Stormy Kromer
Thinks s/he gets paid by the post
- Joined
- Oct 1, 2017
- Messages
- 1,159
Hi everyone, I enjoy your forum.
I'm a 52 year old recently FIRE'd in class of 2016. DW is 56 and FIRE'd with me. We owned a small business in a small town for 31 years and knew it was time for someone else to take it to the next level so we sold it and moved 350 miles away for a clean break and new start.
Here are our basics for FIRE:
$125,000 cash & Money Market (emergency fund)
$1,325,000 Equity portfolio (Mutual Funds)
$705,000 Rental Real Estate (farmland)
$465,000 Equity remaining in business
$765,000 SEP IRA
$260,000 Roth IRA's
$ 55,000 DW IRA
House is paid for, 2 adult children paid for & on their own. No personal debt.
We live on about $55,000 a year, including our own health insurance ($11,500 annually). We're frugal but not cheapskates.
The business sale is on a 10 year contract which generates $72,000 income a year, we live on this plus we still sock away 10%, it's a habit I can't break.
Income from the business sale will take us til I'm 61 and DW 65. At that time we'll start drawing from the most efficient sources possible, who knows what income tax laws will be then. We plan on taking SS when DW hits 67, I'll be over 62 and she can draw based on my earnings record, I'll likely apply at the same time. I paid the maximum for 32 years since the business income was in my name. SS and rental income off the farmland should pay our bills from then on.
All income generated by the other investments is automatically reinvested.
Anyway, we're getting settled in. DW adjusted immediately, I'm getting there. Hope to visit with the good folks on this forum.
I'm a 52 year old recently FIRE'd in class of 2016. DW is 56 and FIRE'd with me. We owned a small business in a small town for 31 years and knew it was time for someone else to take it to the next level so we sold it and moved 350 miles away for a clean break and new start.
Here are our basics for FIRE:
$125,000 cash & Money Market (emergency fund)
$1,325,000 Equity portfolio (Mutual Funds)
$705,000 Rental Real Estate (farmland)
$465,000 Equity remaining in business
$765,000 SEP IRA
$260,000 Roth IRA's
$ 55,000 DW IRA
House is paid for, 2 adult children paid for & on their own. No personal debt.
We live on about $55,000 a year, including our own health insurance ($11,500 annually). We're frugal but not cheapskates.
The business sale is on a 10 year contract which generates $72,000 income a year, we live on this plus we still sock away 10%, it's a habit I can't break.
Income from the business sale will take us til I'm 61 and DW 65. At that time we'll start drawing from the most efficient sources possible, who knows what income tax laws will be then. We plan on taking SS when DW hits 67, I'll be over 62 and she can draw based on my earnings record, I'll likely apply at the same time. I paid the maximum for 32 years since the business income was in my name. SS and rental income off the farmland should pay our bills from then on.
All income generated by the other investments is automatically reinvested.
Anyway, we're getting settled in. DW adjusted immediately, I'm getting there. Hope to visit with the good folks on this forum.
Last edited: