Hello everyone,
I'm looking for advice and input in reference to my financial goals. More specifically, I want to retire this year. So, with that said, please review my finances/goals and give me some feed back, good, bad or indifferent. Over the last 14 years I've increased my net worth from $375 to over $400,000. I'm looking to retire soon, so I can enjoy the fruits of my labor. Moreover, I'm really looing forward to having free time and doing all of the hobbies and things I've put off for the last 30 year of my working career. So, I'm querying everyone for advice on my finances to ensure that I'm heading in the right direction. Thanks in advance!
Personal Data 46 years old
Divorced/no children
Salary of $37,000
I live in South East Asia and plan on remaining here after retirement
My monthly expenses are $1,600
Finances Taxable Brokerage Accounts $179,800 (60/40 split stock and bonds)
Retirement Accounts TSP/Roth/Rollover $242,800 (60/40 split stock and bonds)
At age 58 I will receive a defined benefit retirement of $2,900 per month
I will draw Social Security at 62 at $1,100 per month
My net worth is $420,000
I have no debt
Facts/Assumptions If I retire now, I have 11 years until I can draw my defended benefit of $2,900 per month
I will have to self fund 11 years of retirement until I receive my defined benefit
I estimate my monthly expenses will remain about the same at $1,600
I plan on renting and not owning a property overseas (rent is included above)
I will purchase for an expat health insurance policy
Questions 1. In my financial situation, would you feel comfortable leaving your job and retiring?
2. If no, please explain why.
3. Do you see any pitfalls or holes?
4. Can you give any advice or shoring up my finances?
I think I'm in pretty good shape, but I just need some reassurance before making the leap. Any and all constructive input is welcomed.
Thanks again for your help.
Paul