Erbragg1
Recycles dryer sheets
- Joined
- Aug 26, 2017
- Messages
- 73
Hi all,
I am new to the forum and looking for some advice.
I have $1.9M in IRA, 401(k) and brokerage accounts.
I owe $185K on house worth $500K.
My wife and I are both 48. One kid in college and one is junior in HS.
We have $60k left in 529 plan for them and the rest we expect to pay with cash savings, so effectively college for the kids is covered.
My thoughts are that we will end up taking SS at 62 and expect $1800 or so per month benefit. We also have a Long Term Care policy and expect somewhere around $250K inheritance in 10-15 years.
I would love to retire in a little over 3 years. I think we can live on $110k per year pre-tax. We think we theoretically have enough, but I am concerned that we will have trouble bridging the gap before SS kicks in. Most (80%) of the $1.9M is in Traditional IRA and 401(k). Firecalc says we have enough, but I fear I would have to prematurely hit the tax advantaged accounts and pay penalties.
Anyone have similar experiences or advice?
Thanks!
I am new to the forum and looking for some advice.
I have $1.9M in IRA, 401(k) and brokerage accounts.
I owe $185K on house worth $500K.
My wife and I are both 48. One kid in college and one is junior in HS.
We have $60k left in 529 plan for them and the rest we expect to pay with cash savings, so effectively college for the kids is covered.
My thoughts are that we will end up taking SS at 62 and expect $1800 or so per month benefit. We also have a Long Term Care policy and expect somewhere around $250K inheritance in 10-15 years.
I would love to retire in a little over 3 years. I think we can live on $110k per year pre-tax. We think we theoretically have enough, but I am concerned that we will have trouble bridging the gap before SS kicks in. Most (80%) of the $1.9M is in Traditional IRA and 401(k). Firecalc says we have enough, but I fear I would have to prematurely hit the tax advantaged accounts and pay penalties.
Anyone have similar experiences or advice?
Thanks!