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fishbuck
Banned
Posts: 5318
Registered: 8-31-2006
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Very loose timeline.
58 wishful thinking, very irresponsible... very tempting.
59 Please God,Please God...
62 probable with only moderate brain damage. May be surviveable.
67"whaa-whaa"!!!
70 Someone please shoot me!
[Edited on 9-21-2016 by fishbuck]
"A ship in harbor is safe, but that is not what ships are built for." J. A. Shedd.
A clever person solves a problem. A wise person avoids it. – Albert Einstein
"Life's a Beach... and then you Fly!" Fishbuck
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David K
Honored Nomad
Posts: 64855
Registered: 8-30-2002
Location: San Diego County
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Mood: Have Baja Fever
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Mike, make a list... two columns... reasons to retire early on one column and reasons not to on the other column.
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CortezBlue
Super Nomad
Posts: 2213
Registered: 11-14-2006
Location: Fenix/San Phelipe
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Usually when hear folks talk about retiring early it is because they are a cop, fireman or educator. If you fall into this catagory, then retirement
is probably more accessible for you. I retired at 57, I am not a public works guy, but a long time business guy who did well and saved my penny's. I
will tell you that I retired fully for 2 years and had to go do something. I can't sit still. We own a home on the beach in Mexico and love spending
time on the road with our RV, but that still leaves a bunch of free time. Being a entrepreneur, it is difficult not to look at something that needs
fixed or a process improved. Since I have invested in Real Estate all of my life, I decided to get my RE Lic, and love it. Not only does it help me
with my own rental properties but I have listed and sold many homes her in Phoenix.
I think that retirement today has changed to doing what you want on your own terms. So I only try to do home listings and I take the summer off and
travel to the north west and split my RE biz into fall and spring. We travel south to Cabo or PV during the winter. So, I have extra cash to pay for
Obama Care with out touching my 401K or my savings and have free time to do my thing throughout the year.
PS Don't mess with your 401K unless you really have to. Just remember, if you need $20K for expenses, you will have to pull out $24K. Also, if you
are married I would suggest one of you take SS early and the other wait til' 66 or 67.
Enjoy what ever you decide to do.
“Two things are infinite: the universe and human stupidity; and I'm not sure about the universe.”
- Albert Einstein
Follow Cortez Blue
www.cortezblue.com
We put the FUNK in disFUNKtion |
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Sweetwater
Senior Nomad
Posts: 915
Registered: 11-26-2010
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Mood: chilly today hot tomale
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Cortez makes some good points. Retirement is relative, just like the timing of stepping away from that long time job/career. I did not think that
staying at a job for 32 years would take such a long time. Two sons later and a wife with a good career, I bailed at the tender age of 54 although I
was a month shy of 55. Several other salient points. Medical is your biggest challenge, I've never needed anything while employed but my wife got one
of those $100k + DVT things and then I rang up some orthopedic expenses to the tune of $300k. Out of pocket wasn't bad and because the ACA makes me
still insurable with the same policy and price, I'm not damaged financially. Your activity level after you take your EARNED benefits can also entail
making some side money on a business that has been a hobby. Why not?
Everbody\'s preachin\' at me that we all wanna git to heaven, trouble is, nobody wants to die to git there.-BB King
Reality is what does not go away when you stop believing in it. -Philip K Dick
Nothing is worse than active ignorance. Johann Wolfgang von Goethe(1749-1832, German writer, artist and politician)
When choosing between two evils, I always like to try the one I\'ve never tried before. - Mae West
Experience is what keeps a man who makes the same mistake twice from admitting it the third time around.
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SlyOnce
Nomad
Posts: 262
Registered: 12-26-2013
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I'm 59 1/2 I live full time in Baja now, I commute to work in SD every day. I will be retired from Government work in 6 months. My income will be
about what you are talking about. It will be tight but we can do it. My apartment in Playas is $350/month so consider that cost of living in Baja
will be MUCH LESS. In 2 more years my early SS will start. So income will go up. Pay cash for medical, although my MX wife works for Baja CA
Government and technically I could go on her medical - although she is going to "retire" at the same time (she's 35).
