48 and want to retire now! ok soon ...

[donnieworld]

Hi, I am new to the forum. I am 48 years old and have decided that I'd like to retire much sooner than later. I've started researching places that my dollar would stretch the farthest. I've was fantasizing of Panama but seems real estate costs have gotten unbelievably high.

I'd like to end up somewhere off the beaten path on a couple of acres in a small cottage. No condos for me.

My resources are approximately $500,000 in my 401K and about $100,000 in cash. I'm not against pulling out some of my 401K before I'm 59 if it makes sense.

Working 10 to 12 more years makes no sense!

All advice will be appreciated

 

[Onward]

donnie, for stretching your $$, check out Ecuador. One survey just named it the most affordable retirement haven. I spent a month there earlier this year, and I can vouch for the low cost of living. There are some political-stability issues to consider, so do your research.

As far as the income you can safely draw from your nest egg, check out FIRECalc, if you haven't already.