My question is the classic: Could I retire now? If the answer is no – I have an opportunity to take a much more enjoyable job with less stress and significantly less money ($70k) if putting a few more years in would help. Any and all feedback is welcome.
Why am i asking this question? I am burned out in my career (IT Management with lots of stress and escalation) + Cancer scare. Luckily, everything turned out ok - but definitely a wake up call.
Background
My age: 54; Spouse: 56
Nestegg:
- $3.1M total
- $2.1M in 401k (90/10)
- $1M in taxable accounts ($600k VTI; $200k in QQQ; and $200 in cash);
- House is paid off (worth $750k) if we ever decided to downsize but NOT planning to do so any time soon.
Wife eligible immediately for early retirement which would provide healthcare covered at 80% and $20k annually
Income needs:
- Feel comfortable that $160k inclusive of taxes would provide an ideal retirement;
- Feel we could comfortably cut back to $140k or $120k in down years with minimal impact to enjoyment;
- If push really came to shove – we could obviously go lower. But preference would be to not go below that
- Kids are grown and on their own
- Live in FL (no state income tax)
- Wife: receives $24k in 10 years (at age 66)
- Self: receives $44k in 16 years (age 70)
- $140k/year ($160k total - $20k from pension) for 10 years.
- Then $116k/year when wife’s SS kicks in for 6 years
- Then $72k from time I’m 70 until the end