The accountant says we can retire early. Woohoo!!!

[gsganzer]

I turned 58 in July and my wife turned 55. We both worked hard all our lives and maximized our savings and investments. One kid is still in college, but we have her education fully funded. So, we finally sat down with a fiduciary to discuss our financial position and our retirement goals. I expected it to be the case, but he officially told us we can quit the daily grind.

As we start to disengage from the rat race, we'll start trying to finalize our plans for a retirement home/property and get that ball rolling.

I don't expect me to quit working outright, but I'll start getting choosier on the jobs I take in the coming year or so.

 

[gstrom99]

Good for you both. Health insurance is/was the big thing for me.

I retired a couple of months after I hit 65, debt free, 2020. Bought my retirement farmstead with cash (pulled $ from 401k), while I was still working. Got on Medicare and picked a good Advantage plan. Good 401k, and a fairly good pension. House, car credit cards PAID OFF. Sold the Illinois place and moved to the Iowa farmstead in 2021. 401k now switched to an IRA.

 

[BackRoad]

Good, good, good for you!

Saving money - early and consistently is key. I thought I had a better chance of seeing a Unicorn than of ever seeing retirement, but here we are!

You've now arrived. Take time for a major celebration...ours lasted nearly 4 months.

Then get up the next morning and figure out what you want to do next with your life...get a vision, find purpose - else they'll be trying to cover you with dirt...

Finding personally engaging activities to keep you busy - and most importantly physically active is important - for both you AND your wife.

 

[Eagle1]

Our goal was always to homestead and live disconnected. It real now and I see no end to things I want/need to do. Good thing I enjoy being outside, tractoring, etc. I figure I got another 10 years of real work in me. Maybe I'll be closer to done by then

 

[Duds13]

Congrats! I'm on track to retire at 58 as well. Having no kids and being cheap or "frugal" pays offs.

I've always read a couple shouldn't retire at the same time, so you and the wife need to decide who goes first. lol. I've already decided my wife retires after I do. HAHHA

 

[dodge man]

Interesting, I retired about a month before I turned 58 and my wife retired at the same time at 55. That was a little over 4 years ago. No regrets so far.

 

[MAX-24-Dean]

@gsganzer Congratulations!!!! Hope the plans you have work out well for you and your wife!
May God richly bless you.

 

[grsthegreat]

we paid everything off many years ago, and the wife retired about 7 years ago. i held off just because i enjoyed what i was doing. i semi retired during covid, and now only really work 2 days a week servicing whole house generators. i shut down my electrical contracting business, but i missed working. been doing it so long, i really missed it.

i can easily work 2 days a week, and have plenty of time for retired stuff.

my problem is if both her and i are home at same time, shes always finding things for me to do. and its usually projects for her. i schedule the 2 days working in town with meeting friends for lunch at same time. works out great.

at least being retired, if a customer becomes a snot...i simply drop them.

 

[kenmac]

congrats ! I got out of the rat race in 2015 @ 57. I'll still do some small jobs when I want, but nothing regular... I just don't have time to work anymore ! LOL

I purchased a mini ex a few months ago so I make take on a few small jobs with the mini ex

 

[square1]

Congrats! I wish you the best
Next July for me. I had hoped for an early retirement but a major life event 4 1/2 years ago severely impacted my retirement savings. I've been able to recover pretty well since, but retirement won't be what it could have been prior to the financial hit.

Currently, and probably prematurely, I'm obsessing over where to invest the lumps sums that will materialize upon retirement to generate the disposable income / mad money they are budgeted to produce. Income producing real estate & dividend stocks have become so expensive. Interest rate cuts are great if you are in debt, not so much if you're looking for passive income.

I have no intention of touching this money until RMDs come into play, I'd like the returns on these funds, when added to other passive income investments already in place (some of which will eventually mature and need to be reinvested), to supply the 'enjoyable retirement" lifestyle beyond paying the bills.

 

[bdhsfz6]

Good luck, and I hope your retirement will be as rewarding for you as it has for me.

In 2003, I retired at 57 under a company buyout. My wife joined me in 2004. I did some contract work for a year or so but eventually decided I liked my time off better. We were fortunate with our investments, and are now in our 20th year of retirement.

I highly recommend it but, like the OP did, consult with the experts first.

