CMH in CO
Dryer sheet aficionado
- Joined
- Mar 12, 2011
- Messages
- 38
Greetings! I've been lurking here since March. Gaining such great knowledge from so many like-minded people that are so much smarter than I is invaluable to me. I enjoy the "Hi-I am" threads especially because of how interesting it is to discover how others are working on or have achieved ER.
I am 49. DH is 51. We have no kids. Like so many others here we have always LBOM because of our conservative nature brought on by our upbringing. We are very proud of our financial accomplishments especially considering our income level hasn't been that large for very long. Rental houses have helped our NW. We sold the last single family rental home a couple years ago (burned out). We still own an aircraft hangar and rent out space to small aircraft owners (best rental situation we ever had).
Firecalc and other calcs say we can retire now. Our spending in ER will be about $44 K a year including healthcare. Total assets specifically for retirement is $880 K, which does not include the value of 2 retirement homes; one in a small town in the central mountains of Colorado, the other is a condo we purchased in Cocoa Beach, FL. Both retirement homes are owned outright. Our retirement assets of $880 K are invested in Stocks-22%, Bonds-18%, Real Estate-23%, Annuities-14%, Money Market/CD/Cash-23%. We have one debt, a loan on our primary residence of $125 K. The primary residence (current market value of $260 K) will be sold and we plan to spend our retirement in Colorado in the summers and Florida in the winters (the best of both worlds to us-mountains and beach).
Our current plan is to continue working full-time for the next 3-4 years to pay off our loan in addition to stashing away as much cash as we can in Cds. The sale of our primary residence, CDs and part-time work should cover us until ss and medicare kick in.
We really don't want to work another 3/4 years, but we want to be completely debt free before we pull the plug and very comfortable with the decision. He likes his job, but it is very demanding, mentally and physically. I do not like my job at megacorp and am looking forward to a very likely layoff in probably about 2-3 years. Hopefully the timing of that will work. If not, we will adjust to plan B (I get another FT job), C (I get a part-time job and he works longer), D (we sell the primary house, move to Cocoa Beach, and get part-time jobs/start a business), E (we sell the primary house, rent the condo, work part-time on the internet, buy an awesome RV and travel), F (move in with relatives and become bums (just kidding)). Hmmm----the plans get better as you move down them, though, don't they?
My question; Like so many others, much of our retirement funds are tied up in 401-K, IRA's and we can't withdraw until 59 1/2. Can a 72T be put in place before age 55? Can a 72T be implemented on just one of the 401-K's/IRA's? Are there rules on the withdrawl period on a 72T
?
Cass
I am 49. DH is 51. We have no kids. Like so many others here we have always LBOM because of our conservative nature brought on by our upbringing. We are very proud of our financial accomplishments especially considering our income level hasn't been that large for very long. Rental houses have helped our NW. We sold the last single family rental home a couple years ago (burned out). We still own an aircraft hangar and rent out space to small aircraft owners (best rental situation we ever had).
Firecalc and other calcs say we can retire now. Our spending in ER will be about $44 K a year including healthcare. Total assets specifically for retirement is $880 K, which does not include the value of 2 retirement homes; one in a small town in the central mountains of Colorado, the other is a condo we purchased in Cocoa Beach, FL. Both retirement homes are owned outright. Our retirement assets of $880 K are invested in Stocks-22%, Bonds-18%, Real Estate-23%, Annuities-14%, Money Market/CD/Cash-23%. We have one debt, a loan on our primary residence of $125 K. The primary residence (current market value of $260 K) will be sold and we plan to spend our retirement in Colorado in the summers and Florida in the winters (the best of both worlds to us-mountains and beach).
Our current plan is to continue working full-time for the next 3-4 years to pay off our loan in addition to stashing away as much cash as we can in Cds. The sale of our primary residence, CDs and part-time work should cover us until ss and medicare kick in.
We really don't want to work another 3/4 years, but we want to be completely debt free before we pull the plug and very comfortable with the decision. He likes his job, but it is very demanding, mentally and physically. I do not like my job at megacorp and am looking forward to a very likely layoff in probably about 2-3 years. Hopefully the timing of that will work. If not, we will adjust to plan B (I get another FT job), C (I get a part-time job and he works longer), D (we sell the primary house, move to Cocoa Beach, and get part-time jobs/start a business), E (we sell the primary house, rent the condo, work part-time on the internet, buy an awesome RV and travel), F (move in with relatives and become bums (just kidding)). Hmmm----the plans get better as you move down them, though, don't they?
My question; Like so many others, much of our retirement funds are tied up in 401-K, IRA's and we can't withdraw until 59 1/2. Can a 72T be put in place before age 55? Can a 72T be implemented on just one of the 401-K's/IRA's? Are there rules on the withdrawl period on a 72T
?Cass
