can some of the experts let me know if this is a workable plan?
I have 689k most in cash cds drawing 5% appx 50k is in iras mut funds, I have a baloon payoff on a land contract that will bring me in an aditional 85k in 30 days. makes me an total cash of appx 700k that is drawing intrest the rest is in iras or stocks, I contribute 6k each year to ira mut funds. I have other propertys that conservitivly bring could be sold for cash of 110k so I would have a total of appx 820k plus my iras and stocks. my plan is to draw intrest on the 820 and live off of it should bring in 37k each year give or take. so if I have 40 years to live and I will need cost of living increas over that time. I have planed on ss kicking in and helping 20 years, and also the iras in 10 to 15 years should have grown nicly to off set the cost of living increase, and in later life cant you start to draw on the principal? at maybe 65 or 68 start to use a principal draw? my main question is we pay all of our bills with my wifes income and I have been semi out of the work force for 3 years, her income before taxes is 35k the only bennie is health ins. but she pays for mine. and we get along very well on that, no kids and probely wont have any. my delema is I do not want to jump ship if working part time and her job would set us up substancialy better by working a few years more.
I have 689k most in cash cds drawing 5% appx 50k is in iras mut funds, I have a baloon payoff on a land contract that will bring me in an aditional 85k in 30 days. makes me an total cash of appx 700k that is drawing intrest the rest is in iras or stocks, I contribute 6k each year to ira mut funds. I have other propertys that conservitivly bring could be sold for cash of 110k so I would have a total of appx 820k plus my iras and stocks. my plan is to draw intrest on the 820 and live off of it should bring in 37k each year give or take. so if I have 40 years to live and I will need cost of living increas over that time. I have planed on ss kicking in and helping 20 years, and also the iras in 10 to 15 years should have grown nicly to off set the cost of living increase, and in later life cant you start to draw on the principal? at maybe 65 or 68 start to use a principal draw? my main question is we pay all of our bills with my wifes income and I have been semi out of the work force for 3 years, her income before taxes is 35k the only bennie is health ins. but she pays for mine. and we get along very well on that, no kids and probely wont have any. my delema is I do not want to jump ship if working part time and her job would set us up substancialy better by working a few years more.