NoMoreRatRace
Confused about dryer sheets
Hi!
My wife and I are both 46 y/o. I work from home (have for last 8 years) and will keep my job ($90k) until it ends (estimating 7-10 years if I ride it out to the end). Pre-COVID, we went out 3+ times a week at ($80-$100 easy) each night. That change (and we don't miss it) and other life changes (kids becoming adults, MIL passing away, etc) have caused us to re-think our trajectory. Instead of busting ass for another 15 years, we can downsize and begin easing into an early retirement! One of our biggest passions is hiking and we can hardly ever do it, and it's very rare that we can go to the mountains and REALLY hike! My job feels like semi-retirement anyway (shhhh, don't tell anybody) so I don't mind doing it for a while longer. Here's our info/plan for your suggestions/comments :
Current Income/assets -
$161k/yr ($26k Military Retirement, $90k My Job, $45k DW Job)
~$35k equity in current home
~$25k savings (being mostly used up for purchase of 2nd home & prepping current home for sale)
$0 Health Insurance (TriCare)
Current debts -
$1350 Mortgage
$1400/mo Child Support (ending before move)
$500 personal loan (may pay off with equity after sale of home, undecided)
$440 Car
$300 Car (paid off before move)
Planning for retirement income of $60k/yr. (~$4500/mo take-home)
We are under contract to purchase a 2nd home in GA Mountains - $110k (Mountain home, creek on property, it's amazing.) Plan on moving there in about a year.
The plan :
Sell FL house and downsize to GA home in 2021 -
Post-move Income = $116k/yr, approx $7500/mo take-home (I'm sure DW will have some income, not adding any for planning purposes though)
- Start paying ~$2500/mo on house to have it paid off in 2024
- Save as much as possible.
2024 - House paid off. Only have car payment. Property taxes + insurance are less than $1.5k/yr.
- Live on $4500/mo or less, save/invest the rest ($3k/mo bare minimum).
2028(ish) - Once savings/IRA's are enough to float us to 62, I'll stop working and we'll live on Military Retirement plus savings ($4.5k/mo)
2035 - Age 62 - MilRet + Social Security = $5k/mo gross (I've calculated SS with our planned income reductions).
With our low living expenses, this will give us the ability to travel like we want, to hike when we want and just enjoy more of our lives than if we had stuck with our old plan of working until 62! Your thoughts are welcome, thanks for reading!!
My wife and I are both 46 y/o. I work from home (have for last 8 years) and will keep my job ($90k) until it ends (estimating 7-10 years if I ride it out to the end). Pre-COVID, we went out 3+ times a week at ($80-$100 easy) each night. That change (and we don't miss it) and other life changes (kids becoming adults, MIL passing away, etc) have caused us to re-think our trajectory. Instead of busting ass for another 15 years, we can downsize and begin easing into an early retirement! One of our biggest passions is hiking and we can hardly ever do it, and it's very rare that we can go to the mountains and REALLY hike! My job feels like semi-retirement anyway (shhhh, don't tell anybody) so I don't mind doing it for a while longer. Here's our info/plan for your suggestions/comments :
Current Income/assets -
$161k/yr ($26k Military Retirement, $90k My Job, $45k DW Job)
~$35k equity in current home
~$25k savings (being mostly used up for purchase of 2nd home & prepping current home for sale)
$0 Health Insurance (TriCare)
Current debts -
$1350 Mortgage
$1400/mo Child Support (ending before move)
$500 personal loan (may pay off with equity after sale of home, undecided)
$440 Car
$300 Car (paid off before move)
Planning for retirement income of $60k/yr. (~$4500/mo take-home)
We are under contract to purchase a 2nd home in GA Mountains - $110k (Mountain home, creek on property, it's amazing.) Plan on moving there in about a year.
The plan :
Sell FL house and downsize to GA home in 2021 -
Post-move Income = $116k/yr, approx $7500/mo take-home (I'm sure DW will have some income, not adding any for planning purposes though)
- Start paying ~$2500/mo on house to have it paid off in 2024
- Save as much as possible.
2024 - House paid off. Only have car payment. Property taxes + insurance are less than $1.5k/yr.
- Live on $4500/mo or less, save/invest the rest ($3k/mo bare minimum).
2028(ish) - Once savings/IRA's are enough to float us to 62, I'll stop working and we'll live on Military Retirement plus savings ($4.5k/mo)
2035 - Age 62 - MilRet + Social Security = $5k/mo gross (I've calculated SS with our planned income reductions).
With our low living expenses, this will give us the ability to travel like we want, to hike when we want and just enjoy more of our lives than if we had stuck with our old plan of working until 62! Your thoughts are welcome, thanks for reading!!