I will be turning 54 at the end of 2016 and would like to retire sometime soon if possible. My wife is 52 and wants to work until she is 59. I have 600K in retirement accounts, 125K in cash and 300K in home equity. My monthly mortgage is $700. I also have some rental property with a business partner that we own equally. All of these properties are on shorter term mortgages so there is not a lot of positive cashflow monthly. My plan is to sell these properties when I turn 62. My half of the equity currently for these properties is 300K. I will receive a $1500 / month pension at 62 as well as roughly $1600 for S.S. My wife should get roughly $800 per month for S.S. as well when she turns 62. Her current salary is 24K a year and mine is around 75K. I've had a couple of heart attacks in the last 5 years which I believe is now under control but is the main reason why I'd like to try and retire. I believe that around 70K a year would be enough to live on. I don't have any bills except for my mortgage and the usual home bills. The property I own has two houses on it. I live in one and rent the other for $850 / month. My mortgage is 230K and has a $1500 payment. One other piece of information I don't like to think about but is a part of my overall financial picture is the fact that I will inherit roughly 400-500K from my parents sometime in the next 10 to 15 years.
I'm sure I probably missed some important information but would welcome the forums expertise on my particular situation. Thanks.
I'm sure I probably missed some important information but would welcome the forums expertise on my particular situation. Thanks.