Sadly, I'm playing catch-up on retirement planning & appreciate any advice you folks might have.
I'm 46 y/o, my wife & I make a combined income of roughly $110k per year. Current retirement investments of about $47k. We contribute $10,500 per year. No debt except for a mortgage of 130k.
Using the MotleyFool.com retirement calc, it estimates we'll have a retirement fund of about 430k by age 62.
My plan is semi-retirement, for me, at 62. Part time job to keep busy but no more fighting traffic or 50 hr weeks. I want to live off part-time work + dip into occasional retirement fund if needed to make ends meet until I'm 67 to get the full SS benefit ($4,222 per month*).
My wife would follow the same path just 7 years later because of age difference.
Leaving us a full retirement income of; Combined SS = $8444 per month* Income from 400k (4% rule) = 1,333 per month
Totaling $9,777 per month.
*Social Security income based on inflation estimate from SS website.
That's roughly what we make today & bills will be much lower with no mortgage & kids out of the house. Hard to guess inflation though.
Thoughts?
Thanks
Submitted May 24, 2017 at 01:11PM by DwnSouthJukin http://ift.tt/2rAggO0
