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Hello everyone, just found this place! Wondering where I stand..
Old 05-03-2014, 08:16 PM   #1
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Hello everyone, just found this place! Wondering where I stand..

Wonder where I stand financially in this world. So, here is my story. Wife and I both turned 59 last month. We have no debt. Have a primary home in Ohio ($320k) paid for and a condo ($200k) in SW Florida also paid for. Kids (2) both grown....28 and 30. Both live close by. We have $875k in 401k and $415k in cash, stocks, mutual funds. My biggest expenses are property taxes and condo fees. Around $15k per year.

I plan to work 3 more years.......if I can last that long! Im in sales....lots of pressure. I make around $130k per year and my wife around $20k. I have a small pension that I started taking at 55 of $610 per month pre tax. No other pension. Just what I've saved.

I've looked at different trackers. I seem to be ok but not sure. Any thoughts would be appreciated.

At age 62 I'd like to live in Florida from Jan- April. And do something part time. Car sales, real estate...something for some money.
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Old 05-03-2014, 08:57 PM   #2
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Hi player,
Welcome to the forum. Have you used our FIRECalc calculator below? Do you know what your annual expenses are; that'll be key to figuring out where you stand. Are you familiar with broad asset diversification, the superiority of index funds, the 'tyranny of compound costs', and safe withdrawal rate? Here's a link I like: Bogleheads® investment philosophy - Bogleheads
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Old 05-03-2014, 09:21 PM   #3
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Totally unaware. Going to do it right now. Thanks!
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Old 05-03-2014, 09:29 PM   #4
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Florida, I suggest you take a look at this: Some Important Questions to Answer Before Asking - Can I Retire?
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Old 05-04-2014, 04:28 AM   #5
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It is my understanding that if you live in the state of Florida six months and three days in a calendar year, you can declare Fl. As your permanent residence and not have to pay any state taxes. Also lower other expenses. You should look into this.
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Old 05-04-2014, 06:06 AM   #6
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Quote:
Originally Posted by Floridatennisplayer View Post

I plan to work 3 more years.......if I can last that long! Im in sales....lots of pressure. I make around $130k per year and my wife around $20k. I have a small pension that I started taking at 55 of $610 per month pre tax. No other pension. Just what I've saved.
You probably have Social Security, and your spouse is also eligible for another half of your PIA.

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Originally Posted by 43WorkYears View Post
It is my understanding that if you live in the state of Florida six months and three days in a calendar year, you can declare Fl. As your permanent residence and not have to pay any state taxes. Also lower other expenses. You should look into this.
From the a Florida State website Frequently Asked Questions
Quote:
What are the requirements to become a resident of Florida?

Florida does not have rules for residency in general; residency in Florida is program specific. That is, it is attached to a specific purpose or need, such as taxes, in-state tuition, etc. The following sections of the Florida Statutes address several ways to establish residency:

Section 222.17 (homestead exemption)

Section 1009.21 (residency requirements for tuition and state financial aid for education)

Section 196.015 (domicile for tax exemption)
Anyone intending to become a Florida resident should look at section 196.015
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Old 05-04-2014, 07:21 AM   #7
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Originally Posted by Floridatennisplayer View Post
Totally unaware. Going to do it right now. Thanks!
...and, if you haven't stumbled upon this page yet, http://www.bogleheads.org/ check the upper left hand corner (New to Investing? Start Here) for some great little videos and a reading list. Good luck!
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Old 05-04-2014, 07:35 AM   #8
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The key question is how much you need to live? If you need $100k a year then you probably are not ready, if you can live on $30k a year then you're all set. (I used somewhat extreme examples to only to make the point).

I found there was an incredible difference in expenses going from two homes to one - plus I increased my nestegg by the proceeds from the sale of one home. The combination of the two helped me decide to ER.

Residency for state tax purposes becomes somewhat complicated but is not solely based on the amount of time you spend. It is also based on where you spend your time, where you are registered to vote, where your vehicles are registered, etc. If you pursue that route, the sticking point will more likely be convincing Ohio that you are no longer a full time resident (and taxpayer) rather than convincing Florida that you are a resident.
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