SoutheastSam
Dryer sheet wannabe
- Joined
- Apr 21, 2013
- Messages
- 17
Hi. I have thought about retiring early but the other day I said to myself, I REALLY want early retirement. So time to check into this in reality.
I haven't looked into this much as of yet, but wife thinks I can't do it.
I think we can.
Here is the situation. regular old working joe. Age 52.
House is paid for.
I have 30 acres of other property I am not using, have no use for and no plans to use it and want to sell. estimated at $180,000-200,000 (have to talk with real estate people soon on this)
I have $350K in mutual funds
I have $300K in 401K
I have $40K set aside as a medical fund if required and allotted for that only
I have an 8 yr old daughter and have $30K set aside so far for higher schooling. ( will keep adding into that)
wife doesn't work (side job crafting at home and does make some spendable profit and it helps but nothing to count on for X income dollars)
One truck payment of $313 per month (but will pay it off and then have only normal living expenses) might need new vehicle for wife in future (currently for her 2006 with 70K mi)
Not counting on it but ya never know is that my parents have alot of land. some valued into the 2 million area (corner commercial acerage). Lowe's already looking into it---I will be inheriting that plus more land they own in the future. father passed last year and Mom is 72 and doing very well on pensions and such. So while I know I can't count on anything....I seem to think that alot of inheritance might come my way in the future from my mother)
plan on taking SS early (if truly needed) about 1200/mo
same with wife from past work (about 900/mo)
we live simple.
we live frugal.
we enjoy nice camping vacations and that is all we like basically.
we used to farm with my parents and I worked weekends at markets selling. made anywhere from 1000-1800 per weekend.
I plan on doing this again IF I CAN quit work and get some freedom.
so I plan on making some income.
I quoted insurance. high deductible. It came out for the 3 of us at $340 per month. I know I can make that monthly payment working 1-2 weekends per month plus more for spending. Basic type of catastrophic coverage.
I want about 1800 per month from my mutual funds. I would take out 25K from my $350K mutual fund and it should last about 14-15 years. that would put me at age 66/67 range.
can I do this? can I walk away now with the money I have saved and find some freedom?
I know we can't account for every single problem in life but I have to say at some point, for all that is saved, one must be able to give it a go, say forget it, jump in and just do it.
any suggestions, thoughts, advice would be appreciated.
It just seems like time for me. That dream. Time to make it a reality.
can it be done?
thanks
I haven't looked into this much as of yet, but wife thinks I can't do it.
I think we can.
Here is the situation. regular old working joe. Age 52.
House is paid for.
I have 30 acres of other property I am not using, have no use for and no plans to use it and want to sell. estimated at $180,000-200,000 (have to talk with real estate people soon on this)
I have $350K in mutual funds
I have $300K in 401K
I have $40K set aside as a medical fund if required and allotted for that only
I have an 8 yr old daughter and have $30K set aside so far for higher schooling. ( will keep adding into that)
wife doesn't work (side job crafting at home and does make some spendable profit and it helps but nothing to count on for X income dollars)
One truck payment of $313 per month (but will pay it off and then have only normal living expenses) might need new vehicle for wife in future (currently for her 2006 with 70K mi)
Not counting on it but ya never know is that my parents have alot of land. some valued into the 2 million area (corner commercial acerage). Lowe's already looking into it---I will be inheriting that plus more land they own in the future. father passed last year and Mom is 72 and doing very well on pensions and such. So while I know I can't count on anything....I seem to think that alot of inheritance might come my way in the future from my mother)
plan on taking SS early (if truly needed) about 1200/mo
same with wife from past work (about 900/mo)
we live simple.
we live frugal.
we enjoy nice camping vacations and that is all we like basically.
we used to farm with my parents and I worked weekends at markets selling. made anywhere from 1000-1800 per weekend.
I plan on doing this again IF I CAN quit work and get some freedom.
so I plan on making some income.
I quoted insurance. high deductible. It came out for the 3 of us at $340 per month. I know I can make that monthly payment working 1-2 weekends per month plus more for spending. Basic type of catastrophic coverage.
I want about 1800 per month from my mutual funds. I would take out 25K from my $350K mutual fund and it should last about 14-15 years. that would put me at age 66/67 range.
can I do this? can I walk away now with the money I have saved and find some freedom?
I know we can't account for every single problem in life but I have to say at some point, for all that is saved, one must be able to give it a go, say forget it, jump in and just do it.
any suggestions, thoughts, advice would be appreciated.
It just seems like time for me. That dream. Time to make it a reality.
can it be done?
thanks