Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Dreaming of Retiring
Old 03-09-2019, 07:36 AM   #1
Confused about dryer sheets
 
Join Date: Jan 2019
Posts: 5
Dreaming of Retiring

Hi everyone! I am new to this forum. I am 43 years old and I dream of retiring everyday. Can I do it? Probably not right now, but would love to by age 55. I have a home that it is paid off, a second home in another state that is also paid for. We are set in vehicles for a while. Between my husband and I (who is 7 years older than I) we have approximately $800k in 401k and IRAs, 200k in a whole life policy, 200k in an annuity, and 400k in personal savings. We max out our 401ks and IRAs every year and are always looking for another investment tool to sock money away for retirement. I figure we need about $100k/year during retirement, at least for the first 15 years. We have been married 18 years and do not have any children, nor plan to have any. We also do not have any debt. However, our taxes, insurance and HOA fees are high...together on both home we pay about $3,100/month. We do not intend to sell either home in the near future. Our income level in the future will not be at the level that it has been the past 5 years as we have a business that is in decline. However, it will likely still render us $200k per year working full time. When can we retire?
__________________

Kragness 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 Early-Retirement.org 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 03-09-2019, 07:45 AM   #2
Full time employment: Posting here.
 
Join Date: Aug 2010
Location: Back woods of Fennario
Posts: 887
Welcome to the Forum!

FAQ has tons of "When can I retire?" links and threads.

What are you going to DO if you retire, besides manage the care and feeding of two homes?
__________________

__________________
"Time wounds all heels...." - Groucho Marx
LRDave is offline   Reply With Quote
Old 03-09-2019, 07:52 AM   #3
Confused about dryer sheets
 
Join Date: Jan 2019
Posts: 5
Quote:
Originally Posted by LRDave View Post
Welcome to the Forum!

FAQ has tons of "When can I retire?" links and threads.

What are you going to DO if you retire, besides manage the care and feeding of two homes?
Volunteer work, care for more pets, and take better care of myself
Kragness is offline   Reply With Quote
Old 03-09-2019, 08:28 AM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jan 2018
Location: Tampa
Posts: 5,989
Welcome to our wonderful forum.
Your 400k in personal savings appears to be high as a ratio of your total investments. What is that 400k invested in?
37k on taxes etc for 2 homes appears to be on the high side. If the homes are in a HCOL, would there be some consideration of having one home down the road be in a LCOL area?
__________________
TGIM
Dtail is online now   Reply With Quote
Old 03-09-2019, 08:33 AM   #5
Confused about dryer sheets
 
Join Date: Jan 2019
Posts: 5
Quote:
Originally Posted by Dtail View Post
Welcome to our wonderful forum.
Your 400k in personal savings appears to be high as a ratio of your total investments. What is that 400k invested in?
37k on taxes etc for 2 homes appears to be on the high side. If the homes are in a HCOL, would there be some consideration of having one home down the road be in a LCOL area?
Currently the $400k is in CDs while I figure out what to really invest in. Maybe real estate, rental property, etc. Not sure yet so it is waiting in the wings. The only way to get to a LCOL area is to dump the condo with high HOA fees and buy a single family house, which will likely have similar maintenance expenses. I don't see that happening.
Kragness is offline   Reply With Quote
Old 03-09-2019, 08:45 AM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jan 2018
Location: Tampa
Posts: 5,989
Quote:
Originally Posted by Kragness View Post
Currently the $400k is in CDs while I figure out what to really invest in. Maybe real estate, rental property, etc. Not sure yet so it is waiting in the wings. The only way to get to a LCOL area is to dump the condo with high HOA fees and buy a single family house, which will likely have similar maintenance expenses. I don't see that happening.
Ok then. I thought the personal savings might just be in HY savings, which is too much at your age.
Understand on the LCOL. Still consider 37k as part of your retirement budget could be a very high %.
__________________
TGIM
Dtail is online now   Reply With Quote
Old 03-11-2019, 08:22 PM   #7
Recycles dryer sheets
 
Join Date: Apr 2018
Posts: 70
Quote:
Originally Posted by Kragness View Post
Hi everyone! I am new to this forum. I am 43 years old and I dream of retiring everyday. Can I do it? Probably not right now, but would love to by age 55. I have a home that it is paid off, a second home in another state that is also paid for. We are set in vehicles for a while. Between my husband and I (who is 7 years older than I) we have approximately $800k in 401k and IRAs, 200k in a whole life policy, 200k in an annuity, and 400k in personal savings. We max out our 401ks and IRAs every year and are always looking for another investment tool to sock money away for retirement. I figure we need about $100k/year during retirement, at least for the first 15 years. We have been married 18 years and do not have any children, nor plan to have any. We also do not have any debt. However, our taxes, insurance and HOA fees are high...together on both home we pay about $3,100/month. We do not intend to sell either home in the near future. Our income level in the future will not be at the level that it has been the past 5 years as we have a business that is in decline. However, it will likely still render us $200k per year working full time. When can we retire?
The fastest way to retirement IMO is to become a landlord and purchase property and rent out the units. You have assets aside from your 401k that could be used to purchase real estate, which could generate income, however that would require for you to sell your two homes. If you don't want to sell your two homes and retire before 55, then start by buying one home to start with your savings from your income. The big question is however, do you really want to be a landlord? Collect rent, screen potential tenants, deal with complaints. You could use a property manager but that would cost you one months rent usually out of the year. There are also many tax advantages to renting out your property.
JakeinChina is offline   Reply With Quote
Old 03-12-2019, 01:49 AM   #8
Thinks s/he gets paid by the post
robnplunder's Avatar
 
