Posted on 08/19/2019 9:03:32 AM PDT by freedumb2003
Can I retire on $500K?
Soon to be ex-wife and I had the last of all our blow-outs. 25 years married, no kids, own the house outright, $1.7 MM (maybe 2), zero debt, 60-something.
Reached out to Cordell Cordell the only law firm I know of that will take care of the man side of things.
soon to be ex-wife does not work.
I have a $1300/mo for life pension from a State job I had a few years back. SS if I go early would be $2300/mo but I don't know if that is split.
I am seriously thinking going "Jimmy Buffet" on life and just finding a tropical climate and doing computer consulting out of a suitcase.
This is the broadest audience I can reach without giving my RL name away.
Anyone doing OK on $500K?
That all depends on WHERE you are or plan to retire to.
South Texas, yes.
South Philly? No...............
A ton of details are missing in order to give a meaningful reply. But other than that, yes.
I’m getting ready to retire on pretty much nothing but SS and we should be fine. In fact, our monthly cost of living should be about half our SS payments, if that. The key is paying off your house and living in an area where living is rewarding and cheap. In our case, it’s 32 acres in south central KY. Our property taxes are just a few hundred a year.
I also worked in IT and will end up getting close to the max SS payment.
Without going into details, a divorce a long time ago not only decimated my finances, but made me a little bit nuts, regarding saving money. People can’t take what you don’t save.
I’m interested in what other FReepers have to say. Good luck to my FRiend
Reliable retirement investment is 5%, so $500k nets $25k/year.
Please make a large contribution to FR before you get to court. :-P
I retired on less pension than you have and about the same 401k, not eligible for SS yet so I work 3 days a week.
It can be done if you are frugal.
Move to the Philippines and live like a king - literally. :)
Sorry, slightly more pension, not less.
It is possible if you are careful with money.
The only advice I would give is do not take social security early! It’s a big difference between taking it early, at full time etirement age or even taking it at 70 would give u 20-30% more than taking it early. If u live long, taking it no earlier than full retirement is the best move for u. Good luck to u...u r in a good position financially. There are many people living on much less than u have access to.
Figure out a way to get some cash flow to replenish any losses from the drain.
A friend of mine was in a similar situation. 70 years old, divorced, kids grown and gone. He sold his house and truck then moved to Thailand. Loves it there.
>>Please make a large contribution to FR before you get to court<<
I don’t know if “irony” applies but that is one of the divorce points. I have had to hide my FR contributions b/c it wasn’t worth the hassle of the argument.
Maybe that explains the whole divorce thing. I gave in/gave up for the last gd time.
You will get 1/2 of all total assets.
And you will pay alimony for the rest of her life, about 50% of your historical gross earnings.
I’ve been through this twice.
Whether you pay Cordell x2 or go in without an attorney will not change the outcome. It’s a formula.
If you have no other income, $500k is not that much.
But, if combined with Social Security, a pension etc. IT’S PLENTY.
After all, you’re expenses are not about 25% of what they were with her as your wife. Whomever she is.
Yes, TWICE.
Not enough information on expenses, lifestyle, health insurance situation, life expectancy, and investments to add much insight. Also, how many years can you earn 80k/yr after taxes?
Assume you have no place to live, 500k in the bank, 1.3k/mo pension and clear 80k/yr after taxes. Sure, in some places that would be very possible, others not so much. And, need insight into your expenses and whether you are an implosive spender or frugal. So many questions that are needing to be addressed.
The question is really a dollar “mass balance” over some unknown period of time. The unknowns here are many, too many.
I don’t understand the question.
You will be getting your pension and SS an doing side contract work possibly.
House is paid off.
You’re not gonna LIVE off the 500k.
I own my house in Florida outright, very healthy, and I could live on the $700/month of Social Security I could get at age 62.
Enjoy your life & money.
>>Move to the Philippines and live like a king<<
If it is not like Puerto Rico then it sounds great! Thanks for the idea!
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