Introduce yourself here!

[smickey]

Home stretch

Greetings folks, great site, great stories....

I've hidden in the bleachers the past 6 months selfishly feeding off all the great advice/stories that others have shared, so it's time to pay my tab....

I'm approaching mid forties and currently examining retirement options, which I will likely exercise in the next 1 - 5 yr window. I've recently read a number of books to help me with the decision, of which most were focussed on the issues/financial aspects of retirement. The one exception was "Tuesdays with Morrie", which offers some great wisdom on what's important in life. The information on this forum has also been very influencial in shaping my courses of action.

So here's my situation: (noting that my ultimate goal is to FIRE as soon as possible, stop working for 'the man', and do leisure/volunteer work, or menial part-time work for enjoyment (golf course marshall!!)

Currently in my 26th year of military service. Current job is less than fulfilling, but routine/workload offers a great work/life balance. Could leave now (at 43) with a 48K (COLA) pension, or plug on and increase pension by approximately 4K a year (factoring in cost of living increases in base pay). Leaving now would make things tight financially (3 yrs left on mortgage, 3 teenagers, DW nets 2K month income, 50K savings, no debt except mortgage). Conclusion, if I leave, there's no FIRE, and other employment will be necessary.

To reach FIRE, I think the following option makes best sense: Complete 30 years of (unfulfilling) service (in current location, with no risk of move), receive 68K pension (COLA). We would be 48/49 yrs old, mtg free (350K house), 150K in non-registered savings, DW continues making 2K month net doing p/t work. Pension, DW's income, and interest from savings (assuming 6% rtn) would net us approx 7K a month. Our current monthly expenses (not including mtg) average 4K. DW enjoys her work and will likely continue working part-time until 55-60 (taking off a few months each winter to go south).

In regard to expected expenses in the future: we live modestly with no glitzy or extravagant lifestyle needs. I have travelled extensively (as military pilot), and sick of it, and wife has no great travel aspirations. We'll take a hit with the kids college/university education, but I think we have enough buffer between savings and monthly income to meet education costs. When kids leave home, our intent is to downsize homes and pocket approx 100k, live in Vegas for 3 months during winter (Jan-Mar) and spend the remaining time near family/friends. The "manufactured homes communities" have also caught our interest as a possible future option - (great social community, simple homes, and cheap cost/upkeep).

In summary, I'm looking forward to reaching FIRE status within the next fire years. Sucking up a few more years of unfulfilling work seems to be a reasonable compromise to FIRE with enough of a financial cushion to live comfortably.

Looking forward to any advice/comments........

 

[laurence]

Considering travel isn't your thing, staying where you are for a few more years sounds like the right move. Heck, just getting some hobbies/interests up and running to fill your time when you do retire might take that long! Welcome to the board.

 

[JohnnieRed]

My name is John..55 and not really working since 47...not really enough money to live comfortably but enough to live...just got one of those rare early, but meager, early pensions. I do have some other assets to supplement it too...with the proper asset allocation and withdrawal rates I should be fine.

I live in a very cold, high tax state and am looking to get out by no later than May...temporarily picked TN or TX for tax, cost of living and weather reasons. If I eventually go to TN I'm thinking I may want to go somewhere warmer for the winter. If I pick TX I'll come back to MN for the summer...I'm divorced and won't know anyone wherever I go but I can always find plenty to do whereever I go. I like golf, water sports and fitness.

I'm trying to find someone that knows the ins and out of Panama and/or Thailand. A possible place I might go with warmth, low cost, low taxes, etc. The visa's, the tax situation, etc.

Any suggestions for websites to visit, people currently living there, etc.?

 

[Nords]

I'm trying to find someone that knows the ins and out of Panama and/or Thailand. A possible place I might go with warmth, low cost, low taxes, etc. The visa's, the tax situation, etc.

Any suggestions for websites to visit, people currently living there, etc.?

Welcome to the board, John.

Off the top of my head, our resident Panama poster is Arif. For Thailand you'll want to try Lancelot, Ben, and Billy & Akaisha. Kramer and Ed (the Gypsy) have also done extensive research on the subject of expat living. Take a look at their profiles from the Members List or search for their posts with those keywords. And if I've missed a resident or an expert, I'm pretty sure that my oversight will be swiftly remedied by another poster.

 

[Martha]

Welcome Johnnie from another Minnesotan. Lots of us here. There also are a number who spend time in Thailand. Billy and Akaisha Kaderli spend quite a bit of time in Thailand and post here as well. Here is their website which has a lot of info:
http://retireearlylifestyle.com/

One of our posters, Vagabond/MJ retired this past year from NY and is currently traveling in that part of the world. Another poster, Lancelot, lives there and posts on occasion.

Oops, I see I cross posted with Nords.

 

[Cut-Throat]

I live in a very cold, high tax state and am looking to get out by no later than May...temporarily picked TN or TX for tax, cost of living and weather reasons.

I won't argue the weather issue, but have you ever seen the property taxes in Texas?

What kind of tax are you trying to reduce? Being retired the property tax is the most evil, in that you cannot control it.

