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50 in Sarasota Florida
Old 04-23-2017, 07:43 PM   #1
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50 in Sarasota Florida

Hi, I am 50 and my wife is 48. We've been good savers over the years but bad investors. We have a 400k paid for house and 500k or so in savings - mostly 401k/ira. No debt. We have needy immediate family and spent over100k in the last 10 years helping out elderly parents and family. We except some additional expenses the next 10 years also.

We have 60k in pensions starting in 2027 and another 10k in 2029 - not adjusted for inflation. There is no chance to get those early.

I always wanted to retire in 2022 but it would wipe too much of our savings to do that and we won't be in a position to help our parents.

If I can find decent part time or seasonal work around 2022 I'll look at a transitional retirement, otherwise I will hold off until closer to 2027.

We thought of downsizing our house to finance early retirement but it seems more prudent to save that option for the future when working isn't an option.

So current thinking is retirement at age 60 in 2027, but we will be looking for opportunities to accelerate if possible. I am thoroughly impressed with those of you that retired in your 40s and 50s.
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Old 04-23-2017, 07:50 PM   #2
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Welcome.

I think you may have your years confused. We are currently in 2017. Did you mean you want to retire in 2027?
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Old 04-23-2017, 07:54 PM   #3
Confused about dryer sheets
 
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Quote:
Originally Posted by Ready View Post
Welcome.

I think you may have your years confused. We are currently in 2017. Did you mean you want to retire in 2027?
Yes off by a decade, thank you
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Old 04-24-2017, 07:41 AM   #4
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Congrats on being good savers. Keep doing that, live below your means, hope for good investment returns and you never know. Maybe 2022 will be your year. That's my hoped for year as well. We shall see....
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Old 04-24-2017, 07:47 AM   #5
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Welcome. Helping elderly parents may delay retirement for a bit, but I'm glad you have the resources to give them the help they need. The pensions will be a nice security later in life.
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Old 04-26-2017, 02:09 AM   #6
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Welcome sarasoto! You are on the right track...being debt free is such a plus. Each person's situation is different, but setting out a plan makes it more likely that you will be able to retire earlier than expected. My original retirement plan was mid 2020 when I would first be eligible, but was fortunate to be able to take advantage of voluntary early retirement in 2016. Had they not offered that, I was thinking about a way to reduce hours prior to retirement. Suggest that you take a good look at your annual expenses to see what your needs will be in retirement. At 50, you can contribute an extra $5K in 401K or $1K in IRA, per year, over the standard limits so there are options to increase your retirement savings in the mean time. Good Luck in your retirement plans!
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Old 04-26-2017, 08:46 PM   #7
Confused about dryer sheets
 
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Thank you for the encouraging words. I am maxing out my 401k and also mixing pre and post tax savings. I haven't yet given up on retiring in 2022 or shortly after, but once I retire I will never be able to replace that income if I needed income. I want to have some money set aside for parents and kids. Unfortunately there is no chance I can get the retirement income early so any pre-2027 retirement will be fully funded from part-time/seasonal work and savings. Starting in 2027 I should be able to live off just the pension unless inflation hits hard.
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Old 04-26-2017, 09:43 PM   #8
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Well hopefully you have been able to improve your investing skills from reading this forum. I'm not a good investor either and had less investment savings than you in 2012 but have been able to double that amount in five years even with a relatively conservative asset allocation. I had to increase my savings rate (e.g. maxing out my 401k, age 50 catchup, a Roth IRA, and my HSA plus saving any raises and additional monies once I paid off my house and driving my car for ten years). Of course I did not spend as much as you helping out relatives although I contributed some. It doesn't seem unreasonable that you might be able to retire in your mid to late 50's once you are just a few years away from becoming eligible for the pension and SS, assuming access to good health insurance.
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