willing but not ready...yet.

[HI Bill]

Sounds like good progress! Right now, it looks like your investible assets (assets excluding home, 529, cars) are around $958K (includes wife's vacation payout [does that value account for taxes?]). You said earlier that you wanted to sell your business upon retirement for $250K. If so, you'd have around $1.5MM by then? If so, using a 4% disbursement rate, that's only $60K in annual income. I think we'd need more information on retirement income and budgets to determine whether your plan is economically 'safe'. Have you established a budget and run your numbers through the FIRE Calculator? Based on your screen name and house value, I'm assuming you're wanting to move to Hawaii in retirement?

 

[HopefulHaole]

HNL Bill, Thank you. That number you calculated for investable assets now is about right plus the amount we will sell our current home for. So $1.5 - $1.7MM would be my calculated range. My wife's accrued leave $ did not account for taxes and such. We will also have annual income from billboard sign for $8,500 (minimum) upto $10,000. Our forever home is in Hawaii. The upstairs, with large lanai and ocean view rents for $1800/mo and downstairs rents for $800/mo. We will most likely live downstairs for 2-3 years and rent the upstairs out for added income security. This extra income will add $20k to $30k per year for a total income of $80k - $90k per year. This should be more than enough to cover our costs. Though admittedly, I don't have an exact budget or cost analysis in front of me (though I have run the numbers many times) but we are frugal and with no mortgage, the rental income and 8 acres to grow food, we will be fine. Plus at age 60 my wife will have a defined benefit plan with about $1,500 month income and we will both have SS.

 

[HI Bill]

Awesome! Sounds like a solid plan! I'm assuming it's on Hawaii Island with 8 acres...! Might just see you over there in a couple of years!

 

[HopefulHaole]

Thanks! Hope to see you there!

 

[friar1610]

Regarding potential VA health care... Have you researched the basis on which you would be eligible for VA health care (documented disability, low income, etc) and what priority that would give you within the VA system? Is there a VA health care facility near your forever home? This is just to make sure you realize that not every vet is automatically eligible for and covered by comprehensive care. (If you mentioned this in one of your earlier posts I likely missed it.)

 

[HopefulHaole]

friar1610, sorry about the late response. I have not researched it enough because I cannot answer your questions with certainty. I am not disabled or low income. My understanding is that I may have to pay a copay at doctor visits but I don't know about hospitalizations and such. I may have to purchase health insurance. I believe there is a VA clinic about an hour from forever home and a VA hospital 2 hrs in the other direction. Can you direct me to the information I need about eligibility?

 

[Golden sunsets]

I am not certain, but if you have no disability you would be the lowest priority in getting into the VA health system. Try this link: https://explore.va.gov/health-care


Sent from my iPad using Early Retirement Forum

 

[friar1610]

friar1610, sorry about the late response. I have not researched it enough because I cannot answer your questions with certainty. I am not disabled or low income. My understanding is that I may have to pay a copay at doctor visits but I don't know about hospitalizations and such. I may have to purchase health insurance. I believe there is a VA clinic about an hour from forever home and a VA hospital 2 hrs in the other direction. Can you direct me to the information I need about eligibility?

My turn to be late responding. I think the link Golden Sunsets gave you should give you the info you need. There is an on-line benefits questionnaire there which may help you see where you stand. My only point in my original email was to highlight the fact that even if one is a vet s/he may not qualify for the medical benefits s/he expects because of the priority system. Those vets who have no service-connected medical conditions and who have decent incomes are, unfortunately, the lowest priority. I wouldn't want to see you make any plans based on an erroneous assumption about what care you could expect.

One thought is to trying to track down a Service Officer from an American Legion or VFW post in your area. These are Legion/VFW members who assist vets with accessing VA benefits. One of them may have a better feel for what the prospects are in your area. These folks do this as an avocation, not as a full-time job, so you may have to be patient (no pun intended) for their time. My experience, as a former Legion Service Officer, is that it doesn't matter if you are a member or not as long as you are a vet. Good luck.

 

[kimcdougc]

Shouldn’t the new bill that Trump signed be good for all vets to have health care? He just signed it last week. Just asking for my veteran DH. We checked about 2 years ago and he didn’t qualify due to the statements you shared above.

 

[HopefulHaole]

2020 Update

FIREd @ forever home in Hawaii

Me: 50

DW: 48

DD1: 17

DD2: 15

No Debt

No Mortgage

Savings and Investments $1.6MM

DW has non-cola pension she can start at age 60, @ $20k/yr

Plus annual payment of $9,500 with 3% annual increase for lease to a billboard company that has a sign on commercial real estate that I own

Plus that $400k commercial real estate is for sale with a permanent easement in place so that after I sell the real estate, I keep the rights to continue running a billboard on that real estate and for me to continue leasing it to the billboard company

Plus $106k in 529 college plan

2007, 2013, 2014 vehicles paid in full

[emoji3]

 

[dadu007]

Wow, it's great to see someone lay out a plan and successfully execute it! Congrats!

 

[HopefulHaole]

Thank you!

Wow, it's great to see someone lay out a plan and successfully execute it! Congrats!

 

[ut2sua]

Congrats OP. I like the income stream you created for yourself leasing that billboard. I assume the maintainance cost is very low(?) Great source of income regardless. Hawaii is a beautiful place to retire to.