gregory r.
Dryer sheet aficionado
- Joined
- Jun 25, 2014
- Messages
- 41
Current:
* me - 54
* wife - 54
* combined salaries = $280k
* current pre-tax savings - $960,000 ( 40 stocks/28 bonds/32 fixed-reserves)
* after tax - $70,000
* house -will be paid off in 4, (double payments) assuming they continue
* 3 kids- 2 out of college & gone, 16 yo home college paid for through college trust
* condo in St Pete Beach Fl- paid for
* both 401ks we max out...plus catch up (the $960 above)
* my pension @ 62, it's frozen now w/benefit of $1700 mth
* SS at some point but need to weigh options.
- my calculation the pre-tax should be around $1.23 mill in 4 yrs & after tax around 100k, (emergency fund)..plan on working part time between 58 and 62 to cover medical and then some, and taking about 3.5% from investments. Hopefully the 3.5% combined w/part time income will suffice between 58-62, then the pension and possible one SS payment can kick in. I know i need to run the simulation and assess after tax spending before doing any of this.......just looking for insights or big misses in this "preliminary plan" I realize we'll possibly be hitting the investments a bit harder the first few years till the pension/SS kick in.....also realize we need to assess the SS and ramifications of taking one early.
* me - 54
* wife - 54
* combined salaries = $280k
* current pre-tax savings - $960,000 ( 40 stocks/28 bonds/32 fixed-reserves)
* after tax - $70,000
* house -will be paid off in 4, (double payments) assuming they continue
* 3 kids- 2 out of college & gone, 16 yo home college paid for through college trust
* condo in St Pete Beach Fl- paid for
* both 401ks we max out...plus catch up (the $960 above)
* my pension @ 62, it's frozen now w/benefit of $1700 mth
* SS at some point but need to weigh options.
- my calculation the pre-tax should be around $1.23 mill in 4 yrs & after tax around 100k, (emergency fund)..plan on working part time between 58 and 62 to cover medical and then some, and taking about 3.5% from investments. Hopefully the 3.5% combined w/part time income will suffice between 58-62, then the pension and possible one SS payment can kick in. I know i need to run the simulation and assess after tax spending before doing any of this.......just looking for insights or big misses in this "preliminary plan" I realize we'll possibly be hitting the investments a bit harder the first few years till the pension/SS kick in.....also realize we need to assess the SS and ramifications of taking one early.