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Message
Advice needed…
Posted on 12/19/23 at 8:40 am
Posted on 12/19/23 at 8:40 am
Can I live off of $500k for the rest of my life? I’m 57, employed, but burned out in a 33 year outside sales career. I own my home and truck. Divorced 17 years ago so no problems left from that. So, invest and live off of the $1700/mo interest or what other options do I have? 3 kids that live with their mother in BR, but they are adults now. Can I retire?
16
Posted on 12/19/23 at 8:45 am to MarlinMan
That would be awful tight budget at that young of age. Health insurance would be a big expense as well if you want coverage. I also assume your nest egg is probably in some 401k? If so, that’ll make your income taxable too.
Best bet is to find a new job that’s less stressful even if it pays less.
Best bet is to find a new job that’s less stressful even if it pays less.
This post was edited on 12/19/23 at 9:06 am
Posted on 12/19/23 at 8:47 am to MarlinMan
quote:
Can I live off of $500k for the rest of my life? I’m 57
Zero chance.
quote:
but burned out in a 33 year outside sales career. I own my home and truck. Divorced 17 years ago so no problems left from that. So, invest and live off of the $1700/mo interest or what other options do I have? 3 kids that live with their mother in BR, but they are adults now. Can I retire?
Quit the sales gig. Get any W2 you can find that provides health insurance. You'll get a new lease on life. I'm in sales so I understand. I'm not that far in but can see how I'll get to that point.
Is your house paid off?
Posted on 12/19/23 at 8:48 am to MarlinMan
I would not. Medical insurance could take up to half of your income per month. I would worry about that until I turned 65 and able to get medicare. THat is just me and you may be able to make it but I would not chance it.
Posted on 12/19/23 at 8:52 am to MarlinMan
Probably not, but you can use it to help get you to Social Security age. You might need a part time job until then (maybe even after).
Posted on 12/19/23 at 9:04 am to Billy Blanks
Yes, house is paid off and no other major debt. Thanks for y’all’s input. I think an inside sales gig or other caregiver type job with insurance benefits would work. Thanks again for y’all’s input
Posted on 12/19/23 at 9:16 am to MarlinMan
I would get an entry level job, with benefits, doing something I absolutely loved.
For me, I've made a nut in finance while doing some coaching/scouting part time. I will reach a point in the next few years that I can just transition completely over to a measly salary coaching or scouting gig. I love sports (baseball, specifically) 10 times more than finance.
My dad made his money in industrial sales. When he had enough and had built a nest egg, he went to work at a hardware store. He always loved just walking around Home Depot/Lowe's/hardware stores, so it made sense just to stand around there for a paycheck and benefits.
Everyone's going to be different.
For me, I've made a nut in finance while doing some coaching/scouting part time. I will reach a point in the next few years that I can just transition completely over to a measly salary coaching or scouting gig. I love sports (baseball, specifically) 10 times more than finance.
My dad made his money in industrial sales. When he had enough and had built a nest egg, he went to work at a hardware store. He always loved just walking around Home Depot/Lowe's/hardware stores, so it made sense just to stand around there for a paycheck and benefits.
Everyone's going to be different.
This post was edited on 12/19/23 at 9:18 am
Posted on 12/19/23 at 9:18 am to MarlinMan
If house is paid off then definitely do it. Just go find some part time work that offers health care benefits until you can hit social security/Medicare. Enjoy
Posted on 12/19/23 at 9:56 am to jerryc436
quote:
I would worry about that until I turned 65 and able to get medicare.
I see people say this a lot. What do you believe your healthcare expense will be once you are eligible for Medicare?
Posted on 12/19/23 at 9:59 am to MarlinMan
First, what are your monthly fixed expenses and how much additional do you need for irregular expenses like car and home repairs?
4% safe withdrawal rate on $500k is $20k. Can you live off that? Besides, 4% assumes 30 yr retirement beyond that it gets riskier (although you could reduce withdrawals after SS kicks in.) SWR assumes you remain heavily invested in the stock market. You mention pulling interest (rather than capital gains) just want to make sure you understand if invested primarily in an interest bearing account and living off interest the plan would fail due to inflation.
Eventually you will need a newer vehicle how's that gonna work? How much home equity do you have and is downsizing feasible to free up more $ to invest?
Career change/scale back sounds more realistic unless you are extremely frugal and have minimal expenses. Look into "Barista FIRE" movement where you take on a part time or just easier job with health benefits instead of full early retirement.
4% safe withdrawal rate on $500k is $20k. Can you live off that? Besides, 4% assumes 30 yr retirement beyond that it gets riskier (although you could reduce withdrawals after SS kicks in.) SWR assumes you remain heavily invested in the stock market. You mention pulling interest (rather than capital gains) just want to make sure you understand if invested primarily in an interest bearing account and living off interest the plan would fail due to inflation.
Eventually you will need a newer vehicle how's that gonna work? How much home equity do you have and is downsizing feasible to free up more $ to invest?
Career change/scale back sounds more realistic unless you are extremely frugal and have minimal expenses. Look into "Barista FIRE" movement where you take on a part time or just easier job with health benefits instead of full early retirement.
Posted on 12/19/23 at 10:02 am to La Place Mike
They are not cheap for me. I have diabetes and my wife has medical problems and the medicines are very expensive. A stroke or heart attack or any major illness could be devastating expense wise.
Posted on 12/19/23 at 10:06 am to jerryc436
quote:
jerryc436
Okay. Your eyes are open. Its surprising how many people believe once they get on Medicare all of their healthcare expenses will disappear.
Posted on 12/19/23 at 11:36 am to Shepherd88
quote:
Best bet is to find a new job that’s less stressful even if it pays less.
Everybody loves a wise, old bartender to shoot the shite with.
Posted on 12/19/23 at 11:38 am to MarlinMan
Hold on man until at least that social security kicks in at 62. 
Posted on 12/19/23 at 11:50 am to MarlinMan
Life is short....do what you want to do....biggest thing would be health insurance....a private policy is probably $800 to $1200 a month.....I would figure that part out first....
Posted on 12/19/23 at 12:01 pm to MarlinMan
Find a new job. You shouldn't retire yet
Posted on 12/20/23 at 3:08 am to MarlinMan
Move to Argentina
Posted on 12/20/23 at 5:19 am to jerryc436
quote:
I would not. Medical insurance could take up to half of your income per month. I would worry about that until I turned 65 and able to get medicare. THat is just me and you may be able to make it but I would not chance it.
With good ole Obamacare premiums would be free given he wouldn’t have an income.
Posted on 12/20/23 at 5:41 pm to MarlinMan
Op,what is your passion, golf?, hunting, fishing????
Posted on 12/20/23 at 8:07 pm to MarlinMan
quote:
Can I live off of $500k for the rest of my life?
No. This won’t stretch far enough based on your expenses.
Figure out your health insurance situation and reevaluate.
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