Refocusing Life's Work for Retirement

I have always had a nest egg for my retirement, though I did not realize it until recently. My father passed away when I was 16. I inherited his life's work, a small cattle ranch in central New Mexico. I always saw myself as the caretaker of the ranch for my dad's grandchildren. I thought they would want to live and raise their families as they had been raised. My kids have other ideas. They have each moved out-of-state in the past few years and are making their homes across the United States.

Last April, all three kids were together at the ranch for the first time in three years. They each talked about how good it would be to go back to their homes. It was then I realized that they would not come back to the ranch to live, and that my life's work and goal needed to be reassessed.

I have fulfilled my obligation to my father and to my children. The elder generation is gone, and the future generation seeks their path. I can now focus on someone else. I can focus on someone that I have never focused on before: me. I asked myself some hard questions: what do I want for my sunset years? Do I want to travel? Do I want to live at the ranch? What do I want? I still do not have all of the answers. I do have many ideas and options to consider.

As I am 47, I still have 20 years before I can possibly retire and collect Social Security due to the new retirement age that affects me but not my husband. I have worked as an office manager for most of my adult life. Unfortunately, none of the companies I worked for had retirement plans, thus Social Security has been my only contribution thus far.

My husband travels for work and I have recently switched career fields so that I am able to travel with him. As a freelance writer, I can make a living anywhere I happen to be. Writing has been my passion since I was 12 and I am living my dream to write full-time. With the World Wide Web and its content hungry audience, there are several opportunities to that will bring in an income for the rest of my life in the form of residuals. I am taking full advantage of those opportunities, and will continue to write, no matter what else the future may bring.

My husband and I have been married for seven years. He recently told me he plans to retire in 9 years when he turns 62. As a member of the Plumber and Pipefitters Union, he will have a retirement check of about $3,500 per month with an additional $1,800 per month from Social Security. If something happens to my husband, I will qualify for about half of his pensions and his Social Security.

To prepare for my husband's retirement, we have nine years to eliminate as much debt as possible. Our current monthly debt is $4,500 in payments. All notes will be paid in full in a minimum of 15 years, though my new goal is 9 years. With payments eliminated, we will be left with our utility bills and insurance which will be less than $1,000 per month.

My husband served four years in the Navy. He qualifies for Veteran's benefits, which includes medical care at little or no cost. As his spouse, I also qualify. This is one thing we will both be taking advantage of in retirement as health care seems to be the largest expense for retirees.

The 1,200 acre ranch my father left can be subdivided and parts sold, if necessary. The main ranch house is situated so that there are unused corrals and a small pasture that could be leased for $1,000 per month. Leasing that area would not interfere with the general workings of the ranch or with my privacy at my home.

There are other things that are possible with the ranch. The large garden and the beef provide food and the opportunity to barter, if need be. There is also the option of installing a recreational vehicle park or other income producing business.

The ranch is no longer a burden I must protect for my children. It is available for anything I want it to be, including a retirement haven where I can sit on the porch in my rocker and watch the sunset.