teekaymn
Recycles dryer sheets
Thanks to all who contribute and maintain this site. I'm already learning a great deal.
My situation: Wife is 57, I'm 55, good health, annual gross income of $130k. We have $425k in 401k and IRA's, and we're each putting 15-16k into our 401k's annually now. Another $60k or so is in savings, stocks, and bonds. One kid already married, and one kid with 2 years of college to go. We have a 15 yr $180k mortgage on $280k house.
Question is: Are we resigned to working until we're 67 to be able to afford retirement? I read frequently of people getting along just fine on 2k-3k per month in places like rural Italy, Costa Rica, Mexico. Correct me if I'm wrong, but that would mean a nest egg of about 650k to throw off 4% every year -- it doesn't seem that far out of reach for us.
We are COMPLETELY open to making the adventurous move and retiring out of the U.S., but I need some realistic viewpoints.
My situation: Wife is 57, I'm 55, good health, annual gross income of $130k. We have $425k in 401k and IRA's, and we're each putting 15-16k into our 401k's annually now. Another $60k or so is in savings, stocks, and bonds. One kid already married, and one kid with 2 years of college to go. We have a 15 yr $180k mortgage on $280k house.
Question is: Are we resigned to working until we're 67 to be able to afford retirement? I read frequently of people getting along just fine on 2k-3k per month in places like rural Italy, Costa Rica, Mexico. Correct me if I'm wrong, but that would mean a nest egg of about 650k to throw off 4% every year -- it doesn't seem that far out of reach for us.
We are COMPLETELY open to making the adventurous move and retiring out of the U.S., but I need some realistic viewpoints.