I’m in a bit of a quandary, and I can’t seem to get my wife to understand. I’m 60, in good health and very happily married, and my wife just turned 50. I’ve owned my business for years, and I’ve created a passive income source that generates about $150,000 a year. With just a bit of work, I can generate another $50,000 to $75,000 a year.
The work that I do can be done remotely. We have two homes with a combined value of just under $1 million, and we have about $500,000 in equity in the homes. One of the homes is a short-term rental that generates about $3,000 a month in profit above the mortgage. We have IRAs as well as Roths in both of our names and an investment account, with a combined total of $425,000 in the accounts.
“‘I want to semi-retire, buy a nice RV and travel, coming back to our beautiful home in North Carolina when we want.‘”
I want to semi-retire, buy a nice RV and travel, coming back to our beautiful home in North Carolina when we want. My wife, on the other hand, currently works and earns about $35,000 a year. She’s stated that she doesn’t want to “let her employer down” by quitting. She recently got the job and her employer is very happy to have her. She has no vacation saved as she just started, and she gets two weeks each year.
I’ve tried to convince her that my income as well as our savings are more than enough to live very comfortably, and there is no reason other than her personal job satisfaction for her to continue to work. We have everything in joint accounts, and I have created a legal and binding contract that my passive income goes to her. We have commingled all of our assets over the years, and she knows that everything will be hers in the case of my demise.
My frustration is that I’ve created an opportunity for both of us to not have to work until age 65 or older, and I’d like to be able to travel and enjoy ourselves. She loves to travel as well, but is hesitant to quit her job.
I’ve tried to nicely explain that if things don’t work out traveling, she can always get another job in her field with little effort. Any advice?
Dear Itchy Feet,
There’s a lot in your letter about what you want and what you want from your wife, but what does your wife want? You have enough money to retire early and travel, and …….