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lol Marino. if i’d have been good with money we would be rich !! But still blessed to have what we
Traveler, i have a great small business running that I will continue for a few years, but at a reduced pace.
Wiley, the side gig grossed $140K this year with the bulk of profits going into equipment. should easily be able to operate a day or two a week and make a bit of cash. That is the equipment i will sell in a couple/three years. I’ll have to be careful not to exceed early retirement income levels on SS too far.
Probably will not actually touch our IRA Money until I let that go. We will see.
We started living on what would be retirement income at least one year before we actually retired. It made the whole thing seamless.
Retired since 2010.
That’s a great thought. Due to job loss and the business start up we have been spending far less than in the past. Which I think is a good thing for us. The budget posted is a snap shot of our current spending.
I’ve built a 2 percent income increase annually and a 3 percent inflation increase annually in our spending.
We have a plan and most likely will execute it fully or partially. Part of me says draw on my IRA for two years and work more part time, then pull social security. Should be a considerable lifetime increase. But our numbers work and time is not replaceable.
Our former neighbors retired early and moved to Costa Rica. This might not be possible with your side gig, but it worked for them.
Aside from wanting to experience a more relaxed lifestyle, they were also concerned about the cost of health insurance in the U.S.
They've lived in Costa Rica for a number of years now and are satisfied with the health care and costs in Costa Rica. Their plan includes an annual visit by a medical professional to discuss the health goals and how to meet them. They've both lost weight and report they are healthier than they have ever been. They walk a lot and eat lots of fruit, vegetables, beans, rice, etc., not as much meat and cheese as they used to. So, that undoubtedly makes a difference.
Their original plan was to move back to the U.S. when they turned 65 and were eligible for Medicare, but that date has come and gone.
They fly out to see their grown children and friends a couple times a year, and now say that when there are grand babies in the picture, they will likely move back.
Also, they did what Listener2307 recommended. Several year before he retired, they started living on what they planned to live on when they retired.
Location: Was Midvalley Oregon; Now Eastside Seattle area
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We, too, have a multi-leg retirement. Inflation and HOA (personal home) increases are always hard to predict even when budgeted.
My trading habits and rental issues are unknowns.
We are still OK at 73/76. Have not touched the small trading accounts although with big net losses in 2023. Annuities are in full GLWB withdrawal mode. Rental is paid off and has appreciation which could be tapped for in a refinance when rates become better. Rental maintenance will consume rent increase at 2024 turnover.
Our Annuities and pension are single life. Individual LTCi.
The shortterm reserves are more than needed with the steady streams of incomes. I am moving these funds to high yielding short-term bonds and CDs.
Either spouse should be OK on death of partner. (see MI_Roger's thread)
Last edited by leastprime; 12-24-2023 at 01:03 PM..
SS seems very high. Where did you get that number.
Consider postponing SS if you can. It is like buying a larger lifetime annuity. You can start out without SS and start it at any time so I would at least try postponing.
People live to the 90s these days.
I would keep working until the 70s.
It is also better to have more than to have less.
When you reach 78-80,and need some income,no one would hire you.
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