Hi my name is TB and my wife’s name is CB. And we live in North Carolina.
Here are some details...
TB-Age 60 Salary $95k/year, at a mega-corp with health insurance, 401k, stock purchase plan, yada, yada…
CB-Age 55 Salary $20K/year, part time teacher no benefits
We have no debt other than a $25K Mortgage with 2.75 interest.
Expenses are currently about $6,000.00 a month. That will drop to $4,300 once the mortgage is paid off in 15 months.
$ status:
$100K cash checking account, please don’t ask why so much at this time, lol.
$200K in IRA account
$120K in an Ameriprise account
$15k in Ebay account
$800k in cash, waiting to transition to retirement asset allocation
Home value about $430,000.00 after mortgage is paid off.
In addition, we are 1/3 owner in a real estate LLC that includes about 10 properties and 10 promissory notes. All properties are paid for so no mortgages.
Our 1/3 total income from the LLC, (Rental and promissory note payments), is about $6,000.00 monthly for at least the next 10 years and beyond. However, we do have to deduct property taxes and other expenses from the monthly total. I estimate the monthly expenses to be about $800.00.
1/3 cash value of the real estate is about $800k
1/3 cash value of the promissory notes is about $700k; amortized to about $1,500K.
TB-I hope to retire once our mortgage is paid for and maybe CB will have a full time job by then that will help pay for medical benefits.
In full disclosure I stole the format for this email from jdunc31.
Here are some details...
TB-Age 60 Salary $95k/year, at a mega-corp with health insurance, 401k, stock purchase plan, yada, yada…
CB-Age 55 Salary $20K/year, part time teacher no benefits
We have no debt other than a $25K Mortgage with 2.75 interest.
Expenses are currently about $6,000.00 a month. That will drop to $4,300 once the mortgage is paid off in 15 months.
$ status:
$100K cash checking account, please don’t ask why so much at this time, lol.
$200K in IRA account
$120K in an Ameriprise account
$15k in Ebay account
$800k in cash, waiting to transition to retirement asset allocation
Home value about $430,000.00 after mortgage is paid off.
In addition, we are 1/3 owner in a real estate LLC that includes about 10 properties and 10 promissory notes. All properties are paid for so no mortgages.
Our 1/3 total income from the LLC, (Rental and promissory note payments), is about $6,000.00 monthly for at least the next 10 years and beyond. However, we do have to deduct property taxes and other expenses from the monthly total. I estimate the monthly expenses to be about $800.00.
1/3 cash value of the real estate is about $800k
1/3 cash value of the promissory notes is about $700k; amortized to about $1,500K.
TB-I hope to retire once our mortgage is paid for and maybe CB will have a full time job by then that will help pay for medical benefits.
In full disclosure I stole the format for this email from jdunc31.