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Old 05-26-2015, 12:52 PM   #21
larry337
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Originally Posted by sourdough View Post
I think you are pondering what I figure all of us do at your age. And, yes, something might come along that makes the decision for you; it did for me, out of the blue and financially set us up (merger/acquisition then an IPO).

Health and longevity questions will persist even after you retire; you just have to make the best decisions you can. Some suggestions:

1) Retire at 62 if you can and pull your SS. Many preach against this but you need to crunch the numbers for your situation. There was no way I could make them work for me unless I was going to expect to have the same health at 80 as I did at 62....which I won't. Plus, you will come out on the losing end dollar wise if you kick the bucket prior to 80.

2) If you retire prior to 59 1/2 all qualified (pre tax) dollars withdrawn will be subject to income tax and a 10% penalty until you reach 59 1/2. Be aware of the IRS rule of 72t which allows you to retire once you reach the age of 55 and let's you withdraw money from your pre tax accounts without penalty. There is a formula for what you can withdraw which is generous and you can't modify it for 5 years. We retired at 55, lived off our own money until 57, took the 72t for 5 years and then filed for SS at 62 and set up withdrawals from my IRA to supplement.

3) Medicare; remember that there is a monthly fee for medicare for yourself and your wife.

4) $50k a year fixed income. Remember that things will assuredly change for the long haul. What works good now may not be enough in the future; example: When I retired my health insurance was $259 mo (company supplemented). The 2nd year after I retired the company withdrew all supplements for retirees and my insurance tab is $1530 mo. Thankfully we had plenty of financial resources to cover the increase without any effect on us....but it could have been catastrophic.

Some things to ponder as you try to determine what direction to take. I found that a couple of spiral notebooks, a calculator and folder to put it all in (along with copious notes) helped me a lot as I tried to figure it out. Good luck.
More good stuff! I guess that's the best way to say it. If we do it before 62 we will be living on our own money. Which would mean we can't have everything. Much soul searching, researching, and investigating to do. And your right that what I expect in medical coverage, and even my pension for that matter, is all subject to change down the road. Even changes in the stock market, up or down, could have big implications. In my heart I already know the safe and smart play is to wait till 62. Time will tell. As I stated earlier I didn't mean to start this thread, it just kinda happened. It's 5 years to decision time and it doesn't consume me, I just think about it sometimes. My guess is when the time comes we will "know" what is best for us. Something will just feel right.
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Old 06-12-2015, 09:58 AM   #22
wilsonseattle
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I agree with many of the comments above, the cost of full timing is going to be very unique to your financial situation and the type of adventures you want to have. If you plan on driving around a lot, plan on higher expenses for fuel, maintenance, repairs, and park/site fees. If you have an RV now you probably have a good idea already of the cost of going camping that is specific to your set up. Keep track of those costs and it will give you a ball park of the cost to travel around.
If you plan on staying in one area for extended time periods your cost will go down considerably, RV parks will give you a good rate if you stay over one month and normally only charge for the electricity you actually use. There will be certain fixed costs you will have, for example; license fees (driver and tabs) insurance for your rig and tow/towed vehicle, cell phone, and TV/Internet satellite coverage. (most parks offer TV cable service and limited Internet, a good cell phone plan may also provide access equal to the service you’re going to get in most parks) These costs are going to be fixed regardless if you full time all year or seasonally. Also include medical/insurance costs and any mail forwarding service you set up. Dish Network has an RV plan that you pay-as-go, its not bad, we had it for awhile but the park we are in has cable TV service for free.
Full timing does take a toll on your rig whether you move around or not. Only a few models are really built for full timing so most RV’s are going to wear out or break things more often if you live in it all the time. It will also wear-out quicker if you’re moving around a lot. However, there are plenty of mobile repair services that will come right to your site and will even work with the manufacturer/dealer if you have a covered claim. I highly recommend having your rig for at least six months to a year before you full time so you can work out any quality bugs before you hit the road.
If you plan on keeping your house remember there will be monthly cost for that as well. Most utilities can be reduced but there are still some minimal fees they like to charge for the honor of having an account with them. Of course you will also have costs related to upkeep, insurance, taxes, etc. not to mention a mortgage if you have not paid it off before you retire. We had our house empty for about six months before we finally sold it and I was paying about $300 a month for insurance and utilities. I know a lot of full time retirees who rent out their homes and plan to go back after they are done traveling around.
To give you a basic idea of cost we started full timing about two years ago, I am still working full time and we sold our house and everything that didn’t fit into the RV, when I was transferred to California. California is almost stupid-expensive so consider this a “high side” estimate.
CA Vehicle Tabs: $1400 annually
Insurance (Truck and Fifth Wheel): $130 (full time insurance costs a little more, however you can reduce it if you agree to stay in one location for long periods of time.)
Cellular/w Internet Access: $80
Medical Insurance: $220
Monthly Site Rent: $770 (in CA this can range from $500-$2700 per month)
Electrical: $40-$250 (this changes based on the season, all other utilities included in rent)
We are dishing out about $1400 on average per month or about $17000 per year, of course I didn’t put in food, entertainment and fuel for commuting each month, we like to eat out a lot and do a lot of stuff so we drop an easy $1000 a month on those items. So, in our experience we could easily get by and live like we do on $25-30K of cash per year, but again this is Southern California and we do not move the trailer around.
One final note is if you’re going to finance a rig to full time in do it before you sell your home. There are only a few finance companies that will give full timers a loan and they want at least 20% down. For planning purposes I would not expect any rig to last more than about 10-12 years of full timing before it starts costing you a lot to fix/maintain or just becomes unsafe to travel in. If you have cash to purchase one outright make sure you look across the entire country for one, it only cost about $1.00-$1.50 per mile to have a rig delivered to you. If you are going to buy a used one for full timing spend the money and hire an RV inspector to give you a good assessment of the condition.
Hope this helps, good luck!
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Old 06-14-2015, 03:46 AM   #23
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Cost of full time RV living

