Multi-topic thread on retirement and second car

[rubberduck]

Regarding healthcare cost, it’s going to depend on your income in retirement. But I suspect most people who can afford these cars are going to have a decent retirement income.A good number for a single person in reasonable health is $14K a year.

 

[CBH]

Man, this thread hits home.

I also plan to retire in about 2 years. The 5BW purchase was definitely part of the plan. I realized that 2 specialized cars weren't nearly as good as one great car that I could enjoy every time I went anywhere. So I went the other direction.

When I bought the Caddy, the loan payoff coincided with my retirement plans, but I think I can get away with that extra year.

All my kids have finished college. My wife has been retired for 3 years already. Every day I'm at work I feel like its such a waste of time. We're in better health now than we likely ever will be, so I constantly regret not doing it sooner. I can afford it, just wanted to avoid the 10% tax penalty for dipping into IRAs before you're 59 1/2. That last 1/2 year age requirement is so ridiculous. Seriously ? I've been working for 40 years and I have to wait 6 more months ?!?!?

Health benefits at work are great too. Unfortunately or fortunately - depends on how you look at it - I've had more health benefits paid than I've had salary for the last 2 or 3 years.

I did a cursory look at the government health insurance site, and it looked like about $1,500 for us as a couple. My wife can get it as a retiree for about the same price, but not sure about coverage details yet.

 

[FI Fiend]

Given your user name, interesting/cheap option could be a 1 series BMW. My friend uses a 128 as his track car. He's modified suspension and brake components, but the naturally aspirated 6 has been very reliable/cheap to maintain. It's light and has enough power to be fun (still more than the 4 cyl options). Could make for a good hobby too

 

[MookdocOE]

@BimmerFan ....for what it's worth, I retired early (2018) and don't regret it at all. Good job, really good money. Just got tried of the ever worsening BS at work. Every quarter, new rules, new requirements. All stupid shit. I've been working since I was 15 (maybe 14?). My wife still works, so it's nice to send her off to work every day and I can do what I want. The real nice part is I do a lot of reading, work on growing the portfolio, and travel when and where I want. I try to "get away" ever other month for a few days, weather dependent. She just wants to work, and doesn't really care about travelling right now. I have a few trips planned for 2025, so we'll see how that pans out.

My advice to anyone, if you can afford it, retire. Your employer doesn't give a crap about you, and when you're gone, nobody will care. Been there, experienced it, lived it.

You mean the ship isn't going to sink when I hit the eject button?