A lot of good suggestions here... As somebody else above mentioned take a look at VPW or TPAW threads to understand those withdrawal methods. I think these withdrawal strategies work much better with a younger retiree. You either look at the VPW table or run your numbers on the TPAW site, withdraw that amount annually and re-balance your portfolio to whatever your desired asset allocation is. You can over complicate withdrawal strategies. I went down the rabbit hole the last few months on that topic and came to the conclusion that VPW or TPAW is good enough in almost all instances.
Many will tell you on this board that you 25x annual expenses saved is not enough for a 40 something to retire but I disagree with that. The caveat is that you have to make sure you have your expenses figured out and you are not being conservative in of your estimation. You are better off planning for more spending and spending less in reality.
Health insurance will be one of your most expensive line items. If I was in your shoes, I would get on the ACA site and figure out what health insurance was going to cost me. I would also start looking at jobs that provide health insurance. You can get a retail job, work 30 hours and get health insurance. Which is probably what I would do if I was laid off tomorrow.
You mentioned you expect to work again. This might be a time to re-evaluate what you want the rest of your working life to look like. You have saved enough money and have much more freedom to do work that might bring you more fulfillment and joy.
Good luck!
Many will tell you on this board that you 25x annual expenses saved is not enough for a 40 something to retire but I disagree with that. The caveat is that you have to make sure you have your expenses figured out and you are not being conservative in of your estimation. You are better off planning for more spending and spending less in reality.
Health insurance will be one of your most expensive line items. If I was in your shoes, I would get on the ACA site and figure out what health insurance was going to cost me. I would also start looking at jobs that provide health insurance. You can get a retail job, work 30 hours and get health insurance. Which is probably what I would do if I was laid off tomorrow.
You mentioned you expect to work again. This might be a time to re-evaluate what you want the rest of your working life to look like. You have saved enough money and have much more freedom to do work that might bring you more fulfillment and joy.
Good luck!
Statistics: Posted by eg1 — Wed Dec 25, 2024 1:54 pm — Replies 16 — Views 1398