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Old 05-26-2022, 11:24 AM   #1
rtp
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Default Retirement funding

The current stock thread has me wonderingÖÖthose of yíall in or near retirement, are you using/planning to use the funds accumulated during your career to fund your annual living expenses or do you or plan to live off of the income your nest egg produces each year without actually drawing down the principal?


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Old 05-26-2022, 11:27 AM   #2
SabineHunter
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I do not plan to touch my ETrade account, ever. On the other hand, I have two pensions and SS. I also have gold/silver and too much properties.
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Old 05-26-2022, 11:28 AM   #3
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I have a pension and I also have a 457 plan. I usually draw 10grand a year from the 457 but I turn 71 next year and I'll have to take scheduled discernment then. I lost around 70,00 this year so I moved most of my money into stable cash funds. I don't need the 457 to live on but it would be nice.
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Old 05-26-2022, 11:30 AM   #4
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I get a retirement check already from my previous employer and at 65 will start drawing my SS. At that time I'll decide weather to keep working or not and we will have what our nest egg produces each year to help out. Or that's the plan if like always I'll be working until I die.
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Old 05-26-2022, 11:52 AM   #5
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I plan on living on the interest or income off my nest egg.
Dropping stock market and raising interest rates are a double edge sword for me. Lucky I have almost all of my money out of the market right now.

If I can make 4 to 6% off what I have acquired I should be good and will be able to live off the interest/income of my savings; If not I will be diving into the principal.

2 years away from the big R if Biden don't fock it up to bad!!
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Old 05-26-2022, 11:59 AM   #6
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I am less than a year from retirement (I'm 59). Actually, I could pull the trigger whenever I want to. Our plan was to build up 3 years of cash in case the market crashed; as it is doing. We will live off of cash reserves until the market recovers. Once it does, we will pull from personal investments first for expenses and replenish cash. During those years (low income) we will move money from IRAs to Roth IRAs. Plan is to postpone SS until 70. We have little to no pensions. Our investments will last us well past when SS kicks in. Then we will switch to living off of RMDs at 72 and reinvesting the extra we don't need.
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Old 05-26-2022, 12:03 PM   #7
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I’ve been retired for 4 months and have not touched my retirement savings (401k), but I plan to some day. However, I have a pension that covers my nut. I hope to only use some of the growth and not rely on the principle.
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Old 05-26-2022, 12:36 PM   #8
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I'll have the 3 legged stool. state retirement, SS & IRA account. the IRA account will be utilized as needed. shouldn't be to much until RMD hits.
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Old 05-26-2022, 12:57 PM   #9
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Interest off of money in pension and 401K. Plus, SS.
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Old 05-26-2022, 01:38 PM   #10
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Default Retirement funding

I was hoping to retire in 1-2 years but most of my retirement is tied up
in the market. I have about 2 years worth of cash before I would touch my retirement account. I am down about 20% and that was my buffer so if it gets any worse I will add to my 1-2 year plan and work a little longer. In my profession we didnít have much of a retirement system so it was all on my own. If I can get 6% return I wouldnít have to touch my principal.


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Old 05-26-2022, 02:11 PM   #11
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I’m only 48 but once I get kids out of college in about 8 more I may call it quits
Currently have 2 single family rentals & 1 multi-family rental. All have done very well
I may do consulting or contract myself in 8 years in the plastics manufacturing field
Other than that I’ll have tax deferred IRA, Roth IRA & tax deferred 401k
Probably will let them all grow while I live off rental income
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Old 05-26-2022, 02:20 PM   #12
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Why limit yourself to spending only the money you make off interest or dividends? You earned and saved it, why not live it up a little. My plan is to spend every penny and have the last check I write before I die, bounce at the bank!!!
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Old 05-26-2022, 02:27 PM   #13
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Quote:
Originally Posted by Dr. Evil View Post
Why limit yourself to spending only the money you make off interest or dividends? You earned and saved it, why not live it up a little. My plan is to spend every penny and have the last check I write before I die, bounce at the bank!!!
That's a great plan "if" you knew when that day was coming. Is it next week or 25 years from now?
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Old 05-26-2022, 02:30 PM   #14
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Iím a part time gigolo soÖÖÖ..

















