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Old 06-13-2014, 07:03 AM   #15
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You can go with your 'heart' or 'gut' but the most comfortable retirement will come from your 'financial brain' and your 'calculator'. What is your financial 'supply' and what is your financial 'demand'?

Supply side:
- SS and pension income from your parents. If one or more passes away, can you continue your retirement without their income supplement?
- Military retirement
- Disability
- Rental income
- CONSERVATIVE estimate of 'odd jobs' income
- How will this supply of income change from now until age 95?

Demand side:
- Health insurance
- Income taxes
- $400 MH on base rent
- Replacing your MH sometime in the next 20 years
- Original house expenses (taxes, maintenance, cleaning between tenants, etc)
- MH maintenance expenses
- parent living and healthcare expenses, long term care planning, home health aides, etc.
- food, gas, auto, day to day living expenses
- long term goals (college, child expenses if applicable, replacement cars)
- other monthly expenses (phone, cable, internet, insurance, etc.)
- emergency funds for the unknown

I have seen people retire and then suddenly become 'bored' after a few years and go back to work. More likely, it is a case where they find themselves strapped for cash because they did not plan well or circumstances changed.

Based on your situation, you may want to approach this as a Leave of Absence, and see how the situation works out over the next year. That way it is easier to go back and resume your career if needed.

Good luck!

Tom and Katharine
'07 Winnebago Tour 40TD, 400hp Cummins
RVing for 19 years & 150,000+ miles
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Old 06-13-2014, 07:11 AM   #16
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I knew it was time after the second layoff in three years. The depression hit my industry hard and I was first let go last day of January 2009. Second time was Sept 2011. We are now camp hosting for two months, having a ball. I still occasionally pick up some work from old customers, but we are so happy now, enjoying what we love.

Don and Lorri
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Old 06-13-2014, 07:18 AM   #17
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Retire now?

For us, we are starting now and have worked out a 5 year to Full timing plan. I am 51 and hubby is a couple of years older. We decided to do this after watching my dad pass away a little over a year ago. We moved to be near him a few years ago and I am so glad that I had so last couple fo years with him.

He and my mom talked about becoming full timers (did it summers with us, kids) their whole lives but she became ill with cancer and passed away before they could. He remarried a lady who had no interest in the lifestyle.

I looked at my husband one night and shared my retirement dream and how afraid I was that I may never be able to do it. My dad once told me that he tried to live his life never wondering, "what if" so that's when we looked at our finances and worked out a five year plan.

You need to be realistic about full timing it. What kind of lifestyle do you want to live? Many do it with smaller budgets and many do it with more generous ones. What luxuries do you want/need and which ones are less of a priority? Also, if you jump, 10 years into the future and look back, what will you wish you had done? There is no way to predict the future but you can make the best decision for you right now.

Good Luck
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Old 06-13-2014, 07:19 AM   #18
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Originally Posted by MCJones View Post
One does not know what the future holds- retire as soon as financially possible with as few "responsibilities" and bills as possible. I've never talked to anyone that said they retired too early. I would not rent out anything - no one treats your stuff like you would. JMO
I agree!!
I asked my brother in law the same question. He answered just as you have.
He died within a year from cancer. He did not know he had it.
The future is not guaranteed.
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Old 06-13-2014, 07:22 AM   #19
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Hurry to the net or nearest book store and get a copy of "Your Money or Your Life" and read it.

It is full of sound financial and mental advice.
John McKinley
2007 Damon Daybreak 3060, Ford 16,000# Chassis,
Ford C-Max Hybrid Toad , Suzuki V Strom 1000cc
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Old 06-13-2014, 07:58 AM   #20
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Only you know whether a lifestyle change is financial sustainable.
But don't wait until a doctor tells you to slow down, I was 48 years old when that happened.
We had an still have the opportunity to take advantage of professional financial/retirement planning.
Now a real piece of advice whatever you decide to do, never look back and never second guess your decision.
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Old 06-14-2014, 07:04 PM   #21
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I think that if you overthink it....there will never be the right time. We all new couples when we were younger who were waiting for the right time to have kids. Always had conditions like a larger house, new car, better/secure job, etc. Some of those friends I have don't have kids because it was never the right time. Although you do need money to retire and likely a house for when you become infirmed........but you can't prepare for every eventuality.........and if you are already talking about it I suggest that your halfway there in making your decision.
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Old 06-14-2014, 09:49 PM   #22
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I am grateful to all of you for your wisdom and experience on the topic and your willingness to share advice! It is priceless to have so much advice from people who have already experience what I am soon to face....the irv2 forum is incredible.

