retiring

[r porter]

there was a massive planetary alignment back in 2003 just as i turned 51. an opportunity presented itself to me and i opened door number one and walked through. no regrets at all and would do it sooner if i had it to do again.

 

[kenmac]

Boy, a million at 5% return is $50K per year in interest. That's more than I make annually. Way more. And I'm living a pretty comfortable life. I guess it's all in the eye of the beholder. :laughing:

I really believe it depends on the cost of living in your area. Property taxes, food, gasoline, etc,.
I sold my business and retired at 56-57 ? heck, I can't remember now... LOL

I'm now 61 will be 62 in march. I will begin drawing SS at that time.

Your SS $$ depends on how many credits you have with SS (number of years worked and, or how much you made /paid into the system)

Taxes on my 400K home and 40 acres is about $1300.00 per yr, and taxes on my 13 acre river property (no home) is $25.00 per yr

I would say, If you live in a high rent state, you may want to rethink if you have enough in your retirement account, because one size doesn't fit all

50 is pretty young, but if you can manage it. Go for it

 

[kenmac]

there was a massive planetary alignment back in 2003 just as i turned 51. an opportunity presented itself to me and i opened door number one and walked through. no regrets at all and would do it sooner if i had it to do again.

Arkansas ? Heck, I'm visiting Eureka springs AK as I type

 

[kenmac]

But you need additional for all those projects you now have time to do and perhaps another tractor or two. :thumbsup:

lol I just bought another one

 

[EddieWalker]

One of many reasons my wife left management at the hospital and started teaching nursing at the university was for the benifits they offered. He cancer treatment cost a little over $130,000 and our bill is just under $5,000 that we pay $100 a month on. We have Blue Cross Blue Shield through the State of Texas and the University of Texas. From what we understand, there is no better plan out there. She will get graduate with her PhD in December and then be in line for tenure. Once that happens, we should be in good shape for the rest of our lives with health care. It was a cut in pay to do this, but for our long terms goals, it's proven to be the best option possible.

We will probably work as long as we are physically able to and hopefully have enough to live off comfortably after that. I think the biggest concern is going to be staying in shape and as thin as possible. Almost all health issues seem to be weight related. I've been on a diet since I quit dipping 25 years ago. It's my biggest challenge in life!!!

 

[kenmac]

I know what you mean about staying in shape.
I quit dipping several years ago. My weight climbed to 280 #
I'm 6'2 so i was 6'2 280#
When i sold my business and mover to the farm two yrs ago and began to work on building fences, pasture, etc. I quickly dropped to 230#
So for anyone retiring. Stay in shape the best you can
Foe me. Moving to the farm was better than any gym. And I'm gettings accomplished at the same time

 

[Molalla1]

I retired at 50, absolutely sick of where I was working for the past 20 years, I lasted 2 weeks and went back and worked for myself, took a while but have no need of health insurance (have a Gold Card as a Vietnam Vet and all is covered for life).
Turn 70 in December and still working albeit only 3 days a fortnight but it keeps me out of trouble and means I can live comfortably without touching my pension.

bunyip . . . I hear ya . . . :drink:

 

[dnw64]

Taxes on my 400K home and 40 acres is about $1300.00 per yr, and taxes on my 13 acre river property (no home) is $25.00 per yr...

Wow. Taxes on my (assessed at) $465k home are over $10k/yr, and would be more if I didn't have 30 acres in a state sponsored "current use" plan that reduces my basis by nearly $100k.

 

[bunyip]

The taxes are something of a rort in places, we have racing stables about 30km away that they want to turn into housing estates and the council have changed the rules by charging taxes based on 1/4 acre lots which are usually about $2k, so you have 20 acres your taxes suddenly jump to over $100k a year just to drive them out.
A place we are looking at is 40 acres with a 5br house and the taxes are $2k but it is out of the way.

 

[ovrszd]

The taxes are something of a rort in places, we have racing stables about 30km away that they want to turn into housing estates and the council have changed the rules by charging taxes based on 1/4 acre lots which are usually about $2k, so you have 20 acres your taxes suddenly jump to over $100k a year just to drive them out.
A place we are looking at is 40 acres with a 5br house and the taxes are $2k but it is out of the way.

