I worry

[OHjosh]

Hi all. I will be 62 next month. I am new to being FIRE and I can't say I feel easy about it so far. (Of course, as POA for a 95 year old mom with Alzheimers, I am not really free to do whatever, whenever I like.) Factoids on my situation:

Single. $670K in financial assets; house is another $150K. Debt is $15K. SS would be $2.4K a MONTH if I wait until 66+. Right now my income is $25K in investments and $10K part time job (long story on that).

My financial guy says I never need to worry about money but I did all my life and habits die hard! So I am curious about others opinions here.

 

[jonat]

What are your expenses? Your assets are a bit low for comfort but better than a lot of people. What are you doing for health insurance?

 

[razztazz]

You actually are doing pretty good. Looks like you have plenty but do not stop worrying. But you are now free to worry somewhat less. That's how I did it

 

[cooch96]

It depends on your lifestyle and COL area, but i expect your advisor is right. You could sate your worrying nature by living modestly until your SS kicks in. Then try to live on your SS and liberally use your nest egg for extras, fun, charity, etc.

 

[Whisper66]

A quick run on FIRECalc: A different kind of retirement calculator suggests that your portfolio (assuming you have 50% in equities and excluding your $10k part time work) will support expenses of about $50k/yr for 30 yrs with 95% chance you won't run out of money. So if your expenses are below that, I think your financial guy is correct.

 

[Blue Collar Guy]

Sir your good financially. Best of luck with mom.

 

[bmcgonig]

Where is the 25k in investments coming from? Is that generated from the 670k?

 

[OHjosh]

Thought I put that here. My expenses are about $35K pre tax.

 

[OHjosh]

Yes, the $25K is coming from the nest egg. $250K of that are annuities that are expected to kick off $15K. With that and with SS, that would cover most of my expenses ($35k). Or so my guy says. Health insurance is definitely a concern. I am on COBRA right now but come March 2018...

 

[street]

I see your scenario working just fine. I would do some checking on ACA and see if that works for you.