New member - Mitch

[mitch]

I have been visiting this website for a few months and thought it time to register.

I am 56 years old, wife is 52. We both have always wanted to retire early and move to Las Vegas. Last fall I set the plan in motion.

My daughter was transferred to Las Vegas and my brain started working. Buy a house now and let my daughter and granddaughter live there until I retire. I did it. Right or wrong, I put as much as I could afford ($150K) down on the house to get the payments as low as possible (mortgage of $129K), PITI of $1024.00 per month.

My plan now is to retire 1 March 2005. With interest rates so low now, I have applied with my credit union to refinance. I am putting another $29K into the house and borrowing $100K at 5.25 % for a PITI of $750.00 per month.

I am putting my mobile home (hey, houses are expensive in Silicon Valley) on the market next month. My thought is if it sells quickly, I will rent an apartment until 1 March 2005. This way, nothing will hold me up when I put in my retirement papers. I will clear at least $50K from the sale. My thought is, put $27K of this in my credit union account to handle the next 3 years of PITI mortgage payments. I will have about another $50K cash for unexpected things. I will have two pensions to live on with out worrying about house payments, one at $1600/month, and one at $1025/month. Plus, my wife will work part time after taking a few months off for the relocation. Healthcare is not a concern (retired military). In three years, I will then be 60 years old, and using the 4% rule, will be able to draw $1000.00 per month from my 401K. This will pay my mortgage plus I’ll get a $250.00 raise. Then at 62, start drawing early social security.

Everyone here is awesome and I respect everyone’s opinion. I’m looking for some warm fuzzy that I haven’t overlooked anything in my plan.

Mitch

P.S. I am already getting comments from my co-workers that I must be “lazy” or something to actually retire early! Morons… lol

 

[John Galt]

Hey Mitch! At 56, my advice is get out NOW!!

Your plan sounds doable. Don't wait and don't worry.

John Galt

 

[mitch]

Hi John,

Thanks for your words of support. Over the last few months reading this board, I have always enjoyed your posts and respect your opinion.

If I can sell the mobile home quickly, leaving before March of next year is a possibility. March is my definite no later than date.

After finding this forum and reading about people like you who have done this and share so much great information, most of my worries about retiring early have been eliminated.

Thanks,
Bob

 

[Nords]

Re:  Do you like Las Vegas?

Mitch,

We just returned from a Vegas vacation and the growth seems explosive. You might be joining a repeat of Silicon Valley's growth problems?

At this point, it sounds like your biggest challenge is memorizing blackjack basic strategy...

 

[John Galt]

Las Vegas is interesting (we got married there). People
seem to love it or hate it. A metaphor for George W. Bush ??

John Galt

 

[renferme]

We got married in Vegas also. Some little chapel - maybe it was the Little Chapel of the West, or something like that.
Anyway, we like Vegas, they have a change of seasons there too, although 105 to 110 or so in the summer is really hot. Escape the heat up on Mt. Charleton.
No state income tax in Nevada either. That's a bonus.
Enjoy ,

Ray

 

[John Galt]

Well, it really can't get too hot for me (no kidding).
Las Vegas might have tempted us except that I need
big water nearby. I recall a guy I once worked with
who thought Las Vegas was the greatest place ever invented. I wouldn't go quite that far.

John Galt

 

[Cut-Throat]

Las Vegas - Only was there once. For a convention. 3 days on the 'Strip' - Cannot say anything good about it!

I am just talking about the Strip here. - Bad Food - could not find a decent restaurant on the strip.- Mostly Volume seems to impress folks here! - Tacky decorated everything! - Nothing but Casinos. - Cheap glitz and blinking lights! This should be repulsive enough for anyone into ER! - Giving your hard earned money away!!

Can't walk anywhere without having to constantly walk thru the Casinos - Mostly irritating sounds of the gambling machines, especially for someone that appreciates the wilderness like myself. - The peaceful call of the Loon and Wolf - etc. etc.

I will never go back unless someone can convince me there is another part of the area that is worth visiting other than the 'strip'.

My rant

 

[mitch]

My wife and I have had our eye on retiring in Las Vegas for a long time. She is from the Philippines and loves the heat. Me, I'll probably stay inside most of the day. We do love to gamble, but not excessively. With our limited ER income she will have to play nickel slots versus dollar slots...lol. Our place is actually in Henderson. Not nearly as crowded as the silicon valley. And I like the thought of the state not taxing my pensions as income.

Bob

 

[unclemick]

Cut_Throat

My sister brought her husband down for Mardi Gras last year(mining engineer). Once was enough for Pete - "I'll stick to hunting and fishing - stay at the camp and fish next visit and send HER to the French Quarter."

 

[mitch]

Cut_Throat,

I cannot argue with you on the food in most of the casinos. The buffets tend to offer up qauntity versus quality. The ones that are really good are not very cheap at all. One of the better steaks I have ever had was at the Steakhouse in the Circus-Circus. There are many great places to eat off the strip. Not sure how long ago you were there, but the newer casinos are anything but cheap glitz and blinking lights.

Most of the locals never go to the strip, except to work. When I go to my house, I go to a local casino.

Later,
Bob