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

   / The accountant says we can retire early. Woohoo!!! #21  
Some people have to earn more so they can pay more…
 
   / The accountant says we can retire early. Woohoo!!! #23  
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
One of the Trade Magazines that I get had a story about the cost of building a house in large subdivisions. They didn't factor in the cost of the land since that varies so much. They did a survey with a bunch of the biggest home builders in the country and the rule of thumb is 1/3 of the cost to build a house is materials. The rest is labor and government fees.
 
   / The accountant says we can retire early. Woohoo!!!
  • Thread Starter
#24  
One of the Trade Magazines that I get had a story about the cost of building a house in large subdivisions. They didn't factor in the cost of the land since that varies so much. They did a survey with a bunch of the biggest home builders in the country and the rule of thumb is 1/3 of the cost to build a house is materials. The rest is labor and government fees.
Eddie,
In my industry (industrial process equipment), it's uncanny how accurate taking the material cost and multiplying by 2x comes to the net cost. Multiply that by 1.25 and you have the selling price.

BTW: When I finally decide to build a house, I've factored in the "Eddie Walker Consulting Fee" to review the plans. I've always been impressed at the little nuances you add to peoples "build threads" that are so intuitive and only come from experience.
 
   / The accountant says we can retire early. Woohoo!!! #25  
I'd love to look at your plans, but you'll have to keep in mind that I've changed my mind on my own house so many times that I've lost track of what was original, and where I'm going next. I'm actually moving the kitchen to the other side of the house, and swapping the front and rear entrances. :)
 
   / The accountant says we can retire early. Woohoo!!!
  • Thread Starter
#26  
I'd love to look at your plans, but you'll have to keep in mind that I've changed my mind on my own house so many times that I've lost track of what was original, and where I'm going next. I'm actually moving the kitchen to the other side of the house, and swapping the front and rear entrances. :)

Isn't that the truth. They say you need to build your dream home twice to work out all the things you'd change.

I'd love to share our friends house plans (and Shellie's tweaks) to see if you agree. I really think it's as close to perfect as you can be.
 
   / The accountant says we can retire early. Woohoo!!! #27  
He always told me that he was going to make enough money to hire out what ever he needed done.
Sometimes, all the money in the world won't get you a plumber, electrician, carpenter, etc. when you really need one. Depending on where you live, these craftsmen can be in short supply.

Then there's the issue of finding one that knows what he's doing.
 
   / The accountant says we can retire early. Woohoo!!! #28  
I retired 6 years ago at 59. About 6 weeks after I retired, a guy I had worked with contacted me and wanted me to work for him. I eventually relented but only work 3 days a week. I can get a lot done in 4 days so I'm ready for a break when I go back to work. I'm not sure how long I'll keep this schedule but it's flexible and no complaints so far.
 
   / The accountant says we can retire early. Woohoo!!! #29  
Sometimes, all the money in the world won't get you a plumber, electrician, carpenter, etc. when you really need one. Depending on where you live, these craftsmen can be in short supply.

Then there's the issue of finding one that knows what he's doing.
Good Luck during the pandemic… couldn’t hire a plumber for love or money and under the gun for a rental by the city…

I ended up doing it and line clogged with wipes…
 
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   / The accountant says we can retire early. Woohoo!!! #32  
Sometimes, all the money in the world won't get you a plumber, electrician, carpenter, etc. when you really need one. Depending on where you live, these craftsmen can be in short supply.

Then there's the issue of finding one that knows what he's doing.
Especially HONEST, QUALITY craftsmen if you are an "outsider" to the community.
My wife and I have been "transitioning" to retirement from the Washington, DC area to the Fulton, Ms area where she was raised. She's a retired Attorney, I'm a retired scientist.
I had been dealing with craftsmen in Northern Virginia for ~ 40 years. Had several additions, several roofs, plumbing etc.
About 2012 we got to hiring craftsmen in Mississippi for relatively small jobs (lay linoleum, replace a stair, do a roof, add some circuits, add a dormer) they wouldn't deal well with me. My wife had to go through with every dang one and discuss her heritage. It wasn't until she and the contractor established that they both knew someone that either went to the same high school or had known her father (a town Doctor 20 years ago) that they would even come out for an estimate. And this was for all the trades, way pre-Covid.

