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changes - rayray - 07-07-2021
unfortunately, i had a uncle pass away unexpectedly last week, monday or tuesday we're not sure as he was found friday around 5pm--very sad situation--he was 67
not sure what's going on but this has been the 3rd or 4th person that either i've known or a friends friend that has passed away recently and no body was OLD, everyong was 55 to 67 years old--sad news all around..
this all makes me think about my own mortality, especially since i've already beaten cancer at 36...i'm 50 now but apparently the radiation has made me susceptible to some blocked arteries, we believe it's been caught in time and should be able to be corrected later this summer--hopefully...
the goal was to work till i ws 60 to 62...but with everything going on lately i told the wife we're on a 5 year plan and most likely i'll (we'll) retire in 6 years--a little sooner and i will probably not have that magic number i would like to have...it was 3mil
well...
we can't buy time, they don't sell any extra time
the 5 year [plan is to figure out where'd we like to retire...i figure we'll explore florida
i already know texas and a little about arizona
RE: changes - crimsonghost747 - 07-07-2021
Time is precious, no doubt about that.
The good thing is that you already have a nice portfolio that allows you to retire earlier. And 5-6 years is plenty of time to figure out all the details, both regarding the location and finances. Probably won't take much more than just fine tuning your portfolio a bit and maybe investing some extra money these last few years to partially make up for retiring a bit earlier. I have no doubt you'll be all set in 5 years.
RE: changes - rayray - 07-08-2021
(07-07-2021, 11:22 PM)crimsonghost747 Wrote: Time is precious, no doubt about that.
The good thing is that you already have a nice portfolio that allows you to retire earlier. And 5-6 years is plenty of time to figure out all the details, both regarding the location and finances. Probably won't take much more than just fine tuning your portfolio a bit and maybe investing some extra money these last few years to partially make up for retiring a bit earlier. I have no doubt you'll be all set in 5 years.
that's what i was thinking fine tune the portfolio and start visiting possible retirement area's more, i'm a list person, horrible at finishing the list but the list is better then no list lol....i'll put ten things on it but will have 2 or 3 must do's..all the other stuff i guess is fluff lol.....so i'll make a retirement list--a retirement plan
my own father is 70 and still working--i'm not going there no way man
RE: changes - ken-do-nim - 07-08-2021
Hi Ray,
Condolences on your uncle's passing, as well as the other individuals you noted.
None of us know how much time we have. When my Dad turned 72ish, he had a host of heart and cancer problems and it looked like he had very little time left. After a bunch of stents, chemotherapy, and procedures, he's now 78 and still going. His pacemaker goes off frequently, but it works. It is true, though, that by the time he turned 70, his travel years were behind him. However, he is still working, but that's by choice.
Assuming you retire in your mid 50s, what is your plan for health insurance?
If by your mid 50s you are at a $2 million nest egg, and you concentrate on dividend payers like Verizon, ABBV, and Consolidated Edison, you can average out to a portfolio yield of approx 4.5%. That would give you $90,000 a year to live on. If you have freedom to live anywhere in the country, there are places you can do well on that amount. I'd personally avoid Florida for a variety of reasons.
RE: changes - fenders53 - 07-08-2021
Sorry for your loss Ray. I got my wake up call the last ten years of my MIL/GOV career. Had 12 fulltime employees. All fairly healthy. We had been to war and back a time or two and survived that. Back home a 34 yr old drops dead of a massive coronary while walking leisurely to a class. Next year a 43 yr old dies of colon cancer they didn't catch in time. Last month a 42 yr old has a massive coronary watching TV. All gone in an instant and all good friends of mine. We just never know. I browbeat all of them into setting their retirements and insurance up correctly and their widows are good.
I retired too early and knocked some things off the bucket list. Things are too tight for the next year until I can draw without penalty but no regrets. Making all kinds of money I can't spend yet.
You'll be OK with 2 milly. 98% would be ecstatic to retire with half that. Enjoy your life.
RE: changes - ChadR - 07-08-2021
Sorry for your uncle's passing. Yes, time is one thing money can't buy.
I'm 46 and would like to retire at 55. That will put my wife at 57 and our youngest out of high school by 2 years. That will leave us young enough to travel a lot and do what we want. And being a CPA, I'm sure I will still be doing taxes on the side. I will probably cut a lot of the clients that are too much of a headache and just keep the low maintenance ones.
If you have any questions about possibly living in Texas, let me know. After 46 years here, I know most of the pros and cons of living in the great state of Texas. Though if you're short of your magic number in 5 years, you might consider living in Mexico. Had some friends one year ago move there and they love it.
RE: changes - fenders53 - 07-08-2021
The location thing is what you can start researching now. The wife and I are torn on that one. If somebody told me I could have a place in northern MN, which is God's country to me but a tough life to winter there, and a place down south to hang out when I wished, I would be all over that plan. I wouldn't care if that meant there was a real cheap house at one of those locations. I'm not that hard to please if I could pursue some hobbies at both locations. My retirement dream is not to sit in my house and admire my grand home. I can't think of anyone I need to impress.
RE: changes - rayray - 07-08-2021
thank you everyone for your condolences, greatly appreciated!
ken--as long as i'm alive the health insurance will be ok, at least subsidized with about 5k or so out of my pocket as a retiree--doable. the wife works in healthcare and if anything should happen to me, i guess another hubby or go back to work lol...oh gawd lol..let's not think about this one yet.
we'll explore florida, just for the fun of it...
our two favorite places are California and Omaha, Nebraska--neither are happening from what i see
chad--i lived in texas for 7 years! houston and san marcos...spent a good amount of time in austin and a little in san antonio...still have family in texas.
fenders...yea i'm with ya on that one!
RE: changes - ken-do-nim - 07-08-2021
On my end, location is tricky. My son is autistic, and will be in group homes for the remainder of his life. I will always stay nearby to him. To move him out of Massachusetts will require the consent of his mother as well. The most I could do for a cheap retirement is if he goes into a group home in Western Mass, then I could move to southern Vermont. You can still get a 4 bedroom in the Brattleboro area for under $250k. I don't know how much say I get on where he goes.
Once my girlfriend and I no longer have kids in high school, I'm hoping to take 3 major vacations a year and get that bucket list attended to.
RE: changes - fenders53 - 07-09-2021
(07-08-2021, 07:21 PM)ken-do-nim Wrote: On my end, location is tricky. My son is autistic, and will be in group homes for the remainder of his life. I will always stay nearby to him. To move him out of Massachusetts will require the consent of his mother as well. The most I could do for a cheap retirement is if he goes into a group home in Western Mass, then I could move to southern Vermont. You can still get a 4 bedroom in the Brattleboro area for under $250k. I don't know how much say I get on where he goes.The bucket list is important. Cliff diving is tougher when you are 65
Once my girlfriend and I no longer have kids in high school, I'm hoping to take 3 major vacations a year and get that bucket list attended to.
Seriously though I am glad I got a few things checked off the list. I always wanted to fly fish remote Alaskan waters so the moose could watch me land big King Salmon. It was physically hard when I did it and I doubt I could do it only five years later.
RE: changes - ken-do-nim - 07-09-2021
Yeah, and since a lot of my bucket list items involve National Parks, they really all need to get done by age 70, when I saw my father's mobility go way down.
RE: changes - rayray - 07-09-2021
ken--i was up in boston recently, only for one night to pick up a pup that was supposed to go to my father and stepmother but our dog and more importantly the wife bonded so well with the pup that now we have two dogs...that or it was a planned foist from the beginning and i fell for it...hook line and sinker lol