I'm glad I found this site.
I'm 61. My wife is 56. We have about $1,000,000 in retirement savings, generating about $40,000 a year, mostly tax free. She inherited a commercial property that generates $72,000 rent annually, but we can't get the tenant to sign a lease. The tenant has been there for about 30 years.
We also have a long term payout on something we sold. It generates $95,000 annually for another 8 years; about 70% of those payments are tax free.
Our main house is worth approx. $1,300,000, plus or minus, and we have a mortgage of $160,000 that will be retired in 6 years. We have a 2d home in NC that is worth about $500,000, with no mortgage.
Our youngest child is a sophomore in college and it costs us about $15,000 a year; we have a 501 plan with 1 year of those expenses put away.
We can easily live on the rent and the other payment, so long as they are made. The $95,000 a year is pretty secure because we have good collateral. The $72,000 a year is iffy because it is a car dealership tenant; the land is probably worth about $600,000 in a relatively quick sale.
I can't figure out why I am hesitant to quit work. I'm a bit burnt out. My motivation to work hard isn't there, but I don't want to let the people I work with down. I love to spend time in NC. My wife is already retired.
We can live well on about $130,000 a year, and probably more like $100,000 when the mortgage is retired and the last child graduates. I will get max Social Security when I reach 65.
So why can't I pull the trigger? It isn't a big ego thing for me to work and I have plenty of other interests. The whole thing is difficult to get a handle on.
I'm 61. My wife is 56. We have about $1,000,000 in retirement savings, generating about $40,000 a year, mostly tax free. She inherited a commercial property that generates $72,000 rent annually, but we can't get the tenant to sign a lease. The tenant has been there for about 30 years.
We also have a long term payout on something we sold. It generates $95,000 annually for another 8 years; about 70% of those payments are tax free.
Our main house is worth approx. $1,300,000, plus or minus, and we have a mortgage of $160,000 that will be retired in 6 years. We have a 2d home in NC that is worth about $500,000, with no mortgage.
Our youngest child is a sophomore in college and it costs us about $15,000 a year; we have a 501 plan with 1 year of those expenses put away.
We can easily live on the rent and the other payment, so long as they are made. The $95,000 a year is pretty secure because we have good collateral. The $72,000 a year is iffy because it is a car dealership tenant; the land is probably worth about $600,000 in a relatively quick sale.
I can't figure out why I am hesitant to quit work. I'm a bit burnt out. My motivation to work hard isn't there, but I don't want to let the people I work with down. I love to spend time in NC. My wife is already retired.
We can live well on about $130,000 a year, and probably more like $100,000 when the mortgage is retired and the last child graduates. I will get max Social Security when I reach 65.
So why can't I pull the trigger? It isn't a big ego thing for me to work and I have plenty of other interests. The whole thing is difficult to get a handle on.