The DW and I just sat down, and did a cost breakdown on this very subject. We had just returned home after a 2 month trip, and decided full time might be the way to go.
Our figures showed after selling the house, we could put over $100,000.00 in the bank. Our monthly expenses would be over $1000.00 less, and that's staying at an RV park in the $700.00 a month range.
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Old 07-18-2015, 08:59 PM   #24
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We spend about $6k a month as a fulltimer. And unless you have medicare, my medical insurance would be about $1500 a month, not $220.
If you want walmarts and cheap campgrounds you can do it much much cheaper.

We move around and don't hesitate to eat/drink out.
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Old 07-19-2015, 01:35 AM   #25
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Everyone here has given you great financial advice, most is spot on. But everyone forgets what's even more important, your health! You alluded to it with your statement "I've always wondered how much I'll still be capable of at 62"

Well you better wonder...How many times have my wife and I seen new retirees pull up with their new rig, set all the bikes and toys up then you never see them again. Why?, when you see they the can hardly get up and down their camper steps you know the reason. They can't walk let alone ride their bikes, hike, swim, etc all !the great things to do when camping. What's even sadder these people worked hard their whole life raising kids etc now when they can finally retire they don't have the mobility to do so.

How many times have you read in these forums about people wanting to sell their rigs for one with a new floorplan because they can't walk up the "two" steps to get in the bedroom.

Don't just worry about money, start a program of walking daily, a journey of a thousand miles start with a single step. My wife and I do a workout a day, it can be as short as 15 minutes or as long as two hours, keep moving!

I'll never forget the response my Dad made when I told him he better start walking, "why do I have to walk I have a car" well you know the rest of that story.,....

If you need any help with getting started with an exercise program get back to me.

