first time here - dreaming big now...

bpares

Confused about dryer sheets
Joined
Oct 28, 2010
Messages
7
Location
New Canaan
married, 55, 6 more yrs of college payments ($40k/yr) to go. $320k 401k now, another $800k equity in house, plan to work another 3-5 yrs (until 16yr old daughter is somewhat settled in college/life), then quit this rat race...wife is already 'retired', but doesn't want me to retire (and thereby sell our house) just yet. she thinks I should work until my late 60's at least...which is not gonna happen!

most of what I read here is quite helpful and encouraging (thanks to all of you before us!)

I find myself drifting to this site often and double-checking my numbers...

anyone hear much of Skidaway Island/Savannah and/or St. James Plantation/NC as places to settle?

Bobby P
 
Welcome to the forum.

Do you see anything that concerns you in what you wrote below?

...wife is already 'retired', but doesn't want me to retire (and thereby sell our house) just yet. she thinks I should work until my late 60's at least...which is not gonna happen!
 
Welcome to the forum. I'm curious how you see the numbers. If you sell your house, will you rent?
 
if we sell the house, we can bank some $800k and buy a lovely place away from the NY metro area for $350-450k. this would still leave us w some $700-800 between 401k and cash, with no mortgage. even w waiting until 67 for SS max - it seems we may be able to pull this off?
 
...wife is already 'retired', but doesn't want me to retire (and thereby sell our house) just yet. she thinks I should work until my late 60's at least...which is not gonna happen!

Bobby P

You are not alone on this board Bobby. You ladies and gents (you know who you are) should form a support group.

ha
 
Welcome, I think maybe you should start looking for a job for your DW. This way maybe you can retire earlier.

Only problem for you with your DW's plan is you may not live that long. But at least DW will get the higher amount of your SS.
 
by initial calcs, we'd like to have $50k/yr, dropping to $40k after 15-20 yrs.
 
by initial calcs, we'd like to have $50k/yr, dropping to $40k after 15-20 yrs.

Getting $50K / year from your $800K doesn't look good. You might want to run the FIRECalc program (see bottom of page).
 
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