Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Doingitwrong in Texas
Old 07-18-2017, 06:48 PM   #1
Dryer sheet aficionado
 
Join Date: Jul 2017
Location: Headed to the Hill Country
Posts: 28
Doingitwrong in Texas

Hi all!

No big bucks here. Paid plenty of medical insurance premiums and out of pocket over the past 20+ years. Itís complicated but basically we are exhausted!

Short version-We left our respective military services over 20 years ago (me-USAF, DW- Royal Canadian AF); we didnít have health insurance after service (college students); six months after discharge DW gets diagnoses of stage four cancer. Many years of battle with government agencies in Canada. House we were renting went on market while DW was doing chemo and radiation; so we bought it (0 down USVA) because we didnít have money to move. 

Flash forward-House has been paid off for seven years. $XXX,XXX in medical bills have been paid off for years. Credit scores are 800+. Own three vehicles because Iím paranoid about not being able to get DW to ER as needed (3-5X a year). Her meds and medical expenses are paid for by US insurance company, Canadian military retiree insurance then Veterans Affairs Canada (no out of pocket except premiums).

Ready to FIRE or burning down the house?
Iíll be 55 in 2018. I have a Solo 401K with $350,000 (40% mutual funds/30% bond funds/30% cash) at a local small town bankís trust department. Itís a self-directed plan largely invested in Vanguard funds. The trust department charges me 0.4% annually and maintains all of our legal docs. I also have about $20k in a self-only HSA (DW is a gold-plan girl). We have $130K in savings and a brokerage account. House should net us $140K.
DW will be 62 in 2018. Her annual income from Canada stated in US dollars (last month was US$0.73 per C$1.00) is $24,000 from Veterans Affairs Canada (tax free), Canadian Forces $18,000 (taxed at 15% there but we get most back filing elective return), and Canada Pension Plan (social security) is $8,000. All are adjusted for Canadian CPI. She also gets $2,800/year from a state pension that will not increase, but they give her a 13th annual payment from time-to-time.

Weíve done it our way. We are used to annual medical insurance running $20-30K. Signed up for Obamacare for the first time in 2017; her Gold premium is $925/month and my HSA premium is $250/month. We donít need to leave a legacy. We plan to UP-SIZE our home in retirement and move closer to family. We are going to ďrentĒ the place from the bank with 10% down (to reduce Veterans Affairs funding fee) and enjoy life!
Sheíll claim her WEP adjusted US social security at 62 to reduce spending from savings and Solo 401K. I believe this will be $6K annually, but we havenít visited them yet. Iíll make $24K working part time after we relocate (already got a deal signed). Plan to do part time for a year or two then tap 401K when I ďseparate from serviceĒ. I wonít be adding to 401K after 2017.

Weíre budgeting $80,000 for my semi-ER in 2018. Inflation adjusted spending thereafter. Part time monies will be replaced by 401K money and savings in 2019/2020 and beyond. All the calculators Iíve used say we can do this! We donít travel far from home much. Travel to Canada annually but northern-family saves on food and lodging.

We took joint & survivor on her pensions and VAC will pay me her disability pension for life as she rated 100%. And survivor could easily downsize housing later.

We always thought Iíd work myself to death! It looks like that might not be the case!? We should have had a plan.

Thoughts? Are we leaving something BIG out? We have a budget on paper and it works. Some sources change a lot in early years (part time work, savings, 401K, US social security) but her income covers a good portion of our needs (and wants).
__________________

Doingitwrong is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 07-18-2017, 07:41 PM   #2
Thinks s/he gets paid by the post
Red Badger's Avatar
 
Join Date: Jan 2017
Location: Piedmont Region
Posts: 1,566
FIRE!!!!!

And thanks to both of you for your service.
__________________

__________________
Never let yesterday use up too much of today.
W. Rogers
Red Badger is offline   Reply With Quote
Old 07-18-2017, 07:54 PM   #3
Thinks s/he gets paid by the post
euro's Avatar
 
Join Date: Oct 2015
Posts: 1,188
Quote:
Originally Posted by Red Badger View Post
FIRE!!!!!

