SonofCohoes
Recycles dryer sheets
- Joined
- Sep 5, 2016
- Messages
- 150
Hey all, new to the forum a couple of weeks back. I'm 57 years old, DW is 55 able to collect her pension immediately.
DW wants to retire now!!!!!! I'd like to wait 20 months until I'm 59.5.
Currently :
275k in 401k & IRA.
25k cash
Primary residence that has a value of 155k - 80k of which is heloc debt used to buy 4 income properties in a place we plan to retire.
Rental properties include 2 condo,1 townhouse and 1 ranch home valued at 600k total with 330k mortgaged.
If we sell our primary residence now we'd net 65k or so after the real estate transaction on the home sale. Wife's pension is 3400/month and if we moved into one of the rentals our net rental income would be 1650 per month from the remaining 3 units.
We live modestly, the retirement and rental income leaves us enough to pay all our bills including health care, income taxes and have about 1k a month mad money.
(These numbers do not include withdrawals from the 401k, IRA or supplementing with the cash from the home sale.)
I'd like us to both keep working and wait the 20 months, fatten the 401k up to about 350k get the heloc paid way down and have 120k or more in cash. The rest of the equation remains the same.
I did tell DW she could retire now and I'd work till 60 but that option was poo poo'd.
Our friend firecalc gives us 0% failure rates in either scenario.
What say you??
PS I can't really talk to anybody else about this stuff, not much interest. That's why I posted here.
DW wants to retire now!!!!!! I'd like to wait 20 months until I'm 59.5.
Currently :
275k in 401k & IRA.
25k cash
Primary residence that has a value of 155k - 80k of which is heloc debt used to buy 4 income properties in a place we plan to retire.
Rental properties include 2 condo,1 townhouse and 1 ranch home valued at 600k total with 330k mortgaged.
If we sell our primary residence now we'd net 65k or so after the real estate transaction on the home sale. Wife's pension is 3400/month and if we moved into one of the rentals our net rental income would be 1650 per month from the remaining 3 units.
We live modestly, the retirement and rental income leaves us enough to pay all our bills including health care, income taxes and have about 1k a month mad money.
(These numbers do not include withdrawals from the 401k, IRA or supplementing with the cash from the home sale.)
I'd like us to both keep working and wait the 20 months, fatten the 401k up to about 350k get the heloc paid way down and have 120k or more in cash. The rest of the equation remains the same.
I did tell DW she could retire now and I'd work till 60 but that option was poo poo'd.
Our friend firecalc gives us 0% failure rates in either scenario.
What say you??
PS I can't really talk to anybody else about this stuff, not much interest. That's why I posted here.
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