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?