CHBinFL
Dryer sheet wannabe
Hey, I've been a member for several years but hadn't posted until recently. I got a email from the moderator inviting me to post an introduction.
I'm 52. I have about $1 MM in a 401k and $600 K in other investments I don't plan to touch until retirement. I'll receive a pension at 55 of about $2000 a month (pre-tax and it will not adjust for inflation).
No debt, but few physical assets to speak of. I live aboard my boat (worth maybe $30 K and unlikely to appreciate) and rent a slip at a marina. I have a vehicle I plan to drive until it drops or until I sell it and start cruising in retirement. My annual expenses are just under $40k, excluding health insurance. I estimate future cruising costs and current slip and vehicle cost offset each other, so no big change in post-retirement expenses are expected.
So far, no health issues, although no males on either side of the family have made it to 80, as far as I know. Been divorced about 4x longer than I was married. No kids.
I don't know exactly what I'll do when I eventually move off the boat. Probably try to find a small condo in a low-cost area that I like. Hopefully I'll be enjoying boat life for another 10+ years.
I've considered buying property now and renting it out until I'm ready to leave the boat, but my previous experience with home ownership, concerns with being a landlord and not knowing where I'd want to settle down or how that location might change over 10+ years have kept me from seriously considering it. But it's not out of the question.
My job has become less fulfilling over the last few years; to put it nicely. I think I would have a difficult time finding a new job that pays as well and allows me to work from the boat.
So the current plan is to stick it out the 2.5 years until 55. I have a lot of paid time off that should help lesson the effects of my dislike for work. Retiring at 55 instead of quitting would allow me to stay in the company's insurance group and, in theory, keep my healthcare cost lower. Although I question this after looking at some other options. The plan also includes $200 (also not inflation adjusted) a month towards supplemental insurance when medicare kicks in. The extra couple years work would allow me to add to my investments, give me some additional cash for pre-retirement travel and pay for some upgrades to the boat's systems.
I've run the numbers several ways and almost all say I could retire (quit) now, but I'm still not comfortable with the idea. But I'd love it if someone could talk me into it.
I'm 52. I have about $1 MM in a 401k and $600 K in other investments I don't plan to touch until retirement. I'll receive a pension at 55 of about $2000 a month (pre-tax and it will not adjust for inflation).
No debt, but few physical assets to speak of. I live aboard my boat (worth maybe $30 K and unlikely to appreciate) and rent a slip at a marina. I have a vehicle I plan to drive until it drops or until I sell it and start cruising in retirement. My annual expenses are just under $40k, excluding health insurance. I estimate future cruising costs and current slip and vehicle cost offset each other, so no big change in post-retirement expenses are expected.
So far, no health issues, although no males on either side of the family have made it to 80, as far as I know. Been divorced about 4x longer than I was married. No kids.
I don't know exactly what I'll do when I eventually move off the boat. Probably try to find a small condo in a low-cost area that I like. Hopefully I'll be enjoying boat life for another 10+ years.
I've considered buying property now and renting it out until I'm ready to leave the boat, but my previous experience with home ownership, concerns with being a landlord and not knowing where I'd want to settle down or how that location might change over 10+ years have kept me from seriously considering it. But it's not out of the question.
My job has become less fulfilling over the last few years; to put it nicely. I think I would have a difficult time finding a new job that pays as well and allows me to work from the boat.
So the current plan is to stick it out the 2.5 years until 55. I have a lot of paid time off that should help lesson the effects of my dislike for work. Retiring at 55 instead of quitting would allow me to stay in the company's insurance group and, in theory, keep my healthcare cost lower. Although I question this after looking at some other options. The plan also includes $200 (also not inflation adjusted) a month towards supplemental insurance when medicare kicks in. The extra couple years work would allow me to add to my investments, give me some additional cash for pre-retirement travel and pay for some upgrades to the boat's systems.
I've run the numbers several ways and almost all say I could retire (quit) now, but I'm still not comfortable with the idea. But I'd love it if someone could talk me into it.
