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So real quick numbers...
If I retire I will collect about 1/3 of my current take home pay and can keep medical and dental. If I rent out the primary residence, that is another 1/3 of my current take home pay. Then if mommy works, that will be the other 1/3. So roughly the same money, but I am not working, and live at the lake. |
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As far as changing schools for the kids: they are so young, probably won't even notice long term. |
No one here can help you make this decision... we can only offer advice and suggestions which probably have no bearing upon your situation ;)...
Except that "happy wife" thingy .... and I am single :D Just think it through .... as I'm sure you have. When I made that decision back in '08... due to everything that was happening back then, it wasn't a "sure thing" for me either... sorta like life itself. Best of luck BK! |
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In my case my wife was already working at a job that gave her something to do. It's less than a mile away and is extremely flexible and she enjoys it and the people she works with. I would not ask my wife to go to work so that I don't have to. You may want to visit bogleheads.org and lay out your retirement portfolio/plan. Lots of savvy financial people that also retired early that will evaluate your plan or you can just read what others are doing. |
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Not counting primary house and lake house, how much in other assets? |
How long do you expect to live? Do you plan on paying for your kids' college? I guess, what are the huge expenses you expect in 10-20 years?
Also, inflation. Your budget now may fit what you're getting NOW. How do you plan on growing the "nest egg" for beyond 5 years? |
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All else is not controllable. My advice is to work until it’s no longer a question, ie., ‘I’m outta here, suckas!’ Plus, doan dis da wife too bad. She can take the kids and get paid for it. Many have. |
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Can't imagine retiring unless could maintain the same or better lifestyle. I did not save and work all my life to have to worry about making ends meet. It is really hard to go back to work and find similar employment.
if I did not have a surplus of funds/income, the current inflation/economy would be terrifying (to a retiree). It would have been less so when I was younger. I would not even consider sending my wife to work so I could retire. My wife retired a few years before me and I regret that. Should have had her work a little longer and a couple less years myself. She was sorta sedentary the last few years I still worked and now she slows me down when I want to do stuff/be active. |
Do you want to stay home all day with your wife and kids? (This is from a single guy)
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Life is short --do what it takes to make you happy. As per PT -- royalty ck in mail.
The truth as stated "you never know when your time is up". when my kids were as young as yours -- retirement was a dream. Good if you can do it --though if I said I was quiting and it was Momma's turn to work --- that dog would not have hunted and I'd have become a DMF. Destitute Mother f. |
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You’re too young, you have too many obligations, and the near future is too uncertain for you to retire now. If you work an extra year now, you’ll reap the benefits for the rest of your life. If you retire before you fully have the means, you’ll suffer the consequences for the rest of your life. And, as the sins of the father pass down to the son, so to will your decision of when to retire will affect your family for the rest of their lives.
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I could have retired at 56 and eked by. Waited for 63 and glad I did. My net worth is over 5 times as much and my monthly retirement income (independent of my savings) is over twice as much...and my debt load is now quite small. So far, there are not enough hours in the day to do all I want to do (and can afford to do) although that has changed a bit with age/time. It is great to do what you want and not really have to worry about money (although after a lifetime of doing so, most folks still do a little).
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I don't often agree with Mr. Fintsone, but he is right this time.
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Unless a man has something to consume his time and passion for life, voluntarily retiring is over rated.
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Having no debt, and what sounds like very little in cash and income-producing assets, and expecting to live on the income he described (“a few grand a month” plus his wife’s income when she goes back to work), for potentially 40 more years seems, how can I put it nicely, “optimistic.” |
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