Hi, I am 50 and my wife is 48. We've been good savers over the years but bad investors. We have a 400k paid for house and 500k or so in savings - mostly 401k/ira. No debt. We have needy immediate family and spent over100k in the last 10 years helping out elderly parents and family. We except some additional expenses the next 10 years also.
We have 60k in pensions starting in 2027 and another 10k in 2029 - not adjusted for inflation. There is no chance to get those early.
I always wanted to retire in 2022 but it would wipe too much of our savings to do that and we won't be in a position to help our parents.
If I can find decent part time or seasonal work around 2022 I'll look at a transitional retirement, otherwise I will hold off until closer to 2027.
We thought of downsizing our house to finance early retirement but it seems more prudent to save that option for the future when working isn't an option.
So current thinking is retirement at age 60 in 2027, but we will be looking for opportunities to accelerate if possible. I am thoroughly impressed with those of you that retired in your 40s and 50s.
We have 60k in pensions starting in 2027 and another 10k in 2029 - not adjusted for inflation. There is no chance to get those early.
I always wanted to retire in 2022 but it would wipe too much of our savings to do that and we won't be in a position to help our parents.
If I can find decent part time or seasonal work around 2022 I'll look at a transitional retirement, otherwise I will hold off until closer to 2027.
We thought of downsizing our house to finance early retirement but it seems more prudent to save that option for the future when working isn't an option.
So current thinking is retirement at age 60 in 2027, but we will be looking for opportunities to accelerate if possible. I am thoroughly impressed with those of you that retired in your 40s and 50s.
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