Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Hi, I am soooo ready to retire
Old 03-09-2006, 09:44 AM   #1
Dryer sheet wannabe
 
Join Date: Mar 2006
Posts: 18
Hi, I am soooo ready to retire

Good day everyone!

Brief outline of my life....I am 35 years old, single female* *.* I graduated from UC Berkeley in 1992.* I open my first IRA when I was 17 years old and contributed ($20/mo.) for the years I was in college.* After graduating and landed a crap job and bought a house (later sold for almost no profit).*

I have always saved and over the years my income and savings have grown substantially.* Cutting out all the details from 22 to now....I am hoping to semi-retire (SR) at 40.*

The numbers.....I have about 100k in my current company sponspored 401k, 100k in company long term incentives - ALL CASH, NO STOCK , about 75k in Roth IRAs and cash and (drum roll please)........2 investment properties in glorious Orange County, CA.* I am selling 1 in 2007 which I lived in 2 of the last 5 years, this should net me about 290k (no capital gains.... ) and another property that has roughly 100k in equity (after capital gains and sales cost).* *My current residence has 100k in equity which I can't really count but does add some piece of mind.

I don't have a withdrawal and or income generating program established I am still just socking away the cash and doing income generating real estate deals.* *

Semi-retirement for me will most likely look like working as an IT Project Manager Consultant 5-8 months out of the year (although when I stop working, I would like to take one year off) or teaching/training (I have my MBA in Technology Management).

Last thought....I hate the corporate world although I don't hate what I do.....as the years drag on...the idea of rotting in front of a company PC makes me want to vomit.*
__________________
RETIRE_TINGLE! 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!

Re: Hi, I am soooo ready to retire
Old 03-09-2006, 10:15 AM   #2
Thinks s/he gets paid by the post
BigMoneyJim's Avatar
 
Join Date: Feb 2003
Location: DFW
Posts: 2,615
Re: Hi, I am soooo ready to retire

Great job, you're well on your way to ER.

(It's so easy to feel poor around here with only $100, in assets at 35 )

Welcome to the board. Are you new new or newly delurking? I haven't been keeping up with the "Hi" posts for a while, but your name stuck out in "Users Online" and my first thought was "spammer! get the spammer!" ...Oh, okay, just normal posts. Whew!

Edit: I forgot to add that I am also chomping at the bit to retire and keep toying with ideas for semi-retirement in the next 5 years, but I don't think it's very doable for me.
__________________
BigMoneyJim is offline   Reply With Quote
Re: Hi, I am soooo ready to retire
Old 03-09-2006, 10:30 AM   #3
Dryer sheet wannabe
 
Join Date: Mar 2006
Posts: 18
Re: Hi, I am soooo ready to retire

I am New New....thanks for the welcome. I have found my new cyber loafing tool...I am currently in the salt mines...T- 2 hours to lunch 8)
__________________
RETIRE_TINGLE! is offline   Reply With Quote
Re: Hi, I am soooo ready to retire
Old 03-09-2006, 10:34 AM   #4
Dryer sheet wannabe
 
Join Date: Mar 2006
Posts: 21
Re: Hi, I am soooo ready to retire

Oh my God, you mean you're actually using company time to fantansize about FIRE? Heaven forbid. :



Me too as we speak......
__________________
foxhuntr is offline   Reply With Quote
Re: Hi, I am soooo ready to retire
Old 03-09-2006, 12:26 PM   #5
Full time employment: Posting here.
kaudrey's Avatar
 
Join Date: Feb 2006
Location: Alexandria, Va
Posts: 847
Re: Hi, I am soooo ready to retire

Hi,

Welcome! I'm relatively new here too. I am a single female, age 37. My intro is on this board as well.

Just wanted to say hi. I'm planning to fully retire at 52, so I haven't thought about how much I would need if I SR'd like you want to do.

A quick question: For a single person, the capital gains limit on a house is $250K (I'm over it on my house too), so how are you going to avoid at least some taxes on the $290K profit? Am I missing something? I'm not a RE expert.

Thanks, and welcome again!

