Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Starting to think about it in Michigan
Old 01-09-2012, 06:03 PM   #1
Confused about dryer sheets
dkb4552's Avatar
Join Date: Jan 2012
Location: Grand Haven
Posts: 3
Starting to think about it in Michigan

Hi everyone,
I'm 62 and will be 63 in February of 2012. I've done sales work most of my life but don't really have a lot in an IRA. My wife is 61. We do have some inheritance money to add to the pot at some point. My wife's folks both passed two years ago, but their house is still for sale in this lousy market. And my mom is in her nineties with some provided for us also. I've had a part time lawn care business since 1999 that has done very well. But a couple of years ago I had to hire a helper since it was getting hard to do. I had prostate cancer 3 years ago but no sign of it since removal. But it did slow me down. Really would like to retire in the next year or two, but it seems entirely dependent upon those inheritance sums. What do you think?
dkb4552 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 01-09-2012, 06:10 PM   #2
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 48,244
First, never, ever count an inheritance as "real" until the money is in your personal account.

Second, no one here can answer your question without considerably more information, including your expected annual expenses in retirement and expected income. Also, what about medical insurance until you are 65?
Numbers is hard

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 01-09-2012, 06:16 PM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 30,340
Welcome dkb4552. You need to think through how much you need to live if you were to retire given your current lifestyle, and be sure to include medical insurance costs. Then think through what sources of income would be, which would include withdrawals from your nestegg, any pensions, social security, etc. If the sources of income exceed your costs of living then you would be ready.

I would be hesitant to retire banking on inheritances, there are many things that can go wrong that reduce or delay receipt of inheritances.
pb4uski is offline   Reply With Quote
Old 01-09-2012, 06:39 PM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
Join Date: Jan 2008
Location: NC
Posts: 17,185
Like REW noted, we'd have to know a lot more, and we understand you may not be comfortable sharing more. FIRECalc: A different kind of retirement calculator would be a very good place for you to start, and maybe ballpark answer your question yourself. Best of luck, lots of good help here if you decide you want more...and welcome to our community.
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 50% equity funds / 30% bond funds / 20% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack is offline   Reply With Quote
Old 01-10-2012, 03:07 AM   #5
Thinks s/he gets paid by the post
obgyn65's Avatar
Join Date: Sep 2010
Location: midwestern city
Posts: 4,061
Hello dkb4552 - have you entered your details in this free tool :

Merrill Edge| See Where You Stand

Originally Posted by dkb4552 View Post
What do you think?
Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
obgyn65 is offline   Reply With Quote
Old 01-10-2012, 11:30 AM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
Join Date: Apr 2003
Location: Hooverville
Posts: 22,983
Starting to think about it in Michigan
You're not alone man. I recently read that the average man thinks about it 18 times/day, the average woman 9 x.

Welcome aboard!
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
haha is offline   Reply With Quote
Old 01-10-2012, 11:33 AM   #7
Confused about dryer sheets
dkb4552's Avatar
Join Date: Jan 2012
Location: Grand Haven
Posts: 3
Thanks for the responses...all I know is that for a lot of baby boomers, this is all going to catch up to them fast like it did me. I tried to plan many times, but life events change plans a lot. We have a financial planner who thinkgs we'll be fine, but I still like to check things out. Is this site fairly new?
dkb4552 is offline   Reply With Quote
Old 01-10-2012, 11:35 AM   #8
Confused about dryer sheets
dkb4552's Avatar
Join Date: Jan 2012
Location: Grand Haven
Posts: 3
Apparently it's not so new now that I look back at some of the join dates of members. Anyway, great to discuss with people who understand.
dkb4552 is offline   Reply With Quote

inheritance, part time work, retire

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Starting a Company? ATC Guy Young Dreamers 16 03-11-2012 08:21 PM
Starting 2012 on a nice note.... antmary Other topics 2 01-01-2012 07:01 PM
Starting an import business warrentalbot Other topics 4 11-18-2011 01:31 PM
Hello from Michigan. Historical Bond Quotes? westphalia1 Hi, I am... 1 10-06-2011 04:36 PM
Hello, I am bluwtrguy from Michigan Bluwtrguy Hi, I am... 7 08-07-2011 02:05 PM

» Quick Links

All times are GMT -6. The time now is 10:09 PM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.