And it seem to be a pattern in any carpentry type job that dimensional lumber, plywood, floor covering, etc. was required there was a LOT of large scrap. Until I started pulling it out of the scrap barrel before they left for the day. I had overheard one contractor talking to another about how they were repairing a cabin with the discards.
I have a hall way that is about 22' long, 6' wide at each end, but only for 2', the rest is ~3' wide. Unfortunately I was out of town when my wife closed the deal for them to lay it. So we ended up with a 22' plus roll of vinyl sheet flooring 12' wide (@~$1.50/sq ft), mainly using a 2' wide strip. They tried to convince me the leftover piece was useless. I had an apartment in my shed that needed it.
I burned through several contractors.
Apparently there were at least two labor rates.
One was $X/hr for locals, the other $X/hr plus whatever "leftovers" they could "surplus" for out of towners.
 
   / The accountant says we can retire early. Woohoo!!! #33  
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.
Congratulations! You will not miss the daily grind.
 
   / The accountant says we can retire early. Woohoo!!! #34  
In all seriousness, after 45 years of hitting the floor running 7 days a week, I find that I feel terribly guilty on those days when I'm not actively working to get some project done.

Today it's raining out and not a lot of real work to do inside...sometimes it's difficult to just "be retired"...
 
   / The accountant says we can retire early. Woohoo!!! #35  
In all seriousness, after 45 years of hitting the floor running 7 days a week, I find that I feel terribly guilty on those days when I'm not actively working to get some project done.

Today it's raining out and not a lot of real work to do inside...sometimes it's difficult to just "be retired"...

On those days, I usually have a woodworking project to do in the shop. Or a piece of equipment that could use some preventative care. Or I could work on my Buell 1125R restoration. I also really love to cook, so I'll throw in a great meal or dessert.

I spent 85 hours at work per week, for 22 years... So this is a much slower pace, but there seems to always be something to do.

If I do start to feel guilty, I go back and look at the investment accounts. I already did the work, and what a blessing to have the freedom to not run the race so early in life. I will start to volunteer more, and serve others, instead of serving myself.
 
   / The accountant says we can retire early. Woohoo!!! #36  
I could work on my Buell 1125R restoration.
Those are old enough to need restoration? Dang I feel old. Those are really cool bikes. I didn't get to ride one but I rode a number of the Harley engined bikes. They handled great but the engines were too tractor like for a sport bike for me. The Rotax one should be much more modern. I got to interview Erik Buell for a magazine article back when Buell had gotten Harley money and was ramping up selling bikes. Super nice guy and a real enthusiast.
 
   / The accountant says we can retire early. Woohoo!!! #37  
Those are old enough to need restoration? Dang I feel old. Those are really cool bikes. I didn't get to ride one but I rode a number of the Harley engined bikes. They handled great but the engines were too tractor like for a sport bike for me. The Rotax one should be much more modern. I got to interview Erik Buell for a magazine article back when Buell had gotten Harley money and was ramping up selling bikes. Super nice guy and a real enthusiast.

Well, she needed a new motor, so I sourced one. It had a single scratch in the swing arm, so I found a NOS one. I went a little overboard
 
   / The accountant says we can retire early. Woohoo!!! #38  
I just hire myself…….:cool:. its nice to know plumbing, electrical, carpentry, some hvac, drywall and painting.

At least ive never had to fire myself.

I fired myself last week. Managed to put front end loader into raised garage door and probably ruined it. Don't ask how I did it.

RSKY
 
   / The accountant says we can retire early. Woohoo!!! #39  
Congratulations! Your hard work is paying off, you will have time to enjoy your retirement years. 👍

 
   / The accountant says we can retire early. Woohoo!!! #40  
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.

I think you mis-understood...your accountant said HE/SHE can retire early
 

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