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How much do you need a month to life and enjoy?
Old 03-25-2006, 05:46 PM   #1
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How much do you need a month to life and enjoy?

Wonder, If the house is paid taxes only 3,000 a year, live in a temperate climate in the usa, not too hot in summer or too cold in the winter cars new and paid for and health insurance is paid for, kids married and successful, wife is done working but loves to save money, pension is real and stable, public teacher pension.

I will be able to recive 2700 a month with health beenies for life if I leave this year, been banging my head about this for months I will be 50 in a week, and sick of teaching in my inner city in the state of new jersey and my 120 mile round trip commute.

If I sell the house I have well over 300 grand to buy a real nice place in North Carolina. I figure I will do some odd part time work, but as I near the 50 mark Ireally WANT TO DO THIS. Am I NUTS??
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Re: How much do you need a month to life and enjoy?
Old 03-25-2006, 05:59 PM   #2
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Re: How much do you need a month to life and enjoy?

I think you'd be nuts not to........
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Re: How much do you need a month to life and enjoy?
Old 03-25-2006, 06:07 PM   #3
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Re: How much do you need a month to life and enjoy?

.............about $4000 net.
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Re: How much do you need a month to life and enjoy?
Old 03-25-2006, 06:08 PM   #4
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Re: How much do you need a month to life and enjoy?

The real reason to "retire" is you are unhappy. *If your pension will be your only family income you will need to live frugally, but you are young enough to develop another source of income (and savings) if need be.

Once you have made the big move, you can find out what services people will pay for in your new community. *I know a ER Xerox HR Manager who did home repairs, he had to be booked months in advance and had his pick of projects.
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Re: How much do you need a month to life and enjoy?
Old 03-25-2006, 06:38 PM   #5
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Re: How much do you need a month to life and enjoy?

Who's to say once you get to NC that you won't pick up a nice little teaching job in a rural community, low pressure. Substitute teaching, maybe teach a class at a local college, possibly a few night courses to adults? You have many options open to you. You're not happy where you are, you have a chance to change that.
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Re: How much do you need a month to life and enjoy?
Old 03-25-2006, 07:39 PM   #6
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Re: How much do you need a month to life and enjoy?

Yeah I think that with your stable pension and health benefits, you could easily retire. And substitute teaching would be a great way to supplement your income if you wanted or needed to. Both my parents substitute teach these days, and it seems they could do it 5 days a week if they wanted to ...

You've passed that major milestone - age 50. I know for sure I do not want to be tied down to a full-time job after 50, so I don't think you're crazy for wanting to retire.

With children out of the equation and housing paid for, my wife and I could easily get by on 2K per month in today's dollars. I will work until I can reasonably ensure 3K per month in today's dollars so that we can travel more, but not if it keeps me at work past 45 ...

Clearly, the biggest factor is talking about all of this with your wife and coming to a decision together as a team.

Take your time, think it over, and let us know how you get on. Good luck!
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Re: How much do you need a month to life and enjoy?
Old 03-25-2006, 07:40 PM   #7
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Re: How much do you need a month to life and enjoy?

About $3,500:

Here's my current ER budget, which is a combination of actual expenses I've tracked over the last 4 years, and increases for stuff I expect to spend more time on. *

Utilities, insurance, taxes*: $600
Food: $400
Car, gas, oil, minor repair: *$125
Misc. household stuff Incl Home Depot, garden, etc. : $425
Health, fitness, sports, gym, dive gear rental, golf, etc. : $200
Education (I like to take classes - Spanish, painting, tennis, whatever) : $100
Books and magazines: $50
Travel: *$700
Charity: *$100
Cash: *$200 *(Strange one, sometimes I use no cash for a month, other times a lot, more when traveling)
Gifts: $100
Credit Card, bank, fund managment fees: $10
Major purchase set-aside: $500

Total: *$3,500


*Includes real estate, not income tax, includes car and homeowners insurance, but not health.

