Oversoul
Dryer sheet aficionado
Here are my stats & a requests for next steps if I want to retire next year:
Me 55; Wife 58. Both in reasonably good health.
Expenses:
$750 mortgage but paying $1500/month on a 15 year, 4% mortgage with 13 years remaining (which will be reduced by double paying). $52k balance.
Monthly utilities (electric, cable, etc) $200/month
Food, fuel, insurance, entertainment, medical/drugs, etc $1300/month.
Total monthly expenses over the last 2 years: $3000
Income:
$100,000 me.
$60,000 wife.
Assets:
$250,000 401k wife
$250,000 401k me.
$80,000 in cash emergency fund
We own four homes:
We are considering renting one home. (no mortgage)
One home is used by a non-rent paying relative. (no mortgage)
One home is our newly built retirement home. (no mortgage)
The home with the $52k mortgage we would sell if/when we retire.
We have reliable late model cars with low mileage. (No payments).
After the expenses listed above & Federal payroll deductions, we bank everything else..... something around $5k/monthly.
We are not financial types & our backgrounds are not related to money, retirement, or personal finance but we both realize health insurance is our greatest obstacle to an early retirement.
There may be other issues here that we are not even aware of.
Our plan is to let our retirement funds sit until we have to touch them.... hopefully not for another 10 years.
We feel we can sell off & get out from under the mortgage which will lower our monthly obligations to $1500 which we can cover with rental income.
I can also work as a consultant one day a week if I have to supplement my income.
We are very frugal people & our retirement plan is to live in our new home in the country, grow most of what we eat in a greenhouse, & raise some small farmyard animals. We don't travel, keep up with the Jones's or waste money.
Does all this seem doable or are we just dreaming?
Thanks to all who respond.
Me 55; Wife 58. Both in reasonably good health.
Expenses:
$750 mortgage but paying $1500/month on a 15 year, 4% mortgage with 13 years remaining (which will be reduced by double paying). $52k balance.
Monthly utilities (electric, cable, etc) $200/month
Food, fuel, insurance, entertainment, medical/drugs, etc $1300/month.
Total monthly expenses over the last 2 years: $3000
Income:
$100,000 me.
$60,000 wife.
Assets:
$250,000 401k wife
$250,000 401k me.
$80,000 in cash emergency fund
We own four homes:
We are considering renting one home. (no mortgage)
One home is used by a non-rent paying relative. (no mortgage)
One home is our newly built retirement home. (no mortgage)
The home with the $52k mortgage we would sell if/when we retire.
We have reliable late model cars with low mileage. (No payments).
After the expenses listed above & Federal payroll deductions, we bank everything else..... something around $5k/monthly.
We are not financial types & our backgrounds are not related to money, retirement, or personal finance but we both realize health insurance is our greatest obstacle to an early retirement.
There may be other issues here that we are not even aware of.
Our plan is to let our retirement funds sit until we have to touch them.... hopefully not for another 10 years.
We feel we can sell off & get out from under the mortgage which will lower our monthly obligations to $1500 which we can cover with rental income.
I can also work as a consultant one day a week if I have to supplement my income.
We are very frugal people & our retirement plan is to live in our new home in the country, grow most of what we eat in a greenhouse, & raise some small farmyard animals. We don't travel, keep up with the Jones's or waste money.
Does all this seem doable or are we just dreaming?
Thanks to all who respond.