 

[REWahoo]

I won't argue the weather issue, but have you ever seen the property taxes in Texas?

Much obliged, C-T.

 

[Jarhead*]

Much obliged, C-T.

ReWahoo: It's clear in our area, the only problem is the greens are frozen so no deal.

Don't think for a minute you're going to get off the hook by claiming high
property taxes. (We're coming anyway).

What our friend Cut-Throat, and a lot of posters on this forum fail to recognize about Texas, and a point you probably understand is this:

A typical home in Texas, last I checked, not long ago valued at $200,000
would probably be 2 and a half times on most areas of the West Coast,
and probably also on the Eastern Seaboard close to a Metro Area.

In other words, this same house, same eminities, etc. in Calif. for a new owner in Calif. would be about $5500.00 property taxes. (I would be surprised if a $200,000.00 home in Texas would produce higher property taxes than that. How about it?

Added to the fact that you have no State Income Tax, pretty tempting.

Of course, you can hang your hat on Scorpions, Humidity, etc. but you're going to have to work at it.

 

[REWahoo]

Don't think for a minute you're going to get off the hook by claiming high
property taxes. (We're coming anyway).

What our friend Cut-Throat, and a lot of posters on this forum fail to recognize about Texas, and a point you probably understand is this:

A typical home in Texas, last I checked, not long ago valued at $200,000
would probably be 2 and a half times on most areas of the West Coast,
and probably also on the Eastern Seaboard close to a Metro Area.

In other words, this same house, same eminities, etc. in Calif. for a new owner in Calif. would be about $5500.00 property taxes. (I would be surprised if a $200,000.00 home in Texas would produce higher property taxes than that. How about it?

You old son-of-a-lumberjack, that's not too far off.

Of course, you can hang your hat on Scorpions, Humidity, etc. but you're going to have to work at it.

I've been holding back on you. Keep this up and you're gonna force me to bring out the heavy weapons.

Even if someone can get past the scorpions, rattlesnakes, mosquitoes, fire ants, wild hogs, rabid skunks, oppressive heat & humidity, bleak desolate scenery, dirty beaches, polluted air, frequent tornadoes & hailstorms, recurring floods, wildfires, water shortages, rednecks, unbelievably high property taxes, and lack of real estate appreciation...and actually move here, the final kicker is they could end up with a neighbor like this. Do you feel lucky?

 

[unclemick]

Crap

You guys are making me homesick for the Louisiana Swamp.

heh heh heh heh - a little snow on the ground north of Kansas City but ok so far.

11 degrees and the sun is shining.

 

[laurence]

You old son-of-a-lumberjack, that's not too far off.

I've been holding back on you. Keep this up and you're gonna force me to bring out the heavy weapons.

Even if someone can get past the scorpions, rattlesnakes, mosquitoes, fire ants, wild hogs, rabid skunks, oppressive heat & humidity, bleak desolate scenery, dirty beaches, polluted air, frequent tornadoes & hailstorms, recurring floods, wildfires, water shortages, rednecks, unbelievably high property taxes, and lack of real estate appreciation...and actually move here, the final kicker is they could end up with a neighbor like this. Do you feel lucky?

Awesome gun, but why is it on skis?

 

[REWahoo]

Awesome gun, but why is it on skis?

Skis? Laurence, those are anti-scorpion skids...

 

[REWahoo]

Crap

You guys are making me homesick for the Louisiana Swamp.

I would have thought you'd be enjoying the Saint's march to the Superbowl so much you wouldn't miss the swamp a bit.

 

[martyb]

You old son-of-a-lumberjack, that's not too far off.

I've been holding back on you. Keep this up and you're gonna force me to bring out the heavy weapons.

Even if someone can get past the scorpions, rattlesnakes, mosquitoes, fire ants, wild hogs, rabid skunks, oppressive heat & humidity, bleak desolate scenery, dirty beaches, polluted air, frequent tornadoes & hailstorms, recurring floods, wildfires, water shortages, rednecks, unbelievably high property taxes, and lack of real estate appreciation...and actually move here, the final kicker is they could end up with a neighbor like this. Do you feel lucky?

You left out GREAT fishing!!! I live in northwest Louisiana now, but lived in & around the Austin area for 15 years. Good stuff & bad stuff, you have to decide what's important. I admit it's like somebody else said recently, Austin isn't the same as the rest of Texas. I lived in Bastrop County, about 35 miles east of Austin, and I really liked it. Had to move for the job, though. It's scenic with the pine trees, easy commute to Austin if you need to see the big city (Bastrop pop. is less than 6000) and the people are friendly. Rolling hills, a couple of smaller lakes with good fishin' and the Colorado River runs right through town. For very low property taxes, move to Louisiana. Sportsmans Paradise, and you get a $75000 property tax exemption on your primary residence. The NW corner of the state has outstanding freshwater fishing, and while I don't hunt anymore, it's very popular here. Lots of on-the-water duck hunters. Downsides are bumpy roads (not all), not the best schools, and a reputation as a backwards state. Did I mention fantastic fishing? If you're into water sports like fishing & boating, it's hard to beat Louisiana. Also, I'm not sure if all, but I do know that govt. type pensions arent' taxed by the state. Nother plus is the relatively low cost of real estate, but of course that depends on what you're comparing it to.