Newguy - I thought you changed your mind about selling the house and getting out of NJ. *Having second, or third thoughts??
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Re: How much do you need a month to life and enjoy?
Old 03-25-2006, 08:01 PM   #8
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Re: How much do you need a month to life and enjoy?

newguy, it sounds doable to me, especially if you pick up some occasional work now and then to supplement your income. Will you get SS down the line? Cost of living is dramatically lower in many places outside of "God's country"/People's Republic of New Jersey.
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Re: How much do you need a month to life and enjoy?
Old 03-25-2006, 10:26 PM   #9
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Re: How much do you need a month to life and enjoy?

Quote:
Originally Posted by Sheryl
About $3,500:

Here's my current ER budget, which is a combination of actual expenses I've tracked over the last 4 years, and increases for stuff I expect to spend more time on.

Utilities, insurance, taxes*: $600
Food: $400
Car, gas, oil, minor repair: $125
Misc. household stuff Incl Home Depot, garden, etc. : $425
Health, fitness, sports, gym, dive gear rental, golf, etc. : $200
Education (I like to take classes - Spanish, painting, tennis, whatever) : $100
Books and magazines: $50
Travel: $700
Charity: $100
Cash: $200 (Strange one, sometimes I use no cash for a month, other times a lot, more when traveling)
Gifts: $100
Credit Card, bank, fund managment fees: $10
Major purchase set-aside: $500

Total: $3,500


*Includes real estate, not income tax, includes car and homeowners insurance, but not health.

Newguy - I thought you changed your mind about selling the house and getting out of NJ. Having second, or third thoughts??
Yes 2nd 3rd and 4th thoughts.

I think my 50th which is next sunday and the pretty lousy last two months at work have made me think $hit sell the house and just as the Nike ad says, JUST DO IT!

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Re: How much do you need a month to life and enjoy?
Old 03-25-2006, 10:48 PM   #10
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Re: How much do you need a month to life and enjoy?

my brother's 52 and still bringing in the big bucks for current south florida living, future retirement and to pay his three kids' way through college (now ages 10-16). he has his own company and the pressure's intense. i sure hope it doesn't kill him. his dream is semi-retirement in tennessee where he'd love to teach part time. think he'd even like full time with summers off. he's great with his kids. bet he'd make a fine teacher. nice life that.

with so many boomers planning retirement in the temperate zone, maybe not too long until tennessee becomes miami and south carolina becomes new jersey.
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Re: How much do you need a month to life and enjoy?
Old 03-26-2006, 01:57 AM   #11
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Re: How much do you need a month to life and enjoy?

JUST DO IT!!!

How easy would it be to find a little extra cash a month doing something you'd enjoy doing, with all that extra time.

Heck take away that commute and you'd already be giving yourself a raise in my book. Cost of vehicle, maintenance, gas, replacement every 4-5 years, not to mention sanity. Find a hobby and maybe even profit from the hobby. Who knows if you don't try?

Worse case scenario, you could go back to teaching PT or even FT if you want to, with a commute time of about 10 minutes instead of what you do now. Do the math, 3 hrs commute time x 5 days a week x52 weeks a year=780 extra hours a year you would have just taking away your commute.

Think how much extra money you could make if you just chose to work that 780 hrs a year to supplement your income.

What on earth are you waiting for? Life's too short to not live it.
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Re: How much do you need a month to life and enjoy?
Old 03-26-2006, 07:02 AM   #12
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Re: How much do you need a month to life and enjoy?

I think you can do it as long as you are open to some part time work. If you could generate another 1k per month even that would not be necessary.
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Re: How much do you need a month to life and enjoy?
Old 03-26-2006, 07:19 AM   #13
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Re: How much do you need a month to life and enjoy?

Welcome back, newguy. You have given us all sorts of good reasons to sell your home, retire and move to North Carolina.

What are the good reasons not to retire? Do you want more money? If so, is the price you are paying with the tedious commute and dificult school worth it?
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Re: How much do you need a month to life and enjoy?
Old 03-26-2006, 07:52 AM   #14
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Re: How much do you need a month to life and enjoy?

Quote:
Originally Posted by Martha
Welcome back, newguy. You have given us all sorts of good reasons to sell your home, retire and move to North Carolina.

What are the good reasons not to retire? Do you want more money? If so, is the price you are paying with the tedious commute and dificult school worth it?
Hey Martha

I spent the last two months seriously looking at the pros and cons, The pros won!!