Just put together a spreadsheet of costs versus income. I can get by by my figures living full time in Baja on $2600 / month and that includes
owning a boat.
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bajaguy
Elite Nomad
Posts: 9247
Registered: 9-16-2003
Location: Carson City, NV/Ensenada - Baja Country Club
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Mood: must be 5 O'clock somewhere in Baja
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Additional costs
Don't forget federal income tax, and those of you lucky enough, California personal income tax
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TMW
Select Nomad
Posts: 10659
Registered: 9-1-2003
Location: Bakersfield, CA
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A couple of things to remember about a 401K.
Some companies maybe all of them, I'm not sure, make you convert a 401K to an IRA when you retire. At least that is what McGraw-Hill does. Basically
it is the same thing but you have more choices to invest in.
Also when you when you reach 70.5 years of age you must start with drawing a minimum amount. It's based on how much you have divided by 26. You can
withdraw more if you want and normally who ever you are withdrawing from will keep 25% for federal taxes or more if you have a lot of money in it that
puts you in a higher tax bracket. You can elect to take it the following year before April 15 but that means you will be taking out twice as much in
that tax year.
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TMW
Select Nomad
Posts: 10659
Registered: 9-1-2003
Location: Bakersfield, CA
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The U.S. Feds tax 85% of SS. The state of CA does not tax SS. Both tax any pension you get at 100%. I don't know what the tax rate is on a disability
pension, it may not be taxed.
[Edited on 9-21-2016 by TMW]
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bajamedic
Nomad
Posts: 392
Registered: 12-5-2008
Location: Northern California
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Mood: Just waitin for baja
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Just do it... as a Paramedic I felt that I had seen more sickness, trauma and death than a human should experience. I was able to retire at 56 and I
am now 61. I am glad that I have taken time to live, not work, as so many of my patients never got to see the tomorrow that they were planning. Just
do it. JH
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ehall
Super Nomad
Posts: 1906
Registered: 3-29-2014
Location: Buckeye, Az
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Mood: It's 5 o'clock somewhere
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Great thread. I just turned 49. Never too early to start planning my escape.
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Sweetwater
Senior Nomad
Posts: 915
Registered: 11-26-2010
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Mood: chilly today hot tomale
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Here's a link to a good review article. The site should give you plenty of homework to feel confident about your choice.
http://www.investopedia.com/articles/personal-finance/011916...
Everbody\'s preachin\' at me that we all wanna git to heaven, trouble is, nobody wants to die to git there.-BB King
Reality is what does not go away when you stop believing in it. -Philip K Dick
Nothing is worse than active ignorance. Johann Wolfgang von Goethe(1749-1832, German writer, artist and politician)
When choosing between two evils, I always like to try the one I\'ve never tried before. - Mae West
Experience is what keeps a man who makes the same mistake twice from admitting it the third time around.
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motoged
Elite Nomad
Posts: 6481
Registered: 7-31-2006
Location: Kamloops, BC
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Mood: Gettin' Better
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I retired in May of this year and turned 65 in late August...Old Age Pension stuff (SS)starts at the end of this month....$1300 before taxes....have
some RRSP's (401K equivalent) and some money in the corporate account saved from my private counselling practice that I will draw from first...and
will draw 75% of preretirement "salary"....which should give me about $2500 a month after taxes and that is the plan for the next several years while
I figure out what life holds for this single guy with a penchant for riding my moto in Baja during winter months...while I still can.
Plan may well be to use the next two years to downsize my stuff and get the house ready to sell...and then see what's what.
It's an adventure, for sure.
Don't believe everything you think....
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SFandH
Elite Nomad
Posts: 7084
Registered: 8-5-2011
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Quote: Originally posted by motoged  |
Plan may well be to use the next two years to downsize my stuff and get the house ready to sell...and then see what's what.
