53 & 54yo DINKs leaving Megacorp end of year RE - Are we also FI?

[Diver]

FreeBear, you ask some good questions. We have traveled outside the US for years, albeit for 2 weeks at a time, and mostly in this hemisphere. Travel is a bit of a passion. Both sets of parents are immigrants, so we both grew up around folks from different cultures. That said, we realize that what we have planned may turn out not to our liking in the end, and we may come back much sooner than planned "with our tails between our legs". If so, we plan to rent in places in the US where we think we might like to live long term, pick a place and eventually buy something for around $250k and still do some budget travel as we are able on a more limited basis. Right now we feel like we want to travel extensively, but you are right that we need a Plan B. Most people that hear our plans do ask us what is Plan B if we decide the nomad lifestyle is not for us, so we have thought about it a bit, just not sure where exactly we would settle. With that in mind, we are storing our core belongings for a year just in case.

 

[daylatedollarshort]

FreeBear, you ask some good questions. We have traveled outside the US for years, albeit for 2 weeks at a time, and mostly in this hemisphere. Travel is a bit of a passion. Both sets of parents are immigrants, so we both grew up around folks from different cultures. That said, we realize that what we have planned may turn out not to our liking in the end, and we may come back much sooner than planned "with our tails between our legs". If so, we plan to rent in places in the US where we think we might like to live long term, pick a place and eventually buy something for around $250k and still do some budget travel as we are able on a more limited basis. Right now we feel like we want to travel extensively, but you are right that we need a Plan B. Most people that hear our plans do ask us what is Plan B if we decide the nomad lifestyle is not for us, so we have thought about it a bit, just not sure where exactly we would settle. With that in mind, we are storing our core belongings for a year just in case.

We used to watch House Hunter International for ideas. We didn't end up moving, but it was fun for awhile to consider our options.

If your parents are immigrants, and you have not done so already, you might be able to get dual citizenship.

 

[Diver]

Thanks, Daylatedollarshort! We watch House Hunters Intl as well - fun to dream about different places! I am eligible for dual citizenship in the UK through my Mom, and I plan to apply soon, which will let us both stay in EU countries for more than 90 days, just in case we find somewhere there that we want to stay for awhile. DH's country of origin does not allow dual citizenship. Great suggestion, btw.

 

[Letj]

Thanks, Daylatedollarshort! We watch House Hunters Intl as well - fun to dream about different places! I am eligible for dual citizenship in the UK through my Mom, and I plan to apply soon, which will let us both stay in EU countries for more than 90 days, just in case we find somewhere there that we want to stay for awhile. DH's country of origin does not allow dual citizenship. Great suggestion, btw.

Dual citizenship is wonderful since you will be eligible for health care in the UK.


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[StuckinCT]

I really like www.ultimateretirementcalculator. com for modeling retirement income. This can show you what your cash flow will look like before and after when social security kicks in- you can play around with taking it at 62 versus 67 etc to see what it looks like and to see what the long term impact will be of living only on investment income for a while. I also like that it allows you to choose your tax rate. H&R block has a free tax calculator to figure your federal tax and you can just figure what the average rate is from there. On a 60/40 portfolio I think 6.66% is probably about the right return assumption. It appears that you will be living very close to a sustainable withdrawal rate but you might want to vet it a little further to measure tax impact and social security long term. If you have longevity it can pay to delay social security but often the inflation adjusted NPV of full benefit versus early retirement is not that large, but you might double check it.