Hello all,
We are a family of 4 with the boys in university. They just completed their sophomore year and have two more years to go before completing undergrad.
Below is our asset details:
1. 401(k) mine: 1,400,000
2. 401(k) wife: 425,000
3. Roth IRA mine: 650,000
4. Roth IRA wife: 20,000
5. HSA: 65,000
6. Personal investment mine: 4,000,000
7. Vested stocks from employer mine: 1,000,000
8. My SSN benefits if I start to withdraw when I turn 62 is $2800/month
9. My Wife's SSN benefits if she starts to withdraw when she turns 62 is $2300/month
8. Remaining two years college education: separate funds are set aside apart from the above.
9. We own a house that we would like to keep for the next 20 years. We don't have any loans on the house
10. We are debt free
11. I am 53 and my wife is 48
12. We estimate our yearly after tax expenses is 225,000 (including medical insurance if we have to purchase it ourselves)
Questions:
1. if we wanted to retire now can we do so?
2. What should be the portfolio for funds in our non retirement accounts so that it accrues at least 6% growth and chances of loosing our principal is very low?
3. How do retirees withdraw money and how often do retirees withdraw money (is the book "The Bogleheads' Guide to Retirement Planning" a good source to answer this question with taxation in mind)?
I am super stressed at work and I don't know what I want to do to if I retire. I am sure I will be doing something but I just don't know what it will be. So, wanted to know if financially we are ok if I want to quit.
Any help, pointers, perspectives is greatly appreciated!
Thank you in advance!
We are a family of 4 with the boys in university. They just completed their sophomore year and have two more years to go before completing undergrad.
Below is our asset details:
1. 401(k) mine: 1,400,000
2. 401(k) wife: 425,000
3. Roth IRA mine: 650,000
4. Roth IRA wife: 20,000
5. HSA: 65,000
6. Personal investment mine: 4,000,000
7. Vested stocks from employer mine: 1,000,000
8. My SSN benefits if I start to withdraw when I turn 62 is $2800/month
9. My Wife's SSN benefits if she starts to withdraw when she turns 62 is $2300/month
8. Remaining two years college education: separate funds are set aside apart from the above.
9. We own a house that we would like to keep for the next 20 years. We don't have any loans on the house
10. We are debt free
11. I am 53 and my wife is 48
12. We estimate our yearly after tax expenses is 225,000 (including medical insurance if we have to purchase it ourselves)
Questions:
1. if we wanted to retire now can we do so?
2. What should be the portfolio for funds in our non retirement accounts so that it accrues at least 6% growth and chances of loosing our principal is very low?
3. How do retirees withdraw money and how often do retirees withdraw money (is the book "The Bogleheads' Guide to Retirement Planning" a good source to answer this question with taxation in mind)?
I am super stressed at work and I don't know what I want to do to if I retire. I am sure I will be doing something but I just don't know what it will be. So, wanted to know if financially we are ok if I want to quit.
Any help, pointers, perspectives is greatly appreciated!
Thank you in advance!
Statistics: Posted by menka — Sun Apr 14, 2024 1:39 pm — Replies 0 — Views 83