Any opinions on this plan for ER?

[Sue]

My spouse and I may lose our jobs in 3.5 years (our work project will be ending). I am wondering whether we have the resources to ER at that time.

We should have (conservative estimate) 1.6 million saved (850 tax deferred, 750 taxable). My spouse would be 60 and eligable for $16,000 in social security at age 62. I am 54. If our benefits don't change, we would have health care for both of us for five years (cost of $4000 per year). We would need to purchase health coverage for myself for last six years.

We don't own a house (we live in a very expensive east coast city) and plan to move to a more affordable area. So we would need money for that purchase. We are both in excellent heath, have no debt or kids, and are very careful with our money. We would like an income of $50 to 60K per year.

Since our hobby is hiking, we would love to retire while we are still physically able to travel/hike across the country. We both like the type of work we do, but our current work situtation is hostile/stressful. We could probably get lower paying jobs for another couple of years if we lost our current jobs. I am trying to decide whether having additional retirement resources is worth putting off our dreams of travel/hiking for a couple more years.

 

[Mr._johngalt]

Hello Sue! I've been on here long enough now to have
seen many many posts similar to yours. The regulars
have heard my mantra before so I won't bore them any further. With what you have and with what I know now,
you should have retired about 10 years ago. Then again, we could live on practically nothing if we had to.
Maybe you can't.

JG

 

[retire@40]

My spouse and I may lose our jobs in 3.5 years (our work project will be ending).   I am wondering whether we have the resources to ER at that time.

We should have (conservative estimate) 1.6 million saved (850 tax deferred, 750 taxable).   My spouse would be 60 and eligable for $16,000 in social security at age 62.  I am 54.

If you wait until your husband is 60, it would be more like NSLR (not so late retirement) rather than ER.

Given what you have, you could ER today, or at least semi-ER.

 

[retire@40]

I am trying to decide whether having additional retirement resources is worth putting off our dreams of travel/hiking for a couple more years.

Only if you could live with yourself if you did work a couple more years and then found out you couldn't travel or go hiking for some reason.

 

[unclemick]

Basically you're in the 'zone', - it's just a matter of when you rock up and take the leap into ER.

 

[Dawg52]

Move to the South. There are many affordable small to mid-size towns that are beautiful and inexpensive. Good luck!

 

[laurence]

Sue, you gotta pull the trigger! My uncle just passed away at 56, you just don't know how much time you have, and you are sitting on a nice nest egg. Find a place you'd be willing to live in retirement now, buy a piece of property and have it ready to go when you ER in 3.5 years. You won't regret it! My dad retired at 55 with much less money, 7 years later he hasn't regretted his decision one bit. I bet the only regret you would have is not having done it sooner!

 

[wildcat]

Start the Enya song or is it a cruise operator's theme now......

"Sail away, Sail away, Sail away"

 

[Nords]

My spouse and I may lose our jobs in 3.5 years (our work project will be ending).   I am wondering whether we have the resources to ER at that time.

Well, at least you see it coming. Jump aboard!

 

[Eagle43]

Hey, you got something to retire TO, and are not just running away FROM the job. If you think you've got enough money, and can afford the healthcare coverage, and don't mind waiting for 3.5 years, go for it. There's folks on this forum who have jumped earlier with less. Good luck with you decision.

 

[Sparky]

We're 44 and 45, retired last year. One pension in 20 years. $1M and house and car paid off.

First year, we're at $34,000 in expenses. So far, so good. I cannot imagine not doing this - I think we waited too long as it is.

I worked parttime while my spouse stayed at home and then I got laid off. I realized that we could have both RE'd several years earlier.

The worst part to retiring early was our own ideas - that we had to have employer-sponsored health insurance and a paycheck. Once that was removed, we were able to think "outside the box", we could see clearly it was time ...

