Show Posts

This section allows you to view all posts made by this member. Note that you can only see posts made in areas you currently have access to.

Messages - jgordon1

Pages: [1]
Taxes / Re: Claim 100% of Mortgage interest for co-owned duplex?
« on: April 23, 2017, 09:45:07 AM »
Well maybe this year you can pay the bill and your brother could "lend" you some money

FIRE / Re: What is my FIRE number
« on: April 23, 2017, 09:43:05 AM »
Hi Gordon,
It sounds like you just need 2-3 years of living expenses for ages 60-62, minus the 10,000 in side gig money.  After that the pensions will kick in and cover all but $300 a year, assuming they are inflation adjusted.  Then as your side gig winds down, you'll be able to file for SS to replace it.  Here's how I would break it down in non-inflation adjusted numbers:

Age        Expenses   Income   Shortfall
60-61     35,000          10,000    25,000
62-67     35,000          34,700    300
67+        35,000          40,300    -5300 (this is an overage)

So for the first 2 years you just need $25k a year.  At a 4% withdrawal you would need $625,000, but that would allow you to withdraw that extra $25k every year in retirement.  Do you want to increase your lifestyle that much at at 62, or would you be ok with spending the principle to fund the first 2 years of retirement and starting with a lower retirement account balance? The other option would be to leave it as an inheritance, or some combination of the above.

Thanks..I basically came up w the same #'s but I don't think I will need 625,000 as I only need to cover those few years...Unless something crastic happens I should be able to downsize at some point and use that money for retirement

FIRE / Re: What is my FIRE number
« on: April 23, 2017, 09:40:58 AM »
And depending on whether or not you buy medicare gap insurance (for what Medicare does not cover) at 65, your expenses definitely will go down at 65 when Medicare kicks in. There is a cost table online, but in your situation let's say Medicare is $200 per month, or $2400 per year. Expenses then go down by (8000 - 2400 =) $5600.

Thanks..I didn't think of gap insurance...

FIRE / What is my FIRE number
« on: April 01, 2017, 02:13:34 PM »
I need some help figuring out my FIRE #.  I would like to use a 4% withdraw rate.  I am 57 and will not include my wife's income.  I would like to work until I am 60.  My wife is already retired and keeps her own expenses.(don't ask, its WAY cheaper than divorce )  I figure I will need $35000/year until I can claim MediCare then obviously it would decrease some.  I am including $$8,000/year in health insurance.  I can not find it cheaper and do not trust the ACA. I have zero debt and my house is paid off. I am a thrifty school teacher and will have 2 smaller pensions.
Pension #1  Retire at 62 get 8200/yr   retire at 65 get 9300/year
Pension #2 Retire at 62 get 16500/yr  retire at 65 get 20,500/year
SS retire at 67 15600

Side gigs.  I got a couple of side gigs..lets use 10,000/yr from 60 to 67
Thanks Guys

General Discussion / Re: Welcome to the Wealthy Accountant Forum
« on: March 23, 2017, 02:06:27 PM »
Thanks for getting this started ..looking forward to it

Pages: [1]