Join Early Retirement Today
Thread Tools Search this Thread Display Modes
50 in Sarasota Florida
Old 04-23-2017, 07:43 PM   #1
Confused about dryer sheets
Join Date: Apr 2017
Location: Sarasota
Posts: 9
50 in Sarasota Florida

Hi, I am 50 and my wife is 48. We've been good savers over the years but bad investors. We have a 400k paid for house and 500k or so in savings - mostly 401k/ira. No debt. We have needy immediate family and spent over100k in the last 10 years helping out elderly parents and family. We except some additional expenses the next 10 years also.

We have 60k in pensions starting in 2027 and another 10k in 2029 - not adjusted for inflation. There is no chance to get those early.

I always wanted to retire in 2022 but it would wipe too much of our savings to do that and we won't be in a position to help our parents.

If I can find decent part time or seasonal work around 2022 I'll look at a transitional retirement, otherwise I will hold off until closer to 2027.

We thought of downsizing our house to finance early retirement but it seems more prudent to save that option for the future when working isn't an option.

So current thinking is retirement at age 60 in 2027, but we will be looking for opportunities to accelerate if possible. I am thoroughly impressed with those of you that retired in your 40s and 50s.

sarasota is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 04-23-2017, 07:50 PM   #2
Thinks s/he gets paid by the post
Ready's Avatar
Join Date: Mar 2013
Location: Southern California
Posts: 3,001

I think you may have your years confused. We are currently in 2017. Did you mean you want to retire in 2027?

Ready is offline   Reply With Quote
Old 04-23-2017, 07:54 PM   #3
Confused about dryer sheets
Join Date: Apr 2017
Location: Sarasota
Posts: 9
Originally Posted by Ready View Post

I think you may have your years confused. We are currently in 2017. Did you mean you want to retire in 2027?
Yes off by a decade, thank you
sarasota is offline   Reply With Quote
Old 04-24-2017, 07:41 AM   #4
Thinks s/he gets paid by the post
CaliKid's Avatar
Join Date: Apr 2016
Location: Cali
Posts: 1,077
Congrats on being good savers. Keep doing that, live below your means, hope for good investment returns and you never know. Maybe 2022 will be your year. That's my hoped for year as well. We shall see....
Hoping to get out around September 1, 2022... I hope, I hope, I hope. Until then off to work I go....
CaliKid is offline   Reply With Quote
Old 04-24-2017, 07:47 AM   #5
Full time employment: Posting here.
Join Date: Jul 2014
Posts: 774
Welcome. Helping elderly parents may delay retirement for a bit, but I'm glad you have the resources to give them the help they need. The pensions will be a nice security later in life.
Katiek is offline   Reply With Quote
Old 04-26-2017, 02:09 AM   #6
Recycles dryer sheets
evilanne's Avatar
Join Date: Feb 2017
Location: San Antonio
Posts: 174
Welcome sarasoto! You are on the right track...being debt free is such a plus. Each person's situation is different, but setting out a plan makes it more likely that you will be able to retire earlier than expected. My original retirement plan was mid 2020 when I would first be eligible, but was fortunate to be able to take advantage of voluntary early retirement in 2016. Had they not offered that, I was thinking about a way to reduce hours prior to retirement. Suggest that you take a good look at your annual expenses to see what your needs will be in retirement. At 50, you can contribute an extra $5K in 401K or $1K in IRA, per year, over the standard limits so there are options to increase your retirement savings in the mean time. Good Luck in your retirement plans!
evilanne is offline   Reply With Quote
Old 04-26-2017, 08:46 PM   #7
Confused about dryer sheets
Join Date: Apr 2017
Location: Sarasota
Posts: 9
Thank you for the encouraging words. I am maxing out my 401k and also mixing pre and post tax savings. I haven't yet given up on retiring in 2022 or shortly after, but once I retire I will never be able to replace that income if I needed income. I want to have some money set aside for parents and kids. Unfortunately there is no chance I can get the retirement income early so any pre-2027 retirement will be fully funded from part-time/seasonal work and savings. Starting in 2027 I should be able to live off just the pension unless inflation hits hard.
sarasota is offline   Reply With Quote
Old 04-26-2017, 09:43 PM   #8
Full time employment: Posting here.
Join Date: Sep 2012
Location: Albuquerque
Posts: 734
Well hopefully you have been able to improve your investing skills from reading this forum. I'm not a good investor either and had less investment savings than you in 2012 but have been able to double that amount in five years even with a relatively conservative asset allocation. I had to increase my savings rate (e.g. maxing out my 401k, age 50 catchup, a Roth IRA, and my HSA plus saving any raises and additional monies once I paid off my house and driving my car for ten years). Of course I did not spend as much as you helping out relatives although I contributed some. It doesn't seem unreasonable that you might be able to retire in your mid to late 50's once you are just a few years away from becoming eligible for the pension and SS, assuming access to good health insurance.

Retired on 9/30/2017 at age 62
ABQ2015 is online now   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Sarasota area Earl E Retyre Travel Information 7 05-02-2014 03:12 PM
Dentist in Sarasota inkitnow Life after FIRE 10 11-04-2011 09:53 PM
Hi! Jeff in Sarasota Florida jla91 Hi, I am... 1 10-06-2010 03:19 PM
Sarasota, FL Zoocat Life after FIRE 48 06-04-2008 05:53 PM

» Quick Links

All times are GMT -6. The time now is 10:46 AM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2020, vBulletin Solutions, Inc.