I stumbled across this site a couple of years ago, and have been reading posts almost daily ever since. It has been a great resource and really got me thinking about when to retire. Recent family members medical problems have made it even more clear that life is short and we need to retire by the age of 60.
1. Ages-both of us are 58
2. Kids-4 adult children
3. Current plan would be to retire at 60 when pension can begin.
4. Salary-$132,000
5. Hope to move to larger home closer to kids for large family gatherings.
6. Our annual spending is currently $40,000, will need to add health insurance ACA $24,000, high estimate I hope, and increased housing expenses for larger home, so $75,000 per year in retirement
7. Debt-None
8. Portfolio-Cash-$165,000
Mutual Fund-$155,000
Traditional IRA-$405,000
Roth IRA-$43,000
401K-1,750,000
Pension-$60,000/yr non-COLA, (will do spousal benefit, don’t know that amount yet)
Social Security-(62)-$2256, or wait til 67-$3226, or 70-$4010
HSA-$12,000
Plan to spend around $350,000 for house, current house sale $125,000 (small house) we are not big travelers, looking forward to spending time with family (kids and aging parents) and pursuing our hobbies.
Biggest concern is taxes on our pre-tax money. How to reduce taxes on money we may withdraw for house. Majority of portfolio is currently in stocks. Also debating on when to take Social Security.
Firecalc appears to be 100%.
1. Ages-both of us are 58
2. Kids-4 adult children
3. Current plan would be to retire at 60 when pension can begin.
4. Salary-$132,000
5. Hope to move to larger home closer to kids for large family gatherings.
6. Our annual spending is currently $40,000, will need to add health insurance ACA $24,000, high estimate I hope, and increased housing expenses for larger home, so $75,000 per year in retirement
7. Debt-None
8. Portfolio-Cash-$165,000
Mutual Fund-$155,000
Traditional IRA-$405,000
Roth IRA-$43,000
401K-1,750,000
Pension-$60,000/yr non-COLA, (will do spousal benefit, don’t know that amount yet)
Social Security-(62)-$2256, or wait til 67-$3226, or 70-$4010
HSA-$12,000
Plan to spend around $350,000 for house, current house sale $125,000 (small house) we are not big travelers, looking forward to spending time with family (kids and aging parents) and pursuing our hobbies.
Biggest concern is taxes on our pre-tax money. How to reduce taxes on money we may withdraw for house. Majority of portfolio is currently in stocks. Also debating on when to take Social Security.
Firecalc appears to be 100%.