Anonymous wrote:Trying to figure it out now... DH would like to retire in a year or two (he's 60) and I'm thinking about it as well (59). We are going to get a fin'l advisor to assist us in determining how to decide this-
We have one still in college (will cost another $80K)
About $1M in home equity
About $5M in investments
No pension and health will be on us
If we retire now it will cost about $34K/yr for Cobra then we'll have to buy private insurance
We spend a fair amount on travel and if we do retire want to do a lot of traveling over the next 10 years which will cost us a lot but then will settle down and cut back when we hit 70.

You can do it with these numbers.

We have a financial advisor, and our numbers are lower than yours -- $3mil in retirement accounts, no pension (not feds).

FA stated it's totally doable.

Unless you have serious health issues, don't do cobra. That's really pricey. Depending on what state you live in, private health insurance for a high deductible plan would probably be about $900/mo or so depending on the age.

Hoping to work until 60 when both kids will be done with college. Oldest is almost 6 and younger is 1.5 yo so that’s still about 20 years away!

DH is 5 years older so he would be 65, but he wants to retire in about 10 years. He has Spanish passport so we hope to spend quite a bit of time in Spain/Europe when the time is right. As passport holders healthcare would be high quality and basically free for us in Spain.

Our stats:
Currently about $1.4mn saved
$875k in brokerage
$530k in 401k/IRA

$90k in 529 for older kid
$56k in 529 for younger kid
Hope to get these to about $200-250k each or so within the next few years.

$500k home equity. Expect home to be paid off in under 5 years.

HHI income is $350k a year. If we can hack it out another 10 years at or near this income level we expect to be in good shape.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:48 both DH/DW
Current HHI $285k
Current assets $5.9M ($700k home equity)

Expect to retire at 55 with $6-8M.
No pensions nor healthcare subsidies.

Assuming $285K represents both your incomes, how did you manage to save $5.9M at your age? Kudos!

Inheritance. It’s not fun to be the youngest of youngest. My parents died when I was 39 and 41. Received just under $2M and the market ran up. I make $260k and spouse makes $25k working PT. We have always lived under our means.

Sorry to hear that. Hope you shepherd that inheritance properly and use it wisely.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:48 both DH/DW
Current HHI $285k
Current assets $5.9M ($700k home equity)

Expect to retire at 55 with $6-8M.
No pensions nor healthcare subsidies.

Assuming $285K represents both your incomes, how did you manage to save $5.9M at your age? Kudos!

Inheritance. It’s not fun to be the youngest of youngest. My parents died when I was 39 and 41. Received just under $2M and the market ran up. I make $260k and spouse makes $25k working PT. We have always lived under our means.

Yea, I'm sorry about your parents but c'mon you misled here.

Trying to figure it out now... DH would like to retire in a year or two (he's 60) and I'm thinking about it as well (59). We are going to get a fin'l advisor to assist us in determining how to decide this-
We have one still in college (will cost another $80K)
About $1M in home equity
About $5M in investments
No pension and health will be on us
If we retire now it will cost about $34K/yr for Cobra then we'll have to buy private insurance
We spend a fair amount on travel and if we do retire want to do a lot of traveling over the next 10 years which will cost us a lot but then will settle down and cut back when we hit 70.

Anonymous wrote:

Anonymous wrote:48 both DH/DW
Current HHI $285k
Current assets $5.9M ($700k home equity)

Expect to retire at 55 with $6-8M.
No pensions nor healthcare subsidies.

Assuming $285K represents both your incomes, how did you manage to save $5.9M at your age? Kudos!

Inheritance. It’s not fun to be the youngest of youngest. My parents died when I was 39 and 41. Received just under $2M and the market ran up. I make $260k and spouse makes $25k working PT. We have always lived under our means.

Hoping I can retire at 64yr 9 mo (but who’s counting) when I hit my pension date.
$1 million, pension $35k/yr
Widowed w/ 3 kids and at that point they’ll all be done with college

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I will never be able to retire. I will work until I drop dead. My worst nightmare would be becoming unable to work because then I will become homeless.

There's a lot of subsidized senior housing out there and many people get by on Social Security / Medicare. So have faith.

Social Security/ Medicare will no longer be here. Today Manchin & Republicans made a deal.

No, they didn't. That is the kind of move that people who want to live out their full lifespans don't make.

Anonymous wrote:

Anonymous wrote:I’m shocked at how much money everyone has saved for retirement! Good for all of you (seriously, not being sarcastic).

We’ll be retired in 8-10 years. As a married couple, we’ll have:

- $100k/year in taxable pensions
- Maybe $2M in retirement accounts (50% traditional, 50% Roth)
- A paid off house with around $700-900k in equity, depending on the market at retirement.
- Medicare + FEHB, which is surprisingly expensive

I thought this sounded really well off, but not compared to most of you!

GTFOH with this humblebrag. $100K in pensions alone is all you'll ever need. Even for high-net-worth individuals, the median amount spent in retirement is $70K (assuming a paid-off house) - your pensions alone give you that after taxes. The extra $2M will likely never be touched and grow to a $16M inheritance for your kids.

It really wasn’t meant to be a humblebrag. As I said, my impression was that we’d be well off, mainly because of the pension. But I just don’t understand how so many people have saved so many millions and some still don’t think it’s enough.

Anonymous wrote:

Anonymous wrote:48 both DH/DW
Current HHI $285k
Current assets $5.9M ($700k home equity)

Expect to retire at 55 with $6-8M.
No pensions nor healthcare subsidies.

Assuming $285K represents both your incomes, how did you manage to save $5.9M at your age? Kudos!

I was gonna say the same thing, adding this: bullsh_t.

Anonymous wrote:48 both DH/DW
Current HHI $285k
Current assets $5.9M ($700k home equity)

Expect to retire at 55 with $6-8M.
No pensions nor healthcare subsidies.

Assuming $285K represents both your incomes, how did you manage to save $5.9M at your age? Kudos!

Technically I can retire at 57 with my federal pension and maintaining my health insurance. I’ll have 31 years of service at that point. But, I’ll still have a child in college at that point. I likely won’t retire until 65. My spouse is 2 years younger though, so we shall see. If the economy recovers I expect to have $2.5 in my TSP by that point and we’ll have around $2m (I suppose depends on the housing market) in home equity plus other savings.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I will never be able to retire. I will work until I drop dead. My worst nightmare would be becoming unable to work because then I will become homeless.

There's a lot of subsidized senior housing out there and many people get by on Social Security / Medicare. So have faith.

Social Security/ Medicare will no longer be here. Today Manchin & Republicans made a deal.

This is not true. The part that isn't bolded is probably not true, either.

Anonymous wrote:

Anonymous wrote:I will never be able to retire. I will work until I drop dead. My worst nightmare would be becoming unable to work because then I will become homeless.

There's a lot of subsidized senior housing out there and many people get by on Social Security / Medicare. So have faith.

Social Security/ Medicare will no longer be here. Today Manchin & Republicans made a deal.

Anonymous wrote:

Anonymous wrote:50. About $2m, of which <$100k will be home equity.

What will you do about health insurance? Pay private? Not cheap (we have it). Do you have kids?

We'll use the exchange. One kid.