lovinglife1
Dryer sheet aficionado
- Joined
- Sep 9, 2010
- Messages
- 36
Well, let me just begin by saying,....YEAH!!....
Today, August 4th (in Japan anyway), I turned 55 and now eligible for early retirement with megacorp.
With 26+ years with my company, I am able to FI a little earlier than expected due to a couple of overseas assignments with lucrative cola/ hardship and other allowances....So, i feel fortunate.
Open issues!....Two daughters in college, one at a private school in Boston - ouch!; and in her junior year, the other in her second year in Michigan. I have their tuition saved through outstanding stocks/ options.
I am divorced as of many years ago....I wont go there on this thread but I suppose it has worked out for the best. Still friends.
I purchased my retirement home in March on Lake Travis, more than enough for my needs. Plan A was to sell my 3 Michigan rental properties (fully paid for) and use the proceeds to buy the lake house but I discovered that the net rental income covers the mortgage and the tax benefits were much better than expected so, Plan B is to keep the rentals (all new in 2005), pay extra principle and pay off the load in 10 years by selling one of two of the rentals. I am also very fortunate to have a great person managing the properties over the last 5 years and have had no issues with her or the tenants.
I have also managed to complete 20 years of Army Reserve service so that provides back up health care through Tricare and a small pension (13K) at age 60. I also purchased long term care insurance 5 years ago through government for peace of mind.
I have about $725 in my 401K which i plan to being withdrawals at a 2.5% rate when I pull the ripchord at year end.
I have to say I am very glad that I purchased this house before retiring since i now understand very well the running costs, and local living costs, some more than I realized such as water and electricity...but it IS summerin Texas...ahh.
And after living overseas a few years, I just lost track of the costs of things in the US and i spent quite a lot on furnishings so far...So, the reason to extend my employment until year end...pay off all my bills except the mortgage.
I feel like I have waited forever for this moment...to know that i am financially able to retire. I now understand emotionally what everyone is, or has, felt when you've crossed the finish line.
Why Texas?; partly because my parents and siblings live there and it's sort of central US and I am not sure where the girls will end up...Being from California, there are pluses and minuses to be sure.
I am wondering how I will manage my way through the remaining 5 months...I will of course. I have a great job and I will be present to the end but i am sure my mind will wander from time to time.
A comment that others probably noted as well. I make a very good living now at the height of my career and it is a lot $$ to give up on a month to month basis. I know it's just anxiety about the opportunity cost of retiring but thats all part of the decision process; that one more year syndrome we all deal with I guess.
A long time lurker and, like many have said, this forum has really,....really lessoned the anxiety of these life decisions when you experience them vicariously through others in the forum.
A big THANKS!!
Today, August 4th (in Japan anyway), I turned 55 and now eligible for early retirement with megacorp.
With 26+ years with my company, I am able to FI a little earlier than expected due to a couple of overseas assignments with lucrative cola/ hardship and other allowances....So, i feel fortunate.
Open issues!....Two daughters in college, one at a private school in Boston - ouch!; and in her junior year, the other in her second year in Michigan. I have their tuition saved through outstanding stocks/ options.
I am divorced as of many years ago....I wont go there on this thread but I suppose it has worked out for the best. Still friends.
I purchased my retirement home in March on Lake Travis, more than enough for my needs. Plan A was to sell my 3 Michigan rental properties (fully paid for) and use the proceeds to buy the lake house but I discovered that the net rental income covers the mortgage and the tax benefits were much better than expected so, Plan B is to keep the rentals (all new in 2005), pay extra principle and pay off the load in 10 years by selling one of two of the rentals. I am also very fortunate to have a great person managing the properties over the last 5 years and have had no issues with her or the tenants.
I have also managed to complete 20 years of Army Reserve service so that provides back up health care through Tricare and a small pension (13K) at age 60. I also purchased long term care insurance 5 years ago through government for peace of mind.
I have about $725 in my 401K which i plan to being withdrawals at a 2.5% rate when I pull the ripchord at year end.
I have to say I am very glad that I purchased this house before retiring since i now understand very well the running costs, and local living costs, some more than I realized such as water and electricity...but it IS summerin Texas...ahh.
And after living overseas a few years, I just lost track of the costs of things in the US and i spent quite a lot on furnishings so far...So, the reason to extend my employment until year end...pay off all my bills except the mortgage.
I feel like I have waited forever for this moment...to know that i am financially able to retire. I now understand emotionally what everyone is, or has, felt when you've crossed the finish line.
Why Texas?; partly because my parents and siblings live there and it's sort of central US and I am not sure where the girls will end up...Being from California, there are pluses and minuses to be sure.
I am wondering how I will manage my way through the remaining 5 months...I will of course. I have a great job and I will be present to the end but i am sure my mind will wander from time to time.
A comment that others probably noted as well. I make a very good living now at the height of my career and it is a lot $$ to give up on a month to month basis. I know it's just anxiety about the opportunity cost of retiring but thats all part of the decision process; that one more year syndrome we all deal with I guess.
A long time lurker and, like many have said, this forum has really,....really lessoned the anxiety of these life decisions when you experience them vicariously through others in the forum.
A big THANKS!!