And thanks to both of you for your service.
Agree on both points!!!
euro is offline   Reply With Quote
Old 07-18-2017, 08:18 PM   #4
Thinks s/he gets paid by the post
 
Join Date: Mar 2004
Posts: 2,756
Welcome aboard! That's quite a story.

omni
omni550 is online now   Reply With Quote
Old 07-18-2017, 08:25 PM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Moemg's Avatar
 
Join Date: Jan 2007
Location: Sarasota,fl.
Posts: 10,813
You both deserve to retire and enjoy life !
Moemg is offline   Reply With Quote
Old 07-22-2017, 11:07 AM   #6
Dryer sheet aficionado
 
Join Date: Jul 2017
Location: Headed to the Hill Country
Posts: 28
Quote:
Originally Posted by Red Badger View Post
FIRE!!!!!

And thanks to both of you for your service.
I'm not sensing any ambiguity.
Doingitwrong is offline   Reply With Quote
Old 07-22-2017, 11:14 AM   #7
Dryer sheet aficionado
 
Join Date: Jul 2017
Location: Headed to the Hill Country
Posts: 28
Quote:
Originally Posted by omni550 View Post
Welcome aboard! That's quite a story.

omni
I'm working on the book. But figured I'd only subject the board to the Cliff Notes.
Doingitwrong is offline   Reply With Quote
Old 07-22-2017, 11:25 AM   #8
Dryer sheet aficionado
 
Join Date: Jul 2017
Location: Headed to the Hill Country
Posts: 28
Quote:
Originally Posted by Moemg View Post
You both deserve to retire and enjoy life !
We've been mentally ready for a while. I ended up here because I was looking for certainty in my calculations. Not that I found any here. I know better than most it doesn't exist. What I did get was a lot of insight into how to look at cash flow and managing uncertainty.
We are good with even my worst case calculations (no PT j*b, Obamacare gone, etc) and my initial WR (401K and Saving) of 6.66%.

So off we go...
Doingitwrong is offline   Reply With Quote
Old 07-22-2017, 11:38 AM   #9
Thinks s/he gets paid by the post
 
Join Date: Mar 2017
Location: New York City
Posts: 2,838
Quote:
Originally Posted by Doingitwrong View Post
I'm working on the book. But figured I'd only subject the board to the Cliff Notes.
Hahaha, Cliff notes in my "book" is the whole story.
__________________
Withdrawal Rate currently zero, Pension 137 % of our spending, Wasted 5 years of my prime working extra for a safe withdrawal rate. I can live like a King for a year, or a Prince for the rest of my life. I will stay on topic, I will stay on topic, I will stay on topic
Blue Collar Guy is offline   Reply With Quote
Old 07-22-2017, 11:40 AM   #10
Thinks s/he gets paid by the post
 
Join Date: Mar 2004
Posts: 2,756
Quote:
Originally Posted by Doingitwrong View Post
We've been mentally ready for a while. I ended up here because I was looking for certainty in my calculations. Not that I found any here. I know better than most it doesn't exist. What I did get was a lot of insight into how to look at cash flow and managing uncertainty.
We are good with even my worst case calculations (no PT j*b, Obamacare gone, etc) and my initial WR (401K and Saving) of 6.66%.

So off we go...
WooHoo!! You'll love it! Welcome to the ER club!

omni
omni550 is online now   Reply With Quote
Old 07-22-2017, 12:34 PM   #11
Dryer sheet aficionado
 
Join Date: Jul 2017
Location: Headed to the Hill Country
Posts: 28
Quote:
Originally Posted by Blue Collar Guy View Post
Hahaha, Cliff notes in my "book" is the whole story.
Your sig says most of it I'll bet.
__________________

Doingitwrong is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Living in Texas or New Mexico GTM Life after FIRE 76 06-07-2005 07:41 PM
Dallas, Texas....good place to live? Tommy_Dolitte Young Dreamers 24 09-30-2004 12:00 AM
I think Texas has a great idea here... mickeyd Other topics 2 06-21-2004 06:55 PM
Anyone want to excavate or survey in Texas? mickeyd Other topics 0 06-08-2004 02:22 PM
Hello from Texas lauraf13 Hi, I am... 1 07-19-2002 10:15 AM

» Quick Links

 
All times are GMT -6. The time now is 02:21 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2019, vBulletin Solutions, Inc.