Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Awesome! Do you personally follow this type of lifestyle?

He's a little more hardcore than I could ever be, but I follow his blog and apply the information to my life in the areas where I can. Reducing consumption is something we should all strive for. I do plan on retiring "early" if at all possible. I'm 34 now, and I could see it happening before I'm 45

And what are you going to do if you develop a condition that requires home nursing? Do you realize that 24-7 nursing care costs around 130,000 a year? Who is going to take care of you if you are disabled?

This is the worst argument for continuing to work. Plan for the most likely scenario, not this. Buy some LTC insurance if it makes you feel better. Don't work forever just in case something happens to you. You could be hit by a bus tomorrow. Don't spend your life working. Spend it living.

Um, how many old people have you cared for? All the old people in my family except for my grandfather required years of expensive nursing in their old age (could not go to bathroom by themselves, dementia, etc). How do you see your elderly years going?

In a blaze of heroin induced glory. I'm not sitting in some hospital having my ribs broken by nurses as they resuscitate me.

Anonymous wrote:Pre-medicade health insurance will be EXPENSIVE! I saw someplace that in about 20 years, health insurance will exceed $80K per year.
Could you imagine how expensive it would have grown to be without Obamacare?! Thank God for Obama!

Anonymous wrote:You can do it if you can live on $66,000 a year. $36K rental income and 3% of the million in savings would be $30K. Seems doable.

Um, how many old people have you cared for? All the old people in my family except for my grandfather required years of expensive nursing in their old age (could not go to bathroom by themselves, dementia, etc). How do you see your elderly years going?

Planning on it does not mean it'll happen. You can end up in a Medicaid nursing home or a $10k/month assisted living facility/resort depending on your resources. Most people end up at one way before the hospital being resuscitated.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Awesome! Do you personally follow this type of lifestyle?

He's a little more hardcore than I could ever be, but I follow his blog and apply the information to my life in the areas where I can. Reducing consumption is something we should all strive for. I do plan on retiring "early" if at all possible. I'm 34 now, and I could see it happening before I'm 45

And what are you going to do if you develop a condition that requires home nursing? Do you realize that 24-7 nursing care costs around 130,000 a year? Who is going to take care of you if you are disabled?

This is the worst argument for continuing to work. Plan for the most likely scenario, not this. Buy some LTC insurance if it makes you feel better. Don't work forever just in case something happens to you. You could be hit by a bus tomorrow. Don't spend your life working. Spend it living.

Um, how many old people have you cared for? All the old people in my family except for my grandfather required years of expensive nursing in their old age (could not go to bathroom by themselves, dementia, etc). How do you see your elderly years going?

In a blaze of heroin induced glory. I'm not sitting in some hospital having my ribs broken by nurses as they resuscitate me.

Anonymous wrote:

Anonymous wrote:

Awesome! Do you personally follow this type of lifestyle?

He's a little more hardcore than I could ever be, but I follow his blog and apply the information to my life in the areas where I can. Reducing consumption is something we should all strive for. I do plan on retiring "early" if at all possible. I'm 34 now, and I could see it happening before I'm 45

And what are you going to do if you develop a condition that requires home nursing? Do you realize that 24-7 nursing care costs around 130,000 a year? Who is going to take care of you if you are disabled?

This is the worst argument for continuing to work. Plan for the most likely scenario, not this. Buy some LTC insurance if it makes you feel better. Don't work forever just in case something happens to you. You could be hit by a bus tomorrow. Don't spend your life working. Spend it living.

Um, how many old people have you cared for? All the old people in my family except for my grandfather required years of expensive nursing in their old age (could not go to bathroom by themselves, dementia, etc). How do you see your elderly years going?

Anonymous wrote:

Awesome! Do you personally follow this type of lifestyle?

He's a little more hardcore than I could ever be, but I follow his blog and apply the information to my life in the areas where I can. Reducing consumption is something we should all strive for. I do plan on retiring "early" if at all possible. I'm 34 now, and I could see it happening before I'm 45

And what are you going to do if you develop a condition that requires home nursing? Do you realize that 24-7 nursing care costs around 130,000 a year? Who is going to take care of you if you are disabled?

This is the worst argument for continuing to work. Plan for the most likely scenario, not this. Buy some LTC insurance if it makes you feel better. Don't work forever just in case something happens to you. You could be hit by a bus tomorrow. Don't spend your life working. Spend it living.

Awesome! Do you personally follow this type of lifestyle?

And what are you going to do if you develop a condition that requires home nursing? Do you realize that 24-7 nursing care costs around 130,000 a year? Who is going to take care of you if you are disabled?

Anonymous wrote:

Anonymous wrote:We are a family of 3. Own a condo in DC worth $500 - $600K that is totally paid off. Gross annual rental income is $36k-$38k. We have a house in MD that we could sell for at least $1 mil, and have a $200k mortgage on it. We have combine student loans of $65K at a very low interest rate (less than 3%). Only about $100K in savings, and a combined total of $100k in 401ks. DH is starting business but isn;t earning income yet. I make about $80K a year with ok benefits at a nonprofit. DS is in preschool and can go to great public schools in MD. Sometimes I think we should cash out of our house, maybe keep condo for rental income, and live someplace cheaper where we both could work parttime (or in my fantasy not at all). DH is in early fifties, and I'm early 40s, so we hopefully have some years of living ahead of us. We'd like to be able to pay for kids college, etc.

I'm looking for inspiration of how to make this a go. Would it be possible to stop working, pay for affordable care act medical coverage and just piss around without bankrupting ourselves? Where could we move on the East Coast to live more cheaply?

OP, our situation is not unlike yours in some respects.

We are also looking to move to a less expensive area. The differences are that our children are all done with college. We do have health insurance that is heavily subsidized from prior employment. We have annuity income and other income of about $6K a month. We don't work. We expect to be able to live on $5K a month after paying cash for a smaller house in a less expensive area.

We don't have the ridiculous savings that some on this forum report but quite honestly we don't need it to maintain our lifestyle which includes going on vacation for about three months a year - about half of it is international.

You do plan on continuing to work so figure out what your living expenses would be to maintain your lifestyle, fund your kids college and not draw too much out of your savings and it will let you realize whether it is doable in your case.

Anonymous wrote:We are a family of 3. Own a condo in DC worth $500 - $600K that is totally paid off. Gross annual rental income is $36k-$38k. We have a house in MD that we could sell for at least $1 mil, and have a $200k mortgage on it. We have combine student loans of $65K at a very low interest rate (less than 3%). Only about $100K in savings, and a combined total of $100k in 401ks. DH is starting business but isn;t earning income yet. I make about $80K a year with ok benefits at a nonprofit. DS is in preschool and can go to great public schools in MD. Sometimes I think we should cash out of our house, maybe keep condo for rental income, and live someplace cheaper where we both could work parttime (or in my fantasy not at all). DH is in early fifties, and I'm early 40s, so we hopefully have some years of living ahead of us. We'd like to be able to pay for kids college, etc.

I'm looking for inspiration of how to make this a go. Would it be possible to stop working, pay for affordable care act medical coverage and just piss around without bankrupting ourselves? Where could we move on the East Coast to live more cheaply?