Hello. I am dreaming of a retirement in Italy. I still have a long way to go, roughly 10 years until all the kids are out and on their feet before my wife and I begin our adventure. I am more than a little worried about the different information that I have seen regarding the financial requirements.
I have seen wildly differing figures, and none of these seem to include a couple.
I currently draw a US military retirement and disability from the VA. The total of these two monthly checks are $3500. I currently have very little in savings and I don't anticipate having a very large 401k from my second career.
If I had to make a conservative guess, by the time I retire, I will be 55 years of age with the above mentioned $3500 monthly income plus $20k from my 401k and $150k in savings after selling my house, cars and whatever other belongings the kids don't want.
There is no doubt in my mind that this is more than sufficient to support myself and my wife in the type of lifestyle we want to live.
I am worried that it will not be enough to satisfy the approving authority at the consulate.
Should I be worried?
I have seen wildly differing figures, and none of these seem to include a couple.
I currently draw a US military retirement and disability from the VA. The total of these two monthly checks are $3500. I currently have very little in savings and I don't anticipate having a very large 401k from my second career.
If I had to make a conservative guess, by the time I retire, I will be 55 years of age with the above mentioned $3500 monthly income plus $20k from my 401k and $150k in savings after selling my house, cars and whatever other belongings the kids don't want.
There is no doubt in my mind that this is more than sufficient to support myself and my wife in the type of lifestyle we want to live.
I am worried that it will not be enough to satisfy the approving authority at the consulate.
Should I be worried?
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