Hello all,
I've been dreaming about retiring early ever since I started lurking on the Retire Early discussion board (Motley Fool) about 8 years ago. A lot of water under the bridge since then-got remarried, have stayed healthy, and the savings have continued. I have found this board, and played around with the marvelous FIRECalc, and have been encouraged by the results, albeit with Social Security playing a role Here are our vital statistics:
Savings/investments:
568K- all but 80K in tax deferred 401k's and IRA's 65 stocks, 35 other.
Continuing to save 11K per year in husband's 401K
Social Sec will contribute 10K per year in 2018 and 12K per year in 2022
NO pensions for either one of us.
House is paid off-worth about 400-420K
Land (New Mexico) loan balance is about 120K (no other debt)
Live in a small town in northern Calif. Husband is main income generator, but he is tired of it. I quit 2 1/2 years ago(I was tired of it) and earn less than 20K a year doing what I love-gardening.
We just finished tracking our expenses for this year, which is coming in at just under 31K. We could definitely do better (i.e. 500 bucks spent for wild salmon, for example!)
The plan is to sell the house, pay off the land in NM, and build a modest house on the land with what's left.
We plan on taking the leap at age 55, but of course will revise if necessary.
Main fears are purchasing, and affording health insurance and what if we get an extended bear market right when we decide to pull the plug.
We can work part time, but this will be logistically a challenge since we are out from town. Husband does nice woodworking, so maybe he can turn that into a profit center.
We have never made a lot of money at our jobs (neither one of us ever made more than 50K) but we are proud of our savings nest egg.
We look forward to the change that New Mexico will bring. We have family in Albuquerque (about 3 hours away from where we'll be.)
Thanks in advance for your comments,
Mango1956
I've been dreaming about retiring early ever since I started lurking on the Retire Early discussion board (Motley Fool) about 8 years ago. A lot of water under the bridge since then-got remarried, have stayed healthy, and the savings have continued. I have found this board, and played around with the marvelous FIRECalc, and have been encouraged by the results, albeit with Social Security playing a role Here are our vital statistics:
Savings/investments:
568K- all but 80K in tax deferred 401k's and IRA's 65 stocks, 35 other.
Continuing to save 11K per year in husband's 401K
Social Sec will contribute 10K per year in 2018 and 12K per year in 2022
NO pensions for either one of us.
House is paid off-worth about 400-420K
Land (New Mexico) loan balance is about 120K (no other debt)
Live in a small town in northern Calif. Husband is main income generator, but he is tired of it. I quit 2 1/2 years ago(I was tired of it) and earn less than 20K a year doing what I love-gardening.
We just finished tracking our expenses for this year, which is coming in at just under 31K. We could definitely do better (i.e. 500 bucks spent for wild salmon, for example!)
The plan is to sell the house, pay off the land in NM, and build a modest house on the land with what's left.
We plan on taking the leap at age 55, but of course will revise if necessary.
Main fears are purchasing, and affording health insurance and what if we get an extended bear market right when we decide to pull the plug.
We can work part time, but this will be logistically a challenge since we are out from town. Husband does nice woodworking, so maybe he can turn that into a profit center.
We have never made a lot of money at our jobs (neither one of us ever made more than 50K) but we are proud of our savings nest egg.
We look forward to the change that New Mexico will bring. We have family in Albuquerque (about 3 hours away from where we'll be.)
Thanks in advance for your comments,
Mango1956