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Sell the house? Are you planning on buying another? Having a paid off house is a great thing to have when retired. I wouldn't want to be at the mercy
of a landlord considering how steadily rent increases.
I think having fixed housing costs is key to a successful retirement.
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Udo
Elite Nomad
Posts: 6346
Registered: 4-26-2008
Location: Black Hills, SD/Ensenada/San Felipe
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Mood: TEQUILA!
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I retired at 67.
When I let the Feds know, they sent me a SSI for thousands of $. Now I get a check every month.
Sweet!
Udo
Youth is wasted on the young!
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fishbuck
Banned
Posts: 5318
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These is great wealth of knowledge and experience here on the board. Thank you all.
"A ship in harbor is safe, but that is not what ships are built for." J. A. Shedd.
A clever person solves a problem. A wise person avoids it. – Albert Einstein
"Life's a Beach... and then you Fly!" Fishbuck
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motoged
Elite Nomad
Posts: 6481
Registered: 7-31-2006
Location: Kamloops, BC
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Mood: Gettin' Better
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| Quote: Originally posted by SFandH | | Quote: Originally posted by motoged |
Plan may well be to use the next two years to downsize my stuff and get the house ready to sell...and then see what's what.
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Sell the house? Are you planning on buying another? Having a paid off house is a great thing to have when retired. I wouldn't want to be at the mercy
of a landlord considering how steadily rent increases.
I think having fixed housing costs is key to a successful retirement. |
House is paid for....certainly not decided about selling it....but have given lots of thought about trailer life.
No, I would not buy another place if I did sell...as it ties up the equity....renting might be a better option....but need to think on that a lot
more....love the house but I don't need all the space...
Don't believe everything you think....
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Martyman
Super Nomad
Posts: 1904
Registered: 9-10-2004
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I'll turn 60 in 10 months and I will retire then. I'll have a nice county pension and my wife and I plan on travelling a lot. When we go to Australia
I imagine we will spent $8k/month. When in Baja we will spend $2500/month.
The time that I travel to more expensive place will be when the stock market is UP. We will hang more in Baja and Thailand when the market is DOWN.
Go Stock Market!
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fishbuck
Banned
Posts: 5318
Registered: 8-31-2006
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Any thoughts on Social Security Breakeven age?
Let's start at 62. Read a article that stated it as 80.
Social Security longivity calculator says I'm done at 83.
62 is sounding real good right about now
"A ship in harbor is safe, but that is not what ships are built for." J. A. Shedd.
A clever person solves a problem. A wise person avoids it. – Albert Einstein
"Life's a Beach... and then you Fly!" Fishbuck
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fishbuck
Banned
Posts: 5318
Registered: 8-31-2006
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| Quote: Originally posted by Martyman | I'll turn 60 in 10 months and I will retire then. I'll have a nice county pension and my wife and I plan on travelling a lot. When we go to Australia
I imagine we will spent $8k/month. When in Baja we will spend $2500/month.
The time that I travel to more expensive place will be when the stock market is UP. We will hang more in Baja and Thailand when the market is DOWN.
Go Stock Market! |
You win!
"A ship in harbor is safe, but that is not what ships are built for." J. A. Shedd.
A clever person solves a problem. A wise person avoids it. – Albert Einstein
"Life's a Beach... and then you Fly!" Fishbuck
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mtgoat666
Select Nomad
Posts: 18388
Registered: 9-16-2006
Location: San Diego
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Mood: Hot n spicy
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| Quote: Originally posted by fishbuck | Any thoughts on Social Security Breakeven age?
Let's start at 62. Read a article that stated it as 80.
Social Security longivity calculator says I'm done at 83.
62 is sounding real good right about now |
Why is SS set up to encourage you to work longer?
People worn out at 62 should be allowed to relax with fair pension. Forcing work to age 70 only benefits the rich/oligarchs whose SS contribution is
capped. Tax the rich, not the elderly!
Anywho, re your question, i suggest you independently save for retirement so SS is not critical.
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