HER income was stated: 70k$2 million will support $80k a year and you need $95k plus health insurance which can easily run you $20k/yr (probably less if you can structure you income and get a subsidy.) all this means you can’t retire now. SS is too far away. 20 years from now to start adding it into your calculation is not reasonable because you still need to survive those 20 years.
Yes, if she works (we don’t know her income) it may be doable, but it all depends how safe that income is and how much. If his work is really unbearable and affecting quality of life and/or health then a change may be in order. Is there a part time option or a barista type option? If you can get his and her income to $95k after taxes and health insurance is covered, it would allow the $2 million to grow and hopefully get you to your goal by 55. Sounds like you will need closer to $3 million today. But, with every year you delay, you are closure to SS and that $3 million necessity will decrease. 5 years from now it is very possible your $2 million will hit hit that threshold. By then you only need to purchase health insurance on the open market from age 55 to 65 when you start Medicare which is not free by the way. Maybe at that point all you need is $2.7 million.
My advice is to check out and play with cfiresim and start putting in all the variables to see how you would have done historically. It won’t predict the future but it can help you answer some questions.
You don’t need a 100% historical success rate if you have some flexibility in your plan.
I do not believe my current company would entertain a part time job there (but have not floated that yet), another job would have to be full time to pay in the 70k in my neck of the woods, other then I find some unicorn
Statistics: Posted by deikel — Sat Aug 24, 2024 6:54 pm — Replies 7 — Views 446