit cards, utilities)
Health Insurance (on ACA plan): $700 (w/out subsidy), $250-$600 (w/subsidy). For the past few years, mostly routine checkups (<$1000/year OOP). BP, Sugar, and weight in normal range past 5 years.
The only income that I would show for ACA purposes will come from dividends / capital gains in the taxable accounts. This has averaged about $40K for last few years, but this year is around $70K (ouch!). I've already sold funds in the past few years to try to reduce this amount to more tax efficient index funds.
Social Security Estimates (doesn't include 2021 income yet): $1900 (62), $2650 (67), $3300 (70). Thanks to those who have recently posted the link to the SS site that provides the benefits.
Our small company was purchased last year by a much larger organization, so my mostly influential role is much more subservient to their wishes. I've been mostly remoting for past 5 years, I expect that this will mostly end in the next 3 months. Commute would be about 1 hour each way to new office (right now it's 90 minutes each way).
Fidelity Planner / Firecalc (using 40 years, $60K expenses, $2.8M portfolio) - 100% success, leaving at least $1M on table.
I would greatly appreciate any thoughts and ideas. One thing that I'm unsure of is the best way to withdraw required money. I probably have enough for next 2 years just in traditional bank type accounts, so it would be after that.