Originally Posted by LVMUS101
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.