HI Bill
Thinks s/he gets paid by the post
- Joined
- Dec 26, 2017
- Messages
- 2,579
Welcome! Sounds like you're doing well so far. If you use the "Rule of 72", and assume that you're going to earn 10% annually [a big unknown,] for the next 14 years, you could potentially triple your assets if fully invested in stocks. And that's without adding $ along the way. You'd have north of $2.4M, which at a SWR of 4%, would give you an 'income' of $96K, before SS, which inflation-adjusted would be pretty close to your desired $75K in today's $.
Have you looked at your SS benefits? For most people, taking SS should be done between FRA (Full Retirement Age) and age 70, with age 70 being preferable if you expect to live more than 12 years past that age (the approximate breakeven point), and don't have a spouse who would take your benefits upon your passing. If you're unmarried or don't expect to live past age 82, I'd personally take them early, especially if you won't be relying on them for income. YMMV.
Have you looked at your SS benefits? For most people, taking SS should be done between FRA (Full Retirement Age) and age 70, with age 70 being preferable if you expect to live more than 12 years past that age (the approximate breakeven point), and don't have a spouse who would take your benefits upon your passing. If you're unmarried or don't expect to live past age 82, I'd personally take them early, especially if you won't be relying on them for income. YMMV.