Who Else Will Retire To Full-time In 2018?

[DallasSteve]

I don't know if this will be a popular thread or a dumb idea, but here goes. I saw a post here recently (maybe two) where members said they plan to retire and begin full-time RV life in 2018. That's my plan, too. What does your plan look like? Here's my plan (and long-term members here can feel free to comment, even with their often snide remarks).

1 - I turn 62 in August, (and my car lease is up then) but I won't take early Social Security
2 - I have savings to buy a nice, maybe even new, travel trailer with cash
3 - I can afford to lease a new tow vehicle with no worries, so I probably will; but I may try to rent a big truck for the first couple of months just to be sure this is where I want to go
4 - I've toyed with the idea of a CD-secured personal loan, but there's not much point (most banks want the CD rate plus 2%)
5 - I can burn my savings at the rate or $2,000 or even $3,000 per month with no problem until I start to draw Social Security
6 - I will probably do South Texas the first winter, but I might consider inland Florida, if I can find it within my budget
7 - I will probably set up near a big city for June-August and work a computer programming contract because 1 - it's easy money and 2 - I don't want to fight the summer crowds in the parks
8 - I'll travel the country in Spring and Fall seeing parks and cities big and small
9 - When I hit about 67-68 I will start Social Security and it will be plenty for me (if the government doesn't break all their promises)
10 - Since I'm in good health I'll probably buy cheap non-ACA health insurance until I qualify for Medicare at 65
11 - If I enjoy the life, I'll just keep repeating every year; if I find a place I like a lot I might set up a winter or summer home in an RV park
12 - If I don't like the life I can sell the RV at a loss and return to regular apartment life, but maybe in a new city that I like better. But I will always be Dallas Steve because that's where I was born.

Finally, I may get a bumper sticker that says "All my exes live in Texas, that's why I live in an RV".

[packnrat]

drat. not this year, 8 more to go.

[Quartermoon]

DallasSteve wrote:

Walaby wrote:

TechWriter wrote:

Quartermoon wrote:
It's also ACA-compliant for income tax purposes, although that doesn't matter with the new GOP tax reform plan.

IRS Requires Proof of Health Insurance

Believe Quartermoon was talking about in the FUTURE now that the Tax plan has passed. Your article was from back in Oct before the new tax overhaul came into being.

Mike

2X

The news reports (and The President) say that the new law eliminates the tax penalty as of 2018, but the IRS may require the proof or insurance or lack thereof for recordkeeping purposes until they change the forms again.

I believe it was compliant before that. It was one of 3 health-sharing plans grandfathered in. Not sure what paperwork is involved (that's what my CPA is for). A moot point now.

But if you're reasonably healthy, it makes sense rather than pay for a $5,000-deductible insurance policy.

[DallasSteve]

Walaby wrote:

TechWriter wrote:

Quartermoon wrote:
It's also ACA-compliant for income tax purposes, although that doesn't matter with the new GOP tax reform plan.

IRS Requires Proof of Health Insurance

Believe Quartermoon was talking about in the FUTURE now that the Tax plan has passed. Your article was from back in Oct before the new tax overhaul came into being.

Mike

2X

The news reports (and The President) say that the new law eliminates the tax penalty as of 2018, but the IRS may require the proof or insurance or lack thereof for recordkeeping purposes until they change the forms again.

[Walaby]

TechWriter wrote:

Quartermoon wrote:
It's also ACA-compliant for income tax purposes, although that doesn't matter with the new GOP tax reform plan.

IRS Requires Proof of Health Insurance

Believe Quartermoon was talking about in the FUTURE now that the Tax plan has passed. Your article was from back in Oct before the new tax overhaul came into being.

Mike

[TechWriter]

Quartermoon wrote:
It's also ACA-compliant for income tax purposes, although that doesn't matter with the new GOP tax reform plan.

IRS Requires Proof of Health Insurance

[Quartermoon]

DallasSteve wrote:

10 - Since I'm in good health I'll probably buy cheap non-ACA health insurance until I qualify for Medicare at 65

Since you're in good health, look into Christian Health Ministries. Plans start at $45/month and go to about $300/month. It's not insurance, it's a safety net for catastrophic incidents. It's also ACA-compliant for income tax purposes, although that doesn't matter with the new GOP tax reform plan.

1 - I'm 61, hubby 60. Just sold our business and gave the money to our investment guy.
2 - Currently have a fifth wheel and truck we're making payments on. Very much undecided on what we want in the future. Going to every RV show to shop!
3 - Don't plan for either of us to take SS until full retirement age. Between all our investments and retirement accounts we are on track for $5,000/month income in retirement. Plus whatever we might earn doing part-time or side jobs.
4 - No specific full-time-launch date set. Will work - at least part time somewhere - until full retirement age.
5 - Would like to travel and visit friends. No kids.
6 - Someday we'll settle back down. Could be a year, could be 10 years. Who knows.

I like that you have a plan. Any plan. Plans can be updated, but it's always best to know which way to point in order to move forward.

[FunnyCamper]

Go for it! Your plan sounds fine and it seems you sure know enough to make it work for you and not against you 🙂

We are semi-retiring in June 2018. Hubby will work Jan to June and then quit whatever small job he gets to entertain himself...and we will have June to Jan. to travel more BUT THE thing for us is a kid in school 🙂 12 yr old. She wants to stay in school and finish in this school system so we have about 6 yrs to 'stay put' before total freedom.

But we are going to travel more from June to end of Dec. and take her out of school for longer trips as needed thru this time. It is time to put in more travel with her before she is off and moving on her own.

