[quote=Doooh][quote=UCGal]I could not have considered retiring at the OPs age. Not without hitting the lottery or getting a big inheritance.[/quote]
Would you have consider it with a paid off house outside of So Cal, and a 1/2 million in the bank?[/quote]
Trust me – I’ve run the numbers every which way I can.
I’m older than you AND I’m close to having a house paid off IN CA (LTV is less than 25% and will have it paid off in less than 5 years.) AND I have more than 500k in the bank if you include 401ks and other tax deferred accounts. Even if I paid off the house now – I’d net more than 500k.
With all of that – and with having been working on belt tightening for a few years (my budget is pretty frugal)- I can’t make it work.
I have 2 kids in grade school (yeah – not typical for a 49 year old to have kids in grade school… what can I say, I’m a late bloomer.) I would like to help them with college. But that’s not a requirement… I would really like them to have health insurance. Less of an optional item there. The roof over the head is not enough… there are other expenses.
I’ve run every financial calculator I can get my hands on – and I cannot make it work without running out of money before I’m dead. Health insurance for the family is a big budget busting deal. My employer provided plan is a lot cheaper than going private party or even through a professional organization… and most professional orgs have stopped offering plans (IEEE no longer offers health insurance for example)
You need to run the numbers… 500k won’t get you very far since you’ll probably be dipping into principal within a year.
