Hi
We have the same thoughts, but our hope is that it never comes to that. By the time she retires at 62 we will be looking at only taxes and minimal maint.
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- Thread starter Kabowest
- Start date
Hi
We have the same thoughts, but our hope is that it never comes to that. By the time she retires at 62 we will be looking at only taxes and minimal maint.
Welcome! You look in good shape and I'm sure you'll enjoy spending even more time out on the lake. I don't want an answer to this since it's personal, but since you mentioned you were both married before, are either of you planning to leave "your" money to kids from the prior marriage? If one of you were to predecease the other, would a portion of the retirement money go to someone other than the spouse?
These are all personal choices, and there is no "right" answer, just make sure you have any possibility considered in your plan. Also, make sure you have the right beneficiaries designated on all your accounts etc.
These are all personal choices, and there is no "right" answer, just make sure you have any possibility considered in your plan. Also, make sure you have the right beneficiaries designated on all your accounts etc.
All real questions and fair to ask. I have three kids and she has two - all grown and well established on their own. The one nugget I didn't expand on in my original post, is that she brings the $700k house into the mix. When you crunch the numbers, and given that she'll work six years beyond me (continuing to build her retirement contributions) it will closely even out. The plan would be, when we are both gone, whatever is residual would be split across the five kids - lawyers, wills, etc..
old woman
Full time employment: Posting here.
- Joined
- Dec 22, 2005
- Messages
- 567
Financially you are fine, you might want to work at paying off the mortgage, for no good reason.
Emotionally I feel you should plan to make sure she doesn't feel bad working longer. Get up with her and make her coffee and do chores while she works like a house spouse. Resentments might build if you are sleeping when she leaves, plan in the boat while she is working then she still has to do most of the housework. Coming home to a freshly mowed lawn and dinner cooking instead of you in the hot tub asking what's for dinner will change the enjoyment for her and happy wife, happy life.
Emotionally I feel you should plan to make sure she doesn't feel bad working longer. Get up with her and make her coffee and do chores while she works like a house spouse. Resentments might build if you are sleeping when she leaves, plan in the boat while she is working then she still has to do most of the housework. Coming home to a freshly mowed lawn and dinner cooking instead of you in the hot tub asking what's for dinner will change the enjoyment for her and happy wife, happy life.
flybynight
Dryer sheet aficionado
- Joined
- Dec 28, 2018
- Messages
- 48
You are in very similar situation to me...similar age, assets, and situation. I posted my numbers a while back and got pretty much all thumbs up from the group. Like you, I was looking for affirmation that I wasn't missing anything. So if I'm good, your good. In all seriousness...I read your post and thought "this guy is set, no worries". And then I realized I'm in the same boat. Much more difficult when you are pulling your own plug.
Hi and thanks for the feedback.
I'm happy to hear that there are very similar situations and that I continue to get thumbs up. I know I am ready, I've run the numbers every possible way, and at this points it's more the mental block of pulling the plug. The near-term due dat is 12/31/19.
EastWest Gal
Thinks s/he gets paid by the post
Lots of folks have chimed in about separate retirement plans. I’m sure both the OP and spouse have separate 401Ks and/or IRAs. They can’t legally be put in the same pot. Not sure what all the fuss was about.
mickeyd
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Welcome here Kabowest.
Your plan looks solid. Prior to my ER 10+ years ago I had no such written plan but my unwritten plan in my head has worked fine so far. I must admit that a well thought out written plan must be an invaluable asset.
Good luck.
Your plan looks solid. Prior to my ER 10+ years ago I had no such written plan but my unwritten plan in my head has worked fine so far. I must admit that a well thought out written plan must be an invaluable asset.
Good luck.
Hi and thanks for the confirmation of what I have been thinking. Yes, we both have separate funds, of course, but to several who have asked, and was never a him vs, her situation.
Thanks, and happy to hear that your unwritten plan has delivered for you. I am at the point where I have over analyzed my plan, and have now put a stake in the ground at 12/31/19!
