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55 yr old wants husband to retire @ 50
Old 03-14-2012, 11:59 AM   #1
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55 yr old wants husband to retire @ 50

My husband has been on L&I for 2 yrs. He has no retirement except SS.
He has $14,000 settlement and just started unemployment$500 biweekly.
I want him to retire but SS doesnt kick in till age 67 for him.

I make $45,000 yr. Takehome=$1,070 Tsp ballance=$83,000(70%common stock 25%small cap stock 5% international stock)
DEBT: Tsp loan=3,200 Mort 1=125,00 Mort 2=15,000 credit card=9,000
Is this a pipedream?

Thanks,
Arlen
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Old 03-14-2012, 12:20 PM   #2
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First of all, welcome to e-r.org!

You mention TSP here, so I assume you work for Uncle Sam. My first questions, then, would be:

* How secure is your job (paycheck and health insurance)?
* Does he not have a monthly disability payment? Was the $14,000 settlement in lieu of ongoing disability claims? (Sounds like a potential place for a lawyer.)
* How much do you need to live on (i.e. if you looked at your normal expenses, could you do it with what you earn plus whatever else his sources bring in? (Unemployment will go to zero if he stops looking for work.)
* Even if your job is stable, do you enjoy it enough that you wouldn't grow resentful in having to work another 10-12 years to get all the debt paid off and have enough investment, pension and/or SS income to make it?
* Do you have a pension waiting for you (FERS or CSRS), and how much (and when) would that kick in?

Frankly, a quick glance suggests to me that unless you really enjoy your job and *very* frugal living, I don't think you're there yet. So my gut feeling to your question "is this a pipedream" would be: yes, particularly with your current debt situation.

Specifically, I don't think I'd consider it any earlier than all the debts other than the first mortgage are paid off. Once the TSP loan, 2nd mortgage and credit cards are paid off and your only debt is the first mortgage, AND you've demonstrated that you can live within your means to the point where you don't need to finance your life with more debt, I'd re-evaluate cash flow. But I just don't see the math working with that many debt payments on a $45K salary.
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thanks
Old 03-14-2012, 05:48 PM   #3
Confused about dryer sheets
 
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thanks

Thanks so much for the advice!
As I was writing it I could see it didn't look promising.
Sometimes you need to see through someone elses eyes.

Arlen
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Old 03-15-2012, 12:26 PM   #4
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Quote:
Originally Posted by arlen View Post
DEBT: Tsp loan=3,200 Mort 1=125,00 Mort 2=15,000 credit card=9,000
Is this a pipedream?
I'm assuming that's supposed to say $125,000

With $152,200 debt (or $39,700), I agree that it's a pipedream. For goodness sake, get that credit card paid off!!!
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Old 03-17-2012, 06:39 AM   #5
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First, welcome to the board.

Yes, seems like you need to pay debt and figure out exactly how much you need to live on.
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Old 03-20-2012, 11:19 PM   #6
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Welcome

Even though you have some work to do, you should feel great about the fact that you are already leaps and bounds ahead of most people. You are asking the right questions of the right people. So-Welcome and keep working on FI.

Cass
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Old 03-21-2012, 07:46 PM   #7
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Originally Posted by CMH in CO View Post
Even though you have some work to do, you should feel great about the fact that you are already leaps and bounds ahead of most people. You are asking the right questions of the right people. So-Welcome and keep working on FI.

Cass
Ill second that, Im new here also, and just by reading from many posters here, Im learning a lot. These guys and gals are real good with the info.
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Old 03-21-2012, 10:54 PM   #8
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Perhaps part time work would be an option. I just retired at age 59 but I was working part time for about the past 5 years. It allowed me to start winding thing down but allowed income to still come in. I was fortunate to be able to transition my FT job into a PT job when I could not work FT any longer.

Just as others have said, you need to first work down the debt.
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