 

[Rondalw]

Hi I am a 50 year old Federal Law Enforcement Officer and have 33 years of total Federal Service. I am retiring on January 31, 2007.

Ron

 

[Martha]

Hi I am a 50 year old Federal Law Enforcement Officer and have 33 years of total Federal Service. I am retiring on January 31, 2007.

Ron

Congratulations! How do you plan to fill your days?

 

[martyb]

Ron, hi! I'm a fed too, but unfortunately I still have 6 yrs to go (not an LE just a regular CSRS'er). You're at the right place for ER info, but you probably already know that from checking out the site.

Be sure to post some info about yourself & more about your situation so we can get to know ya better! Welcome!

 

[laurence]

Skis? Laurence, those are anti-scorpion skids...

There must just be something about the Y chromosome, but as funny as the picture is, the gun is still really cool lookin' an' I wanna shoot at some sand-filled 2 litre bottles with it!

 

[Nords]

Didn't he star in "Thunderbolt & Lightfoot" with Clint Eastwood & George Kennedy?

There must just be something about the Y chromosome, but as funny as the picture is, the gun is still really cool lookin' an' I wanna shoot at some sand-filled 2 litre bottles with it!

I think the only way to see if you've hit the target (not vaporized it) would be to start with 55-gallon oil drums filled with concrete...

 

[Goonie]

I think the only way to see if you've hit the target (not vaporized it) would be to start with 55-gallon oil drums filled with concrete...

I personally know someone who has a 50 cal. "shoulder cannon" not a whole lot different than the one in the picture. And your idea of the 55-gal concrete filled drums isn't too far off base....actually I'd say two 55-gal., set one in front of the other......these words spoken from experience! : A solid hillside behind them is advisable too....."just in case".....As my Grandad used to say....."WOW-ee BOY!!!"

 

[BarkAtTheMoon22]

Hi,

I am new to this Forum. As a matter of fact, it is my first forum. So...when I make a mess of what I am trying to show, read or express...Well, laughing is good...!

I just wanted to know what the facts are about Retiring Early if you are basically forced to.

Anyones input is better than I have at the moment. None.

 

[Nords]

Welcome, BATM.

Anyones input is better than I have at the moment. None.

Well, then, it's hard to go wrong!

We'll move this discussion over to your separate post...

 

[Jaction]

Re: Introduce yourself here!Pl

Hi,
I am finally de-cloaking after one year of lurking. Or should that be de-lurking after being cloaked. In either case I want to thank everyone for the wonderful information that is presented by the members of this forum. I have learned a lot here. I have read most of the investment books recommended here either from the library or actually own.
Now, to a little bit about myself. I am 64 and the DW is 66, we are both retired. I retired September of 05 from what would be called a megacorp after 37 years with them. They had a few name changes along the way due to being bought and sold but all the bennies? followed, except for the very last change in '95. That change required me to essentially quit one division and go to work for another division. That meant that one DB ended and another one started from scratch. I just got fed-up with the little stuff and also got burned out with what I was doing and didn't see any changes in the near future.
I was lucky that one of the bennies? was a DB (non COLA), actually I get two DBs from the same company. Part of the last job change in '95. My DW and I also are taking SS. These four things together provides for all our living expenses so we have no need to withdraw anything from our IRAs.
All of my money is with Vanguard in a well diversified portfolio of mutual funds. In part thanks to this forum and to the books I've read. I do not own any stocks as I learned sometime in the 80's that I was a very bad stock picker.
I'm not what this forum would consider a RE but I am FI and R(etired) so call me FIR.
I hope this first post isn't too long and boring. I've wanted to reply to some of the posts but thought it would be a good idea to at least introduce myself first. So you might see more of me now.
Please forgive my spelling, my DW says I am the worst speller and I agree. I was an engineer and that is what spell checkers are for.

Larry

 

[Sand Pounder]

Hello everyone,

After lurking for a few weeks, I decided to join in the fray...

I'm really impressed with the discussions here, and with the materials available. I don't know how anyone would be able to learn what's needed to RE without this site. After doing my homework, I feel much more confident about how to go about taking this step.

Yes, after 28 years of designing computer chips for Megacorp, I'm starting to think seriously about RE. My youngest will graduate from college this year, and DW and I have a nice nest egg to draw from. (Thank you stock options and the .com bubble!) It seems strange that at 50 I might actually be able kick back a little. Now I'm waiting for the right time.

My biggest reservation is that if I RE before 55, I lose the subsidized medical, but I think I can cover it on my own.

I look forward to reading these topics, and joining in where I can contribute.

Sand Pounder

 

[Nords]

Welcome to the board, Sand Pounder.

With the wealth of health insurance info on this board, I think you'll be the informed consumer from hell. Bridging the gap to Medicare might not be as scary as it looks...