It is so hard to live on $20 a month nowadaysÖ.
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Old 05-26-2022, 02:32 PM   #15
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Retiring the first week of July - 17 working days left. Started getting serious about retirement a couple of years ago so focused on eliminating debt and downsized. Fortunate to have a couple of pensions so hope to let investments ride this out (friggin Brandon!) and probably file for SS sometime next year. With that said somewhat disconcerting that Appraisal Districts want more along with all of this inflation - oh well, thank you Jesus that we have been blessed and with more than we deserve.
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Old 05-26-2022, 02:33 PM   #16
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We are planning 3 more years and then will live off SS, interest on nest egg, and monthly residual from leasing business or owner finance sale.
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Old 05-26-2022, 03:16 PM   #17
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Quote:
Originally Posted by Dr. Evil View Post
Why limit yourself to spending only the money you make off interest or dividends? You earned and saved it, why not live it up a little. My plan is to spend every penny and have the last check I write before I die, bounce at the bank!!!

I was waiting for this answer lol. Once I hit my mid 70s(Lord willing) I may start living it up and drawing down some of the principal. For most folks doing and spending really slow down around 80 give or take. For now Iíll just keep living off what it produces.


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Old 05-26-2022, 03:41 PM   #18
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Retirement is most likely 2.5 to 7.5 years away. Will have a pension, but that pension will never increase (no COLAs). The big question is how much is enough, especially knowing that with just average inflation, buying power is cut in 1/2 every 15 years.

How much is enough?
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Old 05-26-2022, 04:28 PM   #19
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Quote:
Originally Posted by Dr. Evil View Post
Why limit yourself to spending only the money you make off interest or dividends? You earned and saved it, why not live it up a little. My plan is to spend every penny and have the last check I write before I die, bounce at the bank!!!
This...
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Old 05-26-2022, 04:45 PM   #20
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Quote:
Originally Posted by rtp View Post
I was waiting for this answer lol. Once I hit my mid 70s(Lord willing) I may start living it up and drawing down some of the principal. For most folks doing and spending really slow down around 80 give or take. For now Iíll just keep living off what it produces.


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0 sum net goal ala Dr Evil response

Not afraid to take principle now while young and in good health. Saved all my life for these moments.

Financial plans can account for these expenditures early in retirement

Home value is not in financial plan and will be our insurance for near end of life unknowns
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Old 05-26-2022, 05:14 PM   #21
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a very simple way to answer all of the questions on this thread no matter who you are and where you are financially

Go to www.firecalc.com

It is a free site where you can plug in your specific details (income needs, savings, etc.) - You plug in your various rates of return on your money, inflation rates, etc. and it will calculate how long your money will last -

There are NO generic answers to the question - it depends on many factors - this calculator can help you look at YOUR situation - hope it helps some of you out
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Old 05-26-2022, 06:41 PM   #22
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Quote:
Originally Posted by Dr. Evil View Post
Why limit yourself to spending only the money you make off interest or dividends? You earned and saved it, why not live it up a little. My plan is to spend every penny and have the last check I write before I die, bounce at the bank!!!
This was my fatherís plan or rather lack of planning. If you go this route at least save enough for funeral costs. Lessons learned.
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Old 05-26-2022, 06:43 PM   #23
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I've been retired for over 1.5 yrs and haven't touched my 401K yet. Pension and SS have kept me afloat so far. We'll see how this inflation stuff goes. Nearing retirement age I had most of my investments moved to safer arenas, Mostly bonds. Not as much money generators but guaranteed income. Fidelity says the 401K should last a lifetime with some left over for the kids after we're gone.

Last edited by locolobo; 05-26-2022 at 06:46 PM.
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Old 05-26-2022, 06:46 PM   #24
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We retired in January and May 2020. Still a decent chunk in Mutual Funds, although that is not doing well, but a lot in Annuities. Wife is not drawing SS yet, waiting to 70 when it means over $1000 more per month more. Hopefully we have enough to survive with what we have.

All we draw is my SS Teacher retirement and some out of our Mutual funds. So far so good, UNLESS Pedo Joe keeps destroying this country and our retirement.


Let's Go Brandon
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Old 05-26-2022, 06:49 PM   #25
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At 58 I am looking at retirement within the next 3 to 5 years. I plan on pulling 4% out of the 401k to live off of, my son will appreciate that. I also have a pension fund and IRA that may get used to play a little before the 80’s kick in, Lord willing. SS will be a benefit also.
Also building my cash emergency funds up for when the day hits.
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Old 05-26-2022, 08:11 PM   #26
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Please quit guessing and run your numbers that are personalized to you and nobody else - www.firecalc.com - so simple and will answer your concerns and questions period - I am out and good luck
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Old 05-26-2022, 08:51 PM   #27
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Default Retirement funding

Quote:
Originally Posted by Huntingfool View Post
Please quit guessing and run your numbers that are personalized to you and nobody else - www.firecalc.com - so simple and will answer your concerns and questions period - I am out and good luck

But isnít it still guessing when I have to guess a rate of return to input and guess an inflation number?

