Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
66 & no more countdown. Retired last week.
Old 05-04-2013, 08:54 PM   #1
Dryer sheet wannabe
 
Join Date: Mar 2012
Location: South San Francisco, & Weed in CA
Posts: 15
66 & no more countdown. Retired last week.

Joined this forum last year May. Last working day was 4/26/2013. Happily retired together with my wife (already retired 2 1/2 years ago). No more early wake up & commute in Bay area, CA.

What a stress free life!

Start enjoying the eternal weekends.
Will post with more progress & questions on finance & life after retirement.
__________________

__________________
leongs is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 05-04-2013, 09:17 PM   #2
Recycles dryer sheets
 
Join Date: Sep 2012
Posts: 406
Congrats leongs. time to have a blast now. now everyday is weekend!
__________________

__________________
retire2020 is offline   Reply With Quote
Old 05-04-2013, 09:35 PM   #3
Dryer sheet aficionado
 
Join Date: May 2013
Posts: 28
Congrats, remember to stay active and involved in something.
__________________
katwillny is offline   Reply With Quote
Old 05-04-2013, 09:37 PM   #4
Moderator
MBAustin's Avatar
 
Join Date: Jul 2010
Posts: 4,158
Welcome! Lots of friendly folks here and good info as well. Ask away!
__________________
"One of the funny things about the stock market is that every time one person buys, another sells, and both think they are astute." William Feather
----------------------------------
ER'd Oct. 2010 at 53. Life is good.
MBAustin is offline   Reply With Quote
Old 05-04-2013, 10:15 PM   #5
Thinks s/he gets paid by the post
heeyy_joe's Avatar
 
Join Date: Nov 2012
Location: Madeira Beach Fl
Posts: 1,403
66? You deserve it. Well done!
__________________
_______________________________________________
"A man is a success if he gets up in the morning and goes to bed at night and in between does what he wants to do" --Bob Dylan.
heeyy_joe is offline   Reply With Quote
Old 05-05-2013, 01:52 PM   #6
Thinks s/he gets paid by the post
 
Join Date: Mar 2004
Posts: 1,988
Congrats and welcome to the endless weekend!

omni
__________________
omni550 is offline   Reply With Quote
Old 05-05-2013, 02:27 PM   #7
Thinks s/he gets paid by the post
Ally's Avatar
 
Join Date: Feb 2011
Posts: 1,190
I'm so envious! Congrats!
__________________
Ally is offline   Reply With Quote
Old 05-05-2013, 03:05 PM   #8
Thinks s/he gets paid by the post
 
Join Date: May 2008
Posts: 2,264
Good for you!! (and your wife!!)

Congratulations!
__________________
tmm99 is online now   Reply With Quote
Old 05-05-2013, 04:56 PM   #9
Thinks s/he gets paid by the post
Nodak's Avatar
 
Join Date: Feb 2010
Location: Cavalier
Posts: 2,317
welcome aboard
__________________
"Don't take life so serious, son. It ain't nohow permanent." Pogo Possum (Walt Kelly)
Nodak is offline   Reply With Quote
Old 05-05-2013, 05:05 PM   #10
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
mickeyd's Avatar
 
Join Date: Apr 2004
Location: South Texas~29N/98W
Posts: 5,884
Welcome to the club Leongs.

Now you will understand why a loafer is not just a shoe. Enjoy the ride along with the rest of us.
__________________
Part-Owner of Texas

Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx

In dire need of: faster horses, younger woman, older whiskey, more money.
mickeyd is online now   Reply With Quote
Old 05-05-2013, 05:11 PM   #11
Thinks s/he gets paid by the post
DFW_M5's Avatar
 
Join Date: Sep 2003
Posts: 4,982
Hey, I'm a mere 63 and recently pulled the plug myself, so you succeeded me as the elder statesman of ER. Congrats and enjoy!
__________________
Doing things today that others won't, to do things tomorrow that others can't. Of course I'm referring to workouts, not robbing banks.
DFW_M5 is offline   Reply With Quote
Old 05-05-2013, 06:46 PM   #12
Dryer sheet wannabe
 
Join Date: Mar 2012
Location: South San Francisco, & Weed in CA
Posts: 15
Thank you for all the welcome messages & congrats. I'm not quite familiar on financial planning. Have 2 questions on managing the existing 401K ( about $400K) with JP Morgan financial, & future withdraw rate/plans.

Untouched or rollover into something that fits my needs. Recommendations?

Without my personal present financial & family situations, it will be difficult to make recommendation. So I will keep post those info soon.

Edit 1:
Both retired.
Spouse:
Getting $2600/month from work pension with medical coverage.
62 in June 2013. Planning to take SS in 2014, estimated $1200/month.


Myself:
Taking SS full benefits $2350/month.
Will join spouse medical coverage with $180/month.