 

[JJT]

8 years ago I retired at age 55, six months later my wife did the same thing, at age 55. Being debt free before age 50 opened doors for us. We both have decent pensions, well funded 401K's and other investments including vacant land. So far we're still living below our means and have not touched the 401K's.

We have no regrets on early retirement, I strongly recommend it for those that can afford to do it.

Enjoy your retirement, you've earned it!

 

[EddieWalker]

Congratulations!!! That's a huge achievement that required a lot of work and sacrifice.

My wife says that I can't retire until I finish all my projects on the farm. I don't see that ever happening, but it's a good goal to have. Neither of us work very hard, we just keep creating more and more projects to keep us busy.

Have you decided where you are going to move to? Did you buy some land to build on?

Most of my clients are elderly. Some have been retired for a long time and they are doing well. Others retired recently, but have gone back to work because they retired too early. And some refuse to retire until inflation is under control.

Our biggest fear is medical care once we retire. And if we can afford it.

 

[ultrarunner]

we paid everything off many years ago, and the wife retired about 7 years ago. i held off just because i enjoyed what i was doing. i semi retired during covid, and now only really work 2 days a week servicing whole house generators. i shut down my electrical contracting business, but i missed working. been doing it so long, i really missed it.

i can easily work 2 days a week, and have plenty of time for retired stuff.

my problem is if both her and i are home at same time, shes always finding things for me to do. and its usually projects for her. i schedule the 2 days working in town with meeting friends for lunch at same time. works out great.

at least being retired, if a customer becomes a snot...i simply drop them.

We had one of our anesthesiologists retire and come back...

He said the dynamics of being retired just didn't suit him.

At work he is a respected Doctor and at home he became the family gopher for everyone...

 

[ultrarunner]

50/50 chance I would retire this year as my facility's future was uncertain due to changing demographics...

I admire those working towards a goal where it all comes together...

Job well done...

 

[gsganzer]

Have you decided where you are going to move to? Did you buy some land to build on?

Most of my clients are elderly. Some have been retired for a long time and they are doing well. Others retired recently, but have gone back to work because they retired too early. And some refuse to retire until inflation is under control.

Our biggest fear is medical care once we retire. And if we can afford it.

No, we're still looking at options on where/what we're looking for as our retirement place. But I think we're starting to narrow ideas down. Our friends had a Morton home built and then GC'd the finish out themselves using local contractors. One of the things that made this work so well is that Morton handles the entire site prep, engineering of the concrete slab and building, the concrete pour, and building erection using their own crews. They typically get you a dried in building completed in 90 days. And this is all covered by a pretty good Morton warranty.

This is probably one of the most cost-effective ways to build a rural property, but it depends on the quality of the contractors you find if you decide to GC it yourself. Everyone has a horror story with contractors and GC's. One of things they did was go to the local Sherwin Williams paint store and ask them to recommend the best local contractors. They ended up finding some really good contractors this way. They were also told of people to avoid at all costs. My friend also lived in an RV at the site during the work and did a really good job of taking photo's and video that helped with continuity between the various trades. In one instance, they had some electrical plugs not working, but his photo's helped them find an electrical box the drywallers had covered, before the duplex plug was terminated. It also helped him get an idea of the use of the space and see where blocking/backing should be added for mounting TV's, handrails etc.

They've given us their complete set of plans and gave us some pointers of things they did to save money, things they might do differently etc.

Like some of the folks you mention, my biggest fear is that we miscalculate and then find ourselves having to go back to work. I think we're pretty solid with our financials, but it always makes me nervous. Fortunately, this past year will again be a great year for my business, and I will probably continue doing some work for the next few years on a scaled back basis. The financial planner has pointed out that our biggest challenge will be how we navigate taxes with inherited IRA's and our own IRA's.

I agree that medical care is the big issue. The healthcare system in our country is so incredibly broken. It will easily be our largest monthly expense.

 

[ultrarunner]

No, we're still looking at options on where/what we're looking for as our retirement place. But I think we're starting to narrow ideas down. Our friends had a Morton home built and then GC'd the finish out themselves using local contractors. One of the things that made this work so well is that Morton handles the entire site prep, engineering of the concrete slab and building, the concrete pour, and building erection using their own crews. They typically get you a dried in building completed in 90 days. And this is all covered by a pretty good Morton warranty.

