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Started By
Message
Rate this retirement scenario….plan (hopes) for when I’m 63
Posted on 3/4/25 at 10:27 pm
Posted on 3/4/25 at 10:27 pm
$1.5mm 401k
$200k cash
$2300 soc security
$1k\mth pension (after health insurance )
Married couple, paid off house.
$500/mth tax/insurance expense
I’m thinking about $60 k/yr off 401k=$$4500/mth after factoring in taxes.
Thats $7800 mth income, with $200k cash for unexpected expenses /travel.
$200k cash
$2300 soc security
$1k\mth pension (after health insurance )
Married couple, paid off house.
$500/mth tax/insurance expense
I’m thinking about $60 k/yr off 401k=$$4500/mth after factoring in taxes.
Thats $7800 mth income, with $200k cash for unexpected expenses /travel.
This post was edited on 3/5/25 at 10:36 am
12
Posted on 3/4/25 at 11:00 pm to xBirdx
I mean that's not bad at all..
You planning on working past 67?
You planning on working past 67?
Posted on 3/4/25 at 11:42 pm to xBirdx
Sounds reasonably conservative. Bill Bengen revised his safe withdrawal rate rule to 4.7% so you likely have some extra wiggle room built in.
Posted on 3/5/25 at 12:15 am to xBirdx
Better than my situation for sure.
Posted on 3/5/25 at 4:43 am to xBirdx
quote:
Thats $7800 mth income, with $200k cash for unexpected expenses /travel.
Should live a very enjoyable life with that kind of money.
Posted on 3/5/25 at 5:17 am to xBirdx
All depends on age.
Posted on 3/5/25 at 6:29 am to xBirdx
I honestly don’t know how I would spend that much in retirement. Sounds exhausting.
Posted on 3/5/25 at 6:57 am to xBirdx
5
Posted on 3/5/25 at 7:00 am to xBirdx
Assuming you just pay off things as you go you’ll be fine. Avoid lifestyle creep.
Posted on 3/5/25 at 7:23 am to slackster
The key is to having little to no expenses. My dad (75) still is not retired.
This is what my parents currently take home
7200 month pension
4000 a month social security
2148 a month VA disability
My dad does not need to take RMDs yet on his 401k because he is still working. Their house is paid, they pay cash for cars, and they basically do what they want. He said he won't touch his 401k. I am not sure how much is in there but he has been maxing and maxing the catchup since he could. I believe he started maxing at age 45. So 30 years maxed out, plus company match, plus the catchup contribution---I am sure it is a pretty penny in there.
This is what my parents currently take home
7200 month pension
4000 a month social security
2148 a month VA disability
My dad does not need to take RMDs yet on his 401k because he is still working. Their house is paid, they pay cash for cars, and they basically do what they want. He said he won't touch his 401k. I am not sure how much is in there but he has been maxing and maxing the catchup since he could. I believe he started maxing at age 45. So 30 years maxed out, plus company match, plus the catchup contribution---I am sure it is a pretty penny in there.
Posted on 3/5/25 at 7:55 am to Boss
Good for your dad but who wants to work til they’re 75?
Posted on 3/5/25 at 8:39 am to Boss
Your dad is working just to avoid RMDs. Those are going to be significant.
Posted on 3/5/25 at 8:51 am to xBirdx
I’d recommend working hard to understand exactly what your current spend rate is. Work from there to understand what you’ll need for income.
Posted on 3/5/25 at 10:36 am to Double Oh
63
Posted on 3/5/25 at 10:54 am to FoodExit
quote:
Good for your dad but who wants to work til they’re 75?
Not me but some people are different
Posted on 3/5/25 at 11:01 am to FoodExit
I'm always curious about why people retire when they do. Early or late. If you truly love what you do, or you don't have anything else in mind that you want to do, I can see that. I personally believe that if you retire and don't keep your mind active, that's when health problems creep in. Recliner life will make your health decline.
On the other end, I know of guys that retire in their mid to early 50s, and they stayed busier in retirement than they did while working.
On the other end, I know of guys that retire in their mid to early 50s, and they stayed busier in retirement than they did while working.
Posted on 3/5/25 at 11:17 am to xBirdx
All good as long as you can maintain your health, probably the greatest threat to a happy retirement.
Posted on 3/5/25 at 11:37 am to FoodExit
He loves to work. He said it keeps his mind sharp, and he would be bored if he didn't work. They still travel if they want too. He also came from literally nothing so he built everything himself, so I think there is a fear that he could lose it.
Posted on 3/5/25 at 11:38 am to xBirdx
Isn’t this subjective? When do you expect to hit 63? Or is it this year.
Dumb Q did they raise retirement age or 65 it?
Dumb Q did they raise retirement age or 65 it?
This post was edited on 3/5/25 at 11:40 am
Posted on 3/5/25 at 11:58 am to WhiskeyThrottle
One of best aspects of early (semi/mostly) retirement is time to consistently develop/maintain my fitness routine before body really starts breaking down further. Stress and long hours in an office were accelerating physical decline. I can see how many of those that hang on to the job too long collapse into sedentary lifestyles when they finally get free from work. Much harder to refocus on fitness once old.
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