Can I Retire or should I Soldier on a bit longer (OMY)?
I have been a MMM reader for about a year now and it, along with other resources I have found through this forum and elsewhere on the Internet, have changed the way I see my financial situation. It seems many people here are quite a bit younger than my young age of 62. I wish I had found this information long ago before I squandered my money. I am naturally frugal so my waste is probably not a bad as it could have been.
I have been a single dad for quite a while, with a daughter who will be a senior in college next year (living at home) and a son who is autistic, not living at home, but still needing my input.
My current income is 120k. I am maxing out my 401k for the year.
My current expenses are $3800/mo not including taxes. I own my home with no mortgage. No car payments or other debt.
I have been on a budget for about the last 20 years, a plan that started after I found I was spending about $400 per month more than I was earning. I cut back on my expenses and made a priority of paying off the house by the time I was 50.
BTW, I paid off the house in time to meet my goal! To my way of thinking back then, this was extremely aggressive financially. Not so much now, having found MMM.
The only outrageous expense I have is cable TV which I am cutting next month and charitable giving which will stay the same.
Assets: Net Worth 1.1 million not including house.
Vanguard investments are 900k with with a 60/40 stock bond allocation. I am still working on getting my money in all the right funds for diversification following the Paul Merriman recommendations.
I also have a 100k CD ladder at Ally Bank and 40k in their savings account.
I have a pension that will be worth about 24k/yr if I take it starting next year.
I have an opportunity at work next year to accomplish a goal that I has eluded me so far in my career. It would mean a higher income, but much more travel and a commitment to the employer for another year of work. Therefore my question. Can I Retire??
Thanks for reading!