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Old 07-26-2014, 06:40 AM
 
Location: Right coast
4 posts, read 6,283 times
Reputation: 15

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Quote:
Originally Posted by biscuitmom View Post
So you've a good chance of losing your $40K at 71 or so, after that will live on reduced SS and your IRA? With fiscal restraint, your dwelling paid for, and assuming the economy/market doesn't take a chunk out of your IRA when you need it most, it would be doable but not really comfortable in my neck of the woods (N TX, near DFW). You'll of course have tax due on the IRA but sounds like you'll be in a lower bracket, so all's well that ends well. I certainly wouldn't spend a penny of it before I needed to.
The flip side of that is that we also stand to inherit about $200k sometime in that same period, barring some change that we can't imagine. But we're not counting that until it actually happens.
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Old 07-26-2014, 07:17 AM
 
71,458 posts, read 71,629,249 times
Reputation: 49021
Just do it. Money is like water. It will always seek its own level. ?you have plenty living within your means..
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Old 07-26-2014, 07:24 AM
mlb
 
Location: North Monterey County
3,179 posts, read 2,851,972 times
Reputation: 4871
What I did was set my retirement income when I was still working and tried to live off that for 1 year (excluding work related expenses). I under budgeted for what I spent. Made an adjustment and lived the next year off that and was fine.


This is so smart. Living on what you expect for retirement years before it happens. We're doing this. Living on between 30-35K and shoveling the rest. In 5 years we'll have a portfolio of over $1M and a 30K pension plus SS. But we won't stay in this low cost locale - so we are gearing up to utilize the portfolio at a low rate.

We may have an inheritance but we are NOT counting it into our figuring.

Btw - 50K in Wyoming would be a life of luxury.
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Old 07-26-2014, 07:29 AM
 
Location: Forests of Maine
30,669 posts, read 49,416,421 times
Reputation: 19119
Since you have good health insurance, you will be fine
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Old 07-26-2014, 08:06 AM
 
6,436 posts, read 3,065,752 times
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You sound good to go, but in order to understand all your options and how you should spend the money you have or expect to have I would lay out a budget based on the cost of living where you plan to go.

I would also look at how the last spouse standing will fare and make sure you are covered there.
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Old 07-26-2014, 10:56 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,524 posts, read 39,903,732 times
Reputation: 23629
Quote:
Originally Posted by Submariner View Post
Since you have good health insurance, you will be fine
and a guaranteed income stream

Double fine, as compared to most of us who figure out how to make retirement work with neither.

Retire early, retire often! (Afford it or not!)

Picture perfect? Magic Formula, Not in my lifetime! Go with the flow.

The future of USA healthcare availability will govern my success at retirement We all know how predictable that is

Quote:
Can we afford to retire?
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Old 07-26-2014, 11:05 AM
 
Location: Forests of Maine
30,669 posts, read 49,416,421 times
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Quote:
Originally Posted by StealthRabbit View Post
and a guaranteed income stream

Double fine, as compared to most of us who figure out how to make retirement work with neither.
I know. Only a small percentage of workers have pensions today, along with employers or unions who will continue healthcare coverage.
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Old 07-26-2014, 11:13 AM
 
5,392 posts, read 6,527,506 times
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many people move to my part of the country for the low cost aspects and find after the bloom wears off that it isn't their cup of tea.

Would suggest long visits at a potential low cost areas before you even get to the should I retire decision. Also suggest investigate retiring in place or in a downsized place in your home area as a comparison.

Money isn't everything and you may find you are more comfortable with familiar aspects of home when it is all said and done. Or you may find being so far from family becomes a problem

another thing people do is they move down here and look for a remote quiet mountain cabin or something. This may be fine for a second home or vacations, but as they live the day to day they miss community and cultural aspects they could find elsewhere. It dawns on them the curvy roads with steep drop offs aren't too good on your way to a doctor and how is that ambulance going to find them anyhow? They may start looking for what they left behind. Or they just don't get the culture, the neighbors, or any number of things. And a be warned thing, fact is many many many people move to the quiet only to find that weekend visitors and neighbors love to spin around the mountainside on their ATVs. I hate that myself.

Good luck. Sounds like your financials are in good order to do whatever you decide to do.

Last edited by theoldnorthstate; 07-26-2014 at 11:25 AM..
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Old 07-26-2014, 03:28 PM
 
Location: Woodbury, MN
1,465 posts, read 1,531,420 times
Reputation: 1880
Quote:
Originally Posted by zanshin View Post
What kind of lifestyle could we look forward to in most parts of the country? (not northeast, California or other high cost areas). What we make now doesn't matter, I just want to know what life might be like with our situation. Any thoughts would be great, thanks you.
Don't rule out California. You can retire pretty cheaply there if you live about 35 miles south of LA in a senior trailer park. My brother in law has been living in a senior trailer park in the Santa Ana area for about ten years. You can buy a trailer for about $20K, or a nicer modular home for about $30K to $40K. Since the home value is so low the property taxes are zero or next to zero. The main housing cost is $800 a month, which includes water and garbage.

Quote:
Originally Posted by mlb View Post
What I did was set my retirement income when I was still working and tried to live off that for 1 year (excluding work related expenses). I under budgeted for what I spent. Made an adjustment and lived the next year off that and was fine.
We have been living off a fraction of our income for a couple decades. We then have a pretty good feel for the amount of money it takes. Our retirement income stream will be several times what we have been living off of for a couple decades. We live well below our means, saving a lot of money. We could retire today, but plan to work another 5 years to build up even more retirement savings.
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Old 07-26-2014, 03:33 PM
 
Location: Forests of Maine
30,669 posts, read 49,416,421 times
Reputation: 19119
Quote:
Originally Posted by davephan View Post
Don't rule out California. You can retire pretty cheaply there if you live about 35 miles south of LA in a senior trailer park. My brother in law has been living in a senior trailer park in the Santa Ana area for about ten years. You can buy a trailer for about $20K, or a nicer modular home for about $30K to $40K. Since the home value is so low the property taxes are zero or next to zero. The main housing cost is $800 a month, which includes water and garbage.
You can do that in various regions of the USA.
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