Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Two Years Into Early Retirement
Old 12-06-2016, 12:40 PM   #1
Recycles dryer sheets
Join Date: Dec 2016
Posts: 387
Two Years Into Early Retirement

Hi All, New Member here. A little about me:

Currently 55 and married, no kids. I retired at 53 (7/11/14) from a long career in international business. My wife is 66 and she retired in Feb. 2014 and is collecting SS.

2013 was a terrible year for me. My dad and mother-in-law both passed away and I had 4 good friends (including two subordinates) also pass away suddenly. I had always wanted to retire early and that year was the mental tipping point for me. It was a total surprise to my wife when I announced I was leaving the company, and I agreed to find some consulting work to keep busy and keep her happy.

Financially we are very fortunate. My dad left us 4 rental homes in North Carolina; and, my wife and I were able to purchase three other homes in North Carolina to add to the property management portfolio a few years ago when the market bottomed out. Our 7 rental properties bring in about $10.5K per month in rental income.

Because we don't have kids, we were also able to save a lot in our 401K accounts. Our strategy was to save as much as possible and maximize my wife's 401 since she would be able to draw from it immediately. Both of our companies also offered stock options that also enhanced our portfolios. Our home in California also has been very good to us and has doubled in value since we bought it in 2003 for $590K.

Many years ago we met with a financial consultant who told us that we would need to have at least $3M in net assets to retire early. With my Dad's $800K contribution in property, we exceeded that amount in late 2013. At that point I really couldn't see the reason for fighting traffic every day to go to a job that I had totally burned out on.

My consulting practice went well for the first year, but in 2016 I had some health issues that took me away from work for awhile. In September I had a huge heart attack. As a result, I am now fully retired. My hobby is [electronic] music and I have a beautiful studio that keeps me well occupied. The coolest thing about retirement is the freedom from the rat race. I've stopped watching, or surfing, the news as opposed to my past life when I obsessed about it. I feel much more self-actualized and in-control. My relationship with my wife is much better too.

I am here because I want to learn more about tax minimization strategies in retirement, and maybe pick up some tips on investing. We have a lot of tax-deferred savings and thanks to the depreciation on our properties we are making a very low taxable income for now. That will change in a few years, so we want to withdraw as much as practical from these accounts while we can to take advantage of our low tax rate.

Thanks for listening and for letting me be part of your community!

Starsky 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 12-06-2016, 01:31 PM   #2
Thinks s/he gets paid by the post
nash031's Avatar
Join Date: Jun 2013
Location: Bonita (San Diego)
Posts: 1,761
Encinitas is probably my favorite SoCal coast town. I love it.

Glad to hear you seem to be recovered from the heart attack and love the perspective!

"So we beat to our own drummer in the sun;
We ask for nobody's permission to run.
I just wanna live in a world like that;
Now I'm gonna live in a world like that!" - World Like That, O.A.R.
nash031 is offline   Reply With Quote

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
Hi from PA, two young kids = how much into 529s? Camellia Hi, I am... 20 05-15-2014 06:49 PM
Wanting to turn my mini-retirement into early retirement RetireAbroadAt35 Hi, I am... 17 07-07-2012 11:23 AM
Two Years Into FIRE Gonzo304 Hi, I am... 18 05-18-2012 10:27 AM
What should we be doing at two years away from retirement? misty57 Hi, I am... 17 01-12-2010 10:33 AM
"Two lines in the signature" doesn't equal two lines. Nords Forum Admin 4 02-09-2008 06:20 PM

» Quick Links

All times are GMT -6. The time now is 10:27 AM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2020, vBulletin Solutions, Inc.