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Hello, new to forum. I am 48 married and am wanting to retire completely by age 52. I will have a company pension that will pay $9500 a month after taxes with yearly cost of living adjustments. This pension starts immediately when I retire. Company also provides cheap health insurance that stays with me and wife until we are medicare age. Our house worth $425K will be paid off when I turn 52. We have a $50,000 emergency fund. We only have $320,000 in savings all locked into Roth IRAs, can't touch until 59. No other debt (no credit cards, cars, misc loans, college debt etc). Cars will probably need to be replaced in 5 years. House is in good condition, will need new roof in 10 years. HVACs all are new.
I would like to walk away from all work at age 52. Can I do it? Any pitfalls I am missing or need to think about?
Thanks
$9500 a month after taxes with yearly cost of living adjustments
Wow you are sitting very pretty! I didn't know pensions like that existed anymore, what line of work are you in?
You didn't mention anything about your yearly expenses but assuming that they are under $114k per year you'll do just fine. If your expenses are much lower than that then maybe you could find a way to get cash before 52 and you could retire even earlier.
Hi. Yes, I should clarify. I am a full Colonel in the US Military and near 30 years of service. The "company" that I mentioned is the US Army.
You didn't mention how much you intend to spend in retirement. Is it a flat spending profile? Expected to go up (due to health, LT care, etc.)? With a pension that large you have nothing to sweat in retirement if you can keep your spending below the pension amount. Everything else is just the cherry on top.
Congrats.