Can We Afford a 40 Year Retirement If We Retire Now？

Schedule a free assessment with an experienced financial professional: http://bit.ly/PureAssessment Office locations: https://bit.ly/PureLocations Ask Joe & Big Al On Air: https://bit.ly/AskJoeAndBigAl Subscribe to our YouTube channel: http://bit.ly/YMYW-YT Subscribe to the Your Money, Your Wealth® podcast: https://lnk.to/ymyw Question: "Can we retire NOW? Hi - Daisy Duck here from the Emerald City! Just wanted to say how much I love your show - you guys and Andi make financial education fun and entertaining. I'm 55 and my BF, Donald, is 60. We're dual income, no kids. He drives an 18 year-old VW Phaeton and I ride public transit when Donald can't give me a ride. I like any kind of white wine and Donald prefers Coke Zero. I would love your spitball analysis on whether my BF, Donald, and I are on track to retire NOW? I'm currently working full-time and my boyfriend does intermittent contract jobs, but would love to know if we're on track to retire now (maybe one or both of us take a part-time job making around $20k or so/year until Medicare kicks in, if needed to fund the high cost of medical care). Here are the details: In taxable accounts (mostly in a brokerage account with various stock index fund ETFs, but a small portion in CDs, I-bonds, REITS, etc) we have a total of $1.4 Million. In Pre-Tax IRA/401ks, we have $1.49 Million (mix of stock indexed funds and bond funds). In Roth IRA/Roth 401ks, we have $271,000 (in some individual stocks, domestic and international stock index funds). Each of our Social Security benefits when we each turn 67 will be as follows: Donald will get about $22k/year at 67 and I'll get about $40k/year at 67. I've estimated our expenses if we retire now will total about $106,000 (including taxes and expensive health care before Medicare kicks in). We own our condo outright (worth about $1.2MM) with no mortgage. Would love your spitball analysis on whether we're able to retire from our current jobs now outright! 2nd question: should I focus on Roth conversions in early retirement or focus on keeping income low in early years to take advantage of ACA tax credits Thanks for all you do - your podcast is up there in my top 3 financial podcasts (though to be honest, I've only been listening to financial podcasts for the past year or so, but I still think you guys rock). Sincerely, Daisy Duck. IMPORTANT DISCLOSURES: • Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC, a Registered Investment Advisor. • Pure Financial Advisors LLC does not offer tax or legal advice. Consult with your tax advisor or attorney regarding specific situations. • Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. • Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. • All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. As rules and regulations change, content may become outdated. • Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors. CFP® - The CERTIFIED FINANCIAL PLANNER™ certification is by the Certified Financial Planner Board of Standards, Inc. To attain the right to use the CFP® designation, an individual must satisfactorily fulfill education, experience and ethics requirements as well as pass a comprehensive exam. Thirty hours of continuing education is required every two years to maintain the designation. AIF® - Accredited Investment Fiduciary designation is administered by the Center for Fiduciary Studies fi360. To receive the AIF Designation, an individual must meet prerequisite criteria, complete a training program, and pass a comprehensive examination. Six hours of continuing education is required annually to maintain the designation. CPA – Certified Public Accountant is a license set by the American Institute of Certified Public Accountants and administered by the National Association of State Boards of Accountancy. Eligibility to sit for the Uniform CPA Exam is determined by individual State Boards of Accountancy. Typically, the requirement is a U.S. bachelor’s degree which includes a minimum number of qualifying credit hours in accounting and business administration with an additional one-year study. All CPA candidates must pass the Uniform CPA Examination to qualify for a CPA certificate and license (i.e., permit to practice) to practice public accounting. CPAs are required to take continuing education courses to renew their license, and most states require CPAs to complete an ethics course during every renewal period.