Author Topic: Rentals paid for, DW retiring on June 1  (Read 2293 times)

hybrid

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Rentals paid for, DW retiring on June 1
« on: March 22, 2016, 01:22:48 PM »
I found the MMM blog just under three years ago. A few months later I came up with a financial plan that would permit my wife, who just turned 62, to retire from the Post Office four years early. She would defer both her SS and 401K until later, preferably age 70, as we should still be bringing in more than enough income to make end meets and continue saving given my new job, her pension, and two smallish rental units.

This month we passed one of those last key milestones, we paid off the mortgage on the second rental which frees up 1500 per month (we were prepaying the mortgage). With that cash flow now secured she will be set to retire in 70 days, and I will hopefully be eight years behind her (I turn 50 this year and would like to be done at 58).

When I took the new job I started working significantly longer hours (with significantly better pay) and have become sloppy in my spending habits as a result, harder to optimize when time is at a premium. With the missus retired we should be able to start optimizing as I had been when we first found this blog. The long term goal will be to hasten my retirement, which is still too far away at this point to forecast accurately.

Cassie

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Re: Rentals paid for, DW retiring on June 1
« Reply #1 on: March 22, 2016, 05:00:05 PM »
With your wife not working I am sure that she will find ways to save $. She will have the time, energy to cook more, etc. There will be less things to hire out. That is what I found when we semi-retired. Congrats!

tomsang

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Re: Rentals paid for, DW retiring on June 1
« Reply #2 on: March 22, 2016, 05:10:19 PM »
I am always intrigued when one spouse "retires" but the other works for a longer period of time.  What would happen if she worked for four years? Could you both retire?  Larger pension, larger SS, turbo savings, etc.

Cassie

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Re: Rentals paid for, DW retiring on June 1
« Reply #3 on: March 22, 2016, 05:52:30 PM »
His wife is 12 years older then him so she deserves to go first. PO jobs can be very physically demanding depending on the job she does.

HappierAtHome

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Re: Rentals paid for, DW retiring on June 1
« Reply #4 on: March 22, 2016, 06:02:20 PM »
Congrats! This is awesome. And I love that you will be taking care of each other - you're doing some of the financial lifting that helps her retire now, while she'll be doing some of the financial lifting (via expense reduction) that will allow you to retire before too much longer. Teamwork!!

smalllife

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Re: Rentals paid for, DW retiring on June 1
« Reply #5 on: March 22, 2016, 07:17:13 PM »
Congrats on the milestone! You two have worked hard and definitely earned it :-)  I fully expect more homemade jelly to come out of this breathing room ... just saying ;-)  We can celebrate with the beer of your choice and a game of Pandemic when its official!

pachnik

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Re: Rentals paid for, DW retiring on June 1
« Reply #6 on: March 22, 2016, 08:36:32 PM »
Congratulations Hybrid!  I agree that with Ms. Hybrid retired there will be more time for optimizing.   I am pleased to see your plan coming to fruition.