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Old 08-15-2015, 07:17 PM   #26
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We go some place every month for a few weeks an my sweet heart and I both 61, I take the Harley along and can do a lot more walking trailing the bike then when I rode 300 miles a day on the bike. I'm ready for home after a long trip. I have friends that go to Quartzsite for 3 months winter birds. A month is long enough away from home for me. I have kicked around being a camp host but after a week of sight seeing in one place I,m ready to check someplace different.
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Old 08-26-2015, 12:58 PM   #27
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I have a suggestion. I don't know how much vacation time you have available, but if you can swing an entire month, and can save some extra money, take off and live like you would if retired. Do not live like on vacation!! Just take it easy, and imagine you are doing this for the next 10 years and have plenty of time to see everything, so you don't have to rush and drive everywhere in two weeks. Keep a record of everything you spend, and when you are done, sit down and compare your current expenses in your home versus you one month 'fulltime'. Be honest with your expenses for both living situations and then you will know what you can do. Some people convert to fulltime before retirement, and start living in their RV. Then when the time comes, pull the chocks and drive. We are right at three years fulltime, and have traveled quite a bit, and I think we have times we spend more and others, less. Good luck.
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Old 08-26-2015, 01:25 PM   #28
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My wife and I are going to give 3/4 timing a try in a couple months. I'll be 45 early next year and she turns 50. She's got a few health issues that living in Denver aren't helping. We don't have any kids and I can work from anywhere. Couple that with the fact that she can't find a good part time job and it led us to make some changes.

We're selling our house that we've had for 5 years. We'll pocket enough from that to buy a good used setup, around $60k in total. I have a town home that has been a rental for almost 10 years and my renters gave notice that they're moving out next month. We're going to relocate to that and use it has a home base whenever we want to come back and stretch our legs for a months. I'll be able to refi the mortgage and cut my rate in half and it won't be a burden for us. We can also try renting it as a VRBO property if we know we're going to be away for a while.

Our plan is move only on weekends and find places we can stay for at least a week, maybe a month. I'll be working M-F from 8-5, as usual, but will either work from the RV or go a local office that my company has (multinational, hotel desks, etc). The wife will take care of the dogs, maybe work on some children's books she has been thinking of, whatever.

It might work, it might not. If not, we'll regroup at the town home and figure out our next move. Either way, I'm not going to wait until retirement to enjoy RV'ing. There have been too many people in my family and my wife's that have gotten sick just after they retired and either can't enjoy life or have passed.
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Old 08-27-2015, 05:46 PM   #29
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This is an old thread but relevant.

The previous post is spot on. I retired at 55 because 1) I could due to a great financial position due to some unforeseen business changes and 2) probably more important, I worked all my life and watched friends and co workers talk about, and wait, for their 65th birthday to "retire" and begin living the "real life". Far too many retired at 65 and died....literally. Many had waited until the job had taken such a toll on them that when they retired they were physically unable to do the things they had dreamed of or their spouse had suffered some medical malady. Not for me.

A sidenote to the above: we were able to retire at 55 like I said. When my wife was 60 she was diagnosed with breast cancer. We caught it early enough (we hope-2011) that she hasn't had any problems since the double mastectomy. We saw, and talked to, many patients at the cancer center who weren't so lucky. We had got to spend FIVE years at our vacation home literally living with our grandgirls (they moved to the same resort town), developing friendships that would never have evolved, making memories that cannot be removed....all because we took the precaution of trying to retire early enough to enjoy life before..."life" stepped in and took it from us. If you can, a person should try to smell the roses before someone sprays them Roundup.
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Old 08-27-2015, 05:57 PM   #30
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This is an old thread but relevant.
A sidenote to the above: we were able to retire at 55 like I said. When my wife was 60 she was diagnosed with breast cancer. We caught it early enough (we hope-2011) that she hasn't had any problems since the double mastectomy. We saw, and talked to, many patients at the cancer center who weren't so lucky. We had got to spend FIVE years at our vacation home literally living with our grandgirls (they moved to the same resort town), developing friendships that would never have evolved, making memories that cannot be removed....all because we took the precaution of trying to retire early enough to enjoy life before..."life" stepped in and took it from us. If you can, a person should try to smell the roses before someone sprays them Roundup.
When coming back from San Diego, we stayed at a campground north of Phoenix. While talking to a guy beside me, I learned that he and his wife had brought their camper out from Michigan so his wife could undergo treatment at the Mayo Clinic. 5 years later, they were still living at the camp ground and she is still being seen there as necessary. He works at the campground so they can live there for free.
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Old 08-28-2015, 09:07 AM   #31
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Lots of good points. I agree totally on the health issue. No way I'll wait till 65. Almost 53 now. I could consider retiring starting around 58, but with a small pension and living on my own dime. If I wait till 62 pension is better and SSI kicks in. My own money would be a lot more at 62. What do people think of retiring at 58 with a modest (say 50k/yr) living, little or no debt, compared to waiting till 62, with say 80k/yr? Four years, and a big difference in money. Could I enjoy much on 50k a year? I think it'd be hard to do.
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Old 08-28-2015, 03:38 PM   #32
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The uncertainty of inflation would make a "starting five years from now and planning the future" a difficult decision. I well remember 30 years ago when trucks cost less than $5000 for a standard model, trailers cost $15,000 for a "good model", gas was less than a buck a gallon, steak was about $1.39 a pound and insurance was about half what it costs today. We won't discuss the cost of health care, utilities, upkeep on vehicles or other "everyday expenses" that keep rising faster than income.

