Hi all,
Wanted to add myself to this cohort...it’ll hold me a bit more accountable to pull the trigger. I’m about to turn 42, my DS is 46. Will try to post our progress on here. Currently, we have about .60 x expenses in rental income, with another .25 x expenses coming in once we close on 2 more properties this month. Stocks/bonds produce about .25 x expenses @3.5 SWR. The net proceeds from sale of our house will let us buy a few more rentals, which will produce 1.6 x expenses by April. If I work the whole year it will decrease medical insurance when I hit 50 by another 4%, and add an additional $1800/yr to my pension. But, the anniversary is in December, not sure I’ll make it or that it’s even worth it. Currently, our pensions combined will provide .53 x expenses and only $200 out of pocket for great healthcare when I turn 50.
Goal: Retire with at least 1.92-2.56 x expenses from rental income-summer 2021. Cashflow from rentals and equities equals at least 2.56 x expenses. By 50, pension will kick in-0.56 x expenses, making total passive income equal 3x expenses-this will be enough for kid’s college, hobbies, slow travel, charity, and helping elderly family members if needed.
Plan during retirement: i got a job to do something I enjoy, but I’m reconsidering just doing nothing for at least 1yr. I accepted the job earlier this year, but didn’t realize that rental income will cover all our expenses and then some; then Covid happened and I’ve pushed my start date to end 2021. Will work with someone to help me actually quit current job and address any irrational fears that are coming up, like “this is too good to be true” or “no way, after all these years (8-9 years) of saving our brains out did we actually get here.” My DS will work 1-2 yrs to make sure all safety nets are in place.
Hope all of you are doing great and congrats for getting this far!