Do I have enough saved to go full time ?
I know everyone's finances are personal, but I would like opinions if you think I have enough money saved. We have been pretty certain that we are going to do full time RVing, but after reading many forums on retirement and the RV lifestyle, I am starting to be concerned whether we will be financially:) able. We are looking at going in 3 years.
Brief summary of our finances:
We own our home that we will sell when we go on the road, and put that money aside to have an exit plan down the road when health dictates that we stop. Then we will use that money saved to buy a small condo.
We have $80,000 set aside to purchase our truck and 5th wheel, and are adding $600 monthly to this account. So we should have in the neighborhood of $100,000 by then.
We have $500,000.00 right now in retirement, and are going to be able to save about 30,000 a year more for 3 years. We are 58 and 57. Neither of us have a pension plan, so we will rely only on savings until SS.
I also have $63,000 in Roth account that I figure I can use to pay our health insurance plans from 62-65 before Medicaid kicks in. DH has a few pre existing health problems that I worry about when it comes to insurance costs and we do not have any plans that will cover us after we retire. ( also a reason I want to go sooner rather than later)
I want to go as soon as DH can collect SS at 62, and supplement that income with what we have in retirement savings. He should collect about 1600 monthly. Then I can collect about the same amount nine months later, or even consider waiting on mine till 65. (We will have similar SS checks). So hopefully once we are both collecting, we won't need to use too much of our savings.
I am asking for you wonderful people's advice because you've been doing this awhile. A lot of things I read show others doing this, but with pensions, paid insurance, much higher savings, etc. So I am now starting to wonder if this would be out of our reach.
Side note, my ancestors on both sides live to be 90-100 years old....
Thanks in advance! :)
Brief summary of our finances:
We own our home that we will sell when we go on the road, and put that money aside to have an exit plan down the road when health dictates that we stop. Then we will use that money saved to buy a small condo.
We have $80,000 set aside to purchase our truck and 5th wheel, and are adding $600 monthly to this account. So we should have in the neighborhood of $100,000 by then.
We have $500,000.00 right now in retirement, and are going to be able to save about 30,000 a year more for 3 years. We are 58 and 57. Neither of us have a pension plan, so we will rely only on savings until SS.
I also have $63,000 in Roth account that I figure I can use to pay our health insurance plans from 62-65 before Medicaid kicks in. DH has a few pre existing health problems that I worry about when it comes to insurance costs and we do not have any plans that will cover us after we retire. ( also a reason I want to go sooner rather than later)
I want to go as soon as DH can collect SS at 62, and supplement that income with what we have in retirement savings. He should collect about 1600 monthly. Then I can collect about the same amount nine months later, or even consider waiting on mine till 65. (We will have similar SS checks). So hopefully once we are both collecting, we won't need to use too much of our savings.
I am asking for you wonderful people's advice because you've been doing this awhile. A lot of things I read show others doing this, but with pensions, paid insurance, much higher savings, etc. So I am now starting to wonder if this would be out of our reach.
Side note, my ancestors on both sides live to be 90-100 years old....
Thanks in advance! :)
