Too old to retire young, but too young to retire


Dryer sheet wannabe
Jul 24, 2014
Hello to all early retirement hopefuls and practitioners.

I'm about 2 years from retiring, approaching $500 in 401(K), annuity and savings, and own our home. Looking for ways to refine our retirement plans and go out with a bang, or at least not a whimper.
.... Looking for ways to refine our retirement plans and go out with a bang, or at least not a whimper.

Hi Schutzie,
We'll need a little more info if you want our help in your search. Age? Asset allocation? Annual living expenses?
p.s. Welcome!
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You want answers, I got answers

1. What are your expenses?
Our monthly expenses are $4,500 a month. This includes $1,990 in mortgage and a second. They will both be paid off in 2 years.

2. Are you sure those are your expected expenses in retirement?
Expenses will be about the same; we'll trade the mortgage expense for medical costs including a long term care plan for both of us that will run $550 a month.

3. No, really, did you account for giving money to your children or grandchildren for college or a home or something like that?
Our kids are both self sufficient, and in any case we've told them they are on their own once we retire.

4. Do you plan on any major lifestyle changes?
We plan, like most retirees, to travel. One reason for holding off on retirement for 2 more years is that then my wife will have lifetime travel benefits with the airline she works for.

5. What are your sources of income in retirement?
We have $500K in 401(k), and will have Social Security. $230K is in annuities, guaranteed 5% return, with options for either taking a life time annuity, term certain, or cash out. $250K in 401(K), plus $20 K in Roth IRA. SS will pay right at $2,500 a month if we retire at 65 in two years.

6. Do you know what your pension really will be or are you just guessing?
The annuities are as certain as they can be. The 401(k) are performing as expected. SS is what it is.

7. Have you gone to the Social Security Administration website to calculate how much you will get from social security?
We have, and no, no public pension issues.

8. Have you included taxes in your retirement income calculation?
Assuming a monthly draw of $5K yes, we have taxes figured into the mix.

9. What is your nest egg?
We plan to sell our current house ($225K) and move to Colorado. IF (big IF) we can find suitable housing at a comparable cost our house will be our "nest egg". If we have to borrow against it because of some unforseen issue, we'll do a 30 year fixed and not worry about ever paying it off. Our kids can deal with it when we die.

10. Is there some reason to believe that you will not live to be at least 85?
Planning has been to 90, but who the hell can say? No serious health issues now, at least physical ones. We're both crazy as outhouse rats.

11. Once you know the answers to all these questions, did you run your numbers through FIRECalc? What does it say?
It says we'll probably run out of money by age 90 and be left with just SS.

12. If the unexpected should happen and someone dies prematurely, how much income will the survivor have, and will it be enough to continue with the same lifestyle?
Oh yes, death would pay my wife off nicely, what with the insurance and 401(K).

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