Westernskies
Thinks s/he gets paid by the post
- Joined
- May 5, 2008
- Messages
- 3,864
Thinking seriously about pulling the plug…
Status:
We turn 50 this year
Both of us making 150K/year -good jobs in the private sector with good benefits, no company pension plans
Living on well under 100K/year - have spent the last 7 years (second marriage for both of us) accumulating assets and then paying everything off.
I travel 140+ days/year, my wife travels 100+ days. The travel is getting old after 20+ years.
Probable Time Frame? 1-2 years unless something happens to move that date up…
Assets:
House 550K
Second Home 350K
Investment Real estate 600K
401K 600K
IRA 100K
Other 100K
No kids
No bills
Live modestly
Thinking about downsizing, buying two modest maintenance free townhomes- 1 North(No-state-income tax state) 1 South, and a motor home to travel around in between. Goal is to visit all the National Parks in the US before we expire…
Issues-
Status:
We turn 50 this year
Both of us making 150K/year -good jobs in the private sector with good benefits, no company pension plans
Living on well under 100K/year - have spent the last 7 years (second marriage for both of us) accumulating assets and then paying everything off.
I travel 140+ days/year, my wife travels 100+ days. The travel is getting old after 20+ years.
Probable Time Frame? 1-2 years unless something happens to move that date up…
Assets:
House 550K
Second Home 350K
Investment Real estate 600K
401K 600K
IRA 100K
Other 100K
No kids
No bills
Live modestly
Thinking about downsizing, buying two modest maintenance free townhomes- 1 North(No-state-income tax state) 1 South, and a motor home to travel around in between. Goal is to visit all the National Parks in the US before we expire…
Issues-
- Health Insurance- Anyone have any experience with the AARP plans at $300/month per- or have other suggestions?
- Real costs to live in retirement. Most forums say you spend a lot less, but I would like some real life feedback from folks who have done it. I can budget for taxes, HOA fees, (no mortgages, I will liquidate and trade assets) living expenses, etc, but again would like to hear from the been there/done that crowd.
- Doing the financial calculations, If I invest 425K (proceeds from the second home plus a few $) at 6%, we can pull approximately $5K/month for the 9 years it will take for us to get into our 401K without penalty. (know about the 401K early withdrawal option, but would prefer to use this as backup, since it will grow tax free.)
- This would leave us with the 600k in investment real estate untouched for now. It is ranch property, not generating any income, but is appreciating in value substantially) We could tap this later if necessary.
- Actuarial tables- my mother just died (her passing was a catalyst for me wanting to move this up) at 71, my father died at 64- my wife’s parents are alive and healthy at 73.