Karen

__________________
Two roads diverged in a wood, and I - I took the one less travelled by...
kaudrey is offline   Reply With Quote
Re: Hi, I am soooo ready to retire
Old 03-09-2006, 12:33 PM   #6
Dryer sheet aficionado
 
Join Date: Jan 2006
Posts: 38
Re: Hi, I am soooo ready to retire

I was wondering the same thing. Also, I never understood why the capital gains was different for singles and marrieds. My mom has lived in the same house for 30 years in San Jose. Needless to say, she has a mountain of equity, but she is single. She recently asked me this question and I didn't have an answer for her.
__________________
J-Lu is offline   Reply With Quote
Re: Hi, I am soooo ready to retire
Old 03-09-2006, 02:25 PM   #7
Full time employment: Posting here.
 
Join Date: Oct 2002
Posts: 717
Re: Hi, I am soooo ready to retire

Remember to subtract any improvements you made off to reduce your capital gains.* *
Single = $250K
Single + Single = $250K + $250K = $500K (married)
__________________
Random Reinforcement is Highly Addictive.
riskadverse is offline   Reply With Quote
Re: Hi, I am soooo ready to retire
Old 03-09-2006, 03:33 PM   #8
Dryer sheet wannabe
 
Join Date: Mar 2006
Posts: 18
Re: Hi, I am soooo ready to retire

subtracting suspended losses once I sell, improvements and such....I will either sell my self or work a deal with a broker I know.
__________________
RETIRE_TINGLE! is offline   Reply With Quote
Re: Hi, I am soooo ready to retire
Old 03-12-2006, 04:50 PM   #9
Thinks s/he gets paid by the post
tryan's Avatar
 
Join Date: Mar 2005
Posts: 2,447
Re: Hi, I am soooo ready to retire

Quote:
Remember to subtract any improvements you made off to reduce your capital gains.
Yes improvements can be taken off the value, just make sure they are well documented - via receipts - in the event of an audit.

Welcome aboard! You're well on your way!
__________________
FIRE'd since 2005
tryan is offline   Reply With Quote
Re: Hi, I am soooo ready to retire
Old 03-12-2006, 10:05 PM   #10
Full time employment: Posting here.
 
Join Date: Jan 2006
Posts: 899
Re: Hi, I am soooo ready to retire

Welcome to the board RETIRE_TINGLE,

I've been on the board a couple of months and think that it is an excellent place to learn (absorb might be a better word since that is what seems to happen after being here a while and hearing the collective experience of the board members) both the financial and non-financial aspects of ER and semi-ER.

Kind of an interesting case of characters too! That is actually probably what distinguishes it from some of the other boards.

MB, Ph.D., '86, UC Berkeley
__________________
mb is offline   Reply With Quote
Re: Hi, I am soooo ready to retire
Old 03-14-2006, 02:51 PM   #11
Dryer sheet wannabe
 
Join Date: Mar 2006
Posts: 18
Re: Hi, I am soooo ready to retire

Thanks for the words of welcome! I am seeing that these are the type of folks that I can learn quite a bit from.

Go Bears!
__________________
RETIRE_TINGLE! is offline   Reply With Quote
Re: Hi, I am soooo ready to retire
Old 03-16-2006, 02:47 PM   #12
Thinks s/he gets paid by the post
thefed's Avatar
 
Join Date: Oct 2005
Posts: 2,203
Re: Hi, I am soooo ready to retire

Looks like you're doing well.

SR seems to be the way to go, as 700k in assets for a 40 yr old in Cali doesnt seem like enough.....

SR seems to be what I will end up doing...some how, some way. But as long as you ENJOY what you end up doing...more power to ya!

Good luck, and welcome!

__________________
thefed 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
500 search phrases for 2006 dory36 Other topics 2 01-16-2007 07:00 AM
Young & Ready to Retire mmg2681 Hi, I am... 17 12-16-2006 08:32 AM
Are you ready to retire article??? Mountain_Mike Other topics 0 05-10-2005 09:40 AM
Soooo ready at 31!! grlcndream Hi, I am... 47 03-24-2005 03:58 PM

 

 
All times are GMT -6. The time now is 09:41 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2016, vBulletin Solutions, Inc.