Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Jumping right in
Old 09-26-2007, 08:56 AM   #1
Dryer sheet aficionado
 
Join Date: Sep 2007
Posts: 26
Jumping right in

Hello, I turned 40 this summer. I barely have any bills. My house is paid for (worth about 275k) and I have about 200+ in outside funds and about 200+ in 401K funds. I also have some land worth about 180k. I want to sell my house and land next summer, which would put me at about 650k and 200+ (401k) at 59 1/2. My wife will keep on working and prob make about 25k a year. I'll do something but not sure what yet. We want to move but don't know where. I'm trying to make it work in my mind but just don't know. Any advice? Don't beat me up too bad because of my age. I've worked enough hours to work two life times, probably like many of you have. Thanks Cletis
__________________

__________________
cletis 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 Early-Retirement.org 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 09-26-2007, 11:13 AM   #2
Full time employment: Posting here.
bow-tie's Avatar
 
Join Date: Mar 2004
Posts: 687
How much do you spend a year?
What are you invested in?
__________________

__________________
Diggin' my way to financial freedom, one buck-at-a-time
bow-tie is offline   Reply With Quote
Old 09-26-2007, 11:43 AM   #3
Dryer sheet aficionado
 
Join Date: Sep 2007
Posts: 26
Right now we probably spend around 47k a year. I've looked at it a couple times and it should be close. With my wife bringing in around 25k that leaves us needing around 22K. The biggest expense will be insurance. Possibly 10K a yr. That puts it back at 32k needed. Both our vehicles are fairly new with low miles.
__________________
cletis is offline   Reply With Quote
Old 09-26-2007, 12:16 PM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
TromboneAl's Avatar
 
Join Date: Jun 2006
Posts: 11,201
Quote:
200+ (401k) at 59 1/2.
Note that you don't need to wait until 59.5 (google 72t).
__________________
Al
TromboneAl is offline   Reply With Quote
Old 09-26-2007, 12:22 PM   #5
Thinks s/he gets paid by the post
maddythebeagle's Avatar
 
Join Date: Jun 2005
Posts: 2,450
If you are interested in moving to a lower cost area, that might help...although a lot here would say a 250k house is already moderate and at 40, I still think you should try for 10-20k in self employment income....or take a seasonal job that you would enjoy...
__________________
maddythebeagle is offline   Reply With Quote
Old 09-26-2007, 12:39 PM   #6
Dryer sheet aficionado
 
Join Date: Sep 2007
Posts: 26
That 200+ that I have in 401k right now should be quite a bit larger by the time I hit 59 1/2. I do want to do something I'd enjoy and a seasonal job sounds right. I really don't care to work. I have never been able to do what I would like and when I was able I was always going 100mph and didn't even enjoy it. Since I want to sell my home and move. Does it makes sense to use the money from my house and invest it? Possibly rent for a while? Thanks Cletis
__________________
cletis is offline   Reply With Quote
Old 09-26-2007, 08:06 PM   #7
Recycles dryer sheets
 
Join Date: Jan 2006
Posts: 163
Quote:
Originally Posted by cletis View Post
Right now we probably spend around 47k a year. I've looked at it a couple times and it should be close. With my wife bringing in around 25k that leaves us needing around 22K. The biggest expense will be insurance. Possibly 10K a yr. That puts it back at 32k needed. Both our vehicles are fairly new with low miles.
If you spend 47k per year, you will need more than 47k income due to taxes, unless you're talking net.
__________________
Seems to me that the corporation's race to the top is resulting in a race to the bottom for the employee's quality of life. FIRE can't come soon enough.
kjpliny is offline   Reply With Quote
Old 09-27-2007, 04:05 PM   #8
Thinks s/he gets paid by the post
Jay_Gatsby's Avatar
 
Join Date: Oct 2004
Posts: 1,719
There are lots of seasonal "jobs" that are more fun than work. If you like the outdoors, you can apply to be a part-time park ranger. If you enjoy traveling, then you could be an international/domestic courier. It all depends on what you want to do, and how it will impact your ER lifestyle. I don't see the need to sell your house right now, as part-time work and your wife's income ought to cover things for the foreseeable future. You won't live high off the hog, but you'll still be RE (more or less).
__________________
He had one of those rare smiles with a quality of eternal reassurance in it . . . It faced, or seemed to face, the whole external world for an instant and then concentrated on you with an irresistible prejudice in your favor. -- The Great Gatsby, F. Scott Fitzgerald
Jay_Gatsby is offline   Reply With Quote
Old 09-28-2007, 12:13 PM   #9
Dryer sheet aficionado
 
Join Date: Sep 2007
Posts: 26
I'm going to sell my house regardless because my area is in one heck of a boom and like everywhere else the building construction is way overbuilding. I don't forsee the economy slowing here for the next few years but I'm scared to death that it will and I'll be stuck here. Cletis
__________________
cletis is offline   Reply With Quote
Old 09-28-2007, 01:13 PM   #10
Thinks s/he gets paid by the post
twaddle's Avatar
 
Join Date: Jun 2006
Posts: 1,378
So, your uncovered expenses are $32K, but did you factor in renting a place if you sell your home?

I assume you've already played with FIREcalc: FIRECalc: A different kind of retirement calculator
__________________
twaddle is offline   Reply With Quote
Old 09-28-2007, 03:29 PM   #11
Dryer sheet aficionado
 
Join Date: Sep 2007
Posts: 44
I would go and sell it. The sale will give you a good chunk of change to work with for the future.
__________________

__________________
Fred333 is offline   Reply With Quote
Reply


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
Jane Doe jumping in! Jane_Doe Hi, I am... 12 10-24-2005 12:02 PM
Mortgage rates jumping in July/August? Nords FIRE and Money 15 08-08-2005 09:07 AM

 

 
All times are GMT -6. The time now is 03:59 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.