Sorry about the open ended question guys, i know you all tryed to help. let me give you the real info so your answer might be clearer. Im 39, have a house in ct thats paid off. Its worth 480,000. I have another 100,000 saved. I have only 2 hobbies fishing and hiking, and i dont fly or travel. I was thinking of moving to vermont and buying a small house with a wood burning stove. Since my lifestyle is cheap and i dont spend much on cars or high end clothes. I was wondering if its possible to retire. If i bought a house with cheap taxes im thinking it could be done. any thoughts are highly welcome. Thanks for the input guys. p.s im single / with no real bills, if you want to factor that in.
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Im sorry guys let me clear up this 550,000
- Thread starter Dr sharp
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I kinda did that when I was 35 - on much less money. Sold up in the city and bought a much cheaper house on the coast. The plan was to live a semi self-sufficient lifestyle and write.
I decided to put my name out there as a visiting trainer/consultant in my field and take whatever small jobs that came my way to supliment my income. Last year that blew out into a huge amount of business and I felt anything but retired. The fact that I was just cherry picking work and not encumbered with the normal volume of distracting guff that most professions deal with allowed me to refine my approach and make some creative differences. Now I'm kinda 'the guru'. So I still live in the bush by the sea but spend a lot of time driving 2-hours to the airport and jumping on planes. This is all ok however, because my little sea-side shack has nearly tripled in value and I've saved some more - next year I'll be able to move somewhere even more remote and really retire.
So my advice would be don't retire, but make that move to Vermont. 100K is plenty of breathing space while you look around for a small part time business of some kind. Maybe net based or involved with the wilderness and fishing.
As much as we think we'd love to just drop out and recreate for the rest of our lives I reckon we still all need something that challenges your ability to create and make a difference in other peoples lives.
But that's just me, YMMV. Good luck.
I decided to put my name out there as a visiting trainer/consultant in my field and take whatever small jobs that came my way to supliment my income. Last year that blew out into a huge amount of business and I felt anything but retired. The fact that I was just cherry picking work and not encumbered with the normal volume of distracting guff that most professions deal with allowed me to refine my approach and make some creative differences. Now I'm kinda 'the guru'. So I still live in the bush by the sea but spend a lot of time driving 2-hours to the airport and jumping on planes. This is all ok however, because my little sea-side shack has nearly tripled in value and I've saved some more - next year I'll be able to move somewhere even more remote and really retire.
So my advice would be don't retire, but make that move to Vermont. 100K is plenty of breathing space while you look around for a small part time business of some kind. Maybe net based or involved with the wilderness and fishing.
As much as we think we'd love to just drop out and recreate for the rest of our lives I reckon we still all need something that challenges your ability to create and make a difference in other peoples lives.
But that's just me, YMMV. Good luck.
Gollnick
Musical Director
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It doesn't change my response much. If you can get a house for no more than 125K$ with tax, insurance, and maintenance totaling less than 4K$/year and keep the rest of your expenses below about 950$/month (all of these being 2006 $s) I think you could do it if you really wanted to.
Your biggest risk will be healthcare. You may be young and healthy now, but you are 20+ years away from Medicare and a lot can happen in twenty years.
Your biggest risk will be healthcare. You may be young and healthy now, but you are 20+ years away from Medicare and a lot can happen in twenty years.
averageguy
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It can definitely be done - it is reasonable to contemplate this.
That is quite a lot of money.
The key, of course, is how best to manage and invest your assets.
Off the top of my head it's easy to envision a $35,000 a year lifestyle with regular COLA - indefinitely. This is a conservative figure.
Work a few more years, manage a little better and $75,000 would be a
conservative figure.
Lucky you.
That is quite a lot of money.
The key, of course, is how best to manage and invest your assets.
Off the top of my head it's easy to envision a $35,000 a year lifestyle with regular COLA - indefinitely. This is a conservative figure.
Work a few more years, manage a little better and $75,000 would be a
conservative figure.
Lucky you.
Life has a way of throwing little surprises at you.
I retired at age 55 with about 1.2 mil, + 42K pension. Kids out of the house. Plans to do the things I always didn't have time to do. Buy some rural property, build a modest home.
A few months after I retired, my 21 year old daughter was struck by a hit and run driver. She is now 24 and cannot walk or talk, has memory problems and severe lapses in judgement. She may or may not ever be able to live independently. I cannot abide the thought of her languishing in a nursing home, so I take care of her full time. No time for my other plans. Suddenly 1.2 mil doesn't seem like a lot. My primary financial planning goal is now to ensure that she will be well taken care of after I am gone. I collect Busse knives as a link to my beloved outdoors and to keep my sanity.
I'd say if you are alone, no dependents, no elderly parents who might need your financial help some day, then go for it. If others are or will be depending on you financially, I would have strong reservations about it.
I retired at age 55 with about 1.2 mil, + 42K pension. Kids out of the house. Plans to do the things I always didn't have time to do. Buy some rural property, build a modest home.
A few months after I retired, my 21 year old daughter was struck by a hit and run driver. She is now 24 and cannot walk or talk, has memory problems and severe lapses in judgement. She may or may not ever be able to live independently. I cannot abide the thought of her languishing in a nursing home, so I take care of her full time. No time for my other plans. Suddenly 1.2 mil doesn't seem like a lot. My primary financial planning goal is now to ensure that she will be well taken care of after I am gone. I collect Busse knives as a link to my beloved outdoors and to keep my sanity.
