Do we or don't we?

[philh]

Short story, we bought a travel trailer and fell in love with a campground so much, we bought a park model, no note.

5 years later (right on my predicted schedule) we bought another travel trailer, no note.

Wife's health issue have been somewhat serious, mine haven't been a non issue either. She may be heading toward medical disability, it's that's serious.

I make a decent income, no pension or post retirement health insurance. Too little saved, but have some resources. Newer F150 and 2019 TT paid off. Generally marketable house mortgage about 1/2 paid off.

I'm currently 61.5, she's 56.

I'm tiring of work. I'm really good at what I do, so much so that my work load has doubled as some of my co-workers are failing miserably. Leaning towards working another year and just say, F* it and leaving.

Compounding the issue, if I had found this new 5th wheel. If had found this as recently a year ago, we'd probably have bought it instead of the TT... which is also going to require a LOT more truck.

1. Health insurance - solutions?
2. Financial - income is going to drop A LOT! Now what?
3. Homestead - giving up a homestead, where are we resident?
4. Loss on the new TT, but truck was bought used at a good price.
5. Can we truly live as nomads?

Suggestions, thoughts, honest opinions?

[4x4ord]

My suggestion to the op is to focus on enjoying life while working rather than dreaming of retiring. Even if you don't enjoy your job you can appreciate your paycheck. A 40 hour work week leaves a lot of time for doing what you do enjoy. I was talking to a 75 year old fellow who started his own business after retiring from his career. He still loves going to work every day.

[timmac]

DallasSteve wrote:

timmac wrote:

Yes your right you don't have to work 5 more years before collecting S.S. at 67 vs early draw that is if you have the funds, but if one does not have enough funds and wants to retire at 62 they can and still earn up to $17,040 a year and still collect the full early/reduced amount before S.S is reduced $1 for every $2 earned over the $17,040 a year.

I say work is overrated and one should retire as soon as they can if they can afford it..

Hence why I own a business and work 20 hours or less per week and earn 6 figures per year.. { I am still to young to draw early S.S }

I will retire at 62 and collect my early/reduced S.S. full amount and still earn over $100,000 per year without any $$ penalties, ask me how I can do that..

:B

Well, I wasn't going to ask, but my guess is that the $100,000 is what the IRS calls "unearned income", meaning it's something like dividends or interest or capital gains. Or maybe you defer the income in your business somehow.

Nope the year I turn 62 I will sign my business 100 percent over to my wife that is 7 years younger and draw zero salary than I will get my early S.S.

S.S. rule for early retirement does not care what the spouse makes, only the one applying has to make less than $17,040 per year..

Legal loophole that can only be done with business owners..

:B Shh don't let Bernie know he will try and change this rule... :C

[TechWriter]

philh wrote:
IDK, right now, have to get through my wife's upcoming surgery {major}, followed up several weeks later by my surgery {moderately minor}.

All my best. Hope both go well.

[DallasSteve]

timmac wrote:

Yes your right you don't have to work 5 more years before collecting S.S. at 67 vs early draw that is if you have the funds, but if one does not have enough funds and wants to retire at 62 they can and still earn up to $17,040 a year and still collect the full early/reduced amount before S.S is reduced $1 for every $2 earned over the $17,040 a year.

I say work is overrated and one should retire as soon as they can if they can afford it..

Hence why I own a business and work 20 hours or less per week and earn 6 figures per year.. { I am still to young to draw early S.S }

I will retire at 62 and collect my early/reduced S.S. full amount and still earn over $100,000 per year without any $$ penalties, ask me how I can do that..

:B

Well, I wasn't going to ask, but my guess is that the $100,000 is what the IRS calls "unearned income", meaning it's something like dividends or interest or capital gains. Or maybe you defer the income in your business somehow.

[timmac]

DallasSteve wrote:

timmac wrote:

X2

The S.S break even age is around 77-78 years of age, so if a person starts drawing at 62 and another starts at 67 they both will earn the same total amount by 77-78 years of age but the person drawing at 67 has to work 5 more years..

"the person drawing at 67 has to work 5 more years.. "

Why? There's no law that says you have to work until you start drawing SS. There's also no law that says you have to start drawing SS when you stop working. I'm 63. I stopped working 12 months ago. I'm living on what some people call "my savings". They haven't arrested me for that, yet.

You are correct that the breakeven age is around 77-78. If I die early and I leave money on the table, so what? (So far I'm in good health) I've also seen statistics that the sooner you retire, the longer you live. I can't explain that.

