Hey y'all - Late to FIRE in TX

[Stabo1]

Hi there. Late to FIRE but hoping not too late.

I'm 47, hoping to retire at 55. Currently have $520K in 401K. Plan on saving about $80K per year until retirement. I get a pension of $60K if I wait to withdraw until I'm 60 years old. Also will get max possible Social Security. Planning for life expectancy of 90yrs.

My question is backward. What is the most I can safely withdraw annually based on all these sources?

 

[N02L84ER]

Have you tried entering your information on Firecalc? The link is at the bottom of the screen.

 

[Stabo1]

Yes, working on it now. I am having to iterate expected spending on the start page until probabilities drop below 100%.

 

[N02L84ER]

On the Investigate tab, try using 95% to 100% and check the spending level.

Given a success rate, determine spending level for a set portfolio, or portfolio for a set spending level

Search for settings that will get a success rate of as close to % as possible (usually within 1%) by changing...
Spending Level"

 

[JBTX]

My guess would be $35k to $55k per year in todays dollars. The $35k assumes zero real return (future returns = inflation ) and a 3% SWR. The $55k assumes 3% real return (3% over inflation ) and a 4% SWR. Of course you could use more aggressive assumptions, and it might work out OK, but I wouldn’t.

 

[Stabo1]

On the Investigate tab, try using 95% to 100% and check the spending level.

Given a success rate, determine spending level for a set portfolio, or portfolio for a set spending level

Search for settings that will get a success rate of as close to % as possible (usually within 1%) by changing...
Spending Level"

Did that and it gave me $83K @ greater 95%. So adjusted my sim to $74K for 100%. Thanks