What you're asking is, "Will $50,000 be enough money to retire in 5 years?" The "simple answer" to that question is: "Probably, if you're frugal, have your "ducks in a row" and don't have any health issues." But, looking forward from there, your expected lifespan will determine how many years you live in retirement, with essentially $50K salary. If your salary doesn't keep up with inflation and you live 30+ years, then no, in all likelihood, $50K will be "poverty wages" 35 years from now.
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Old 08-28-2015, 04:02 PM   #33
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There's way too many variables to discuss here, in this forum. 50k would be from investment mainly, from a portfolio that would allow for inflation. There is a pension involved too, with penalties for starting early. And would be aided by SSI at age 62. I know the ins and outs, been saving my whole life, there's rental property too. In the simplest of terms, would one rather retire on 50k, or work 4 more years for 80k. Give or take. Tough question, and too early to answer today. Health and the ability to actually enjoy the fruits of my labor would be the big question mark. I know the sensible answer is to work till 62, but would any of you say screw it I'm done and start early? Dont get to wrapped up in the technicalities of my personal finances, I know how to figure that out. If I could pull 50k/yr before age 55 I'd probably do it, but for only 4 extra years of retirement, not sure I would.
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Old 08-28-2015, 04:08 PM   #34
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Wink

John is right.

I had expected to retire at 62 and pull SS along with taking my pension lump sum and investing it. Circumstances came along and I was able to go at 55 and lived on my own money until 62 at which time I took SS. We've now been retired 10 years.

With the scenario you present I would lean heavily toward retiring at 62. I don't know your pension or what your SS will be but I DO know how much more expensive it is now than it was 10 years ago. How much you can live on is 100% dictated by your financial position and your lifestyle. Example: my mother in law lives on $1000 mo. or less. Everything is paid for; she doesn't do anything and eats like a bird. If it wasn't for church tithes she would live on $300 mo. less. For her she has everything she needs and she's happy. I don't want to live like that nor would I be happy. The upside is she gets a lot more money than that so all we do is keep opening CDs for her.

The urge to retire and get out of the work force can be a very strong pull for some folks. You have to REALLY crunch the numbers and take a very candid, real life assessment of what you want for your future and what you can live with. If you're 53 now and are thinking of retiring in 5 years at 58 on 50k I would suggest that you take a very hard look at that. Look at historical data on costs of goods and services; how often do you buy a new vehicle? How many vehicles will you have etc. etc. You need to have everything you own paid for or it will be a struggle. You still have a way to go until 62 so I would be funneling my money into any outstanding debt I had so that I would be debt free by retirement age. Good luck.

Just saw your preceding post.

Based on your most recent post I would not think about retiring at 55 on 50k if I could work 4 years and then pull 80k. I'm not sure how you increase your annual income by 30k by just working 4 years..I've never seen a pension plan that gives that kind of perk. If you're talking about the IRS rules pertaining to being 59 1/2 then that's another conversation and there are ways around that if you are dealing with qualified dollars.
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