I had a student of mine shot two weeks ago a mother of another student shot dead last week. Kinda made me really look at where I am teaching and said enough is enough. In addition another neighbor was in a major accident on the interstate we drive everyday and almost killed that made 3 who have been in major wrecks over the past 5 years going to and from work.

We looked at the worst case senerio, like what is the worst that can happen if I quit.

I said hummmm

I get 2,750 a month then a COLA every 12 months Medical for life for myself and the wife, House when sold gives me 300 Grand to purchase a new one cash in North Carolina , I might have to work part time to make 200 bucks a week!

I am gonna JUST DO IT!

Plus I turn 50 NEXT SUNDAY, 1 more week in the 40s ah I want to enjoy my next 50 doing things I want to do not that I have to do!

Thanks for listening to my rambles I really am committed now the 2 months of re evaluation was a good thing!

I am pumped and really energised. We will be heading down to look at properties over easter break, the wife will saty down with her family for another few weeks and find a new place .

Off we go.

I will work thru the end of this school year 59 days left then work an additional 60 from September to Xmas of this year and say bye bye on jan 1 2007 officially. House should be sold by then, heck they are selling in the neighborhood in a matter of 5 to 6 weeks this late winter early spring.
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Re: How much do you need a month to life and enjoy?
Old 03-26-2006, 09:07 AM   #15
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Re: How much do you need a month to life and enjoy?

I say go for it!!

Two yrs ago hubby and I were in the same boat. His minimum retirement age was 53 and we discussed him staying for 2 more yrs to stash more cash. He decided it wasn't worth it and handed in his papers. Everything has worked out just fine.

I firmly believe that if you have the mindset that it will work....it will. Good luck.
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Re: How much do you need a month to life and enjoy?
Old 03-26-2006, 10:10 AM   #16
 
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Re: How much do you need a month to life and enjoy?

For the last year, our expenses averaged $2980 per month, excluding health insurance. For the last 6 months, they've averaged $2300 (started being more frugal middle of last year, and DD left in August).
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Re: How much do you need a month to life and enjoy?
Old 03-26-2006, 12:21 PM   #17
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Re: How much do you need a month to life and enjoy?

First let me say congraduations I lived in NC when I was a kid and I loved it. My wife is an art teacher and we are on the edge of pulling the pin (mid-50s). I say do it, my mother is 79 and still teaching at a very exculisive gifted kids school. You can always return if things really fall apart. You did not say where in NC you were going? My major concern is health and you are all set insurance wise. Is working a few more years going to help that much? Prices in NC will probably go up more than you save in a year anyway. No?
Enjoy,
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Re: How much do you need a month to life and enjoy?
Old 03-26-2006, 01:18 PM   #18
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Re: How much do you need a month to life and enjoy?

Newguy my husband is a retired career educator in the public school system so I am well aware of the toll teaching can take even if you love it. Is it possible that you could use your unused sick days instead of returning for the beginning of next school year?
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Re: How much do you need a month to life and enjoy?
Old 03-26-2006, 01:50 PM   #19
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Re: How much do you need a month to life and enjoy?

Good to hear from you again newguy. Very natural that you wanted to think this thing through before pulling the trigger. I think you've come to the right conclusion... go for it. Worse case, you end up teaching full time for a few more years in NC. Not so bad since your new commute would be a LOT easier and you would probably be working in a much more relaxed (better word might be sane) environment. Chances are you'll do fine with an enjoyable 10 to 20 hour a week job for a while. Good for you for thinking long and hard. It's a big decision but it sure seems you're heading in the right direction. Good luck and keep us posted.
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Re: How much do you need a month to life and enjoy?
Old 03-26-2006, 03:52 PM   #20
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Re: How much do you need a month to life and enjoy?

Quote:
Originally Posted by gtmeouttahere
JUST DO IT!!!*
Heck take away that commute and you'd already be giving yourself a raise in my book.* Cost of vehicle, maintenance, gas, replacement every 4-5 years, not to mention sanity.*
Not completely there myself but you may be amazed at the savings from not commuting.* Moved my consulting practice home and dw substitutes when it suits her.* Cut my annual mileage by over a third.* Going to the gas station a lot less even for* her car.
Whatever decision you make, the key is to not look back but move forward to your next "act" what ever it is.
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