I'd say if you are alone, no dependents, no elderly parents who might need your financial help some day, then go for it. If others are or will be depending on you financially, I would have strong reservations about it.
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Just because you try it out doesn't mean that you can't go back to work if you need or want to.
My wife and I moved and made some big changes a couple of years ago, and everything is working out fine. We didn't retire, but we do make considerably less than we used to. Without a mortgage, you can get by on much less than you think you can, although as someone mentioned, health care is a big hangup. Some large companies offer insurance to part-timers, so it might be worth considering semi-retirement instead.
I give you credit for even thinking about it, and if you do so, for having the guts to try. :thumbup:
My wife and I moved and made some big changes a couple of years ago, and everything is working out fine. We didn't retire, but we do make considerably less than we used to. Without a mortgage, you can get by on much less than you think you can, although as someone mentioned, health care is a big hangup. Some large companies offer insurance to part-timers, so it might be worth considering semi-retirement instead.
I give you credit for even thinking about it, and if you do so, for having the guts to try. :thumbup:
MelancholyMutt
Doggy Style
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If it doesn't work out financially, you can always run guns from Vermont to NYC...
It's the gun highway that no one really knows about. You can move a Glock 19 you buy for 3 to 4 bills and turn it over for 1k easily. You do ten in one shot and you got a 6 grand profit.
It's the gun highway that no one really knows about. You can move a Glock 19 you buy for 3 to 4 bills and turn it over for 1k easily. You do ten in one shot and you got a 6 grand profit.
Hi All-
Thirty-nine is very young to be retiring with just a modest amount of money in the bank that needs to last a LONG time. My advice would be to work for another decade and you're still retiring before reaching fifty years of age. The miracle of compounding growth will ensure you have lots more money available.
~ Blue Jays ~
Thirty-nine is very young to be retiring with just a modest amount of money in the bank that needs to last a LONG time. My advice would be to work for another decade and you're still retiring before reaching fifty years of age. The miracle of compounding growth will ensure you have lots more money available.
~ Blue Jays ~
tyr_shadowblade
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Hmmmmmmm, how to invest half a million dollars. . .
Well, looks like the economy is gonna take a dump in a couple of years, and if that happens you may well lose the majority of your investments. . .
Looks like we may be in the "End Times" as well, which might well mess up any long term plans. . .
My advice is to immediately purchase a new Harley Davidson motorcycle, then have a whole lotta fun blowing 50K in one month doing all sorts of great stuff you always wanted to do . . . preferably in a city where no-one knows you.
After that, sit back and re-evaluate your options. Sure, you just blew 50K, but the memories will last a lifetime!
Well, looks like the economy is gonna take a dump in a couple of years, and if that happens you may well lose the majority of your investments. . .
Looks like we may be in the "End Times" as well, which might well mess up any long term plans. . .
My advice is to immediately purchase a new Harley Davidson motorcycle, then have a whole lotta fun blowing 50K in one month doing all sorts of great stuff you always wanted to do . . . preferably in a city where no-one knows you.
After that, sit back and re-evaluate your options. Sure, you just blew 50K, but the memories will last a lifetime!
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I think you are better off to wait at least 5 years before actually retiring. In that time you should be able to save quite a bit more money without having a mortgage payment. You really need a lifestyle goal. That is, how much money will you need to live on to retire?
Lets assume for argument sake that you will feel comfortable making about 40,000/year income while retired. You should plan to live off the interest of your nest egg. The proper size nest egg to draw the 40,000 per year income is 500,000-800,000 considering a 5-8% growth. This is how you should be thinking.
I am taking this one step further. I am planning pre-retirement. Not only am I funding my 401K which will be at a certian size when I reach age 60 but also funding a pre-retirement nest egg. With the pre-retirement nest egg I can retire at age 49 and live on a combo of the interest/principal of this money. This will easily get me through 11 years until I am eligable to receive Social Sec and can start using my 401k without penalty. Keep in mind that I plan to work part time as well during this whole time. So every number I have figured is done conservatively so as not to leave myself short.
Plan big and live small
Lets assume for argument sake that you will feel comfortable making about 40,000/year income while retired. You should plan to live off the interest of your nest egg. The proper size nest egg to draw the 40,000 per year income is 500,000-800,000 considering a 5-8% growth. This is how you should be thinking.
I am taking this one step further. I am planning pre-retirement. Not only am I funding my 401K which will be at a certian size when I reach age 60 but also funding a pre-retirement nest egg. With the pre-retirement nest egg I can retire at age 49 and live on a combo of the interest/principal of this money. This will easily get me through 11 years until I am eligable to receive Social Sec and can start using my 401k without penalty. Keep in mind that I plan to work part time as well during this whole time. So every number I have figured is done conservatively so as not to leave myself short.
Plan big and live small
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I forgot to mention. Don't plan on Social Sec, just think of it as gravy. Plan on putting it in your dining out fund or your custom knife fund. But from all the best advice I've heard take a benefit as soon as you can. Many people wait to a later age to get a larger benefit. On the whole this will not pay off as well due to your mortality.
Just do it, planning for you med payemts so you can die is not my idea of fun. You have a good 30~40+ years of being active. I dare say you could find something in that time to earn a buck here and there without having to deal with a rectum of a boss or all the Office BS and crap that bombards us each day.
Get a book called 'One mans Wilderness' take a decent carpentry course and build the damned thing yourself.
Go for it man, you are only here once! :thumbup:
Get a book called 'One mans Wilderness' take a decent carpentry course and build the damned thing yourself.
Go for it man, you are only here once! :thumbup:
