retireat55
Confused about dryer sheets
- Joined
- Apr 10, 2011
- Messages
- 6
Hi everyone! I'm excited to have found this site. I have written quite a bit of detail below, in hopes of seeking some help and guidance. I want to know if I'm headed in the right direction to meet my goal.
I'm 42 and my husband is 41 and we would like to retire at the age of 55 in Costa Rica. I am saving $30k a year in a deferred compensation program. I am currently set up to take 15 equal installment distributions from my deferred comp account starting at the age of 55. I currently have $30k in this account. My husband and I also each have a 401k account but we are limited to 5% contributions. We currently have $25k and $46k in these accounts. Our annual contributions are roughly $5500 and $6500 in these accounts. I also have a regular savings account that I save $6000 a year into. I have $20k in this account. We each have a health savings account, and we collectively save about $10k a year into the HSA, and spend about $4k a year. We just started the HSA this year, so at the end of this year we will have $6k in the account. I have two homes, both of which will be paid off in 2023, the year before I retire. I plan to sell these homes when I move to Costa Rica, and use some of the $$ to purchase a home there. We will likely have about $200k left over. We would like to have $50,000 a year after taxes. We plan to start withdrawing social security at the age of 62, and I calculate each of our payments to be about $1500 each. (I logged into SSA and created a scenario of stopping work at 55) I am trying to plan for 25-30 years of retirement. We will not have a house payment once we retire, and we will not have a car payment but of course, at some point, we will have to purchase a couple of vehicles over the course of our retirement.
I also have some property that I would like to keep to pass on to my kids, but can sell it if I need to. About 50 acres at $5k an acre.
A couple of questions - do I need to save more to meet my goal? Does anything change regarding taxes when I withdraw from my accounts when I live in a foreign country? Do I need to be saving in a different way? Can I use my HSA to pay for medical expenses in a foreign country?
I'm 42 and my husband is 41 and we would like to retire at the age of 55 in Costa Rica. I am saving $30k a year in a deferred compensation program. I am currently set up to take 15 equal installment distributions from my deferred comp account starting at the age of 55. I currently have $30k in this account. My husband and I also each have a 401k account but we are limited to 5% contributions. We currently have $25k and $46k in these accounts. Our annual contributions are roughly $5500 and $6500 in these accounts. I also have a regular savings account that I save $6000 a year into. I have $20k in this account. We each have a health savings account, and we collectively save about $10k a year into the HSA, and spend about $4k a year. We just started the HSA this year, so at the end of this year we will have $6k in the account. I have two homes, both of which will be paid off in 2023, the year before I retire. I plan to sell these homes when I move to Costa Rica, and use some of the $$ to purchase a home there. We will likely have about $200k left over. We would like to have $50,000 a year after taxes. We plan to start withdrawing social security at the age of 62, and I calculate each of our payments to be about $1500 each. (I logged into SSA and created a scenario of stopping work at 55) I am trying to plan for 25-30 years of retirement. We will not have a house payment once we retire, and we will not have a car payment but of course, at some point, we will have to purchase a couple of vehicles over the course of our retirement.
I also have some property that I would like to keep to pass on to my kids, but can sell it if I need to. About 50 acres at $5k an acre.
A couple of questions - do I need to save more to meet my goal? Does anything change regarding taxes when I withdraw from my accounts when I live in a foreign country? Do I need to be saving in a different way? Can I use my HSA to pay for medical expenses in a foreign country?