Retiring early at 62, is that an oxymoron?

MGYog · 04-14-2008, 08:35 AM

Greetings.

Having worked 34 years, I plan to retire in 2 months, along with my wife. My wife will collect $1100 (SS), plus about $500 monthly (work pension), and I will take in about $1000 (SS) and $5800 (govt pension) per month. Our house is worth about 325k with a home equity loan of 100k on it, and a condo worth $600k with a mortgage loan of 300k still left. We also have another investment condo worth 300k, which is fully rented, and paying it's own way. All our kids are adults, have their own jobs, but all unmarried, from 31 to 28.We have collectively, about 800K saved up in IRAs, SEP, 401(ks), 403(bs), and 407(bs). We have about 25K in our savings accounts.

We will sell the house, and move down (planned) to Florida (question: is that a good retirement state, monetary wise?) and use my Mom's house as a base to look for a place to buy there. My Mom is 85 and lives alone in a moderately large 10 year old house, within a planned retirement community.

After things settle down, I am planning to join the UN Volunteer group, or the Peace Corps, which has always been a dream of mine, being a child of the 60's. Anybody with experience in those groups?

What do you think?

Coach · 04-14-2008, 09:45 AM

MGYog, congratulations! It sounds like you have great plans for your retirement.

If you end up in the Peace Corps, will you wife go with you?

Welcome to the board! I'll look forward to hearing how things are working out.

Coach

Moemg · 04-14-2008, 11:47 AM

Florida does not have a state income tax and they did away with taxing investments so yes , it is a good state money wise. We do have a strange property tax system that they are trying to reform .

MGYog · 04-14-2008, 06:02 PM

Thank you, Coach. I emailed a Peace Corps recruiter for over 50+ somethings after posting in this forum, and got a rapid response within 15 minutes. She will send me paperwork to my home 20. Moemg, thanks for the info. When you say "did away with taxing investments," does that include personal investment interest and capital gains, too?

04-14-2008, 08:35 AM	#1
MGYog Recycles dryer sheets Join Date: Apr 2008 Posts: 163	Retiring early at 62, is that an oxymoron? Greetings. Having worked 34 years, I plan to retire in 2 months, along with my wife. My wife will collect $1100 (SS), plus about $500 monthly (work pension), and I will take in about $1000 (SS) and $5800 (govt pension) per month. Our house is worth about 325k with a home equity loan of 100k on it, and a condo worth $600k with a mortgage loan of 300k still left. We also have another investment condo worth 300k, which is fully rented, and paying it's own way. All our kids are adults, have their own jobs, but all unmarried, from 31 to 28.We have collectively, about 800K saved up in IRAs, SEP, 401(ks), 403(bs), and 407(bs). We have about 25K in our savings accounts. We will sell the house, and move down (planned) to Florida (question: is that a good retirement state, monetary wise?) and use my Mom's house as a base to look for a place to buy there. My Mom is 85 and lives alone in a moderately large 10 year old house, within a planned retirement community. After things settle down, I am planning to join the UN Volunteer group, or the Peace Corps, which has always been a dream of mine, being a child of the 60's. Anybody with experience in those groups? What do you think?

Thread Tools	Search this Thread
Show Printable Version Email this Page	Search this Thread: Advanced Search
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
What stops you from retiring early?	bongo2	Young Dreamers	38	08-31-2007 01:02 AM
Retiring early after being in command...prescription for a freak out?	DRiP Guy	Life after FIRE	27	03-12-2007 06:50 PM
What age constitutes retiring early?	JustCurious	FIRE and Money	28	12-03-2006 03:44 PM
retiring early	rhmayo	Other topics	4	01-18-2005 08:01 PM
Lot's of folks will be retiring early..........	Cut-Throat	Other topics	39	10-29-2003 09:15 AM

04-14-2008, 09:45 AM	#2
Coach Full time employment: Posting here. Join Date: Nov 2005 Location: Colorado, USA Posts: 691	MGYog, congratulations! It sounds like you have great plans for your retirement. If you end up in the Peace Corps, will you wife go with you? Welcome to the board! I'll look forward to hearing how things are working out. Coach

04-14-2008, 11:47 AM	#3
Moemg Thinks s/he gets paid by the post Join Date: Jan 2007 Location: Sarasota,fl. Posts: 3,096	Florida does not have a state income tax and they did away with taxing investments so yes , it is a good state money wise. We do have a strange property tax system that they are trying to reform .

04-14-2008, 06:02 PM	#4
MGYog Recycles dryer sheets Join Date: Apr 2008 Posts: 163	Thank you, Coach. I emailed a Peace Corps recruiter for over 50+ somethings after posting in this forum, and got a rapid response within 15 minutes. She will send me paperwork to my home 20. Moemg, thanks for the info. When you say "did away with taxing investments," does that include personal investment interest and capital gains, too?

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)