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Almost too late
Old 03-07-2008, 04:07 PM   #1
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Almost too late

We waited *way* too long to start on our early retirement plans. Fortunately we have some pioneers leading the way in budget overseas retirement living to give us hope that we might actually make it out of our 40-hour-week jobs before we become decrepit and bed-ridden.

We will have all non-mortgage debt paid off in a few days. Starting next month massive amounts of money goes into savings/investments. Within six months we will probably have our house sold and move into town into a rental unit. That will generate another $750-$1000/month for our nest egg.

We know we don't have enough time to generate a typical retirement account, so we're just trying to get out there and have fun and we just need enough money to bridge the gap between now and when our SS and pension funds kick in. So, that's me. Hi.
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Old 03-07-2008, 05:15 PM   #2
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Better late than never! Welcome aboard and enjoy the journey it can be almost as much fun as the destination.
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Old 03-07-2008, 05:18 PM   #3
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Dixonge --
Welcome to the Board! Sounds like you're doing all you can to make up for lost time and opportunities, so that's a good thing.

Paying down debt is a good thing -- also, if you have access to any company matches for 401(k) accounts, you should invest at least enough to get the matching funds. Have you run FIRECalc yet? The link is at the bottom of this page.

And if you feel comfortable sharing, please do tell us a little more about you -- the folks here are more than willing to share their opinions...most of which are really right on target, I find!

Again, welcome!
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Old 03-08-2008, 10:15 AM   #4
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OK, now that I read the instructions.....some more info.

We are both employees with a county government. My wife's job pays about twice what mine does. Unfortunately she works for an elected official who is retiring in late 2010. After that her employment status is very iffy. The replacement official is free to use another person in her position and does not have to comply with the normal hiring job practices. IOW, she may have to go freelance.

My wife is 50, I'm 47. We both contribute the max to the state retirement fund. She is vested with 220% matching funds, I doubt I will make that plateau (another five years). We intend to max out our savings in order to move somewhere with a lower overall cost of living until we hit the 60-62 minimum retirement ages and begin to draw both pension and SS money. My initial estimates put that somewhere in the 2010 to 2011 time frame. My estimates do not include investment gains, which will all be shooting for maximum return. It is a high-risk strategy since we don't really have much to lose at this point. If the investment strategy succeeds then we will retire earlier than three years from now. If the plan fails, well then we'll just keep working and getting by until 'normal' retirement age.
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Old 03-08-2008, 11:56 AM   #5
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Welcome from one public employee to another!

It's never too late to begin saving. Your plan sounds good to me. I have several friends that work for elected officials and when an election happens, their jobs are at risk. All you can do is to put away as much as possible, which it sounds like you're already doing.

Even if you don't reach the magic number by 2011, you could still keep putting away money until you have enough (maybe a couple more years), instead of sticking it all the way out to "normal" retirement age. No?

Does your pension program have a health insurance component? Mine doesn't, but I think they still offer it for people hired before 1989. I don't know a lot about health insurance, but if you intend on moving overseas, where health care is cheaper, I think a lot of people just self-insure for minor issues and buy a high-deductible, catastrophe plan.

Welcome!
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Old 03-09-2008, 11:31 PM   #6
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Quote:
Originally Posted by GoodSense View Post
Even if you don't reach the magic number by 2011, you could still keep putting away money until you have enough (maybe a couple more years), instead of sticking it all the way out to "normal" retirement age. No?
Yes, that's definitely a good Plan B

Quote:
Originally Posted by GoodSense View Post
Does your pension program have a health insurance component?
I'm fairly sure it does not. I read somewhere about fairly inexpensive coverage in Argentina which I need to research. I've also been reading a lot about medical care overseas. Very eye-opening.
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