I posted a while back, but I am getting more serious about early retirement. I feel just burnt out and ready for something else. Almost age 59 and wife is 58. We are both in good health right now. Trying to figure out what all we need to think about if we retire.
Assets are largely in TIAA-CREF (yep college prof)
about $1.1 million, including IRAs
Another $75,000 in supplemental retirement in
Vanguard Star
About $125,000 in mix of I and H U.S. Savings Bonds (dull but put them long time ago from an inheritance)
Another $100,000 in mix of CDs, money market accounts and checking;
So about $1.4 million total but then I pay a hefty tax as I pull out funds from the tax deferred stuff such as the Savings Bonds, etc.
House all paid for at about $250,000.
Own farmland at about $540,000, which kicks off about $31,000 pretax income on cash rent. Taxes on it is around $4500 annually, then, of course, income tax both state and local after that. It is inherited farmland and plan to pass it along to next generation in family so selling and putting it into something with better return not a desired option at this time.
Current income, not counting land, is a shade over $100,000. Sure is hard to give up that regular check, but after while sleeping well at night and feeling good during the day may be worth it!
Oh yes, wife semiretired now with part-time pin money type job. Flex hours but no benefits.
I can do some considerable change in TIAA-CREF now regarding stocks, bonds, etc. I can switch the Vanguard Star into other Vanguard Funds just with a phone call, but current return does not seem too bad. The U.S. Bonds are probably just an overly cautious safety net. I am working to get the cash into something with more return, but I do like to a some readily available.
Seems health insurance is the big kicker...and then perhaps long term care. Any advice on that....and anything else I should be considering?
Assets are largely in TIAA-CREF (yep college prof)
about $1.1 million, including IRAs
Another $75,000 in supplemental retirement in
Vanguard Star
About $125,000 in mix of I and H U.S. Savings Bonds (dull but put them long time ago from an inheritance)
Another $100,000 in mix of CDs, money market accounts and checking;
So about $1.4 million total but then I pay a hefty tax as I pull out funds from the tax deferred stuff such as the Savings Bonds, etc.
House all paid for at about $250,000.
Own farmland at about $540,000, which kicks off about $31,000 pretax income on cash rent. Taxes on it is around $4500 annually, then, of course, income tax both state and local after that. It is inherited farmland and plan to pass it along to next generation in family so selling and putting it into something with better return not a desired option at this time.
Current income, not counting land, is a shade over $100,000. Sure is hard to give up that regular check, but after while sleeping well at night and feeling good during the day may be worth it!
Oh yes, wife semiretired now with part-time pin money type job. Flex hours but no benefits.
I can do some considerable change in TIAA-CREF now regarding stocks, bonds, etc. I can switch the Vanguard Star into other Vanguard Funds just with a phone call, but current return does not seem too bad. The U.S. Bonds are probably just an overly cautious safety net. I am working to get the cash into something with more return, but I do like to a some readily available.
Seems health insurance is the big kicker...and then perhaps long term care. Any advice on that....and anything else I should be considering?