|Retirement Saving for retirement - questions about pensions and pension schemes, 401k's, public and private company pensions, and other saving schemes.|
Dilemma about job
Good morning. This is my first post here and reaching out to you guys as I am in dilemma about whether to work for little longer of to quit working altogether.
Here is my situation:
44 years old, worked in technology industry for few months short of 15 years with an average salary of 80K and with 90K salary/yr when I lost the job 2 months ago.
50 years old, working in technology industry as well, with current salary+bonus of 152K per year. Planning to work until 65 years. Pursuing his PHD currently and will be quitting technology job in 6-7 years.
1 12.5 yr old daughter.
600-650K Equity on home (this is very conservative estimate). 590K loan amount is left. Will be able to pay off 66K more in next 5.5 years. Planning to downsize the house after our daughter leaves to college.
455k in my 401k, after contributing for little over 14.5 years, which we are not planning to touch until I turn 60 yrs old.
395K in my husband's 401k and planning to continue his maxed out contributions (17,500 + 5,500 catch up contributions) until he works, which is going to be at least 13-15 years.
Saved about 200K for our daughter's college. She will be going to college in yr 2020.
100K in my ESPP
26K in my husband's ESPP
40K in emergency fund.
Our goal is to have atleast 10K income in retirement years, ie when my husband turns 65 year old and I will be 59 by then.
With the kind of financial position we are in now, is it possible to get 10K income when we retire IF I do not work and contribute to 401K any more?
I don't really want to work anymore in stressful technology jobs. But if I have to work, I will continue to work now for few more years than later and call it quits once for all. But I am confused/worried if we will be able to get 10K income in retirement years if I quit working now.
Appreciate all of your inputs.
Thank you very much in advance.