Hubby is 52 and I am 56 and we have enough money to make it all work for us now so we are going for it sooner than later.

We are COE, state park people, we don't do more expensive private cgs cause they just aren't what we enjoy so we know how to cut costs for rv'ing definitely and we have no problems stopping at truck stops for '4-5 hrs' sleep for free while traveling, we have done it alot and will continue to do just that. We are frugal and can pinch a penny also 🙂 🙂

If you can make it work for you then definitely move forward. Life is a monster adventure to attack and find what works for you 🙂 Best of luck and report back and update us on your ventures and how it is going for you!

[Sourdough_Biscu]

Steve,

The way I read it, you wanted more "sharing" of others going FT in 2018 rather than a critique of yours. So, here's MY submission:

*Retired for 8 1/2 years already, but DO plan to FT beginning in 2018. We will spend most of the summer in Alaska, playing music and saying farewell to friends.

*Our plans for through about April of 2018 are already mapped out. After that... it's "free form".

*We've spent almost two years downsizing. Selling practically EVERYTHING. Keeping no furniture, no clothing, no kitchen stuff, etc. Just a few boxes of taxes and personal momentos with family.

*We've done several trips of 3-7 months, so we kind of have our routine.

*Only YOU will know if $3K is "enough". For some, that's a fortune. For others, it's poverty level. 😛

*We don't plan on owning winter clothing anymore. (You have to understand that our SUMMER/Fall jackets in Alaska may work for WINTER in some areas.)

*Don't plan to work again. Maybe as a park host, but only after a few years of exploring. And, would be in areas where we want to hike, explore or something. State, National or local park. Hosting seems a lot like work too.

*Music Festivals (mostly bluegrass), National Parks, roller coasters, caverns, museums, wineries, farms/farmer's markets.... that's our future for the next several years.

*Don't plan to have a "home base". True nomads. Traveling to places above. Plan 1-6 months ahead to the next "event".

Happy Trails!

Bob

PS We probably won't hit TX until 2019. 🙂

[John_Joey]

DallasSteve wrote:

John&Joey wrote:
Just wondering did you factor in inflation? Been pretty low for awhile, but that's what killed my F&MIL after 10-15 years of their retirement.

Social Security payments get an annual cost of living increase based on the amount of inflation, so I will stay at about the same level of real income. The increase is not perfect and it's not a lot (in 2017 it was 0, in 2018 it is about 2%). But currently it can also get eaten up by Medicare premium increases. Maybe that is where your in-laws got wrecked, I don't know.

No inflation is what wrecked them. SS and how they figure your COLA is a far cry from the real world. It was a slow downward spiral for them, then an expected event would happen like needing a new roof, furnace, or car repair. The credit card would get hit up, and then the interest rates would start delivering the killing blows.

Needless to say family helped where and when we could. The biggest help was a family member doing a personal reverse mortgage for them since they owned their home. He picked up the yearly taxes, did major repairs, gave them a monthly payment, and allowed them to live there rent free till they no longer could.

[TechWriter]

DallasSteve wrote:

10 - Since I'm in good health I'll probably buy cheap non-ACA health insurance until I qualify for Medicare at 65

Just to be sure, get a thorough check up and blood work before you start. My wife was in good health, too, before she got cancer.

Your "cheap" heath insurance should be as "portable" as possible -- that is, you can use it in any state, not just TX. Typically, that means a PPO plan which, I believe, are rare in TX.

[DallasSteve]

lj2654 wrote:
We are going full time in June 2018:

We are 63 and 61.

I am medically retired from the Military. And on SS disability.
Wife is on SS disability due to a car accident.

We have a DP thats paid for.

We are selling our home before we go full time.

We have a low auto payment and only a cell phone and insurance payment.

Able to use Military for campgrounds.

Also 1/2 price on State parks in Florida and COE parks too.

Income of $5000 a month.

We are tired of paying for having yard work and repairs done on the house and RV both. Consumes too much income with mortgage and home insurance and upkeep of having both.

$5,000 a month is great. I wish I had that, but I can make ends meet with what I've got.

[TechWriter]

lj2654 wrote:
We are going full time in June 2018:

We are 63 and 61.

I am medically retired from the Military. And on SS disability.
Wife is on SS disability due to a car accident.

We have a DP thats paid for.

We are selling our home before we go full time.

We have a low auto payment and only a cell phone and insurance payment.

Able to use Military for campgrounds.

Also 1/2 price on State parks in Florida and COE parks too.

Income of $5000 a month.

I think you're in great shape -- RV paid for + very good monthly income. Also, I assume you'll be on TriCare for medical care, right?

[lj2654]

We are going full time in June 2018:

We are 63 and 61.

I am medically retired from the Military. And on SS disability.
Wife is on SS disability due to a car accident.

We have a DP thats paid for.

We are selling our home before we go full time.

We have a low auto payment and only a cell phone and insurance payment.

Able to use Military for campgrounds.

Also 1/2 price on State parks in Florida and COE parks too.

Income of $5000 a month.

We are tired of paying for having yard work and repairs done on the house and RV both. Consumes too much income with mortgage and home insurance and upkeep of having both.

[PghBob]

You need to consider that SS increases can be imaginary. For example, my DW got the 2% increase for next year, but her Medicare contribution and tax increased so that she will net the same amount as this year. A 2% gross increase, but no net increase. By contrast, I will see about a $9-10 increase after increased Medicare and tax withholding.

[Rover_Bill]

If your DW is already on SS, you may be able to get an extra 50% in spousal benefit even while you're working full time or just waiting to start drawing your own SS payment. That extra money will not count against you when you start on SS so it pays to wait.