Hi all, I've been lurking & learning for a couple months now. This is a great forum! I've been wanting to ER for some time & now the decision has been made for me. I need some input on how I should proceed. I'll list my assets, then talk about what I think I should do. I'm married, 57 DW55, she runs a small cafe & will keep working for awhile yet.
We have
142K taxable @ Vanguard
189K rollover IRA @ Vanguard
90K Roth IRA @ Vanguard (his)
6.5K Roth IRA @ Vanguard (hers)
115K 401K @ Fidelity
With a local FA we have
135K taxable
29.5K His Roth
37K Her Roth
I assume I will spend down our taxable first & hopefully we will need very little of the other money before I reach 66.5. Our bare bones budget in today's dollars is approx 24K. I have run Firecalc up to about 36K & it looks OK, but who knows.
I plan to use the 135K the FA has as a "cash bucket" spending it down first. I will transfer our Roth's to Vanguard & run my own show from there on out.
I will not start drawing from this money for about a year yet. Now for my questions.
1. Should I stop reinvestment of all my taxable accounts now, letting some cash build up in them before I need to start spending?
2. Is there a case for spending some of the 401K when I reach 59.5 instead of completely draining the taxable first?
3. Anyone have anything to offer as far a advice? It would be most welcome!
Sorry for the ramble.
Murf2
We have
142K taxable @ Vanguard
189K rollover IRA @ Vanguard
90K Roth IRA @ Vanguard (his)
6.5K Roth IRA @ Vanguard (hers)
115K 401K @ Fidelity
With a local FA we have
135K taxable
29.5K His Roth
37K Her Roth
I assume I will spend down our taxable first & hopefully we will need very little of the other money before I reach 66.5. Our bare bones budget in today's dollars is approx 24K. I have run Firecalc up to about 36K & it looks OK, but who knows.
I plan to use the 135K the FA has as a "cash bucket" spending it down first. I will transfer our Roth's to Vanguard & run my own show from there on out.
I will not start drawing from this money for about a year yet. Now for my questions.
1. Should I stop reinvestment of all my taxable accounts now, letting some cash build up in them before I need to start spending?
2. Is there a case for spending some of the 401K when I reach 59.5 instead of completely draining the taxable first?
3. Anyone have anything to offer as far a advice? It would be most welcome!
Sorry for the ramble.
Murf2