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Posted on 9/19/22 at 11:02 am to Rex Feral
quote:this is why my husband will continue working until he reaches this point also.
Her plan is to keep working until she's vested so we can have health insurance for the rest of our lives.
Posted on 9/19/22 at 11:03 am to Rex Feral
Good luck. I'm 50 now. No chance in the 7 layers of hell can I ever retire. I took a MASSIVE hit when Obamacare kicked in and all the health insurance companies raised their rates to offer "free insurance". I had to quit contributing to my 401k for 5 years. As a result that set me back HUGELY. I can't recover from that. Even if I max out my contributions...no chance in hell.
Posted on 9/19/22 at 11:04 am to madamsquirrel
Sell all the shite you don't need snd buy a small farm and move to the rural area where you can just be free.
Grow a small crop and sell it every year for a tax write off and a bit of profit.
It will do wonders for your life.
Grow a small crop and sell it every year for a tax write off and a bit of profit.
It will do wonders for your life.
Posted on 9/19/22 at 11:10 am to Jack Ruby
That's basically what I did. I sold some expensive apartments in El Segundo, CA under 1/2 mile to the beach.
Moved to the farm I owned in SE Oklahoma. Have some cows for tax purposes and am absolutely 100% free and beholden to no one...not any company, bank, group or person.
Moved to the farm I owned in SE Oklahoma. Have some cows for tax purposes and am absolutely 100% free and beholden to no one...not any company, bank, group or person.
Posted on 9/19/22 at 11:12 am to facher08
A woman's uterus is a chamber of financial ruin from what I can tell. I am really glad I don't have kids.
Posted on 9/19/22 at 11:12 am to Rex Feral
1. What is your health care situation?
2. What about debt?
3. Any pension or other income that will come in during retirement (spouse's income, rental income, etc)?
Any 401k type money will likely be taxed to death if used prior to the appropriate age; therefore you may need a bridge for the 9 1/2 years before you can start taking disbursements.
If you won't have any of the above stated income, I'd want at least $3 mil to live off of for the next 30-40 years.
2. What about debt?
3. Any pension or other income that will come in during retirement (spouse's income, rental income, etc)?
Any 401k type money will likely be taxed to death if used prior to the appropriate age; therefore you may need a bridge for the 9 1/2 years before you can start taking disbursements.
If you won't have any of the above stated income, I'd want at least $3 mil to live off of for the next 30-40 years.
Posted on 9/19/22 at 11:13 am to TigerCoon
quote:
That's awesome. Good for you.
You paying your own health care premiums now? If not, the price for that in your 50s may shock you.
I'm 55 and considering retirement but I haven't looked into how much health care would cost for the wife and I. I sure as hell don't want some Obamacare crap. I know my employer spends about $1,600+ for each employee and we have a pretty good plan.
Anyone researched health care costs? Be 10 years to cover before gov't care kicks in and it isn't going to get cheaper each year.
Posted on 9/19/22 at 11:15 am to AlumneyeJ93
I think my SIL and BIL pay 2k/month. Early 40s and 2 young kids.
Posted on 9/19/22 at 11:16 am to Rex Feral
quote:
My wife just got a job as a para-pro so our health insurance is covered through the state.
Your wife will resent you if you retire early and she's still working.
Posted on 9/19/22 at 11:16 am to TigerCoon
This! Be prepared to fork over $1k month for health insurance monthly.
For yourself only; no dependents
For yourself only; no dependents
This post was edited on 9/19/22 at 11:17 am
Posted on 9/19/22 at 11:17 am to Rex Feral
quote:
I'm 45 and aiming to hang it up in 5 years. I should have my debt paid off and the kids will be on their own. The next 10 years should be my highest earning years, but I'm burnt out. Has anyone walked away from a decent salary and retired early?
I'm assuming you have quite the sum in savings. Typically, 401k investments can't be withdrawn, without penalty, prior to age 59 1/2.
What type annual figure are you assuming you would need for the rest of your life?
