HeyMary
Confused about dryer sheets
No idea why I didn't log into some of these forums a long time ago. Hope its not too late to get some advice and direction.
I am 57 y/o single never married. I have a job that every minute seems like it might blow up in my face at any time (don't ask). I'm totally stressed about it.
I have $90K cash, $400K IRA, and 2 properties combined assessed value of $900K (net of mortgage).
I'm a Canadian currently US resident. I have worked in US for required 10 years, and will be eligible for CPP at age 60 / SS at age 62 (with WEP clawback) and OAS at age 65 (doesn't trigger WEP). I also have a private pension that I had to start drawing at age 55.
So my income from pension sources will be:
Age 60: $1300 per month
Age 62: $2000 per month
Age 65: $2500 per month
My basic plan is:
* Scrape through however I can to age 60
* Sell one of the properties at age 60 and invest the $500K similar to my current holdings which have provided 5% y/o/y for the last 12 years
* Upon the sale move to mexico or further south on about $2500 per month
* Maybe towards 65 or when I get tired of expat try to find a low COL location in the US to live on about $3700 (is this even possible?)
* I guess I would also start drawing down IRA then as well
I realize this is not the greatest retirement plan.
But, I'm guessing there are a lot of Canadian/Americans kind of pushed into exile abroad.
And I have traveled a lot. I have been sincerely happy in some pretty crappy hostels and wished I could stay forever. I operate a literacy non profit here. I would probably be very happy doing some kind of similar unpaid work abroad.
I think I would hold out down south until I get sick/frail and then move back to the property I've held onto which will be mortgage free.
(the only reason I wouldn't move there sooner is, I think I would like the exile life for a while)
Would really appreciate thoughts/feedback, even encouragement...
OK I have finished my first post !
I am 57 y/o single never married. I have a job that every minute seems like it might blow up in my face at any time (don't ask). I'm totally stressed about it.
I have $90K cash, $400K IRA, and 2 properties combined assessed value of $900K (net of mortgage).
I'm a Canadian currently US resident. I have worked in US for required 10 years, and will be eligible for CPP at age 60 / SS at age 62 (with WEP clawback) and OAS at age 65 (doesn't trigger WEP). I also have a private pension that I had to start drawing at age 55.
So my income from pension sources will be:
Age 60: $1300 per month
Age 62: $2000 per month
Age 65: $2500 per month
My basic plan is:
* Scrape through however I can to age 60
* Sell one of the properties at age 60 and invest the $500K similar to my current holdings which have provided 5% y/o/y for the last 12 years
* Upon the sale move to mexico or further south on about $2500 per month
* Maybe towards 65 or when I get tired of expat try to find a low COL location in the US to live on about $3700 (is this even possible?)
* I guess I would also start drawing down IRA then as well
I realize this is not the greatest retirement plan.
But, I'm guessing there are a lot of Canadian/Americans kind of pushed into exile abroad.
And I have traveled a lot. I have been sincerely happy in some pretty crappy hostels and wished I could stay forever. I operate a literacy non profit here. I would probably be very happy doing some kind of similar unpaid work abroad.
I think I would hold out down south until I get sick/frail and then move back to the property I've held onto which will be mortgage free.
(the only reason I wouldn't move there sooner is, I think I would like the exile life for a while)
Would really appreciate thoughts/feedback, even encouragement...
OK I have finished my first post !