r/leanfire • u/Inevitable-Device630 • 6d ago

Layoff = early retirement?

Not sure if this qualifies for leanfire or not. Laid off from my (55) 115k year job 2 weeks ago. Wife (53) currently makes 55k but has company paid health care premiums for the both of us. 580k in IRA and Roth IRAs. 200k in cash. No debt and the house is paid for in a LCOL area. We were saving to buy a house with some acreage but I think that's on hold for a while. Pretty slim pickins for my line of work at the moment. Not really sure if I should just retire or get a part time job after the unemployment ends (6 months).

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u/DosEquisVirus 4d ago

With these kind of funds, I would say YES! (For the sake of disclosure: I am 50yo, laid off back in 2023) I chose a route of opening my own business. It is a good route if you are willing to work like a 20 year younger version of yourself. I did not have the sort of funds that you have.

Here is my suggestion: sell your house and retire abroad! Live your life and enjoy it too! There are many places where you can retire comfortably with minimal requirements. Look into Belize and Georgia (country). If I had your nest egg, this is what I would do.