Posted on 9/19/22 at 11:20 am to Ostrich
quote:
Your wife will resent you if you retire early and she's still working.
False. My wife is almost 42 and she works as an ICU RN, by her choice. She says she was born to be a nurse and loves it. She could retire tomorrow, but its her choice.
Like the great Jason Boland song goes:
She don't want me in an office
Or in a 3-Piece Suit
She'd rather see me in dirty jeans and boots
My baby loves me when I'm stoned
Just as long as I find my way home
No, my baby, she don't care
About the songs I sing or the clothes I wear
Posted on 9/19/22 at 11:20 am to greenbean
[quote]1. What is your health care situation? Wife works for the school system and gets great health insurance.
2. What about debt? Everything will be paid off next year.
3. Any pension or other income that will come in during retirement (spouse's income, rental income, etc)?Minimal, but we'll probably build a small second house on the property to air bnb when the children aren't visiting
Any 401k type money will likely be taxed to death if used prior to the appropriate age; therefore you may need a bridge for the 9 1/2 years before you can start taking disbursements. That's a concern, so we're starting to cut expenses now so we'll have enough to live a simple life until I reach 59 1/2. There will be no mortgage, minimal groceries since we're growing what we eat, and low utilities since we'll be on a well and solar panels.
2. What about debt? Everything will be paid off next year.
3. Any pension or other income that will come in during retirement (spouse's income, rental income, etc)?Minimal, but we'll probably build a small second house on the property to air bnb when the children aren't visiting
Any 401k type money will likely be taxed to death if used prior to the appropriate age; therefore you may need a bridge for the 9 1/2 years before you can start taking disbursements. That's a concern, so we're starting to cut expenses now so we'll have enough to live a simple life until I reach 59 1/2. There will be no mortgage, minimal groceries since we're growing what we eat, and low utilities since we'll be on a well and solar panels.
Posted on 9/19/22 at 11:24 am to Ostrich
quote:
Your wife will resent you if you retire early and she's still working.
Nah. She was a housewife for 20 years. Working as a special ed para pro was something she's talked about for years. She honestly loves what she does.
Posted on 9/19/22 at 11:26 am to El Segundo Guy
quote:
El Segundo Guy
Do you post about anything else? Ever?
No one gives a shite that you are retired
Posted on 9/19/22 at 11:28 am to Mingo Was His NameO
I didn't start this thread, just making a few comments. Poor little fella.
How are you taking care of the condo that your daddy's paying for?
How are you taking care of the condo that your daddy's paying for?
Posted on 9/19/22 at 11:30 am to Rex Feral
Not quite the same but I semi-retired at 48
Wife has a great career she loves and makes a killing. I took a gig that pays about a third of what I could earn otherwise but is not terribly difficult, rewarding, and is super flexible.
So far so good. Not sure if I'll stick with it though.
Wife has a great career she loves and makes a killing. I took a gig that pays about a third of what I could earn otherwise but is not terribly difficult, rewarding, and is super flexible.
So far so good. Not sure if I'll stick with it though.
Posted on 9/19/22 at 11:40 am to theronswanson
quote:
Work hard in your 20’s to 40’s and miss birthdays, vacations, family events, trivia night, kids sporting events, etc. just to run the rat race and come out at the end with a nice bank account and nice house but no one in your life.
Dude, that's me. One day I realized that if I keep up at this pace, all I'll have a bad relationship with my family and a bank account that doesn't care about me. I have a friend who's father worked his arse off and was worth well over 7 figures when he retired. Now he has Parkinson's and a giant bank account he'll never spend.
This post was edited on 9/19/22 at 11:41 am
Posted on 9/19/22 at 11:48 am to Rex Feral
quote:
Dude, that's me. One day I realized that if I keep up at this pace, all I'll have a bad relationship with my family and a bank account that doesn't care about me. I have a friend who's father worked his arse off and was worth well over 7 figures when he retired. Now he has Parkinson's and a giant bank account he'll never spend.
It isn’t worth it. Life’s too short. Enjoy your friends and family.
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