cc3159
Dryer sheet wannabe
- Joined
- May 24, 2008
- Messages
- 12
I posted to this forum about my early retirement situation about a year and a half ago, and received some great suggestions. At that time I was using FireCalc to investigate how soon I could stop working. After careful consideration, I decided that we needed more $s, given the down market, the long timeframe involved, and the future needs of my 3 young kids.
Recently, my company offered a severance package and I need to decide whether or not to take it. If I don’t take it, I believe my job would be secure in the short-term. My job is bearable, but I'm starting to think about all things I could do with all the time I devote to it. The other reason I’m considering this is because the market has recovered and I think we may have the $s to do it now.
Here’s the current situation:
My wife is 49 and I am 45. We have three young children. Their 529s are excluded from the below.
We have $1.0M of taxable assets (mostly mutual funds) and $1.0M in IRAs/401Ks, so a total of $ 2.0M. House value is excluded and the $2.0M assumes that the mortgage has been paid off. No other debt.
We would use a 72t (SEPP) plan if we needed to get to the IRAs sooner than 59, but I’m thinking we may not need to do that.
My assumptions:
- Spending $ 70K, which includes healthcare and is probably higher than we will actually need.
- Portfolio $ 2.0M
- Years 45
- Retire in 2011
- SS for me $ 11K/yr (I’m using only 75% of the SS estimate)
- SS for her $ 10K/yr (I’m using only 75% of the SS estimate)
This works out to a withdraw percentage of 3.5% (70K / 2,000K) and shows a 100% result in FireCalc.
There is also the strong possibility that one or both of us will do some part time work in the future.
Any suggestions or feedback?
Thanks in advance.
Recently, my company offered a severance package and I need to decide whether or not to take it. If I don’t take it, I believe my job would be secure in the short-term. My job is bearable, but I'm starting to think about all things I could do with all the time I devote to it. The other reason I’m considering this is because the market has recovered and I think we may have the $s to do it now.
Here’s the current situation:
My wife is 49 and I am 45. We have three young children. Their 529s are excluded from the below.
We have $1.0M of taxable assets (mostly mutual funds) and $1.0M in IRAs/401Ks, so a total of $ 2.0M. House value is excluded and the $2.0M assumes that the mortgage has been paid off. No other debt.
We would use a 72t (SEPP) plan if we needed to get to the IRAs sooner than 59, but I’m thinking we may not need to do that.
My assumptions:
- Spending $ 70K, which includes healthcare and is probably higher than we will actually need.
- Portfolio $ 2.0M
- Years 45
- Retire in 2011
- SS for me $ 11K/yr (I’m using only 75% of the SS estimate)
- SS for her $ 10K/yr (I’m using only 75% of the SS estimate)
This works out to a withdraw percentage of 3.5% (70K / 2,000K) and shows a 100% result in FireCalc.
There is also the strong possibility that one or both of us will do some part time work in the future.
Any suggestions or feedback?
Thanks in advance.