I have been lurking a while, decided it was time to participate.
I am 53, wife is 50. She was laid off two years ago, I was self employed (consulting), and had to step back from work last year due to (now resolved) medical issues. Unfortunately, my business pretty well evaporated during that time. Plan B worked for a while but did not allow well for being out of work for several months.
So, I want to call myself retired.
Ballpark, our situation looks like:
IRA 50k
investments (taxable) 1.45MM
cash 75k
home equity 50k (ain't much house)
On top of that, within the next few years, will receive approximately 900k from family trust.
We are fixing to put 500k into house and land (farm acreage). Plan is to downsize land-wise at age 75. Land is in a good location to appreciate greatly (prime area for development/subdivision with future growth).
Living expenses for the two of us run about 75k per year. Including private health insurance for the both of us, home expenses based on larger house and new land. That figure also includes about 12k/yr of flexible spending for toys and RV travel.
FIREcalc says I can do it. My FA says I can do it. My CPA says I can do it. I have dozens of spreadsheets that say I can do it.
So why is it so hard to accept it and just say retired?
(BTW, not really a felon. That's what I got voted on in our high school annual -- "Most likely to be a felon".)
I am 53, wife is 50. She was laid off two years ago, I was self employed (consulting), and had to step back from work last year due to (now resolved) medical issues. Unfortunately, my business pretty well evaporated during that time. Plan B worked for a while but did not allow well for being out of work for several months.
So, I want to call myself retired.
Ballpark, our situation looks like:
IRA 50k
investments (taxable) 1.45MM
cash 75k
home equity 50k (ain't much house)
On top of that, within the next few years, will receive approximately 900k from family trust.
We are fixing to put 500k into house and land (farm acreage). Plan is to downsize land-wise at age 75. Land is in a good location to appreciate greatly (prime area for development/subdivision with future growth).
Living expenses for the two of us run about 75k per year. Including private health insurance for the both of us, home expenses based on larger house and new land. That figure also includes about 12k/yr of flexible spending for toys and RV travel.
FIREcalc says I can do it. My FA says I can do it. My CPA says I can do it. I have dozens of spreadsheets that say I can do it.
So why is it so hard to accept it and just say retired?
(BTW, not really a felon. That's what I got voted on in our high school annual -- "Most likely to be a felon".)
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