Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Retiring early at 62, is that an oxymoron?
Old 04-14-2008, 07:35 AM   #1
Recycles dryer sheets
MGYog's Avatar
Join Date: Apr 2008
Posts: 174
Retiring early at 62, is that an oxymoron?


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?

MGYog is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 04-14-2008, 08:45 AM   #2
Thinks s/he gets paid by the post
Coach's Avatar
Join Date: Nov 2005
Location: Colorado, USA
Posts: 1,128
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 is offline   Reply With Quote
Old 04-14-2008, 10:47 AM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Moemg's Avatar
Join Date: Jan 2007
Location: Sarasota,fl.
Posts: 9,472
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 .
Moemg is offline   Reply With Quote
Old 04-14-2008, 05:02 PM   #4
Recycles dryer sheets
MGYog's Avatar
Join Date: Apr 2008
Posts: 174
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?
MGYog is offline   Reply With Quote

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

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
What stops you from retiring early? bongo2 Young Dreamers 38 08-31-2007 12:02 AM
Retiring early after being in command...prescription for a freak out? DRiP Guy Life after FIRE 27 03-12-2007 05:50 PM
What age constitutes retiring early? JustCurious FIRE and Money 28 12-03-2006 02:44 PM
retiring early rhmayo Other topics 4 01-18-2005 07:01 PM
Lot's of folks will be retiring early.......... Cut-Throat Other topics 39 10-29-2003 08:15 AM


All times are GMT -6. The time now is 10:04 PM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2016, vBulletin Solutions, Inc.