This is probably one of the most cost-effective ways to build a rural property, but it depends on the quality of the contractors you find if you decide to GC it yourself. Everyone has a horror story with contractors and GC's. One of things they did was go to the local Sherwin Williams paint store and ask them to recommend the best local contractors. They ended up finding some really good contractors this way. They were also told of people to avoid at all costs. My friend also lived in an RV at the site during the work and did a really good job of taking photo's and video that helped with continuity between the various trades. In one instance, they had some electrical plugs not working, but his photo's helped them find an electrical box the drywallers had covered, before the duplex plug was terminated. It also helped him get an idea of the use of the space and see where blocking/backing should be added for mounting TV's, handrails etc.

They've given us their complete set of plans and gave us some pointers of things they did to save money, things they might do differently etc.

Like some of the folks you mention, my biggest fear is that we miscalculate and then find ourselves having to go back to work. I think we're pretty solid with our financials, but it always makes me nervous. Fortunately, this past year will again be a great year for my business, and I will probably continue doing some work for the next few years on a scaled back basis. The financial planner has pointed out that our biggest challenge will be how we navigate taxes with inherited IRA's and our own IRA's.

I agree that medical care is the big issue. The healthcare system in our country is so incredibly broken. It will easily be our largest monthly expense.

Taxes added up are my biggest expense...

 

[MMC]

I turned 58 in July and my wife turned 55. We both worked hard all our lives and maximized our savings and investments. One kid is still in college, but we have her education fully funded. So, we finally sat down with a fiduciary to discuss our financial position and our retirement goals. I expected it to be the case, but he officially told us we can quit the daily grind.

As we start to disengage from the rat race, we'll start trying to finalize our plans for a retirement home/property and get that ball rolling.

I don't expect me to quit working outright, but I'll start getting choosier on the jobs I take in the coming year or so.

Lot of interesting and helpful comments here. Also commend you on hiring a "fiduciary" for planning purposes. That's what my wife and I did over 30 years ago and it was worth every penny.

I suspect we were like a lot of folks on these forums. We worked hard, saved everything we could, moved much more than we wanted, fixed everything, etc. But we had a goal and stuck to it.

Additionally, some of those of us from rural backgrounds seem to come with skill sets that young people today simply don't have. Basic carpentry, wiring, plumbing, auto repair knowledge, etc., has allowed a lot of us to save a good amount of money through the years. And invest it... That sort of practical knowledge seems lacking in many of the young folks I interact with. Fixing up houses we bought or fixing used cars was kinda' second nature to us.

But there's a time to pack it up and do what you want. The cute girl I talked into marrying me years ago had to move and travel...a lot. But you do what you have to do. Still, decades ago, after writing out our personal plan with a lot of specifics, my wife walked in with a small yellow sheet of paper and showed it to me. She said, "So if everything's paid off and we have this amount of investments, we can go back to the farm, right?" I nodded yes. Then she said, "Sign it." And I did. Still have that little sheet of paper. And the girl. When we hit those targets, we went home and never regretted it at all.

But you do need something productive to do after retirement, to keep healthy physically and mentally. For me, a farm fits that bill perfectly. Sounds like you have those kinds of opportunities for work by choice as well.

So, congratulations. You worked for it, you earned it, enjoy it. (and keep a little invested in the market to offset inflation - a little market risk is called for).

Best of Luck

 

[ultrarunner]

It’s amazing how much more you need when paying to have things done.

I just rented a home to a 30 year old couple who make decent money and have good credit…

Between them not even a screwdriver.

I contrast this to my elderly widowed neighbors and they all have a simple assortment of basic tools in a tool box…

 

[kenmac]

It’s amazing how much more you need when paying to have things done.

I just rented a home to a 30 year old couple who make decent money and have good credit…

Between them not even a screwdriver.

I contrast this to my elderly widowed neighbors and they all have a simple assortment of basic tools in a tool box…

One of my sons (youngest) manages a cardiology group, and has a hard time being able to repair, or do many of the things his older brother (paramedic) can do. His older brother always wanted to work with me in the shop. The younger one not so much. He always told me that he was going to make enough money to hire out what ever he needed done.. He now regrets making that statement, because I always bring that to his attention when he calls for help with his plumbing, HVAC, wiring, etc,. LOL