New to the forum. I joined because I have a situation I need to find a new solution for. Both myself and my wife are 50. She still works and makes about 35k a year and pays for our health insurance [the main reason she works] I have ER at least for now in the past year banking some 1.3M in mostly CDs about 80k in stocks IRA accounts.
Our home is paid for and I moved to KS to be close to family but hate the state. We lived in Michigan most of our lives with a 7 year stint in Florida in the 80s during the last recession. We also just before moving to KS lived in a home I built in Hot Springs Arkansas for 2 years. My type of work did not and does not have HC available and my physical situation would not allow me to do it as before.
It was bull work in the construction industry and although I was self employed and made very good money its not something I can continue to do. I have been living nicely off of my interest. I put most of my CDs away for 5 years at 5%. This runs out in April of this spring and I do not see many CDs paying more than 2.5%. This would cut my income from about 50k a year in which I have been saving money up and adding to my CDs to barley paying the bills.
I think at 2.5% I could be OK but it would not be fun and games with food and other things increasing in price. At that time we would rely on more of my wifes income to support the basic bills with my interest income than we have been. I know that this is not a bad situation compared to many in the US in this economy.
My plan was to keep putting money away from the interest that I did not spend and then when my wife retired and we draw SS it would be a inflation hedge to offset the cost of things.
We own our home and its paid for and want to also move. Back to Hot Springs or Florida. I think with her education and experience in the banking industry she could find a job [even entry level] to bring in some money and pay for HC insurance. With me bringing in even 25k a year I think it would be OK. We have two cars both paid for and one Motorcycle paid for so other than about 29k each on our student loans we are free and clear.
I have looked into stocks and invest about 5k of my insurance income into my IRA each year as a write off. She takes full advantage of her Employer based co investment. I do not have the stomach to watch wild swings in the market, this is why I did CDs in the first place. I like the annuities that Chase has shown me but I can not draw on them for 9 and a half years. I could use my own money to pay myself and then let the annuitie build.
I would like to have any advice on this situation that anyone would offer. Thanks in advance.
Our home is paid for and I moved to KS to be close to family but hate the state. We lived in Michigan most of our lives with a 7 year stint in Florida in the 80s during the last recession. We also just before moving to KS lived in a home I built in Hot Springs Arkansas for 2 years. My type of work did not and does not have HC available and my physical situation would not allow me to do it as before.
It was bull work in the construction industry and although I was self employed and made very good money its not something I can continue to do. I have been living nicely off of my interest. I put most of my CDs away for 5 years at 5%. This runs out in April of this spring and I do not see many CDs paying more than 2.5%. This would cut my income from about 50k a year in which I have been saving money up and adding to my CDs to barley paying the bills.
I think at 2.5% I could be OK but it would not be fun and games with food and other things increasing in price. At that time we would rely on more of my wifes income to support the basic bills with my interest income than we have been. I know that this is not a bad situation compared to many in the US in this economy.
My plan was to keep putting money away from the interest that I did not spend and then when my wife retired and we draw SS it would be a inflation hedge to offset the cost of things.
We own our home and its paid for and want to also move. Back to Hot Springs or Florida. I think with her education and experience in the banking industry she could find a job [even entry level] to bring in some money and pay for HC insurance. With me bringing in even 25k a year I think it would be OK. We have two cars both paid for and one Motorcycle paid for so other than about 29k each on our student loans we are free and clear.
I have looked into stocks and invest about 5k of my insurance income into my IRA each year as a write off. She takes full advantage of her Employer based co investment. I do not have the stomach to watch wild swings in the market, this is why I did CDs in the first place. I like the annuities that Chase has shown me but I can not draw on them for 9 and a half years. I could use my own money to pay myself and then let the annuitie build.
I would like to have any advice on this situation that anyone would offer. Thanks in advance.