Financial Picture

[disneysteve]

the one off expenses are hard to quantify but it’s really just part of life with family of four, a house and a dog (spent 2k recently on him - two routine surgical procedures at 18 months old; not health or emergency related).

I have 4k payment for braces coming this summer. We need a new sofa. Just had the driveway sealed.

We all know how that goes.

In the past month or two, we've had:
new tires for me - $700
plumbing work - $600
HVAC work - $1,800
medical expenses that went toward our deductible - $2,200

Having all of that hit right before my retirement date made me a little uneasy but I know that none of that was typical or recurring stuff and we could now go 6 or 8 months without any significant unexpected expenses and it will all even out.

[LivingAlmostLarge]

Looking good. I would hit up saving into your DW roth from the cash position if need be. Second, if we assumed you retire at 55 in about 8 years, I would definitely be looking at paying off the mortgage by then. At $150k that puts it solidly possible asap anyway. Then it would free up monthly expenses and you are going to have a solid retirement income.

His 401k $800k - 3 x 23k = $69k and then 5 x $30k = $150k so I'd think around $1.5 in 8 years
His Roth $175k - $7k x 3 = $21k, and then $8k x 5 = $40k so $61k projecting $400k in 8 years i think
Her retirement (is it 401k or roth?) $100k + 8 x 7k = $56k I would think $225k

Looking at I think about $2.2M in 8 years.

Taxable is $245k and $100k cash - this i would earmark for paying off mortgage in 8 years. I think $500k in taxable by then depending on how much you need for college funding. Burn rate of $80k you are looking at 5 years which is enough to cover the gap from 55-60 and then you tap the 401k and hold off on SS.

I think you are solidly set. College is the only wildcard, but you can always take out a loan and then pay it back for them. Instead of tapping your income that you will need to bridge the gap. And this isn't accounting for the pension, which kicks in at what age? $2k is a huge hit if you consider needing $7k/month and you have $2k covered. You only need $1.5M to retire in theory. And that $1.5m easily covers the $60k/year burn rate permenantly let alone to age 70 or even 67 FRA.