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Or $500k and no Healthcare, pension or working spouse.
(I was out pre-age 49, so far, so good(~19 yrs)
There are so many affordable ways to get HC coverage now (vs 20 yrs ago).
Medical cost sharing has worked excellent for 20+ yrs for many in my extended family. (~$300/ month). Sis had her daughter go through 6 months ICU and brain surgery while on Cost sharing. Many friends have survived and paid for advanced cancer treatments via medical cost sharing. We used it for several years. + Patients without borders.
Living cheap? Get creative. Plenty of web forums to walk you through that.
International living is very easy (as noted by several on this forum who are successfully doing it)
Please don't get caught up in the C-D retirement forum mantra... "Impossible, you can't do that.!".. (because others are too chicken to try.)
Just do it
It's very possible, and done by millions. (Who have the guts or reason to try.)
Yeah, I don't have the guts. Too many known and expensive health issues (including cancer, asthma and I fall and break things). My cats are more expensive that way than I am. Your $500,000 is $828,000 in today's dollars.
Or $500k and no Healthcare, pension or working spouse.
(I was out pre-age 49, so far, so good(~19 yrs)
There are so many affordable ways to get HC coverage now (vs 20 yrs ago).
Medical cost sharing has worked excellent for 20+ yrs for many in my extended family. (~$300/ month). Sis had her daughter go through 6 months ICU and brain surgery while on Cost sharing. Many friends have survived and paid for advanced cancer treatments via medical cost sharing. We used it for several years. + Patients without borders.
Living cheap? Get creative. Plenty of web forums to walk you through that.
International living is very easy (as noted by several on this forum who are successfully doing it)
Please don't get caught up in the C-D retirement forum mantra... "Impossible, you can't do that.!".. (because others are too chicken to try.)
Just do it
It's very possible, and done by millions. (Who have the guts or reason to try.)
Love it. Well done. I’m with you: it all comes down to what you want, what lifestyle you are looking for, and what you are willing to do to get it. I laugh a bit every time I see the same post about needing $10million (or some other number) to retire early. I know very well that there is no one-size-for-all for life in or before retirement. So many options.
There are some nice and inexpensive places here in the US. But if you are willing to live abroad, a world of possibilities open up.
Yeah, I don't have the guts. Too many known and expensive health issues (including cancer, asthma and I fall and break things). My cats are more expensive that way than I am. Your $500,000 is $828,000 in today's dollars.
Signed, The Chicken
Dental expenses - implants, bridges, crowns....oh my gosh that stuff is ridiculously expensive even with good dental insurance.
Loving this thread....and some of the opinions are "interesting" -- as is always the case here in our favorite retirement forum.
ME: SINK (single income, no kids)
Work until 70? He!! no. 65 and I'm out. And won't even be thinking about working.
When I'm done, I'm done.
Could technically retire now but making the decision to trade my time for money for two more years to make more money. But I will not be one of those, one more year, one more year people.
No spouse or kids to perhaps help me later.
But also no one else who could potentially negatively affect my planning. No one else to support or cost me money that I need to save/invest for me.
All in all I guess I'm in (will be in) a decent position.
With a pension, SS, and savings -- I'll make it work.
I traveled more than the average American in my first 25 years, school abroad, etc. (But that may not be saying much, given that many Americans have never even left their state.)
So while I'd like to travel, I've also resigned myself to if I don't do as much of that as I thought I would -- that's OK, too.
Planning to self-insure for any LTC if ever needed.
When if the money runs out, it runs out. IF there's anything left siblings and/or nieces/nephews will get something. If not. then not.
I drive everywhere. Hopefully I'll be able to do that forever.
I do have a paid off house. It's not in a neighborhood that I'd buy into today. But selling won't net me enough to buy elsewhere with no mortgage. So here I stay.
Or $500k and no Healthcare, pension or working spouse.
(I was out pre-age 49, so far, so good(~19 yrs)
There are so many affordable ways to get HC coverage now (vs 20 yrs ago).
Medical cost sharing has worked excellent for 20+ yrs for many in my extended family. (~$300/ month). Sis had her daughter go through 6 months ICU and brain surgery while on Cost sharing. Many friends have survived and paid for advanced cancer treatments via medical cost sharing. We used it for several years. + Patients without borders.
Living cheap? Get creative. Plenty of web forums to walk you through that.
International living is very easy (as noted by several on this forum who are successfully doing it)
Please don't get caught up in the C-D retirement forum mantra... "Impossible, you can't do that.!".. (because others are too chicken to try.)
Just do it
It's very possible, and done by millions. (Who have the guts or reason to try.)
Some of us are not high risk takers and the lifestyle you describe is definitely that. Plus I have 2 dogs that I adore so I don’t leave them with a dog sitter for more than 2 weeks a year.
I know 2 people that are only still alive because they could seek the best medical care in another state and had to prove they had insurance that would cover the cost before even being seen by the surgeon. Both were only in their early 40’s and had many years left potentially to live.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,694 posts, read 58,004,579 times
Reputation: 46171
Quote:
Originally Posted by Wile E. Coyote
Yeah, I don't have the guts. ...Your $500,000 is $828,000 in today's dollars.
...
$828k is 8.28% of $10m...
I can easily live off that. (Today, and forevermore)
Pets / vet bills?.... Farmers have vet bills. Very large vet bills!