Join Date: Nov 2013
Location: Bay Area
Posts: 2,679
Quote:
Originally Posted by Kragness View Post
Hi everyone! I am new to this forum. I am 43 years old and I dream of retiring everyday. Can I do it? Probably not right now, but would love to by age 55. I have a home that it is paid off, a second home in another state that is also paid for. We are set in vehicles for a while. Between my husband and I (who is 7 years older than I) we have approximately $800k in 401k and IRAs, 200k in a whole life policy, 200k in an annuity, and 400k in personal savings. We max out our 401ks and IRAs every year and are always looking for another investment tool to sock money away for retirement. I figure we need about $100k/year during retirement, at least for the first 15 years. We have been married 18 years and do not have any children, nor plan to have any. We also do not have any debt. However, our taxes, insurance and HOA fees are high...together on both home we pay about $3,100/month. We do not intend to sell either home in the near future. Our income level in the future will not be at the level that it has been the past 5 years as we have a business that is in decline. However, it will likely still render us $200k per year working full time. When can we retire?



Everything above says you can retire well before 55. You are in better shape than I was at that age and I retired at 53. Just keep up with what you are doing. Welcome to the forum.
__________________
I did it .... my way.
robnplunder is offline   Reply With Quote
Old 03-17-2019, 09:44 PM   #9
Recycles dryer sheets
 
Join Date: Jun 2017
Location: Punta del Este
Posts: 201
Plug your numbers into a bunch of retirement calculators. The more complex ones that allow for future events like selling property, inheritances or what ever. Try lot’s of scenarios, expense levels, delayed retirement, extreme saving for a few years etc

When no matter what you choose comes up positive you know you are ready.
__________________
Retired @age 53 with and moved to Uruguay 2013.

Adequate Balanced portfolio. 40% equity, 20% LTrm income/bonds, 40% income producing real estate. ER is the Greatest! Actually DW is the greatest! And loving life as never before...
Retired Expat is offline   Reply With Quote
Old 03-17-2019, 10:51 PM   #10
Moderator
Jerry1's Avatar
 
Join Date: Nov 2014
Posts: 4,106
Quote:
Originally Posted by robnplunder View Post
Everything above says you can retire well before 55. You are in better shape than I was at that age and I retired at 53. Just keep up with what you are doing. Welcome to the forum.
I agree. Youíre in good shape for 43 and 50. Ten more years and youíll be able to retire. Maybe sooner depending on the market and such things. I would get that $400K of personal savings working a bit harder for you unless youíre pretty aggressive with your 401K/IRA.

Why is the business declining? Wonít you be able to sell that in the future? A business thatís generating $200K is worth something. Usually itís some factor of revenue (not net), but you might want to think about what you can get from selling the business.
__________________
Every day when I open my eyes now it feels like a Saturday - David Gray
Jerry1 is offline   Reply With Quote
Old 03-18-2019, 12:44 AM   #11
Thinks s/he gets paid by the post
 
Join Date: Dec 2010
Location: Midwest
Posts: 1,644
well done-keep it up.

welcome, btw
brucethebroker is offline   Reply With Quote
Old 04-05-2019, 06:58 PM   #12
Full time employment: Posting here.
 
Join Date: Aug 2013
Posts: 832
Sure you can retire at 55 yrs .. looks like you are set.
__________________

__________________
No to consumerism, Living a simple life, enjoying the experience - not the material stuff
cyber888 is offline   Reply With Quote
Reply


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
Fed up .. Retiring or Semi-Retiring next year cyber888 Hi, I am... 19 11-10-2015 11:09 PM
Retiring FROM vs. Retiring TO. stepford Life after FIRE 56 11-04-2015 09:42 PM
Greetings..RE Dreaming REDreaming Hi, I am... 12 09-18-2005 08:33 AM
Still Dreaming at 40 EricMD Young Dreamers 11 07-07-2005 07:07 AM
Hi, I am...  Dreaming of ER Sheryl Hi, I am... 8 05-05-2004 03:39 AM

» Quick Links

 
All times are GMT -6. The time now is 09:00 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2020, vBulletin Solutions, Inc.
×