45 and working on it...

[The23]

Hello Everyone..
Never posted this anywhere...

We are a single income family with 115K salary.... im 45, wife is 44. We have two girls ages 21 & 15.

We have around 600K in 401k, 450k Taxable, 40k Roth. House valued at 360k and extra property 300k.

We have $0.00 in debt, aside from tuition our expenses are under 24K/yr. We have always lived frugally and we are very content.

Things got serious in late 2019 and have a saving rate of 80%

We are thinking of downsizing our home and investing the difference and selling the extra property as soon as we pull the plug. We have no use for it.

Would like to flip the script soon... but were concerned about the health insurance aspect of it all.. No real health issues now..other than HBP and occasional dr visits and yr physicals. Need to get on an exercise program to remove the HBP meds..

Any advice/tips is appreciated.

 

[Morgan22]

Why not sell the extra property now and invest it in your taxable account?

Also go to https://www.healthcare.gov/ to get an idea of how much health insurance will cost for your family.

I wouldn't sell your current home now if you are in a good school system, and your 15 year old is happy in their school. The earliest to sell maybe is when they are off to college or independent. It can be very disruptive to a teen to have to move and make new friends. JMHO

 

[Out-to-Lunch]

I am just going to say "Welcome aboard," and wait for others to chime in on your situation.

 

[finnski1]

Hello Everyone..
Never posted this anywhere...

We are a single income family with 115K salary.... im 45, wife is 44. We have two girls ages 21 & 15.

We have around 600K in 401k, 450k Taxable, 40k Roth. House valued at 360k and extra property 300k.

We have $0.00 in debt, aside from tuition our expenses are under 24K/yr. We have always lived frugally and we are very content.

Things got serious in late 2019 and have a saving rate of 80%

We are thinking of downsizing our home and investing the difference and selling the extra property as soon as we pull the plug. We have no use for it.

Would like to flip the script soon... but were concerned about the health insurance aspect of it all.. No real health issues now..other than HBP and occasional dr visits and yr physicals. Need to get on an exercise program to remove the HBP meds..

Any advice/tips is appreciated.

Why not sell the "useless" second property now? Bank the proceeds and get it off your plate. Stick it in a low cost index fund or target date fund and leave it alone for 10 or even 20 years.
The rest , keep on doing what you're doing now.

What are you doing for heath insurance presently?


One nit pick. The 80% savings rate doesn't quite add up for me.
Unless you're paying no taxes, getting free tuition, then it comes very close.

Oh sorry, and welcome!

 

[RetiredAndLovingIt]

Welcome, you've joined one of the most informative groups that I've ever found.
You can ask any question about a subject that you're confused or unsure about and you will usually get a lot of helpful responses and we have some real smart people in here. I was clueless about how healthcare subsidies worked when i joined 4 years ago and figured I would not even qualify so stayed on Cobra for the first year at a pretty steep cost.
Modified Adjusted Gross Income (MAGI) is the number that you use to calculate your healthcare premiums.

Here is a link to what to include as income.

https://www.healthcare.gov/income-and-household-information/income/