Retiring, full timing and (very) early planning

BarbaraOK wrote:

cKarlGo wrote:


Me either. Certainly not when my entire future is hanging in the balance.

I can remember 2 young kids 47 years ago, newly married, who headed out from Seattle to Oxford, Ohio with the hope that a job and acceptance to the graduate program at university would be waiting, with a car that burned a quart of oil and a quart of transmission fluid every 200 miles or so, $200 in family gifts in our pockets, and all of our clothes and other worldly possessions packed into a 1962 Mercury Meteor, on the 23rd of December 1966. And we had complete confidence that things would work out - and they did. :B

Not quite as adventuresome now, but we still try to limit the planning so that we can experience some wonder in our lives.

Barb

If this was posted on Facebook I'd click "Like".

Rlaubert wrote:
My wife and I will be hitting the road next year (Fall 2014). We recently sat down with a financial planner who took our goals, income, savings, etc and drew up a plan for us. We actually sat down with 4 different planners and three of them were only interested in the money we were going to invest ($50,000 from an insurance settlement). The last guy was a true professional. He asked a lot of questions, understood the Military retirement system, SS, and even a little bit about the RV lifestyle. He provided a lot of different situations and how we would fair with each. Described the insurances we would need to cover life changing events etc. Even had a budget of sorts worked out for while we were traveling. With his help, we determined we can travel, we won't have to workamp unless we want to.
I would highly recommend finding a financial planner to work with. It will give you piece of mind if nothing else.

Excellent suggestion. One I hadn't previously considered. Thank you!

My wife and I will be hitting the road next year (Fall 2014). We recently sat down with a financial planner who took our goals, income, savings, etc and drew up a plan for us. We actually sat down with 4 different planners and three of them were only interested in the money we were going to invest ($50,000 from an insurance settlement). The last guy was a true professional. He asked a lot of questions, understood the Military retirement system, SS, and even a little bit about the RV lifestyle. He provided a lot of different situations and how we would fair with each. Described the insurances we would need to cover life changing events etc. Even had a budget of sorts worked out for while we were traveling. With his help, we determined we can travel, we won't have to workamp unless we want to.
I would highly recommend finding a financial planner to work with. It will give you piece of mind if nothing else.

cKarlGo wrote:


Me either. Certainly not when my entire future is hanging in the balance.

I can remember 2 young kids 47 years ago, newly married, who headed out from Seattle to Oxford, Ohio with the hope that a job and acceptance to the graduate program at university would be waiting, with a car that burned a quart of oil and a quart of transmission fluid every 200 miles or so, $200 in family gifts in our pockets, and all of our clothes and other worldly possessions packed into a 1962 Mercury Meteor, on the 23rd of December 1966. And we had complete confidence that things would work out - and they did. :B

Not quite as adventuresome now, but we still try to limit the planning so that we can experience some wonder in our lives.

Barb

FW_Michele wrote:
We're completely debt-free, and have two S&B houses - one we live in and one we rent out. The intent is to sell one, and continue renting the other, when we go full-time.

When we're done, we'll move back into the current rental.

My DW and I would like to do the same, however the thought of having to hire someone to manage a rental property when we are not near the rental property is a major concern for my DW. How do you plan on managing the rental property from a distance?
We are also from Canada and wish the full-timing lifestyle was more embraced and accepted up here in Canada.

ttempleton wrote:
No plan, just do it if u want to. Life is too short

"Russians don't take a dump, son, without a plan."

-- Admiral Painter, The Hunt for Red October

Me either. Certainly not when my entire future is hanging in the balance.

No plan, just do it if u want to. Life is too short

cKarlGo wrote:
Some time ago, I decided that I wanted to full time after I retire. Recently, I realized just how quickly the time is flying past and I want to begin planning both logistically and financially.

Can anyone recommend some reliable resources that they've used on how to plan for a full timing retirement?

Thanks!

I am in the same position as you are. Have been planning to four years now six more to go. I have a note book going with all kinds of retirement information. A lot of the fulltime articles have been listed that is what i am reading up on. I thank the enjoyment in planning is what makes it so interesting, its a goal in life i want to Achieve.
My position is different, in that i live in Oahu Hawaii so have to move back to the Main Land US Just to start with. Lot more logistics involved.
Good luck, see you down the road.
Scott

cKarlGo wrote:

BarbaraOK wrote:
Biggest problem at your age will be health insurance. You're still 'youngsters' but the body has this way of surprising you when you get around 60 and most times it isn't trivial, so make sure that you're covered.

I'm lucky that I get to keep my insurance, mostly paid for by my employer.

I'm lucky that I'm Canadian. ;) Though I will need traveller's insurance.

BarbaraOK wrote:
Biggest problem at your age will be health insurance. You're still 'youngsters' but the body has this way of surprising you when you get around 60 and most times it isn't trivial, so make sure that you're covered.

I'm lucky that I get to keep my insurance, mostly paid for by my employer.

The big wildcard I currently see is whether or not social security still exists in 2025. If it does, then I'm within $500-700/mo of my current take home, allowing for 30% in state and federal taxes on my pensions. If it doesn't, I'll have to reassess at the time.

I had planned to move back home to SC, but I have also considered FL simply because there are no taxes on pension income there. This website gives some excellent information on such things.

Thanks to everyone for their input. It's been very, very helpful.