I’ve been saving until it hurts for the last 15 years, maxed out 401k and ROTH. I knew that the main barrier to early retirement would be housing cost, mortgage so I bought a rental property during the housing crisis at a very low price, 1/3rd of what it sold for before the downturn, and the payments are less than an apartment would be. I planned on taking my employer’s early retirement at age 55 with 25 years of service but, as things go, life happened. The company went bankrupt in the housing crisis (related to the mortgage industry), and we languished in run-off for 2 years before being bought by a national firm. I took the pension payout of $120k and rolled it into an IRA along with my 401k.
Two years with the new company and increasingly unhappy with the atmosphere and culture. I prayed many, many times for a way to leave, for the strength to make a change, for a way to be closer to my children and grandchildren. The answer to my prayers came when there was a re-organization and many people were being let go. I wasn’t being let go but, I said that I would simply quit instead of taking over responsibilities outside of my expertise that was being asked of me. That prompted the company to change their plans, someone else’s job would be saved and I would get the severance package. They were paying me to do what I wanted to do anyway!
I have $650k, selling my main residence and moving in with my daughter and her 4 children. I’m not selling the rental house yet as it generates $300 net income per month and it already has well over $100k equity. My daughter is a well compensated nurse and is currently selling her house and we plan on buying a larger home together. If we put $50k down each, the payments would be very affordable for her in the range we are looking at. She doesn’t require that I contribute to bills as I will save her daycare costs.
I live very frugally (after saving so much of my income) and have absolutely no problem with living on $1500 per month. I have $180k in liquid investments and cash which will be my source of income after unemployment and severance pay. I won’t need to touch my IRA, ROTH or 401k. My SS at age 62 will be $1619 per month if I don’t work again. I may work part time eventually, something that isn’t high stress, 24/7 on-call as my current job.
I’m ready for the next adventure! Spending time with the grandkids, enjoying not being a slave to work which seems to have been my whole life until now.
Two years with the new company and increasingly unhappy with the atmosphere and culture. I prayed many, many times for a way to leave, for the strength to make a change, for a way to be closer to my children and grandchildren. The answer to my prayers came when there was a re-organization and many people were being let go. I wasn’t being let go but, I said that I would simply quit instead of taking over responsibilities outside of my expertise that was being asked of me. That prompted the company to change their plans, someone else’s job would be saved and I would get the severance package. They were paying me to do what I wanted to do anyway!
I have $650k, selling my main residence and moving in with my daughter and her 4 children. I’m not selling the rental house yet as it generates $300 net income per month and it already has well over $100k equity. My daughter is a well compensated nurse and is currently selling her house and we plan on buying a larger home together. If we put $50k down each, the payments would be very affordable for her in the range we are looking at. She doesn’t require that I contribute to bills as I will save her daycare costs.
I live very frugally (after saving so much of my income) and have absolutely no problem with living on $1500 per month. I have $180k in liquid investments and cash which will be my source of income after unemployment and severance pay. I won’t need to touch my IRA, ROTH or 401k. My SS at age 62 will be $1619 per month if I don’t work again. I may work part time eventually, something that isn’t high stress, 24/7 on-call as my current job.
I’m ready for the next adventure! Spending time with the grandkids, enjoying not being a slave to work which seems to have been my whole life until now.