hello,
We moved to the USA when we were in our late thirties, so we did not have a lot of time to accumulate.
We are in our early 50s now. We have been mostly investing in target retirement funds, and for a long time now, our impending retirement has been bothering me. I have been going over the threads here and have confirmed that my fears are justified. Here is the breakdown.
We need 130K (the bare minimum) per year in retirement, which may be 8 to 10 years away.
We have 1.6mil mortgage on a 2.5mil home
Kids are settled and are about to be settled in good jobs
We are getting $2,000 per month rent from overseas inherited rental property (no mortgage)
ssa.org says we will get about $7K per month between us when we reach FRA
We have $2.3 million invested in 401k, Ira, cash, etc
Here is my math and where I need help.
Future value calculator says 2.3 million will easily become 3 million with earnings of 5% or more.
We intend to invest $150k per year into retirement, which will total over $5m.
3% withdrawal of 3mil is 90K.
90k + 24k rental is coming close to 130k per year, which is what we need.
Am I missing something here?
My main goal in posting this is to get some reassurance that the math is right and, although barely, we are meeting the retirement needs with what we have as of today.
We both fully intend to work and invest for as long as possible before retiring.
We moved to the USA when we were in our late thirties, so we did not have a lot of time to accumulate.
We are in our early 50s now. We have been mostly investing in target retirement funds, and for a long time now, our impending retirement has been bothering me. I have been going over the threads here and have confirmed that my fears are justified. Here is the breakdown.
We need 130K (the bare minimum) per year in retirement, which may be 8 to 10 years away.
We have 1.6mil mortgage on a 2.5mil home
Kids are settled and are about to be settled in good jobs
We are getting $2,000 per month rent from overseas inherited rental property (no mortgage)
ssa.org says we will get about $7K per month between us when we reach FRA
We have $2.3 million invested in 401k, Ira, cash, etc
Here is my math and where I need help.
Future value calculator says 2.3 million will easily become 3 million with earnings of 5% or more.
We intend to invest $150k per year into retirement, which will total over $5m.
3% withdrawal of 3mil is 90K.
90k + 24k rental is coming close to 130k per year, which is what we need.
Am I missing something here?
My main goal in posting this is to get some reassurance that the math is right and, although barely, we are meeting the retirement needs with what we have as of today.
We both fully intend to work and invest for as long as possible before retiring.
Statistics: Posted by pepperjack13 — Tue Aug 06, 2024 12:14 am — Replies 6 — Views 883