Our pets, are 'working animals '... They earn their keep. And sometimes get killed in the process. Not like we're living in a safe (inexpensive/ risk-free bubble) during retirement.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,694 posts, read 58,004,579 times
Reputation: 46171
Quote:
Originally Posted by Teacher Terry
Some of us are not high risk takers and the lifestyle you describe is definitely that. Plus I have 2 dogs that I adore so I don’t leave them with a dog sitter for more than 2 weeks a year.
I know 2 people that are only still alive because they could seek the best medical care in another state and had to prove they had insurance that would cover the cost before even being seen by the surgeon. ....
Yup, different strokes...
Our pets (many at all times during the last 50+years) often over 10 at a time, sometimes 30+
1. Have never seen or desired a pet sitter (they held down the fort while we were away for a yr)
2. Have never seen a fence, leash, enclosure, or physical limits.
3. Have rarely stepped inside a people house (nor care to...)
4. Never ridden inside a people car (they prefer riding on the back of the truck - fresh air, nice view, lots to see and move around). Cat has ridden to town while hiding under the hood of engine more than once.
5. MOST importantly... Never pooped in their yard, home, farmyard. Never have I stepped in a mess. Neither have they.
They enjoy a very free and privileged and hopefully long life.
Yup...Very different life and priorities.
That's fine.
Sure, I've had a few friends live because they found affordable medical care. Many more have died, in spite of care. And several BECAUSE of care (in USA, Canada, and China I lost 5 classmates from farm accidents before HS graduation, and many shortly after in a 500yr flood that killed over 150. Death is pretty simple (and inexpensive) solution. I've always been ready. You seldom get a choice! Sooner the better for me. Wings (finally), no need for frequent flier perks.
I was worn out and more than ready to jet outta here by age 10. Childhood was no 'retirement'.
Plan to fail?
Nope... Plan to soar - it's been a great (and fast) ride.
I can easily live off that. (Today, and forevermore)
Pets / vet bills?.... Farmers have vet bills. Very large vet bills!
Our pets, are 'working animals '... They earn their keep. And sometimes get killed in the process. Not like we're living in a safe (inexpensive/ risk-free bubble) during retirement.
I'm not you. I was disabled by some arse that ran over me in downtown Portland (which means I am not well situated to take on a ton of risk). I did not grow up on a farm and inherit land and properties. I do not have farm animals. Almost everything has doubled in price since 2019 and the vet is no exception. My cats have their own dentist and have better medical care than most people. So, believe me between me and the cats I could have had a very nice luxury car instead over the last five years.
How much are you worth now? You talk about multiple rental properties. You seem to conflate the time when you were a teen and the time you were 49 and not working and now-ish. It all runs together. You leave out a lot of information regarding how you became so financially secure (and in this post even the fact that you are). Early retirement worked out very well for you. I do not think you should sell him on it with only maybe 3% of the story.
I know what my personal financial situation and if I say I cannot retire yet I am not making that up. Throwing caution to the wind is not something I would do. If I was forced to have to retire then of course I would figure it out. But, I am not going to voluntarily put myself in
Last edited by Wile E. Coyote; 01-07-2024 at 12:31 AM..
Love it. Well done. I’m with you: it all comes down to what you want, what lifestyle you are looking for, and what you are willing to do to get it. I laugh a bit every time I see the same post about needing $10million (or some other number) to retire early. I know very well that there is no one-size-for-all for life in or before retirement. So many options.
There are some nice and inexpensive places here in the US. But if you are willing to live abroad, a world of possibilities open up.
You need to read a few hundred of his posts to decide whether you think he doesn't have $10 million.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,694 posts, read 58,004,579 times
Reputation: 46171
How hard is it to accumulate a little investment RE?. I bought my first home for $16k at age 19, so my dad would have a place to live? I've bought over 40 props since. Seldom over $100k. Seldom for non-leveraged cash. (My home will never be without it's 2.75% mortgage. ) Payments ~ 1/10th it's current rental value. (I built it from scratch for $38/sf). In my free time (was only working 2 jobs + homeschooling and being a caregiver at the time).
$10m is so far off the charts it's absurd.
My kids are pulling the plug at $4m and they will have over 50yrs in retirement and no pension or HC.
Money has very little relevance or incentive to many of us.
I've always chosen to live inexpensively, so I can give more away than I spend on myself. We have plenty, but not even a fraction of $10m, nor do we need, ... Or care.
We have plenty, as well as our DAF / family foundation, which has been gifting in perpetuity since we were in our 30's.
And no... My kids did not get a dime for college, cars, housing... Nor did they need it.
They survived the training (quite well, BTW).
Planning to not fail... Is not tough.
And certainly not impossible. ($10m)
Taxes (future) can be a challenge.
Next week I will write another check for estimated tax payment... Current combined taxes are more than I gross earned for over 80% of my total accumulation years.
Retirement brings windfalls with previous 40 yrs investing.
The only inheritance I got was $100k+ in family loans that I had to pay on behalf of my parents.
It's the challenges that form, or destroy you. No one is going to get-ur-done for you.
Grin-and-bear it...
And stay off the Pity-pot.
Excuses don't fly.
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I lost 5 classmates from farm accidents before HS graduation, and many shortly after in a 500yr flood that killed over 150. Death is pretty simple (and inexpensive) solution. I've always been ready. You seldom get a choice! Sooner the better for me. Wings (finally), no need for frequent flier perks.
