RocketHead
Confused about dryer sheets
- Joined
- Jul 10, 2009
- Messages
- 9
Hi All. My wife & I are 54 this year and considering retiring when we hit 55 next year. Just looking for comments if it looks doable. I've been studying everything I can get my hands on retiring at 55. Here's our specifics.
Small home in Connecticut paid for worth maybe $250k, no debt, 2 paid for year old cars.
No kids.
We will receive pensions of $35k gross a year at 55.
We will have $850k in 401k's and $120k in savings accounts.
No medical insurance.
Social Security at 62 will be about $38k gross a year.
We figure to spend about $45k a year on expenses and probably pay $20k a year to continue my company medical insurance (unless congress come up with something). We have several preconditions.
My 401k allows unlimited withdrawls if you leave the company in the year you turn 55.
I think we'll have to hit our 401k's harder than I'd like to make it to 62 but it seems like we have the money to do it. I've done the same exact job for 25 years and have had enough. My wife was let go last year after 35 years at the same company.
Thanks
Small home in Connecticut paid for worth maybe $250k, no debt, 2 paid for year old cars.
No kids.
We will receive pensions of $35k gross a year at 55.
We will have $850k in 401k's and $120k in savings accounts.
No medical insurance.
Social Security at 62 will be about $38k gross a year.
We figure to spend about $45k a year on expenses and probably pay $20k a year to continue my company medical insurance (unless congress come up with something). We have several preconditions.
My 401k allows unlimited withdrawls if you leave the company in the year you turn 55.
I think we'll have to hit our 401k's harder than I'd like to make it to 62 but it seems like we have the money to do it. I've done the same exact job for 25 years and have had enough. My wife was let go last year after 35 years at the same company.
Thanks