Good morning,
Ok, we're a married couple in a no-income tax state, ages 55 (me) and 49 (spouse). We want to retire in one or two years to focus on experiences while we're still relatively young. My math says we're close, but I believe we all become a lot smarter when we consult others, so here goes:
Debt: $130k on mortgage, home is worth $950k+. No other debt. We plan to downsize and have no mortgage post-retirement.
Assets:
1. $2.05 million spread across 403b and 457 plan, invested 80/20 SP500 and bonds. I can access these funds without penalty at 55.
2. Roth of $35k, and 401k of $90k - both subject to penalty until 2034. Invested in index funds.
3. HSA: 90k
4. Brokerage: $45k, invested in VTI & VUG.
5. Emergency fund: $25k
6. I will receive an annual, inflation adjusted (3% max) pension of $50k at age 57 (pension increases about 4% per year thereafter)
Two kids (twins) going to college this year and we have $150k in a 529 plan to help with that.
We would like to have $11k monthly to spend (after tax) in retirement, but that is flexible. I anticipate our basic needs would be covered by $6k per month all-in (food, transportation, healthcare, etc.), but that would be boring for sure.
Our current Social Security outlook is $4,710 (me at 69) and $1,670 for her at 62.
Penny for your thoughts:)
Ok, we're a married couple in a no-income tax state, ages 55 (me) and 49 (spouse). We want to retire in one or two years to focus on experiences while we're still relatively young. My math says we're close, but I believe we all become a lot smarter when we consult others, so here goes:
Debt: $130k on mortgage, home is worth $950k+. No other debt. We plan to downsize and have no mortgage post-retirement.
Assets:
1. $2.05 million spread across 403b and 457 plan, invested 80/20 SP500 and bonds. I can access these funds without penalty at 55.
2. Roth of $35k, and 401k of $90k - both subject to penalty until 2034. Invested in index funds.
3. HSA: 90k
4. Brokerage: $45k, invested in VTI & VUG.
5. Emergency fund: $25k
6. I will receive an annual, inflation adjusted (3% max) pension of $50k at age 57 (pension increases about 4% per year thereafter)
Two kids (twins) going to college this year and we have $150k in a 529 plan to help with that.
We would like to have $11k monthly to spend (after tax) in retirement, but that is flexible. I anticipate our basic needs would be covered by $6k per month all-in (food, transportation, healthcare, etc.), but that would be boring for sure.
Our current Social Security outlook is $4,710 (me at 69) and $1,670 for her at 62.
Penny for your thoughts:)
Statistics: Posted by Velirat — Sat Apr 13, 2024 11:36 am — Replies 13 — Views 957