Early retirement, vacation home or travel? Hard decision

[Anonymous]

I didn't realize that 55 was considered particularly young for retirement. I agree with making the vacation home the primary and exclusive residence.

[Anonymous]

Anonymous wrote:I didn't realize that 55 was considered particularly young for retirement. I agree with making the vacation home the primary and exclusive residence.

Curent SSA retirement age is 66.

[Anonymous]

Anonymous wrote:Easy for me - vacations. I'd rather explore the world than go to the same place over and over. Also, I've got enough appliances to repair, windows to replace, etc. with my one house. Not interested in fixing more toilets and replacing another roof!

Agreed. A vacation home just feels like paying a lot for vacations in the same place.

[Anonymous]

OP, do you have kids and grandkids to host at a vacation house...and eventually inherit it? Where are the kids in all this, if you have them?

[Anonymous]

This is suuuuuuch a personal preference that does not give you insight by crowdsourcing. Plus posting it on this forum where you can't distinguish whether the answer came from a 25 year old or a 65 year old? I'm shocked you were able to be set for life at 55. How did you earn your money? What was your profession?

[Anonymous]

Anonymous wrote:I don't understand the dilemma - are you not selling your current home?

At 55, I'd cash out on the current home. I'd roll that money into purchasing a modest, easy to maintain full-time home in a desirable/vacation area where you will want to retire. You'll still have plenty of cash to travel. I'd also rent out the retirement on AirBnB/VRBO to generate extra income and get some tax deductions.

With the retirement home, you want something with one or two levels and probably max of 2500 square feet. Get a place you'll want to age in and will be easy to make adjustments as you become less mobile.

No, not selling primary residence which is paid off. Simply trying to decide whether to spend money on buying a nice vacation/second home or simply take a handful of international vacations every year. Doing both isn't in the cards.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I don't understand the dilemma - are you not selling your current home?

At 55, I'd cash out on the current home. I'd roll that money into purchasing a modest, easy to maintain full-time home in a desirable/vacation area where you will want to retire. You'll still have plenty of cash to travel. I'd also rent out the retirement on AirBnB/VRBO to generate extra income and get some tax deductions.

With the retirement home, you want something with one or two levels and probably max of 2500 square feet. Get a place you'll want to age in and will be easy to make adjustments as you become less mobile.

No, not selling primary residence which is paid off. Simply trying to decide whether to spend money on buying a nice vacation/second home or simply take a handful of international vacations every year. Doing both isn't in the cards.

Again, OP - kids or not?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Easy for me - vacations. I'd rather explore the world than go to the same place over and over. Also, I've got enough appliances to repair, windows to replace, etc. with my one house. Not interested in fixing more toilets and replacing another roof!

Agreed. A vacation home just feels like paying a lot for vacations in the same place.

This. Many Airbnb hosts will let you rent a whole month each year. You could try that and see if you like it. Way cheaper than buying and maintaining a vacation home.

[Anonymous]

Anonymous wrote:Upkeep of two homes is tiring. Travel travel travel.

Travel is tiring.

Buy the vacation home.

[Anonymous]

Suggest starting by taking a mix of domestic vacations to the potential vacation spot and international trips. I think you will know quickly.

[Anonymous]

Travel, no question. I have no desire to own a vacation home. Too much hassle, too much expectation that you'll revisit the same place over and over again to make it feel "worth" it. I like to see new places. There are so many amazing things to see in the world, I don't know why you'd want to "waste" time going back to the same place again and again.

[Anonymous]

Travel. I'd probable downsize my primary home into a condo, buy a smaller vacation home than planned and then travel.

[Anonymous]

In 5 years you will be 60, and travelling all the time will not have the appeal that it does now.

[Anonymous]

Travel while you still can. Buy second house when don't have the energy to travel (or have resorted to cruises!)

[Anonymous]

Anonymous wrote:Okay, I don't mean to piss anyone off or come off like a troll but here's my dilemma and I was hoping for opinion's from other's that might have been in the same boat. I was able to retire fairly young at 55 along with being financially set for life. The problem is my wife and I love to travel but at the same time would love to buy a vacation home for retirement. The issue is I really can't do both and spend the kind of money I'm looking at.

I guess my big question is, would you rather have a vacation home or several beautiful vacations around the world each year? Seem's like it should be easy to answer but it's not. Any serious suggestions or past experience would be appreciated. Also, I've heard all the pro's and con's of owning a second home.

Sorry to break it to you, but if you cannot afford to do both, you are not 'set for life'.