I think most of the answers given are well thought out. A few are a bit sarcastic but thatís part of the fun.

I was curious how many planned to use their nest egg to live off of/use it up vs those that are just planning to live off the proceeds the nest egg produces. Iím in the later group and it seems to be the majority based on the answers given so far. Not sure there is a right or wrong way to do it.


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Old 05-26-2022, 09:16 PM   #28
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I’m planning on only working half a day on the day I die.
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Old 05-26-2022, 09:23 PM   #29
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Originally Posted by AntlerCollector View Post
Iím planning on only working half a day on the day I die.

Slacker!


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Old 05-26-2022, 09:51 PM   #30
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Nest egg? Why wouldn't a person have a couple of nest eggs. Just in case one get cracked.
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Old 05-26-2022, 09:56 PM   #31
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I highly recommend retirement when you can afford it. Love every day
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Old 05-26-2022, 09:56 PM   #32
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Quote:
Originally Posted by rtp View Post
But isnít it still guessing when I have to guess a rate of return to input and guess an inflation number?

I think most of the answers given are well thought out. A few are a bit sarcastic but thatís part of the fun.

I was curious how many planned to use their nest egg to live off of/use it up vs those that are just planning to live off the proceeds the nest egg produces. Iím in the later group and it seems to be the majority based on the answers given so far. Not sure there is a right or wrong way to do it.


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When you say proceeds from your nest egg you basically are saying you plan to have enough principal from retirement savings to live off the dividend payout?
If so, curious how you plan to go about that? Dividend income from stock, ETFs, REITS?
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Old 05-27-2022, 02:47 AM   #33
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Quote:
Originally Posted by HogHunter34 View Post
When you say proceeds from your nest egg you basically are saying you plan to have enough principal from retirement savings to live off the dividend payout?
If so, curious how you plan to go about that? Dividend income from stock, ETFs, REITS?
My plan at retirement (8-10 years from now)
New Truck, suv and camper paid off
$0 debt
3 years living expenses in cash
3 years property tax in cash
5 years worth of health insurance saved
Dividend paying stocks/investments
Wifeís pension
My SS starting at 62

Goal is to never touch investments and leave several million to kids and grandkids. Wish I would have started working the plan seriously 10 years ago. The question for me is will my monthly income be enough... Worst case I do some consulting to make extra cash. Iím calculating 85% last working year expenditures as my needed income. I can not take a vacation or skip a casino trip on a slower year.

Iím writing this from Kauai so it isnít like Iím not living today to make it happen.

Iím funding all of these now and working this plan like itís a job.
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Old 05-27-2022, 07:38 AM   #34
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[QUOTE=rtp;16236254]But isn’t it still guessing when I have to guess a rate of return to input and guess an inflation number?


What it lets the individual do is plug in several different assumed rates of return on their money along with several estimates on inflation.

So for example if you plug in 4% average rate of return on your investments it will determine how long your money will last. If it does not last to your life expectancy then you know that you either need to spend less or go for a higher investment return (more in the market). If it does last at 4% then you know you do not have to be as aggressive with your investments.

When I run mine once a year I plug in an assumed return of 4, 6, and 8% return coupled with inflation at 2,4,6%.

Of course it is not exact to the dollar or year but it certainly provides a reasonable guideline for a person's situation -
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Old 05-27-2022, 09:12 AM   #35
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Quote:
Originally Posted by glen View Post
I highly recommend retirement when you can afford it. Love every day
You aint lyin"! Ive told many people, I dont know how I ever had time for a job.
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Old 05-27-2022, 09:29 AM   #36
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Quote:
Originally Posted by Dejashoot View Post
My plan at retirement (8-10 years from now)
New Truck, suv and camper paid off
$0 debt
3 years living expenses in cash
3 years property tax in cash
5 years worth of health insurance saved
Dividend paying stocks/investments
Wifeís pension
My SS starting at 62

Goal is to never touch investments and leave several million to kids and grandkids. Wish I would have started working the plan seriously 10 years ago. The question for me is will my monthly income be enough... Worst case I do some consulting to make extra cash. Iím calculating 85% last working year expenditures as my needed income. I can not take a vacation or skip a casino trip on a slower year.

