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 beneath 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 fearful about. We’re as tight as they arrive
3. A number of of you identified that our web value ought to have been quite a bit increased given our revenue: Wow this can be a powerful crowd certainly… And right here I used to be so happy with us for constructing such a fantastic nest egg 
… The excessive revenue is a comparatively latest phenomenon. We do save a considerable proportion of our revenue.In 2023, we saved 33% of our revenue, paid 30% in taxes and spent 37% (due to some lumpy one-time spend).
4. A few of you accurately 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 totally.
6. Somebody urged I see a therapist, as the issue may very well be me hating my life. I can guarantee you that isn’t the case. I’ve a really robust 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 might do it. Right here is one method (tough numbers – you would need to refine them):
Purchase TIPS ladder 2025-2028, $75K per 12 months, 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 12 months (bills decrease with just one dwelling). Value = $806K, lined by proceeds from dwelling sale
2034 spouse begins pension. Purchase TIPS ladder 2035 – 2044 (if you begin SS) for $60K per 12 months. Value: $467KSo you’ll have used $757K of your portfolio plus the fairness in your major dwelling to get you to social safety. You then have 3.1M-$757K = $2.34M left even assuming no progress. Together with your SS and spouse’s pension, you need to solely want $30K-$50K per 12 months. $50K per 12 months could be simply over 2% withdrawal charge. So the numbers can work so long as you actually, actually know your bills and might dwell inside your revenue. One wild card is medical price, which might run $20K per 12 months or extra till age 65. Even then, Medicare+Medigap for each of you’ll in all probability run $8K-$10K. You want to do some multi-year projections to get a transparent deal with on anticipated bills. However from the tough numbers above, it in all probability is doable. Personally, I would preserve working and financial institution a number of extra bucks. OTOH, I am not in your place. In case your job is actually killing you due to stress and fear, then it in all probability just isn’t value persevering with.
Wrench
Thanks Wrench! This was a superb suggestion. Whether or not I stop straight away or anytime over the subsequent few years, I’ll undoubtedly discover TIPS ladders to create a assured revenue stream
8. Lots of you advisable that it will likely be wiser if I powerful this job out for a number of extra years, and belief me I take that recommendation very significantly. I’m typically an analysis-paralysis man and infrequently make choices when I’m not certain. And I’m not certain right here so more than likely I’ll preserve working.
Nicely possibly I work another 12 months after which come again to this thread and report again. Thanks everybody!
