Hello guy's / gal's,
I know that this is a topic that has had alot of input over time, I did a search on the "off topic" section and read over alot of the old posts and tried to absorb as much input as I could but never found a post which quite fit my situation.
Without going into too much details here is my situation, I am soon to be 48 (wife is 45) both of us are in good health. We have been married to each other almost 30 years now. We have both worked from the time we were 17-18 years old, non stop, steady earnings not earth shaking money but not bad for the times either. We both work in high stress jobs and have for years, she has cut back to working 24 hours a week which is the lowest that she can at her position, I work the standard 40 hour a week thing.
We have been debt free for approximately five and one half years now, the only bills we have are the standard food, utilities and taxes/insurance ones.
We own a home which in todays market might be worth 350K on a short sale. We also own way to many vehicles for two people, two P-Cars, one Lotus, one Honda M/C, one Ford truck (brand new) added to this is the worlds largest collection of stuff known to man as we have never sold anything we got interested in some of this stuff could be liquidated for decent money.
On the financial side we have 250K in liquid assets (this is available right now), I have two retirements but both are age based, both are government and I know the numbers they will pay out. One kicks in at age 55 the other at age 60. After that we have both contributed to social security which we could draw at 62 until the government runs out of money lol. Wife has a small 401K which has really taken a beating over the past few years and is age based as everyone knows.
On the health side, right now I have a fully funded health plan at my work, for her we pay 1/3 an my employer pays the other 2/3 of her plan. If I leave my employer this would of course end. At age 60 we both receive full health coverage when one of my retirements kicks in, course that is a long way off.
We have figured up our expenses and it is really a low amount, but this does not include any unforseen items or any entertainment/travel.
We are also thinking about downsizing/moving, our current house is a 4/3 and 4500 sq ft monster and we are mowing a 3 acre yard with a riding mower, this is alot for two people.
Wife's current earnings at her 2 day a week gig is about double our projected monthly expenses but not sure about how much longer she would want to do this, my job is the primary one which ties us down or so it seems. She also has a hobby that she really enjoys which brings her in some decent spending money.
The reason I say tie us down is that we would really like to begin to travel some and see more of the U.S. and Europe.
So thats it in a nut shell, I am sorry for the length of the post but would like your thoughts/advice.
Todd