Iím writing this from Kauai so it isnít like Iím not living today to make it happen.

Iím funding all of these now and working this plan like itís a job.
The $0 debt is smart
On health insurance saved what do you mean exactly? Just cash savings to cover healthcare expenses? Is this based on not having health insurance or a private policy?
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Old 05-27-2022, 10:16 AM   #37
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Quote:
Originally Posted by HogHunter34 View Post
When you say proceeds from your nest egg you basically are saying you plan to have enough principal from retirement savings to live off the dividend payout?
If so, curious how you plan to go about that? Dividend income from stock, ETFs, REITS?
Yes. And add bonds to the mix in a normal environment.
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Old 05-27-2022, 10:26 AM   #38
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Quote:
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Yes. And add bonds to the mix in a normal environment.
Buuuuuut what is the new ď normalĒ gonna be? Thatís the million dollar question. Literally!!
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Old 05-27-2022, 11:30 AM   #39
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Old 05-27-2022, 11:57 AM   #40
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Some of you may want to look into backdoor roth IRA conversions. While the market it down, if you have the cash to pay the taxes now on a lower gain and get taxed at the trump tax rates which may be the lowest they will be for some time, definitely worth a look. roths don't have the RMDs that 401k and traditional IRAs have.

*not a financial advisor*
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Old 05-27-2022, 12:11 PM   #41
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Quote:
Originally Posted by Mudslinger View Post
We retired in January and May 2020. Still a decent chunk in Mutual Funds, although that is not doing well, but a lot in Annuities. Wife is not drawing SS yet, waiting to 70 when it means over $1000 more per month more. Hopefully we have enough to survive with what we have.

All we draw is my SS Teacher retirement and some out of our Mutual funds. So far so good, UNLESS Pedo Joe keeps destroying this country and our retirement.


Let's Go Brandon
Pretty much the same with us.

I retired at 64 and 9 months. I started drawing Social Security at that time. My wife started drawing at 62. Our SS totals $3016.00 a month. $36,200 a year. Our farm, house/shop, vehicles, tractor and side by side are paid for. We live off SS, savings, and my Vortex side business. We have not touched our IRA and plan not to do so for several years. Our IRA has decreased by about $80,000 since January first, but hopefully it will recover.

Our place is worth around $600,000. I had a local Mossy Oaks properties guy offer me almost twice that amount. I told him first off it's not for sale and second it would not appraise for the amount he offered. He said "It doesn't matter. It's an Iowa hunting property. I have nonresident clients that will pay cash for it". I told my wife to keep his number handy in case I die and she wants to sell.

My advice is to retire as soon as you can. You may have to make some lifestyle adjustments but it's not that difficult. Life is short. Enjoy it while you have the opportunity.


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Old 05-27-2022, 12:13 PM   #42
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Last year in April my back doctor told me nothing more could be done for my back and asked me about our LTD insurance at work. Well I told him about it and he said I would have no problem getting on it. I talked it over with my management and they agreed and were all in willing to help. I had planned on retiring January 2022 with SS, pension, and 401. The LTD pay 65 % of my base pay tax free until I'm 67 so I should be set until then.
I worked for Chevron/Phillips and they were the best at making sure I was taken care of. Very caring and concerned about my well being.
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Old 05-28-2022, 03:57 AM   #43
Dejashoot
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Quote:
Originally Posted by HogHunter34 View Post
The $0 debt is smart
On health insurance saved what do you mean exactly? Just cash savings to cover healthcare expenses? Is this based on not having health insurance or a private policy?
Funding a private policy until Medicare kicks in.
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Old 05-28-2022, 06:31 AM   #44
rossn2
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I started this journey four years ago with purchase of raw land.
Just laid off so retired early May 5th, almost 64 and wife 59. Was very worried about it, but things will be okay.
I have military retirement and wife works for another 30 days until we move. Our house under contract in TX and moving to TN. The custom-built manufactured home being placed on our property will be paid for in cash with a large junk from house sale left over goes into Savings account. So, no mortgage, land paid for, vehicles, motorcycle, side-by-side all paid for. the land is in a 10 year AG exception for Forestry, minimal taxes.
Next April wife turns 60 and starts her miliary retirement from Reserve, and I'll be turning 65 and starting SS little bit early and also I start a pension from Northrop Grumman. Wil have four incomes without touching monies in IRA/401k plans..with zero debt.

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