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Old 09-04-2014, 04:23 PM   #21
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Some more questions:

- How long until you have the land and home paid off? What length of term are you looking for on your RV purchase? Modelling the spending with/without payments will let you see if you can sock enough away.
- You mention the pension is for 31 years. Does it terminate after 31 years? (I've never seen that - but I haven't seen a lot of stuff.....) What are your plans for income if you outlive the pension? Do you plan on socking away the difference between spending and pension in the meantime, to build up your nest egg for 31 years from now?
- Have you looked at health insurance? What about long term care insurance? Are either included in your 10k spending?

If you haven't already - consider running firecalc. Make sure you include taxes in your spending (so more than the $120k net spending.) Make sure you go to the other income/spending tab.... input your pension as non-COLA... If you donate to firecalc - you can open up another tool on the spending models tab - that will let you show reduced spending once the mortgages are paid off.

You're probably good - but I like to run numbers to verify.
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Old 09-04-2014, 11:27 PM   #22
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Land is developed by me and will be used for a custom home. Holding on to it as land is disappearing here in Vegas and where I am its in demand.
Pension is for life with colas as I have worked for 31 years.
House is appraised now around 450k and owe 45k on it at 5%.
I will find an investment for the other 300k that isn't getting any interest today.
Ps what is a troll
Thanks for the help. Up coming retirement is new ground so naturally a little concerning.
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Old 09-05-2014, 12:40 AM   #23
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How well funded is your pension plan? Public or private? If public any Detrot type issues a possibility?
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Old 09-05-2014, 12:49 AM   #24
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Public and it is funded well
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Old 09-05-2014, 12:52 AM   #25
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Yeah the OP lives in Vegas so I can see it's funded well.


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Old 09-05-2014, 02:40 AM   #26
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Yeah the OP lives in Vegas so I can see it's funded well.


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Are you looking at the state pension fund? I did a Google search and found this article that a recent analysis found that the Nevada pension fund is 70.5% funded based on 8% market returns, and 34% funded using government bond returns.

Nevada News Bureau Nevada Public Pension Liabilities Vastly Understated, New Report Says
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Old 09-05-2014, 01:07 PM   #27
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I don't know if you are troll, but your story keeps changing, are you going to pay off your house and travel in a RV, or are you going to build a big custom house on your bare land.

I guessing you won't get a custom home on desirable land for the 450 equity you have in your current home.

If the land is worth 350, a house might cost close to 1 mil.....certainly don't build a 450K house on 350 land.
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Old 09-05-2014, 10:14 PM   #28
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Troll


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Old 12-08-2014, 03:16 AM   #29
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The last time I wrote you all it was September 4th. Well I decided to retire and did so on September 15th. Funny how I was called a troll for just telling you my story and asking for some advise. Never did find out what the hell a troll was but it doesn't really matter now. Just wanted to stop by for the folks who gave good info and tell you thank you. Coming up on 3 months of retirement and loving it. House is almost paid off and I am purchasing a nice motor home to travel America.
Reduced some of my monthly expenses after I retired and that will help in the long term. Just wanted to say keep working hard and put that cash away for your retirement. Take care
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Old 12-08-2014, 05:08 AM   #30
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Quote:
Originally Posted by LVMUS101 View Post
The last time I wrote you all it was September 4th. Well I decided to retire and did so on September 15th. Funny how I was called a troll for just telling you my story and asking for some advise. Never did find out what the hell a troll was but it doesn't really matter now. Just wanted to stop by for the folks who gave good info and tell you thank you. Coming up on 3 months of retirement and loving it. House is almost paid off and I am purchasing a nice motor home to travel America.
Reduced some of my monthly expenses after I retired and that will help in the long term. Just wanted to say keep working hard and put that cash away for your retirement. Take care
A troll is someone who posts for Inflammatory purpose. I don't think that fits, but some may.
Good luck with your retirement.
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Old 12-08-2014, 08:42 AM   #31
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Quote:
Originally Posted by LVMUS101 View Post
The last time I wrote you all it was September 4th. Well I decided to retire and did so on September 15th. Funny how I was called a troll for just telling you my story and asking for some advise. Never did find out what the hell a troll was but it doesn't really matter now. Just wanted to stop by for the folks who gave good info and tell you thank you. Coming up on 3 months of retirement and loving it. House is almost paid off and I am purchasing a nice motor home to travel America.
Reduced some of my monthly expenses after I retired and that will help in the long term. Just wanted to say keep working hard and put that cash away for your retirement. Take care
Well I was one who used the T-word. Sorry about that.

Your situation is unusual. Very few people have that kind of pension income.

Just watch your expenses and you are better than OK.
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Am I missing something?
Old 12-08-2014, 09:05 AM   #32
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Am I missing something?

Quote:
Originally Posted by LVMUS101 View Post
Looking for some thoughts on a early retirement. If you can give me some advise I would appreciate you assistance.

56year old about to retire
I have almost 600k in the bank and 300 of that is making 4% the rest is making nothing as usual.
I have a house that I owe 45k on
Have a retirement income of 195k yearly and that is after taxes.
Can you survive on that.
Like to buy an RV and travel. Currently have about 10k in bills each month.
As soon as the house is paid off I will be sitting nice I think. Any thoughts would be appreciated. Thank you
$600,000 in the bank...less $45,000 owed on house...equals $555,000 free and clear.

$195,000 per year after taxes (which is the salary equivalent of approximately $300,000?).

If I had those numbers, I'd retire today and EASILY have $1M in the bank by the time I'd start receiving Social Security at 62.

I cannot believe the replies that said it's not enough. It is, to the contrary, Hog Heaven.

PS. You must live like a king with $10K in monthly bills...mine would be more like $1K per month.

PPS. Hope this isn't considered inflammatory...don't want to be called a troll for having an opinion.
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