Have 3 kids,eldest son is 27, middle daughter is 25, & youngest son 21. All singles.
We have the luxury of 2 sons staying with us in bay area home, worth $680K with $295K mortgage. Monthly payment $1300/month.
The daughter is self independent working in Washington DC after graduated (in 2009) from Bucknell University, PA.
We helped her payoff the cosigned student loan $145K (2010), & her new co op house down payment $115K last year.
Spent $40K on the youngest son when he was in UCLA 2009.
So far all our kids are treated as one way street, supporting from the family.

Edit 2:
We have 2 other properties in Weed that one is renting ($1000/month), our previous vacation home presently worth $230K, with no mortgage outstanding. Late on market listing, then real estate bubble burst. Planning to put back on market later.

The other property is our retirement home 4 BR/2.5 BA (built in 2006) with additional guest cottage. The cottage is a potential renting unit, 2 Bed, 1 Bath. ($800/month)
This property has about 10 acres & with no mortgage outstanding.



Edit 3:
Hope to spend another 15 to 20 yrs at least in that property.
Will keep the bay area home for the kids convinence. It has an in-law 1 BR/1BA currently renting $1000/Month.
Planned to stay 40/60 between bay area home & Weed retirement home. It's about 285 miles apart, 4.5 hrs drive.

My retirement from work transition went smooth, with a great sent off.
Well prepared with my referral replacement senior engineer. Hands on, over view training with him for 2 weeks, then I took 6 1/2 weeks of PTO vacation. After PTO, back to work 2 days for HR exit process, & retirement party. No bridges burnt.

I used to be a "Work is my second home". It's time to adjust the new environment now.

Edit 4:
Back to finance:
1. Prudential, Annuity (Variable) $600K with 2 accounts. Recommended by a friend, sale agent in 2008.
Highest Daily Lifetime Seven with 6% bonus (started in 5/2008), & HD Lifetime Seven with Lifetime Income Accelerator with 8% bonus (started in 9/2008).
This has gained about 60% since started.
This took me 3 long years to make it happen due to my spouse uncertainty. Spouse happiness is oneof my top priorities.
2. Fidelity Mutual fund, 401k Roll over $28K, previous job 401K.
3. JP Morgan, 401k $400K, last job 401K.
4. Cash account in MMK $100K.
5. Both have ROTH IRA, but small amount a couple thousand each.

No other loan balance, &credit cards balance except the mortgage.
The home insurance, & property tax are biting all our saving.
Recently bought a new Dodge mini van for our retirement usage.

Back to my questions.
Have 2 questions on managing the existing 401K ( about $400K) with JP Morgan financial, & future withdraw rate/plans.

Untouched or rollover into something that fits my needs. Recommendations?

The friend sale agent has recommended to split the JP Morgan, 401k $400K into 2 funds & cash out some ($50K in 2014), 1) American Funds ($150K), & 2) Allianz annuity with 6% bonus ($200K).
We haven't agreed yet.
Question #1 - Recommendation on JP Morgan, 401k $400K.
Question #2 - With the above finance info, our future withdraw rate/plans on all accounts.

I tried FIRECalc, looks OK I think, not so sure.
__________________
leongs is offline   Reply With Quote
Old 05-06-2013, 08:36 AM   #13
Thinks s/he gets paid by the post
DFW_M5's Avatar
 
Join Date: Sep 2003
Posts: 4,982
Relative to your 401K, the only comment I would make is that some 401Ks contain hidden fees and may also offer limited investment choices which may warrant a look at rolling it over to an IRA. On the other hand, some 401Ks may have access to fund types that may be desirable to hold on to and are not available to you elsewhere (eg stable value fund).
__________________
Doing things today that others won't, to do things tomorrow that others can't. Of course I'm referring to workouts, not robbing banks.
DFW_M5 is offline   Reply With Quote
Old 05-06-2013, 05:49 PM   #14
Thinks s/he gets paid by the post
obgyn65's Avatar
 
Join Date: Sep 2010
Location: midwestern city
Posts: 4,061
Well done OP! Enjoy your retirement.
__________________
Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
obgyn65 is offline   Reply With Quote
My next question on our existing mortgage.
Old 05-07-2013, 12:06 PM   #15
Dryer sheet wannabe
 
Join Date: Mar 2012
Location: South San Francisco, & Weed in CA
Posts: 15
My next question on our existing mortgage.

Quote:
Originally Posted by DFW_M5 View Post
Relative to your 401K, the only comment I would make is that some 401Ks contain hidden fees and may also offer limited investment choices which may warrant a look at rolling it over to an IRA. On the other hand, some 401Ks may have access to fund types that may be desirable to hold on to and are not available to you elsewhere (eg stable value fund).
Thanks, JP Morgan has some good MFs selection including Stable Value Fund.

My next question on existing mortgage.
Should I try to use some cash pay principle in order to reduce the mortgage, like $25K?
__________________

__________________
leongs is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
New to forum. 67 y/o already retired dmdunca44 Hi, I am... 2 03-15-2012 12:59 PM
Military Retired Pay Change mickeyd FIRE and Money 8 11-03-2011 07:46 PM
Military Retired benefits to be cut? mickeyd FIRE and Money 43 10-05-2011 12:00 PM

 

 
All times are GMT -6. The time now is 02:40 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.