Advice, can I do it, where etc?

[UnrealizedPotential]

That 700K in retirement funds is your biggest roadblock. You need it to retire now. Since you can't get to it, IMO the remaining 400K obviously isn't enough. You could sell your home of 400K , but then you would need a place to live.


Money in retirement funds really kills if one wants to retire early. A lot of people, myself included don't think about that part when starting pre tax retirement funds and putting all our extra available cash into it. They do have limitations on what one can do. Not that I am against having pre tax retirement accounts, I'm not. I just think savers should give thought to having taxable accounts as well.


If you did sell your house for 400K and put it with the other 400K, you might be able to pull off retirement by moving to the mid west and get your expenses down to around 36K a year. Otherwise I can't think of how you could do it. But I think you would need to use all the money from the sale of your home to swing it. That means you would probably need to rent.

 

[DrRoy]

I also think you are short. At that age for 50K/yr I would want $1.5M.

 

[imoldernu]

I wouldn't pretend to give advice on what, where and how much, 'cuz everybody's different. My bride and I retired 30 years ago @ 53, with a lot less than you have today... we're still solvent, with about as much money as we had when we left the world of employment. We call it living "frugal", but we sure don't feel as if we missed anything along the way. Much of our experience with retirement is spelled out here. A lot of words, but am guessing that many of the questions you have, or will have, are discussed along the way.
FWIW, here:

http://www.early-retirement.org/forums/f27/sharing-23-years-of-frugal-retirement-62251.html

Good luck... I hope you'll give retirement a try. If you hit some bumps along the way, at your age, you can go back part time or full time, and the bridges won't be burnt behind you.

 

[pb4uski]

Great forum and hoping some folks here have good advice.

I am wondering is it really feasible to retire under 50 (I am a couple of years off) and peoples thoughts on where?

I own a home worth around 400K as well as one worth about 200K which I owe 180K on so that's a wash if I sell it. I have a retirement account that has about 700K in it and won't take early or be penalized and an investment account that is around 400K.

Interested in thoughts from people who have done this and where?

Thanks for your time/advice

So in total do you have $1.52m ($700k retirement account, $400k investment account, $400k home equity and $20k second home equity)?

If so, I think it is a possibility as $1.5m at a 3% WR would be $45k a year and you have SS later on top of that.

In order to gain access, you might need to sell the real estate and then mortgage wherever you move to and maybe later do a 72t on the retirement account.

What I would suggest is to run FIRECalc with $1.52m in assets assuming that you sold the properties and put the proceeds in the investment account... include your SS... then solve for the amount that you could spend annually at 95% success using the Investigate tab.

If you could live on that amount (including rent or a mortgage/re taxes, etc.) then it may be a possibility.

 

[Oz investor]

Sorry I should have said I did that but still have a few unanswered questions this is what I had come up with


#4 Lifestyle change - Yes plan to leave NY but to where? And do I buy or rent?
#5 Income - No source of income planned at the moment hence retirement

FireCalc tells me based on what I know I have about a 70% success rate

not buy AND rent ( rooms in the house ) ??

if planning to have no car that implies living Central in a bigger town ( or city )

just a thought

one precaution i would suggest is a full medical so that you can assess potential health-care needs and expenses

good luck