Hi all, I've been a reader for a couple years, first time writer here. I'm 41 and will enter a new life phase within the next 6 months with a relocation, leaving current career, and so will have substantially lower income. I'm hoping for a sanity check before the plan goes in motion and would love to get some perspective from those who have "been there, done that" already.
Personal
Personal
- Married, one kid (in college, will need financial support)
- Burned out, health issues from it, leaving extreme high-stress, high-pay tech career of 20+ years
- Relocating to second home in MCOL area, selling primary home
- All else is generally well, but numerous family and friend deaths the past 3yrs started a deep a re-evaluation
- Not getting value from FA, run a lot of general numbers myself and feel okay about where we are financially for this transition
- $650k income now, decreasing to $30k in 2025 (may increase later with 2nd career)
- $280k COL now, decreasing to $180k in 2025
- Total NW about $6.2M inc primary and second homes, real-estate, vehicles
- $450k primary home equity (will move to investments upon sale)
- $600k in HYSA at 5.15% (and presumably falling soon)
- AUM Fee 1% Advisor Holdings (will be moving to Vanguard PAS .3%, then hopefully self-mgmt once I learn more)
- $2.75M taxable
- $266k ROTH IRAs
- $86K IRAs
- Other Investments
- $353k 401k
- $164k single company stock, will diversify most in Sept
- With my income dropping next year, would it be smart to instruct Vanguard PAS to minimize taxable investment changes until then, even if holdings are not ideal to our situation right now?
- What are some good resources to learn about withdrawal strategy over this long of a time horizon?
- For those who have started a second career, what resources helped you along the way?
Statistics: Posted by transitionarytimes — Tue Aug 27, 2024 10:24 am — Replies 0 — Views 35