I will retire in 3 years. Combined income 200K gross . We have 600K in RE equity, 150K stocks, 157K liquid. I am 63yrs old, and my wife is 60. A 3 year plan?
Answers | 3
As previously mentioned, your Real Estate Equity isn't liquid until you sell your home and move to a smaller one. How much do you spend a year? Housing costs, bills, debt payments etc. As of now, you have about $307,000 that's potentially liquid and your combined yearly income is $200,000. I don't want to be the bearer of bad news, but you most likely won't be retiring in 3 years unless you have a huge income event (come into some money) or radically reduce your living expenses.
Ebong Eka, CPA and author of Start Me Up, is one of our Top 30 Most Influential People in Personal Finance and Wealth