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Recognizing the risk of premature death or chronic illness, no one can rule out either one entirely, We are taking the lead from threads here on death risk and fulltimer lifestyles as something very attractive.

We will keep S+B and spend 4-6 months each in RV and townhome.

Debt free at 62.

SS at 62

Budget padded and adj for inflation. Inc health insurance and out of pocket.

No pensions.

Savings invested in Roth, Muni Funds, Trad/Tax Def Plans. 80% CD, US Treasury, St Bond. 20%Stock/Bal Fund.

Expected rate of return (average) 2.8% for 5 years, then bumped up to 3.3%.(rising rate environment).

No income tax from 62 on after sale of business, office building ,and 2nd home.

No kids. 11 nieces and nephews all lined up to inherit big bucks from parents and grandparents.

Mental adjustment to taking SS early (big cut) and spending down assets currently in progress.

Want to spend more time RVing and snowbirding.

S+B ideal, paid for, updated, HOA minimal maintenance. Lock up and go. Neighbor brings in mail. Simplisafe monitor from phone Inc temp.

July 1 2023 target early retirement date.

We have been self employed, no pensions. Healthcare (assuming they don't change it) is factored into existing programs.

Can't see any reason to keep working after 62. Getting sick of doing taxes (30 years).

 

Household budget will be 6K monthly. No income tax, that is one of the goals ...not pay income and SE taxes anymore. Have been paying big income + SE taxes for many years.

There is hope for the self-employed!

 

 

Edited by ToddF
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3 hours ago, ToddF said:

There is hope for the self-employed!

You seem to have planned well and I salute you! Preplanning is needed for successful early retirement for most of us no matter how we have been employed. Your example is a good one for those who follow. I can't imagine why you would not be successful. 

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Sounds like a good plan to me.  If you get tired of paying real estate taxes, utilities, and other expenses on the sticknbrick while it is sitting empty then you can always sell it.  Good luck and safe travels!

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We have been doing much the same thing since 2006. We call it long timing. We spend 6 months of the year in a warmer climate and use the S&B for our base the other 6 months travelling when we feel like it. We kept the S&B because it is paid for and is the only investment  we have that increases in value. We do pay Ohio State tax and property tax but it is well affordable. We figured one day we will not be able to do this and we have to settle somewhere. We like the area we have the S &B and it is here for us when we will need it full time. 

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In my tax practice of 30 years I deal primarily with individuals. I can state unequivically that the single biggest surprise in retirement is the unexpected death of a spouse/ partner or self. "Early " retirement at 62 (or sooner) really makes sense in this context if one can afford it. Determining whether or not it is doable takes a fair amount of analysis but worth the effort. My biggest fear is working until 67 and kicking the bucket before 70.

Appreciate words of encouragement here. 

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2 hours ago, ToddF said:

My biggest fear is working until 67 and kicking the bucket before 70.

Appreciate words of encouragement here. 

Dave retired at 60. (I was already retired.) We are 71 now so it must have been a good decision.

Linda

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I retired at 58 and worked as a residential contractor for 3 years before fully retiring.  The DW retired in between there and we never regretted it.  My goal is to draw a pension for as many years as I worked.

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11 hours ago, ToddF said:

My biggest fear is working until 67 and kicking the bucket before 70.

I consider this to be something that too many people fail to consider. I knew someone who did exactly that.

Part of what kept me with the same employer for my entire career after the Navy was the excellent early retirement plan which they had. Because of that, we were able to retire when I was 57 and even though I could have increased the amount of my pension if I had stayed a few more years, I am so happy now that we took our earliest possible retirement date! We managed almost 12 years on the road and have now been part-time for another 7 years and we are so glad that we left as early as possible. I did not work even 1 day beyond my earliest retirement date! 

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40 minutes ago, Captain Happy said:

Live for today, because tomorrow may never come.

Or, live for today and save for tomorrow since there is a good chance tomorrow will come. 🤗

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5 minutes ago, ToddF said:

Or, live for today and save for tomorrow since there is a good chance tomorrow will come. 🤗

Or find something in between that can work for you.  I just visited with a dear friend who is in the seemingly best health at 79.  All his screening results come back each year just great, but last week, he experienced a mini stroke due to 79 year of plaque, common for all of us, and now he realizes that he needs to change his lifestyle a bit.  He isnt going to sit on the couch and RELAX,  just allow others to help him with things he has typically done himself.  Certainly a lesson for me but I am only 60, although learning new things is a life long pursuit.  Glad to be able to learn from those here too.

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