Hi, I am soooo ready to retire

[RETIRE_TINGLE!]

Good day everyone!

Brief outline of my life....I am 35 years old, single female* *.* I graduated from UC Berkeley in 1992.* I open my first IRA when I was 17 years old and contributed ($20/mo.) for the years I was in college.* After graduating and landed a crap job and bought a house (later sold for almost no profit).*

I have always saved and over the years my income and savings have grown substantially.* Cutting out all the details from 22 to now....I am hoping to semi-retire (SR) at 40.*

The numbers.....I have about 100k in my current company sponspored 401k, 100k in company long term incentives - ALL CASH, NO STOCK , about 75k in Roth IRAs and cash and (drum roll please)........2 investment properties in glorious Orange County, CA.* I am selling 1 in 2007 which I lived in 2 of the last 5 years, this should net me about 290k (no capital gains.... ) and another property that has roughly 100k in equity (after capital gains and sales cost).* *My current residence has 100k in equity which I can't really count but does add some piece of mind.

I don't have a withdrawal and or income generating program established I am still just socking away the cash and doing income generating real estate deals.* *

Semi-retirement for me will most likely look like working as an IT Project Manager Consultant 5-8 months out of the year (although when I stop working, I would like to take one year off) or teaching/training (I have my MBA in Technology Management).

Last thought....I hate the corporate world although I don't hate what I do.....as the years drag on...the idea of rotting in front of a company PC makes me want to vomit.*

[BigMoneyJim]

Great job, you're well on your way to ER.

(It's so easy to feel poor around here with only $100, in assets at 35 )

Welcome to the board. Are you new new or newly delurking? I haven't been keeping up with the "Hi" posts for a while, but your name stuck out in "Users Online" and my first thought was "spammer! get the spammer!" ...Oh, okay, just normal posts. Whew!

Edit: I forgot to add that I am also chomping at the bit to retire and keep toying with ideas for semi-retirement in the next 5 years, but I don't think it's very doable for me.

[RETIRE_TINGLE!]

I am New New....thanks for the welcome. I have found my new cyber loafing tool...I am currently in the salt mines...T- 2 hours to lunch 8)

[foxhuntr]

Oh my God, you mean you're actually using company time to fantansize about FIRE? Heaven forbid. :



Me too as we speak......

[kaudrey]

Hi,

Welcome! I'm relatively new here too. I am a single female, age 37. My intro is on this board as well.

Just wanted to say hi. I'm planning to fully retire at 52, so I haven't thought about how much I would need if I SR'd like you want to do.

A quick question: For a single person, the capital gains limit on a house is $250K (I'm over it on my house too), so how are you going to avoid at least some taxes on the $290K profit? Am I missing something? I'm not a RE expert.

Thanks, and welcome again!

Karen

[J-Lu]

I was wondering the same thing. Also, I never understood why the capital gains was different for singles and marrieds. My mom has lived in the same house for 30 years in San Jose. Needless to say, she has a mountain of equity, but she is single. She recently asked me this question and I didn't have an answer for her.

[riskadverse]

Remember to subtract any improvements you made off to reduce your capital gains.* *
Single = $250K
Single + Single = $250K + $250K = $500K (married)

[RETIRE_TINGLE!]

subtracting suspended losses once I sell, improvements and such....I will either sell my self or work a deal with a broker I know.

[tryan]

Quote:

Remember to subtract any improvements you made off to reduce your capital gains.

Yes improvements can be taken off the value, just make sure they are well documented - via receipts - in the event of an audit.

Welcome aboard! You're well on your way!

[mb]

Welcome to the board RETIRE_TINGLE,

I've been on the board a couple of months and think that it is an excellent place to learn (absorb might be a better word since that is what seems to happen after being here a while and hearing the collective experience of the board members) both the financial and non-financial aspects of ER and semi-ER.

Kind of an interesting case of characters too! That is actually probably what distinguishes it from some of the other boards.

MB, Ph.D., '86, UC Berkeley

[RETIRE_TINGLE!]

Thanks for the words of welcome! I am seeing that these are the type of folks that I can learn quite a bit from.

Go Bears!

[thefed]

Looks like you're doing well.

SR seems to be the way to go, as 700k in assets for a 40 yr old in Cali doesnt seem like enough.....

SR seems to be what I will end up doing...some how, some way. But as long as you ENJOY what you end up doing...more power to ya!

Good luck, and welcome!