Life Situation: Hello friends. Thank you for your thoughtful consideration of my situation and validation I am right, and course corrections where wrong. I am 55 years old, married with a stay at home wife (same age), with 20 year old twins - one a sophomore at a private university (with law school in his plan) and a special needs child who has been approved for SSI, and will continue to live with us indefinitely.
Married filing jointly, 2 dependents age 20, reside all year in upstate NY - but would LOVE to do 1/2 year in a warmer location
Gross Salary/Wages: 234,500 + 60,000 cash + 20,000 company stock bonus = total $314,500
Individual amounts of each Pre-tax deductions 401k - 24,500, HSA - 4,800
Other Ordinary Income: 12,500 tax free muni interest
Qualified Dividends & Long Term Capital Gains: 12,500 qualified dividends
Adjusted Gross Income: 310,200
Taxes: Federal 54,652 state 19,131 Property 10,800 FICA 7,960, Medicare 5,425
Current expenses:
3,100 Cable, phone and internet
972 Department stores
1,015 Heating
1,786 Cell
1,024 Electric
544 Water
8,300 Travel
855 Sprinkler system/ lawn service
995 Medical
10,550 Dining out
11,113 Country Club
3,000 New furnace (2019 only)
4,221 Home, auto and life insurance
47,475 TOTAL
Additional expense (next 2 years only) - tuition $38,000 p.a. 2020/2021 only
Assets:
Primary residence 412,000 (no mortgage)
2017 GM sedan - 25,000 (no lien)
2017 GM sedan - 25,000 (no lien)
IRA’s - 1,019,000 (robo advised account set @ retirement age 59)
401(k) - 151,000
Taxable accounts - 1,522,000 (robo advised account set @ retirement age 59)
Cash - 171,000
Company stock - 56,800
TOTAL INVESTABLE ASSETS $2,919,800
Retirement Income sources:
Company pension - $25,363 p.a. @ 65
SS (dad) - $36,624 p.a. @ 67
SS (Mom) - $14,400 p.a. @ 67
Total annual retirement income: $76,387 p.a.
Liabilities: Zero
Specific Question(s): I am in a high stress occupation requiring weekly travel (overnight 1-2 nights a week). In awesome health and ready to enjoy life free of the stress of working at a large public company. March 1, 2020 is the target date to give notice - collect one more bonus, have most of my shares vest and move on. Would really appreciate the community’s comments and advice on:
- health insurance - my wife has shown no interest in stepping up and getting a job (with health insurance) after I hang it up. What are options?
- Kids over 21 - when are parents transitioning their kids who turn 21 over to their own car insurance and cell phone plans?
- Law school - I covered undergrad tuition totaling over $150k. How should parents think about helping fund law school (if at all??)
- anything else you say have to say or recommend
Thank you for your kind consideration and all the very best…..