52, 2 foster children and a baby on the way

[ChrisTexas]

Hi, I am retired Navy, got remarried 3 years ago and then we decided to foster 2 children. We are now adopting them but during a cruise in Alaska my wife got pregnant. Even though I am older, I realize if I retire, I can raise these 3 girls as I will be around most of the time.

Here is the 7 year plan: My current home and rental home equity should be high enough in 7 years to build and pay for a house on some land we own in a smaller country town. I will leave my job in a little over 7 years, almost age 60.

In about 8 years I will be drawing 2 pensions that will be about $65K a year combined. When I draw social security, probably around age 65, I will be paid a higher amount since I have little kids.

We have about $335K in retirement accounts and are adding over $20K a year. We have another $50K in investments and emergency funds.

We plan on living on 10 acres, lots of gardening and a few cows. We also plan on going on an extended vacation to Europe for 6-9 months, we will home school during that time.

Our frugal life of cheaper cell phone plans ($54 a month for 2 smart phones), Netflix (no cable), and carrying no debt is accelerating our savings for retirement.

Exciting future. I keep telling myself I will be old for these children but I will offer them lots of time and experience on our land and traveling.

I enjoy reading these forums for even better ideas we can use!

 

[daylatedollarshort]

Welcome and congratulations on the baby and adoptions. It sounds like you are in great shape financially. When you are off work you can get into the frequent flyer miles games, if you aren't already doing so, for free air fare for your trips. That is our plan. With free air fare and renting a furnished flat it should make slow travel not too expensive.

 

[Hermit]

You will be on the high end of average parent age for families in the school my kids attended. You would fit right in.

 

[racy]

Thanks for the heads-up on Alaskan cruises!

 

[pb4uski]

Hi, ...but during a cruise in Alaska my wife got pregnant. ...

I'll admit to getting a kick out of this wording Chris. I'm glad to hear that you had nothing to do with it.

My wife got pregnant from a hot tub in Texas, so I guess we're even.

Anyway, sounds like a good plan. You might want to add some chickens too for eggs and poultry meat. I'll give the kids something they can be responsible for.

Those young 'uns will help keep you young - if you can keep up with them. Just remember, its not the age, its the mileage. Good luck.

 

[jerome len]

I had a child a when I was a couple of years older than you......greatest joy of my life!

One comment, make sure you have a lot of term life insurance in case something happens to you, protect your wife and children. ......and, I wish you a long life.....and a happy one.

 

[Hermit]

I had a child a when I was a couple of years older than you......greatest joy of my life!

One comment, make sure you have a lot of term life insurance in case something happens to you, protect your wife and children. ......and, I wish you a long life.....and a happy one.

Make sure you run the on-line calculators for term life insurance on your wife too. You can't predict the future.

 

[ChrisTexas]

Awws thanks!

 

[ChrisTexas]

Thanks for the heads-up on Alaskan cruises!

Oh yes, it is in the air up there.

 

[ChrisTexas]

I'll admit to getting a kick out of this wording Chris. I'm glad to hear that you had nothing to do with it.

My wife got pregnant from a hot tub in Texas, so I guess we're even.

Anyway, sounds like a good plan. You might want to add some chickens too for eggs and poultry meat. I'll give the kids something they can be responsible for.

Those young 'uns will help keep you young - if you can keep up with them. Just remember, its not the age, its the mileage. Good luck.

Oh that's right I was there. I am still smiling about the hot tub.

 

[Walt34]

Note to self:
1. No Alaskan cruises
2. No hot tubs. At least Texas ones.

 

[rodi]

I can relate to the older parent, looking at ER thing. There are advantages to it. You'll have the time/energy to spend with your kids during formative years. My goal has always been to retire by the time my oldest is in highschool (he's in 7th grade - so my self imposed deadline is approaching.) This way I can annoy him at the max - but also keep him out of trouble and on track. Double bonus.

 

[ChrisTexas]

I can relate to the older parent, looking at ER thing. There are advantages to it. You'll have the time/energy to spend with your kids during formative years. My goal has always been to retire by the time my oldest is in highschool (he's in 7th grade - so my self imposed deadline is approaching.) This way I can annoy him at the max - but also keep him out of trouble and on track. Double bonus.

My Thoughts also. The oldest will be in 6th grade the same time we move to our country home. I hope you get close to your deadline.

 

[Bestwifeever]

You seem to be in good shape financially for your future and those are three very lucky little girls you and your DW are sharing your lives with. So much fun ahead of you.

 

[pb4uski]

Oh that's right I was there. I am still smiling about the hot tub.

Truth be known it was probably more shenanigans occurring after drinking frozen margaritas while in a hot tub, but I digress.........

 

[Looking4Ward]

I just posted that I gave my notice today. I'll be 54 this summer and have an 8 year old son. Yeah, some kids tell him his grandfather is here when I pick him up after school, but that's okay.

It's a big, big reason for my ER - to be able to spend as much time with him as possible before he gets to that awkward age where he knows more than me and doesn't want to hang out with me anymore.

I figure I've got about 7 or 8 years before that phase of his life and want to contribute as much as I can to his development.

So yeah, I like your plan. Especially the part about having some acreage. You could make believe they are boys and get some dirt bikes............

 

[ChrisTexas]

You seem to be in good shape financially for your future and those are three very lucky little girls you and your DW are sharing your lives with. So much fun ahead of you.

Thanks, we are blessed and excited. 4 weeks until the baby comes.

 

[ChrisTexas]

I just posted that I gave my notice today. I'll be 54 this summer and have an 8 year old son. Yeah, some kids tell him his grandfather is here when I pick him up after school, but that's okay.

It's a big, big reason for my ER - to be able to spend as much time with him as possible before he gets to that awkward age where he knows more than me and doesn't want to hang out with me anymore.

I figure I've got about 7 or 8 years before that phase of his life and want to contribute as much as I can to his development.

So yeah, I like your plan. Especially the part about having some acreage. You could make believe they are boys and get some dirt bikes............

Thanks for sharing, enjoy your retirement and time with family!

 

[Turboslacker]

Wow that is a great lifestyle planned. Sounds like amazing happy times.

 

[ChrisTexas]

Wow that is a great lifestyle planned. Sounds like amazing happy times.

Thanks, we are excited, 4 weeks until the baby comes!

 

[NanoSour]

I wanna hear more about these frequent flyer mile games.

 

[daylatedollarshort]

I wanna hear more about these frequent flyer mile games.

Just look on fatwallet or flytertalk forums or the boarding area blogs. They spell it all out on how to do it. Pretty high ROI on your time if you just do the low hanging fruit ideas.

My ultimate hobby challenge in life is to keep cutting recurring expenses and making easy money from little online stuff that is either recurring or takes very little time each year, until the little online stuff with very little actual day to day work covers all our ongoing expenses. I do not know if I will ever completely reach that intersection point but I suspect it is possible, and I am having fun trying.

On one forum I saw a post where someone dropped cable and then used Bing rewards points to pay for their Netflix bill each month. That is not exactly a frequent flyer hack but there are probably hundreds of little ideas like that, many do involve credit card / frequent flyer point hacks, you can do just sitting at home reading forums and the money earned or the expenses saved really does all add up.