Ready, set, ... ?

[Plaintired]

I’d like a few opinions on whether retirement will be feasible soon.
My situation is as follows;
Me 57 wife 52
Total retirement funds for both 320k 60/40 portfolio
Wife current cola’d pension 20k per year
Mine pension at 60, 20k per year, also cola’d
Home equity 105k
Current Household income 87k total.
Current yearly savings including employer match 25k

Total monthly expenses are 3.5 k and should remain
under 4K in retirement.
My plan is to work until 60 and then retire, spending down
10k a year out of savings until 65, and then collect SS of 2k
a month while wife waits until 62, and collects 1k of month.
Any suggestions or reservations ?

[henramdrea]

Have you run various retirement calculators?  What do they tell you?  Have you run a few FIREcalc sims?  What do they tell you about your plan?

https://www.firecalc.com

Many people like to keep a year's worth of cash (at least) in a more liquid form (high-interest savings account such as Betterment) in case of downturns.

Would be interested in other replies to this post from folks in a similar situation.

Your situation sounds similar to mine, minus the pensions, just double the retirement investments by around 60/62, no mortgage, no debt.

[PhilB]

I'm not clear on some of your numbers, but if SS is on top of those cola'd pensions then obviously you are laughing long term.  Is your savings burn after you retire at 60 only $10k pa because your wife will still be working?  Is she okay with that?
Have you carefully considered the situation in the likely event that you predecease your wife?

[Plaintired]

Thanks for the replies.  I have run firecalc and it says I will be ready to go. I’m just not sure if
it is truly capturing the situation. My wife is already retired and collecting her pension.  Both
of our pensions will pay to the surviving spouse upon death.  My two worries are the bridge
between my retirement and starting SS and carrying the $575 mortgage into retirement even
though the income should cover it.

[henramdrea]

Are you currently able to live on $3500 per month without discomfort?  If not, you may want to see if you can get there.  It seems you have a good plan a first glance as you have 3 more years to accumulate.  What are your projections of accumulation at 60?

[Plaintired]

I hope to add another 75k to the stash before hanging it up. So around 400k and then drawing down
10k for 5 years before SS. I’m not counting on any investment gains as I think treading water will be
the course for the next few years.

[Altons Bobs]

Are you ok if your portfolio goes from $320k to $160k because of market crash?

[Plaintired]

To a degree. If the market heads south for a sustained period, I’d most likely stop
any withdrawals and pick up part time work. I only plan to withdraw from 60 to 65
and then start again when required.

[BTDretire]

I made a very thoughtful, inciteful, wisdom filled post yesterday, this is a test, just want to know if it will happen again. :-)