I work in a high stress job and have had several health issues over the years. I’m tired of working and thinking about quitting. Alternatively, I could hang on for another 1-2 years, but don’t think I will manage much more than that.
Our current financial situation is the following:
Me: 48
Wife: 54
Current income @ $750k/yr. Wife is not working
Just moved into forever home (was vacation home). No mortgage
All cars are paid off.
Zero other debt
Prop tax @ $9k / yr
Live in CA
No kids
Want to die broke
HYS - $2.36M (I know I need to invest this, but I just sold a lot of company stocks and sold my primary residence).
Brokerage acct - $540k - 100% stocks
His 401k #1 - $1.125M - 70% stock / 30% bonds
His 401k #2 - $268k - 65% stock / 35% bonds
His Roth 401k - $141k - 100% stock
His Roth IRA - $80k - 100% stock
Wife’s IRA $80k - 100% stock
Wife’s 401k $147k - 100% stock
With no mortgage anymore, our fixed expenses are about $22k/ yr
We’d like to have $120k/yr to live on. That's likely overkill, but it is comforting to know it's possible if needed.
Not sure how much insurance will cost, but it is likely expensive until we are eligible for Medicare.
If/When we retire, most of our expenses will be for food and travel (lots of travel, hence the large living expense budget).
Our total liquid assets outside of retirement accounts are about $2.85M.
Liquid assets in retirement accounts are about $1.84M
House is worth @ $950k
Can I retire now?
Is it worth holding out for a couple of more years? I can save a majority of the money I make over those 2 years now that we only have one house and it is paid off. I can likely save at least another $500k post taxes over the next 2 years.
Our current financial situation is the following:
Me: 48
Wife: 54
Current income @ $750k/yr. Wife is not working
Just moved into forever home (was vacation home). No mortgage
All cars are paid off.
Zero other debt
Prop tax @ $9k / yr
Live in CA
No kids
Want to die broke
HYS - $2.36M (I know I need to invest this, but I just sold a lot of company stocks and sold my primary residence).
Brokerage acct - $540k - 100% stocks
His 401k #1 - $1.125M - 70% stock / 30% bonds
His 401k #2 - $268k - 65% stock / 35% bonds
His Roth 401k - $141k - 100% stock
His Roth IRA - $80k - 100% stock
Wife’s IRA $80k - 100% stock
Wife’s 401k $147k - 100% stock
With no mortgage anymore, our fixed expenses are about $22k/ yr
We’d like to have $120k/yr to live on. That's likely overkill, but it is comforting to know it's possible if needed.
Not sure how much insurance will cost, but it is likely expensive until we are eligible for Medicare.
If/When we retire, most of our expenses will be for food and travel (lots of travel, hence the large living expense budget).
Our total liquid assets outside of retirement accounts are about $2.85M.
Liquid assets in retirement accounts are about $1.84M
House is worth @ $950k
Can I retire now?
Is it worth holding out for a couple of more years? I can save a majority of the money I make over those 2 years now that we only have one house and it is paid off. I can likely save at least another $500k post taxes over the next 2 years.
Statistics: Posted by imracerx — Wed Jun 26, 2024 6:22 pm — Replies 13 — Views 1173