HopefulHaole
Dryer sheet wannabe
- Joined
- Mar 4, 2015
- Messages
- 21
Hi. I stumbled upon this site a few days ago and wish I had discovered it years ago! I have been reading the milestones and many other threads and have a great respect for this community and wish to learn and improve my future and FIRE in 3 yrs! I am 45, happily married (DW is 43) with 2 children. I have had a plan (was really a dream, have committed to a plan for the past year, bought forever home) to RE or more likely SRE in my 40's (have set the date to January-April 2018, 48 yrs of age!) I have about $270k in a savings account that I am looking to invest, about $35k in IRA, wife about $35k in IRA, wife has a pension she can draw at age 60 (calculated/estimated to be $18k-$20k/year), our current home is worth about $160k (mortgage free, will put up for sale upon RE or SRE), I own the home we will retire to (owe $140k, zestimate $615k, warm climate with acreage) I own my own business (intend to sell for $250k upon retirement) and real estate that should sell for about $250k-$300k. My current salary is about $45k (but as the business owner I get end of year bonus, the money that the business made after all expenses and salaries paid [about $250k-$300k/year, projected next three years, 2015-2017] and pay taxes on it from earnings from business the next year by April 15), DW current salary is $46k which we live on and pay $1,000/month to my school loans and $1,000/month total into kids college funds until retirement (kids 10 and 12, probably $10k each in college funds now). Upon quitting her job she can cash out about $30k in unused vacation and sick leave to invest (not retirement contributions). I plan on w*rking part time (having 4 day weekends) and keeping our hands out of the cookie jar for 5 years (adding to but not taking away from). My wife will also w*rk another 3 years after the move to the forever home (to meet requirements of having 20 yrs of service so as to draw pension at age 60 rather than age 62). We will likely both take SS as soon as eligible, instead of waiting for an increase in the amount. Not sure how much it will be monthly but guestimate about $1,400 each. The forever home is currently rented and the rental income covers approx. 75% of its payment and expenses. It has a seperate downstairs living area that can be rented out for $800/mo when we live there to help cover expenses if needed. One parcel of real estate I own now has an outdoor advertising sign that has paid me $4k/yr for last 10 yrs. I am starting the negotiations to get it to $6k/year for the next 10 yrs and then have the rights to this lease income put into my name (licensing, easement or what ever legal terminology) before I sell the property so as to continue the rights to that income in perpetuity even though I no longer own the property. Not 100% sure on this but I believe it can be done.
I project to have 1.5M-2M in investments, cash, etc and have no mortgage! I am committed to making this 3 year plan work. Then I will be committed to making the money last the rest of my life! Firecalc calculated 100% for $50k annual draw down for 40 years on $1.5M.
Please feel free to comment, question or laugh.
I project to have 1.5M-2M in investments, cash, etc and have no mortgage! I am committed to making this 3 year plan work. Then I will be committed to making the money last the rest of my life! Firecalc calculated 100% for $50k annual draw down for 40 years on $1.5M.
Please feel free to comment, question or laugh.