Turning 56 in about a month.
Not retired yet but informed that the office where I'm working closes in 2 months.
Already interviewing but conceivable that this is the start of FIRE. Hope not, but is OK if so.
Otherwise, goal is to FIRE after my daughter has 1 semester of college to judge expenses at which time I'll be 58 1/2. We think we already have this taken care of but nothing like real data to inform the decision.
- No Pension (wife had one but we cashed it out and rolled it over into her rollover IRA)
- Assets are 40% in taxable accounts 60% in tax deferred accounts
- Live on taxable accounts until 59 1/2
- From 59 1/2 to 70 withdraw from Taxable and rollover IRA's in such a way as to minimize lifetime taxes, especially when RMD's kick in at age 70. Some guidance given when running I-ORP, but need to study all of this more.
- 70 onwards: Social Security + taxable + rollover IRA
For future consideration
- after retirement, consider Roth conversions (if they're still available). Multiple calculators I've run so far tell me this has marginal benefit, if any, in my situation.
- After age 70 depending on assets/health/spending consider a deferred annuity for 85 onwards.