1. A number of of you requested the place the $3.1MM is positioned. Right here you go:
- Taxable = $1MM
- Roth IRA = $0.6MM
- Tax deferred = $1.5MM (Out of this $0.4MM are underneath a QDRO plan so accessible at anytime with out the ten% penalty)
2. A few of you requested if our marriage is wholesome, and I can guarantee you it’s rock strong. Nobody can predict the remainder of their lives, however divorce just isn’t one thing I’m frightened about. We’re as tight as they arrive
3. A number of of you identified that our internet value ought to have been rather a lot increased given our earnings: Wow it is a powerful crowd certainly… And right here I used to be so pleased with us for constructing such an important nest egg 
… The excessive earnings is a comparatively current phenomenon. We do save a considerable proportion of our earnings.In 2023, we saved 33% of our earnings, paid 30% in taxes and spent 37% (due to some lumpy one-time spend).
4. A few of you appropriately identified that this isn’t a binary query of quitting now vs. working for 3 extra years. There are a number of different potentialities that I’ll discover.
5. Projecting bills is an train that we are going to do extra completely.
6. Somebody instructed I see a therapist, as the issue may very well be me hating my life. I can guarantee you that’s not the case. I’ve a really sturdy and loving marriage, and a bunch of hobbies outdoors work. I took a 6-month sabbatical and didn’t miss work even an iota, and didn’t really feel unhealthy about my life for even one second. These 6-months had been wonderful. I slept higher. I felt higher. And I did a ton of issues that gave me pure pleasure
7.
Wrench wrote: ↑Tue Aug 27, 2024 5:05 pm
Positive, you would do it. Right here is one method (tough numbers – you would need to refine them):
Purchase TIPS ladder 2025-2028, $75K per yr, which with spouse’s $125K brings you to $200K. Value=$290K
2028, spouse retires, promote home, clear $800K
Purchase TIPS ladder 2029 – 2034, $150K per yr (bills decrease with just one residence). Value = $806K, coated by proceeds from residence sale
2034 spouse begins pension. Purchase TIPS ladder 2035 – 2044 (whenever you begin SS) for $60K per yr. Value: $467KSo you’ll have used $757K of your portfolio plus the fairness in your main residence to get you to social safety. You then have 3.1M-$757K = $2.34M left even assuming no progress. Along with your SS and spouse’s pension, it is best to solely want $30K-$50K per yr. $50K per yr could be simply over 2% withdrawal fee. So the numbers can work so long as you actually, actually know your bills and may reside inside your earnings. One wild card is medical value, which might run $20K per yr or extra till age 65. Even then, Medicare+Medigap for each of you’ll most likely run $8K-$10K. You have to do some multi-year projections to get a transparent deal with on anticipated bills. However from the tough numbers above, it most likely is doable. Personally, I would maintain working and financial institution just a few extra bucks. OTOH, I am not in your place. In case your job is actually killing you due to stress and fear, then it most likely just isn’t value persevering with.
Wrench
Thanks Wrench! This was a wonderful suggestion. Whether or not I give up straight away or anytime over the following few years, I’ll positively discover TIPS ladders to create a assured earnings stream
8. A lot of you advisable that it will likely be wiser if I powerful this job out for just a few extra years, and belief me I take that recommendation very critically. I’m usually an analysis-paralysis man and barely make selections when I’m not positive. And I’m not positive right here so probably I’ll maintain working.
Nicely perhaps I work another yr after which come again to this thread and report again. Thanks everybody!
