Hello Fellow Mustachians,
Please offer your opionions, suggestions, criticisms:
Here is our scenario. I am 52 and my husband will turn 61 in January of 2013. We have spent a substantial amount of time in foreign countries, researching a permanant relocation. (we are Americans currently living in Wisconsin). We have decided that we would like to move to the Dominican Republic in the last quarter of 2013. We will not initially purchase property. There are many rental condos that will suit our needs ranging in price from 500-1200 per month. Our living expenses in the DR will be approximately 2000 per month.
The Numbers:
I am currently employed full time and would leave my job before the move. My husband is semi-retired. We own an entertainment venue that opens for 11 days per year and nets us between 35k and 40k per year. The venue is valued at approximately 280,000 and it is paid off. I had initially thought we should sell the venue and invest the proceeds from the sale, but we enjoy the 3-4 weeks annually of work required, and 35k seems like a good return on a 280k investment for now. We would return to the states for approximately 1 month a year to work the venue.
Current retirement accounts: 120,000
Cash/Savings: 148,000
House: Value = 230,000 Mortgage Balance = 140,000 = 90,000 equity
Entertainment Venue: Value = 280,000 No Mortgage Balance
Annual Net Income from Entertainment Venue: 35k-40k annually.
No Debt other than the mortgage
We plan to sell our home before the move.
If my husband takes his Social Security at 62, he will receive approximately 1289 per month
At this point, I am leaning towards just living off the income from our Venue, postponing receiving Social Security for my husband, and keeping our Venue a few more years and then selling it. I also entertain the idea of my husband taking his Social Security at 62 and then we would only need to come up with approximately 700 per month for living expenses.
Thank you all for taking the time to read this and I welcome any and all critiques.