 

[Q_T]

Sparky,

What do you do for health insurance, and how much does it cost for the 2 of you?

cfcf

 

[Sparky]

Sparky,

What do you do for health insurance, and how much does it cost for the 2 of you?

cfcf

Golden Rule, recommended by a doctor we know. It's $193 per month for both with $5,000 deductible and no drug coverage.

 

[Mr._johngalt]

I had Golden Rule early on. I was satisfied. Forget
why I left them.

JG

 

[LEX]

About Health Insurance:

Don't let the ability to afford it stop you.  Do what the illegal aliens do.  They work the system better than anyone else.

Use the Emergency Room as your personal HMO.  Bring the whole family in for treatment. Present your bogus drivers License or other 'official ID" obtained as a civil right regardless of your legal status.  The collection thugs have no way of tracing assets or making the illegals pay and you can use this same method to avoid any financial  responsibility. Ten million Illegal "Colonistas" (as they call them in Mexico) repatriating the former Mexican lands from the US can't be wrong.

Let the gringos pay for your medical costs through county taxes and Blue Cross Premiums.

(Before you react to flame this posting, at least know that there is enough substance in this posting to compell you to react, since this situation is really happening and decent responsible ER's like all of you are paying the bill!)

 

[Mr._johngalt]

Hi LEX. I call it "gaming the system", which I support
generally (being rabidly anti-government). I draw the
line at the flood of illegals though. That really gets my back up. Here is the way I see it. First, our immigration
policies are nutty. Then, at least if a US citizen "bends"
the rules to his advantage, the government has been
taking and wasting his money for years. He's just getting some of it back. All the illegals had to do was
be willing to get their pants a little damp.

JG

 

[laurence]

I live in San Diego, when my wife was pregnant we thought she might be miscarrying, so we went to the emergency room. It took us 4 hours to be seen, whatever the reason, things with our medical system are broken in our neck of the woods. I hear doctors who make housecalls are back on the rise, more expensive, but makes sense the market is filling a demand....

 

[LEX]

Hola, Senor Galt. I like the concept of holding the Government responsible for its waste.  Since they seem to be able to have a free for all with how they allocate our taxes, why not get some back when the oppurtunity presents? Its like stealing back your money from the thief that just mugged you.

In the mean time our borders are open and half of Mexico is re-settling the southwest, especially SOCAL, Texas and Arizona.  Unless and until the two parties deciede to eforce the immigration laws it will only get worse.  The politicians from both parties are importing new voters from latin America, mostly Mexico, and paying for them with your tax money in the form of medical and welfare programs.

Perhaps in the aftermath of a major "9-11" scale event, facilitated south of the border, that takes out LA, Houston or Dallas, there will finally be the national resolve to do what every other country in the world does, which is post military units on their perimeter and defend the borders.

 

[Mr._johngalt]

Hello LEX. I predict more of the same insanity, only
worse.

JG

 

[Eagle43]

Senors and Senoritas. When you depart San Antonio, and drive South towards Brownsville, you are in Mexico.

Hasta lluego!

 

[LEX]

El Avila 43:

Apenas porque robamos Tejas de la gama de México no mala tenemos que dar la detrás que cualquier manera por lo menos una puede beber el agua en la mayoría de Tejas, y si no por lo menos la cerveza.

 

[Mr._johngalt]

You do and you'll clean it up

JG

 

[bruce1]

Does it mean anything that the only word I am sure of the meaning of means beer?

 

[LEX]

For the gringo's in the audience ( I was born on a ranch in Texas, grew up speaking MEX-TEX and now find myself living in Arizona...)

"Just because we stole Texas from Mexico does not mean we should give it back. Besides, at least in Texas you can drink the water, and where you can't, you can drink the beer"... I am partial to Lone Star and Shiner Bock, but any beer is good beer.

 

[yakers]

I am not partial to Texas but as someone whose family came from beer brewing Wisconsin (Point Special Beer, Stevens Point, WI) and spent a lot of time drinking British beer courtesy of the US Navy, I got to say that Shiner Bock is really good beer.