Hello All,
Wanted to introduce myself, I've been reading the forum for a couple months and appreciate all the information here.
My spouse and I are planning to RE and are hopeful and anxious, as I guess most folks are when approaching this stage. Our situation is as follows:
Net worth is 1.6m of which are 40% stocks, 50%MFunds, 5% cash, and 5% other. Out of this there is 750k in taxable accounts and the remaining 850K is in tax deferred accounts. We also have about 200k equity in our home.
I will be receiving a 22k /year pension beginning in October 2016, and we are planning to take SS at 67 or perhaps a little later depending. SS estimates: me 26k and spouse 24k.
I’m 53.5 (October birthday)
Spouse 55 (January birthday)
We have been tracking expenses for about 20 years, so we have a reasonable idea of what they were with the exception of health care. Fortunately we are both in good health so far. We will probably downsize after a few years and are considering relocating to a lower COL area, as we currently call South New Jersey home.
$50,000 housing - food - utilities- car
$15,000 medical
$10,000 travel - entertainment
$10,000 pocket
$85,000 Total net Expenses
I have run lots of retirement calculators and get financial assistance from a financial advisor, as I will be the first to admit that I’m overwhelmed with all the numbers and projections. We have been advised that we can draw 8k a month net out from nest egg about 105K/year and then reduce the amount needed as we start getting ss, and our money will last till we are 90 & 91.
Desired gross income 109k
Fixed income 22k
Needed from saving 87K
Till we draw SS which should reduce the amount we need from saving to 37k at about year 15 of retirement.
We do not have children and do not necessarily plan to leave an inheritance of any magnitude.
I would appreciate any feedback, positive or negative about our situation. I’m so burnt at w*rk these days and would love to retire at the end of 2015 and spouse retire end of 2016.
Wanted to introduce myself, I've been reading the forum for a couple months and appreciate all the information here.
My spouse and I are planning to RE and are hopeful and anxious, as I guess most folks are when approaching this stage. Our situation is as follows:
Net worth is 1.6m of which are 40% stocks, 50%MFunds, 5% cash, and 5% other. Out of this there is 750k in taxable accounts and the remaining 850K is in tax deferred accounts. We also have about 200k equity in our home.
I will be receiving a 22k /year pension beginning in October 2016, and we are planning to take SS at 67 or perhaps a little later depending. SS estimates: me 26k and spouse 24k.
I’m 53.5 (October birthday)
Spouse 55 (January birthday)
We have been tracking expenses for about 20 years, so we have a reasonable idea of what they were with the exception of health care. Fortunately we are both in good health so far. We will probably downsize after a few years and are considering relocating to a lower COL area, as we currently call South New Jersey home.
$50,000 housing - food - utilities- car
$15,000 medical
$10,000 travel - entertainment
$10,000 pocket
$85,000 Total net Expenses
I have run lots of retirement calculators and get financial assistance from a financial advisor, as I will be the first to admit that I’m overwhelmed with all the numbers and projections. We have been advised that we can draw 8k a month net out from nest egg about 105K/year and then reduce the amount needed as we start getting ss, and our money will last till we are 90 & 91.
Desired gross income 109k
Fixed income 22k
Needed from saving 87K
Till we draw SS which should reduce the amount we need from saving to 37k at about year 15 of retirement.
We do not have children and do not necessarily plan to leave an inheritance of any magnitude.
I would appreciate any feedback, positive or negative about our situation. I’m so burnt at w*rk these days and would love to retire at the end of 2015 and spouse retire end of 2016.