I may be in the wrong place but I would appreciate any insight into my problem.
Hope I make some sense, had a hard time getting any sleep last night.
I'm a 58 year old business owner (power sports for over 30 years). My wife (70 years old)is still working part time (maybe for another year or so) She is collecting SS and will be needing to start withdrawals from her retirement IRA in about six months, if I understand the rules. (will be talking to my cpa this week)
She is in the medical field and enjoys her work and the part time nature of it. (It's low stress and no physical work) Her work is our source of medical insurance, she also has medicare as secondary for herself.
The economy over the last year has taken a toll on my business, as well others in my field (and most other business's for that matter) We have barely met expenses some months, others I have dipped into reserves. I am at a point that I am thinking about ending the slow bleeding of my savings.
I have my doubts of a significant upturn withing the next six months. If I thought things would change, I might hold on a bit longer.
I know I need more information but here are a few facts. Our yearly household expenses are about 25000 - 30000. We have no debt (2 ten year old cars and home paid for - no credit card debt) We each have a Roth IRA and she has a traditional IRA from a rollover 401 and she presently is still contributing to a 401 at her work. (Her rollover IRA is 75,000 & her current IRA is 90,000)
I need some clarification about her requirements on making withdrawals soon, like I said meeting with my cpa is soon.
She brings home about 2500 per month between SS and her work. Theoretically barely meeting our expenses.
I know this form's main subject is "early retirement," I think my situation a bit different, but just feel the need to talk to some smart folks.
With a business liquidation (maybe an additional 40,000) we would have approx 350,000 including our retirement savings accounts.
I know I will need to find some source of income myself, although at the moment I do feel over whelmed at changing my life after over 30+ years, feeling a bit lost.
I would like some other peoples thoughts on our general situation. Can we get by for a while, until I can come up with some additional income to supplement our retirement accounts? Do you think something part time would be sufficient? I know I have left out a lot of info but thanks in advance for your time and any help you can give us.
Hope I make some sense, had a hard time getting any sleep last night.
I'm a 58 year old business owner (power sports for over 30 years). My wife (70 years old)is still working part time (maybe for another year or so) She is collecting SS and will be needing to start withdrawals from her retirement IRA in about six months, if I understand the rules. (will be talking to my cpa this week)
She is in the medical field and enjoys her work and the part time nature of it. (It's low stress and no physical work) Her work is our source of medical insurance, she also has medicare as secondary for herself.
The economy over the last year has taken a toll on my business, as well others in my field (and most other business's for that matter) We have barely met expenses some months, others I have dipped into reserves. I am at a point that I am thinking about ending the slow bleeding of my savings.
I have my doubts of a significant upturn withing the next six months. If I thought things would change, I might hold on a bit longer.
I know I need more information but here are a few facts. Our yearly household expenses are about 25000 - 30000. We have no debt (2 ten year old cars and home paid for - no credit card debt) We each have a Roth IRA and she has a traditional IRA from a rollover 401 and she presently is still contributing to a 401 at her work. (Her rollover IRA is 75,000 & her current IRA is 90,000)
I need some clarification about her requirements on making withdrawals soon, like I said meeting with my cpa is soon.
She brings home about 2500 per month between SS and her work. Theoretically barely meeting our expenses.
I know this form's main subject is "early retirement," I think my situation a bit different, but just feel the need to talk to some smart folks.
With a business liquidation (maybe an additional 40,000) we would have approx 350,000 including our retirement savings accounts.
I know I will need to find some source of income myself, although at the moment I do feel over whelmed at changing my life after over 30+ years, feeling a bit lost.
I would like some other peoples thoughts on our general situation. Can we get by for a while, until I can come up with some additional income to supplement our retirement accounts? Do you think something part time would be sufficient? I know I have left out a lot of info but thanks in advance for your time and any help you can give us.
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