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We took out a second mortgage on our home to pay off some other debt and to get enough money to pay for a small home for our son to live in while he was in college. We are about two years away from paying our home off again, and the house we bought in a college town is now worth about twice what we paid for it.
We also have had IRAs since before we got in the school system, because neither one of us had jobs that paid into retirement. Our kids are grown. They’ve both been to college, gotten master’s degrees and have careers and homes of their own. Ever since they started making their own living, my wife told me she’s putting away about $7,000 to $8,000 a year into those IRAs.
But you do mention some pretty big assets, and that can absolutely help you later in life. For example, you mentioned you’re leaning toward selling your farmland, and of course that sale would benefit your overall financial security. You also have that second home you bought while your son was in college, and if you don’t intend to give it to him, you have a few options, including selling it or renting it out.
Outside of real estate, it’s just a matter of crunching the numbers. Get serious about what you expect to spend in retirement and how much you think you’ll need for the span of your lifetimes. This is a very big number to estimate — and it is impossible to get it down to the cent, or the dollar or the hundreds of dollars, even — but having clarity on your expectations and realities will make the transition into retirement all the more comfortable.
Also see: I’ll be 60, have $95,000 in cash and no debts — I think I can retire, but financial seminars ‘say otherwise’
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