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MGYog 04-14-2008 07:35 AM

Retiring early at 62, is that an oxymoron?

Having worked 34 years, I plan to retire in 2 months, along with my wife. My wife will collect $1100 (SS), plus about $500 monthly (work pension), and I will take in about $1000 (SS) and $5800 (govt pension) per month. Our house is worth about 325k with a home equity loan of 100k on it, and a condo worth $600k with a mortgage loan of 300k still left. We also have another investment condo worth 300k, which is fully rented, and paying it's own way. All our kids are adults, have their own jobs, but all unmarried, from 31 to 28.We have collectively, about 800K saved up in IRAs, SEP, 401(ks), 403(bs), and 407(bs). We have about 25K in our savings accounts.

We will sell the house, and move down (planned) to Florida (question: is that a good retirement state, monetary wise?) and use my Mom's house as a base to look for a place to buy there. My Mom is 85 and lives alone in a moderately large 10 year old house, within a planned retirement community.

After things settle down, I am planning to join the UN Volunteer group, or the Peace Corps, which has always been a dream of mine, being a child of the 60's. Anybody with experience in those groups?

What do you think?

Coach 04-14-2008 08:45 AM

MGYog, congratulations! It sounds like you have great plans for your retirement.

If you end up in the Peace Corps, will you wife go with you?

Welcome to the board! I'll look forward to hearing how things are working out.


Moemg 04-14-2008 10:47 AM

Florida does not have a state income tax and they did away with taxing investments so yes , it is a good state money wise. We do have a strange property tax system that they are trying to reform .

MGYog 04-14-2008 05:02 PM

Thank you, Coach. I emailed a Peace Corps recruiter for over 50+ somethings after posting in this forum, and got a rapid response within 15 minutes. She will send me paperwork to my home 20. Moemg, thanks for the info. When you say "did away with taxing investments," does that include personal investment interest and capital gains, too?

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