A new Aussie term, rort, definition please?

 

[kenmac]

Wow. Taxes on my (assessed at) $465k home are over $10k/yr, and would be more if I didn't have 30 acres in a state sponsored "current use" plan that reduces my basis by nearly $100k.

LOL I guess living in the wrong part of the country. But, your income most likely is higher than here to offset those higher taxes.

Mine just went up last yr. Prior to last yr, my taxes were $1100.00 on this place.

My home and property in your state might be worth more than it is in my state as well. I have 3500 sq all brick, 40x80 grrage, and a 40x40 pole barn, 40 acres , fenced for cows

I was wrong on my 13 acre river property. Got the notice in yesterday for it. $23.00 per yr instead of $25.00

Anyone in this state that is on disability pay no property taxes at all

 

[ovrszd]

My 49 yr old neighbor had stomach cancer ten years ago. Completely cancer free with no side effects now. Actually is Wintering in Florida. Hired a lawyer and got herself on disability...... sure glad Missouri makes her continue to pay taxes on her 40 acre property....

 

[dnw64]

I was wrong on my 13 acre river property. Got the notice in yesterday for it. $23.00 per yr instead of $25.00

That's actually ludicrous. It HAS to cost them more than that to service the account.

 

[kenmac]

That's actually ludicrous. It HAS to cost them more than that to service the account.

I guess, but it is what it is. I have power and water on the property. Before I added power and put water to the property it was less than $23.00. I believe they value the property at 45-50K. As I have stated, there is no structure on the property. I use to haul my RV there and stay

 

[kenmac]

My 49 yr old neighbor had stomach cancer ten years ago. Completely cancer free with no side effects now. Actually is Wintering in Florida. Hired a lawyer and got herself on disability...... sure glad Missouri makes her continue to pay taxes on her 40 acre property....

Well, In Al. if you are on disability, You pay no property taxes on land you live on. no matter how much land you have, as long as the land is contiguous to land the home sits on

If I were on disability, The only property taxes I would pay is the $23.00 for my river property. It doesn't matter that my wife also works, as long as I'm on the mortgage /deed, it's no charge

 

[PILOON]

Well I'll be 81 come November.
I 'semi' retired at 55, in that I did odd renovation jobs that interested me as well as some snow contracts.
Probably worked , more or less 30 hrs/wk all told, when and if I chose to.
OK, in Canada we have health care so that was not a concern, (and I had occasion to avail myself a few times)
I owned a small aviation enterprise (FBO and maintenance etc) and actually never earned more than $40k as such but invested. I think. wisely.
But then I'm considered frugal and very a DIY type guy.
Fortunately I am very mechanically inclined and generally can repair/maintain most anything I own.

YES, U can retire early if U are a DIY frugal type person!
But not if you need to impress others with your new $$ toys.
LOL, I keep my cars for average 8-10n years! (and shop for pre owned low mileage off leased vehicles) OK, time consuming but worth it over the long haul.
And I have 2! a 4 x 4 daily user and a nice 'toy' a Toyota MRE with low mileage that is (IMHO) a classic collectable.
Yes, it is all about not 'living up to the Jones'.

LOL, if U don't like how I look, then don't look.
As retired, I have two pairs jeans,
My 'everyday' and dressy to go out ones.

Have a good day!

 

[Alien]

Rort = dirty sneaky coniving ways of sucking money and blood from the hapless population that can do little about it.

 

[goeduck]

Rort = dirty sneaky coniving ways of sucking money and blood from the hapless population that can do little about it.

Well then our entire government has RORT down to a science :banghead::hissyfit::banghead:

 

[zzvyb6]

$2.5M ought to do it for you. Healthy withdrawal rate, no mortgage, boat and vehicles paid for, home roof, furnace, AC, well all new. Staying out of expensive restaurants and collecting cash from hay, ebay and Craigslist cash sales. AND, IRA is still hanging on. Big 'hit this year was RMD at age 70-1/2 [ IRS rule ].

If nothing else, live now BELOW your means instead of WITHIN it. Take S.S. as soon as possible. Do the math: the catch-up age may be longer than you will live.

 

[goeduck]

I plan to take SS at my prescribed age and not delay it, but also not take it early. I have to have some daylight down the road.