Before Retiring Criteria

[mathjak107]

Originally Posted by jasperhobbs

Sounds like poster has never owned a home and has always rented. That would work if rent was very reasonable and disciplined investing over the years paid off.

I have owned multiple homes as well as a second home up until 3 years ago. I have owned lots of commercial real estate and still own investment co-ops in manhattan .

[jasperhobbs]

Originally Posted by mathjak107

I have owned multiple homes as well as a second home up until 3 years ago. I have owned lots of commercial real estate and still own investment co-ops in manhattan .

OK Donald enough already, we get it!

[Giesela]

Originally Posted by jasperhobbs

I think the following are practical goals before a person can retire. It is a rather simplified plan and may not work for everyone. Just my views. I welcome others views and goals


1) Be debt free.
2) Own home
3) At least $100,000 in the bank.
4) Have as much as possible in 401K, Roth IRA and regular IRA.
5) Have retirement plans to fill void of having more free time.

Determining health when deciding when to pull the plug has been on my list. I have been making sure I have been having routine bloodwork, had bone density and colonoscopy done a few years ago. Trying to get as many old fillings taken care of, tests and screenings done. I've been trying to get my dentist to quit "well lets see if we can get a little more out of that filling" and just freaking replace what needs to be replaced. I know you can't control the future totally but I think health screening before submitting paperwork is a good idea. Found out a few weeks ago you can now get low dose CT lung cancer screening for 80.00 out of pocket. Former smoker. (pre or post retirement for former smokers I think this is a great deal since catching lung cancer when its too late is so common) And they found a little something. Needs a rescan in 6 months to see if it grows. So I may delay dropping paperwork because the schedule I was set for would have me drop paperwork before that. On a positive note during a before retirement haven't had one in awhile pap exam they decided I needed further screening for uterine cancer and that came back ok. Nice to know. I would like some sort of brain scan but don't think I can talk the Dr's. into giving me one

On the home ownership. IDK. I don't own. I have owned and there is a lot I like about it but there are a lot of cons too. Like repairs from minor to major. I feel like I would like to own one last time but I know in 10 years it would probably be too much. Then there is the added stress of unexpected big ticket maintenance. Not sure I have a budget that can withstand that.
If the **** hits the fan its easier to go to a cheaper apt than sell a house, at least here in flyover country where real estate is not usually an investment anymore. You can easily get stuck with a house unless you live in one of the big metros where housing is tight. Or has mathjak mentioned, here in flyover country there are lots of little dying towns with really cheap little houses you can buy to just hunker down in, but you would have to be able to get out from under your other more expensive home. Own/rent, real estate is very situation dependent these days.

[mathjak107]

Originally Posted by jasperhobbs

OK Donald enough already, we get it!

Well if the thought was i was always a renter you missed by a mile. Real estate has always been part of my life as an investor and an adult. What varies is my personal choice of where i live.

Homeowners are just poor rememberers and don't realize what their actual costs of housing them for a lifetime actually cost them.

[ABQ2015]

For many geographic areas, buying a home is more of a forced savings vehicle than a good long term investment. I've come out about even on my home when you consider the appreciation versus the costs (PTI, maintenance), partly because I was able to pay it off in a little more than 15 years thus reducing the interest paid. A woman on another forum stated that she had bought a house in San Diego in 1994, ten minutes driving distance from the beach for $300k, and it is now worth almost a $1M. My house purchased about the same time at $200K has increased only $150K in value. My brother's home in west Texas has appreciated about $40K in the same timeframe. Even with all the upkeep, I prefer owning a home over renting. There are lots of apartments available in my city but finding a small rental home in a good neighborhood that allows pets would not be easy or cheap. But I am open to renting when I retire to a another locale so that I have more flexibility to travel or move again if it does not work out.