I've been lurking on this board for a few months and want to say thank you for the wealth of information I have received.
I'm 51 and DW is 50. We own a small business which we plan on selling or downsizing and working it part time. The type of business we own is hard to find a buyer for.
Our assets are as follows:
Retirement accounts tax deferred $800k
Taxable accounts $105k
Money Market fund $160k
House value $300k with no mortgage.
We have no debt at all, are in good health and do not have any kids to send to college etc. We live in CT. which has high property taxes. We LBYM and do not need a lot of material things to make us happy. I haven't crunched all the numbers yet but I am thinking we can live on $45k a year. If we do not sell our business we can scale it down anda make 30k easily. The only other thing is health care costs tghat will continue to increase.
It is hard for us to slow down as we started with nothing and because of our work ethic have succeeded. You feel that you have to keep going because that's what you have been doing all these years. We lost our closest friend to cancer this year and it has really made me step back and take a look at my life.
I think it's time to stop and smell the roses.
Thanks for listening and thanks agin for this great group.
Digital Guy
I'm 51 and DW is 50. We own a small business which we plan on selling or downsizing and working it part time. The type of business we own is hard to find a buyer for.
Our assets are as follows:
Retirement accounts tax deferred $800k
Taxable accounts $105k
Money Market fund $160k
House value $300k with no mortgage.
We have no debt at all, are in good health and do not have any kids to send to college etc. We live in CT. which has high property taxes. We LBYM and do not need a lot of material things to make us happy. I haven't crunched all the numbers yet but I am thinking we can live on $45k a year. If we do not sell our business we can scale it down anda make 30k easily. The only other thing is health care costs tghat will continue to increase.
It is hard for us to slow down as we started with nothing and because of our work ethic have succeeded. You feel that you have to keep going because that's what you have been doing all these years. We lost our closest friend to cancer this year and it has really made me step back and take a look at my life.
I think it's time to stop and smell the roses.
Thanks for listening and thanks agin for this great group.
Digital Guy