Steve

Yes your right you don't have to work 5 more years before collecting S.S. at 67 vs early draw that is if you have the funds, but if one does not have enough funds and wants to retire at 62 they can and still earn up to $17,040 a year and still collect the full early/reduced amount before S.S is reduced $1 for every $2 earned over the $17,040 a year.

I say work is overrated and one should retire as soon as they can if they can afford it..

Hence why I own a business and work 20 hours or less per week and earn 6 figures per year.. { I am still to young to draw early S.S }

I will retire at 62 and collect my early/reduced S.S. full amount and still earn over $100,000 per year without any $$ penalties, ask me how I can do that..

:B

[js218]

Retired at 55, I'm 62 and don't collect, living off of my savings and investments an yes I'm completely debt free. See something I like I buy it currently looking at Earthroamer Rv.

[DallasSteve]

philh wrote:

I did have a financial planner tell me to burn through my savings and don't collect SS until (IRC) 72.

One minor detail: There's no reason to wait past 70. You max out Social Security at 70. If you want to keep waiting I think they will be happy to keep you money, but I don't think they will later repay you the extra time you wait after 70. Once lost, always lost. 🙂

Steve

[philh]

DallasSteve wrote:
I've also seen statistics that the sooner you retire, the longer you live. I can't explain that.

Steve

Let me count the ways!

In the organization I work in, there's a bi-modal age distribution, large group in the middle 50's to early 60's and another group in the early 30's.

Among my peers, most (but not all) are trying to figure out how we're going to get out and survive. All of us have the insurance concerns.

I did have a financial planner tell me to burn through my savings and don't collect SS until (IRC) 72. Even if I get the insurance issue resolved, don't see getting to retirement before 63... too many things to do before then.

For me, wildcard could be workload due to project status. I may have a choice handed to me... but with my "reputation" for getting things done, there are others that may go first. IDK, right now, have to get through my wife's upcoming surgery {major}, followed up several weeks later by my surgery {moderately minor}.

[DallasSteve]

timmac wrote:

X2

The S.S break even age is around 77-78 years of age, so if a person starts drawing at 62 and another starts at 67 they both will earn the same total amount by 77-78 years of age but the person drawing at 67 has to work 5 more years..

"the person drawing at 67 has to work 5 more years.. "

Why? There's no law that says you have to work until you start drawing SS. There's also no law that says you have to start drawing SS when you stop working. I'm 63. I stopped working 12 months ago. I'm living on what some people call "my savings". They haven't arrested me for that, yet.

You are correct that the breakeven age is around 77-78. If I die early and I leave money on the table, so what? (So far I'm in good health) I've also seen statistics that the sooner you retire, the longer you live. I can't explain that.

Steve

[philh]

timmac wrote:
Your personal health is also a factor..

Insurance is a big factor.

[timmac]

allen8106 wrote:

Lwiddis wrote:
You need to work at least to 66. “Tiring of work” isn’t a reasonable excuse. Save every dime you can.

BS...Not me, I'm tired of working too. I'm retiring at 62 AND drawing my SS. The money I'll draw between 62 and 65-10 will make up for a ton of the monthly shortfall for retiring early.

X2

The S.S break even age is around 77-78 years of age, so if a person starts drawing at 62 and another starts at 67 they both will earn the same total amount by 77-78 years of age but the person drawing at 67 has to work 5 more years..

So if your parents did not live much beyond 78 years and it runs in your family than drawing early is best, but if your family genes has very long life well beyond 85 than maybe wait till your 67..

Your personal health is also a factor..

[timmac]

TechWriter wrote:

timmac wrote:

TechWriter wrote:

timmac wrote:
Just do it and have fun..

How long have you been full timing?

I am not a full timer yet and may never be, but if the OPer is desiring it than he should make the leap and do it..

Yep, just what I figured. You don't know what you're talking about.

Are we Trolling today 😛

[allen8106]

Lwiddis wrote:
You need to work at least to 66. “Tiring of work” isn’t a reasonable excuse. Save every dime you can.

BS...Not me, I'm tired of working too. I'm retiring at 62 AND drawing my SS. The money I'll draw between 62 and 65-10 will make up for a ton of the monthly shortfall for retiring early.

[js218]

Try to retire debt free or minimal debt, I retire 2012 at 55 toured the globe for 4 years then discovered Super C rv's order 1 took 6 months to build have been on the road ever since currently 156k miles and still traveling.