One year to go in Wisconsin

[Razor]

Hello, my name is Jim. I work at a company that offers early retirement at 55 with reduced benifits and medical coverage. I have zero debt, my $400K to $500K home is paid for, I have 250K in stock, 100K in 401K and another 100K in savings (CDs, money market account, checking). My pension will cover our health insurance with a couple hundred left over. Next year I will be 55 and I plan on selling my home and buying a smaller ($200K to 250K) home, getting a part time job and taking advantage of my company's early retirement. My wife and I live simply but plan on buying a sports car and do some traveling. She will also have a partime job.
Does anyone see any problems with my plan?

 

[Tom52]

Depends on what type of sports car!!

Oh, and Welcome to this site!

 

[Coach]

Jim, welcome aboard. I assume you figure you're OK financially with this plan. Given that it sounds like a good plan to me! Sure beats waiting to retire until you're too old to really enjoy it.

Best of luck!

Coach

 

[Razor]

Depends on what type of sports car!!

Oh, and Welcome to this site!

Either a Corvette or new Mustang convertible.

 

[Razor]

Jim, welcome aboard. I assume you figure you're OK financially with this plan. Given that it sounds like a good plan to me! Sure beats waiting to retire until you're too old to really enjoy it.

Best of luck!

Coach

To tell you the truth I am not sure, but I really don't think I could handle working at my company for any longer than I have to. It's under new management and they are making it pretty miserable to work there.

 

[Fred333]

Sounds like a good plan to me. You are one lucky guy.

 

[TexasGal]

Welcome . . . this is a great forum! Read through old threads and ask lots of questions.

TG

 

[Coach]

Jim, there's a book that might be perfect for you -- Work Less, Live More: The Way to Retire Early, by Bob Clyatt. I think it might be just what you're looking for.

Coach

 

[Dawg52]

Welcome! Go with the Mustang. Less money.

 

[SteveR]

Welcome to the forums. Glad you found your way here and I hope you find your time here educational as well as fun.

One of the key elements on when you can retire and on what income is what your expected expenses will be during retirement. Another key area is pension income since it will reduce the size of your "required" nest egg.

Use the Search function to see if any of your questions might have already been discussed; chances are it has.

Good luck.

 

[Razor]

Thanks everyone for the warm welcome and information. I am going to get the book and read as many of the threads as I can.

 

[Razor]

Welcome! Go with the Mustang. Less money.

The way gas prices are bouncing araound I may have to look for something with better gas mileage. I sold my 80 corvette this year and have always wanted a new one when I retire. We shall see if I think I can afford one when the time comes.

 

[chinaco]

Welcome Jim.

 

[FinanceDude]

Welcome,I live in Wisconsin too, in a suburb of Milwaukee.........

 

[TexasGal]

Greetings, Jim, and welcome to the forum.