[Beth]

I wouldn’t feel safe with that…would want to save a few more years and try to delay SS to 65 or 70 if possible…..

don’t forget high cost of healthcare unless pensions cover that?

[Lisah]

What will you do for healthcare? I’d definitely wait until after the election to see how ACA shakes out.

[Debby]

We retired at 62 and live off my SS amount; with hubby’s SS we refill our sinking funds.

Two years prior to retiring i checked into what my SS might be and we lived off that set amount to see if we could do it.

Anything over that set amount, we beefed up our 6 month emergency fund from6 months to 1 year.

Once our emergency fund fully funded, we then tossed more into our retirement accounts.

6+ years into retirement and we have not touched our retirement money yet.

We’re not just sitting home either.

We volunteer 3 days a week and play the rest of the week.

And in-between we travel a lot.

Love cruising. Taking the Amtrack to DC soon.

4 major vacations planned this year. Did 7 last year.

And already have 3 in the works for 2025.

Retirement is wonderful!

[Jenny]

It depends on what your annual expenses are, have you accounted for college expenses and healthcare expenses.

Remember the 401k money will be taxed, and you won’t be able to access it without converting to Roth IRA or paying penalty until you are 59.5 years old.

Do you want to leave a legacy for your kids? Maybe work until your first child graduate from college?

[Savitri]

Think you need to play around with some calculators.

Not knowing your daily cost of living, $6000/mo before tax.

With 8% interest and also considering inflation at 3%.

I assume you average 11%/yr.

You can part time work to supplement.

Using same 8%, in 14yrs your 401k and IRA will be 3mil, hopefully more.

Is this with healthcare/long term care in mind?

[Wendy]

I would divide the $610K by 14, personally. Whether or not $43,000 is enough is up to you.

It looks like your pension/SS/401K will be far more than that.

Maybe you want to consider spending down the ROTH IRA too?

I’m guessing your spending might be higher at first and lower once your kids are off on their own.

I would quit if that’s close to what you need.

Your time with your kids is so fleeting.

If you find yourself running low you could always get a small part time job, start a side gig, etc.

[Erin]

The biggest thing we don’t have is your monthly expenses.

You have roughly 3,600 monthly at 60 + some after tax brokerage amount.

…but you aren’t 60, you’re 45/42.

So we’re left trying to split the difference.

If you just spent down the brokerage amount it’s only 40k annually.

That seems difficult, but not impossible.

I would keep working, but it’s really up to you.

[Lindsay]

If it were me I would stay part time somewhere you don’t hatez

[Author]

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