Maybe I am FIRE already?

[Christine]

Hi all - I'm 48 and I have been reading posts here for a while and this seem to be a friendly and useful site.

A few years back I had to stop working after I hurt my head and got disabled. It's been a really bumpy few years financially but now I've got my disability pension and also a monthly insurance payout and a lump sum.

My pension and monthly insurance is enough to live on so my plan is to use my lump sum wisely so that it can finance the more fun parts of life.

My $140.000 ish lump sum is mostly in cash for now - around $45.000 in index funds. My apartment is 2/3rds paid for - with $90.000 left of the mortgage.

I currently have a good interest rate of 3% so I am not neccesary hurrying to pay down the mortgage. I want to learn more and decide if I should rather buy more index funds, bonds etc. And eventually decide how much of that I can withdraw each year. Perhaps I should even try to add to it from my pension?

Oh - and I live in Norway so the more detailed properties of what is financially sound or not may differ a bit. But the large lines should be similar.

So maybe I qualify as FIRE already even if I still have my mortgage? It does not really matter.

 

[Senator]

Does your pension have a COLA?

What is "enough to live on?" Are you satisfied with that for the rest of your life?

Do you have any other obligations coming in the future, like college expenses? Weddings?

$140K is not a lot of money for a 45 year old.

 

[Christine]

Christine
Confused about dryer sheets

Join Date: Dec 2014
Posts: 1

It really is true! I have no dryer so I know nothing about those sheets.
I dry my clothes outside in the summer and in the ventilated guest room in the winter.

 

[Christine]

Does your pension have a COLA?

Yes it does.

What is "enough to live on?" Are you satisfied with that for the rest of your life?

I have been doing my budget for most of my life so I know more or less how much I have been using. As for satisfied - I know I would have made much more working. But it is what it is. And I know I can manage. And I have friends who have to manage without my extra insurance payout so I'm glad I had a job with decent insurance.

Do you have any other obligations coming in the future, like college expenses? Weddings?

No I live alone and no kids.

$140K is not a lot of money for a 45 year old.

I would love to be 45 - or to have more $$. But it is what it is. So my $140K will be my fun money and emergency fund.