I will be doing a lot of pondering the next few days on the advice within each post and will eventually provide a personal thank you.

Thanks everyone!!
2017 Forest River Sunseeker MBS 2400w
2000 Monaco La Palma, F53 V10
2011 Ford Escape
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Old 06-15-2014, 07:15 AM   #23
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I just retired after 39 years in health care/hospital administration. I am 64 and had planned to work until age 66. The stress in the industry is incredible but I figured I could last another two years. However, a small stroke in early 2013 helped me decide to get out. I worked in earnest with our financial advisor to finalize plans and retired May 1. The key for us was to have no debt of any kind and we've saved pretty well. Decent pension, SS, annuity, and 403b, 457b will hopefully last until we check out.

We have a home we want to keep for a few more years and plan to do half time in the RV.

As most have noted, the time is right if it works for you, meets your needs, and you are in a reasonable financial position to retire.

Good luck with your plans.
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Old 06-16-2014, 07:31 PM   #24
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Over the years, I've run into many, many owners at our membership campground that waited until 65-70 years old to retire--only to have serious health issues immediately upon retirement. There's nothing worse than having to watch others setup your campsite while you sit in a chair due to mobility issues, cancer or a bad heart.

I would tell anyone to take a long and careful look at your lifestyle and finances. If your dream is full time RV'ing, go for it. Just have a plan that corresponds with that of your significant other--going the same places and doing the same things.

And if you can pull off living in a RV @ age 51, more power to you.
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Old 06-17-2014, 07:01 AM   #25
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Its a balancing act of following your dreams vs being financially prudent.
I actually liked my job & was well paid, but the stress of being responsible for 1000 employees and their families futures was killing me. I was able to get out at 60 and never looked back. But I did a lot of planning & saving prior to jumping overboard.
Retirement is not necessarily cheap, RV life is not necessarily cheap. Its easy on paper to say, I used to spend $100,000/yr and now I'm only going to spend $36,000/yr. Its harder to actually follow through and live on significantly less, without major lifestyle changes. Only you can say if you're the type who will be able to make the changes required to live on a significantly lower budget.
Being a rental landlord is full of all types of burdens & risks. I would look at rental income as bonus money, not part of my basic budget income requirements. If you can't fund your monthly bills without the rental income, that's a big red flag.
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Old 06-17-2014, 07:35 AM   #26
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We retired at an early age because we wanted to go FT and travel the country. We were fortunate in that we believed we could do it-although it would involve getting by on much less than our annual income while working.

So we pulled the plug in 2007, then watched the economy crash a few months later. Talk about sleepless nights as we watched our savings drop in half! But it was too late to turn back at that point, our retirements were finalized with no "never mind" clause.

As we look back on it now--we think we were probably fortunate to have already made the plunge when the economy tanked. We are fairly certain that we would not have done it if the crash would have occurred before we had retired. We would have been too afraid. As it turned out, we made it work, we left our accounts as best we could, and most all of it has now returned.

For us, we knew it was time, we wanted to do it while we could. We have now been FTing and on the road for 7 years, and we are still having a blast.
2014 F350 Dually Lariat 4x4
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Old 06-17-2014, 09:03 PM   #27
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Interesting to see the replies as we debated the question for about 18 months and our conclusion was similar to the sentiments already stated, if not now, When? We retired from the big salary and all the perks and after a year of retirement the time for yourselves is priceless and irreplaceable.
We moved and are adjusting our reality to what we can afford with an emphasis on RVing and travel in general. The most difficult thing was leaving our grand children but selling the house gives us the ability to allow them to get on a plane anytime they need a grandma and grandpa fix.
I am 70 and I have worked everyday for the majority of my life and the question- if not now when? became a loud chant and finally I listened to the music. I have always accepted the consequences and benefits of our decisions and this one has proven to be correct.
So to all the young people out there, keep on working, we need the money!
To all the politicians, get your act together, we need the money!
To all the people we meet on the road and in our new community, here's to you!
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Old 06-18-2014, 04:17 PM   #28
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In the old days (preObamaCare), the best solution would be to get a high deductible plan ($20,000 or so). This is no longer allowed. With the high deductible policy, you are basically self insured and are just protecting your net worth from a big medical problem.

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