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Old 04-28-2013, 02:00 PM   #1
Confused about dryer sheets
 
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hi-

I'm 51 and recently came into some money in an inherited IRA.
I'm considering retiring early and have a lot of questions if it is feasible to retire early with what I have now.
Where do I start?
Thanks
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Old 04-28-2013, 02:05 PM   #2
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Welcome, qaz123.

A great calculator is FIRECalc: A different kind of retirement calculator

If you have any questions, please post them here, as there are many helpful and knowledgeable folks here.

omni
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Old 04-28-2013, 02:06 PM   #3
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Plug in your numbers in FireCalc
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Old 04-28-2013, 02:13 PM   #4
Confused about dryer sheets
 
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That was fast!
Thanks
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Old 04-28-2013, 02:29 PM   #5
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Read up on all the rules on an inherited IRA minimum distributions, life time actuarial tables. Don't even think about taking all the money out at once. Know what your taxes are going to be.
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Old 04-28-2013, 02:32 PM   #6
Confused about dryer sheets
 
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Originally Posted by lemming View Post
Read up on all the rules on an inherited IRA minimum distributions, life time actuarial tables. Don't even think about taking all the money out at once. Know what your taxes are going to be.
Thanks, I'm aware of those as my father had started taking MRD already and the holder of his IRA account went over all that with me.
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Old 04-28-2013, 02:34 PM   #7
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I would look at I-ORP as well

Welcome and good luck.
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Old 04-28-2013, 03:25 PM   #8
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Quote:
Originally Posted by qaz123 View Post
I'm 51 and recently came into some money in an inherited IRA.
I'm considering retiring early and have a lot of questions if it is feasible to retire early with what I have now.
Where do I start?
Thanks
Welcome and to echo others-- there are knowledgeable and helpful folks here. Good luck!

--Nomad
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Old 04-28-2013, 04:14 PM   #9
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I'm sorry for your loss.

I inherited an IRA from my dad a few years ago. It wasn't enough to retire on - but it's enough that I'm very close... moved my retirement up by a few years for sure. In the meantime I take the RMD to pay down my mortgage and fund the kids 529's a little more aggressively. This helps me save more $$$ towards my retirement nest egg.

I'd definitely run things through firecalc. Also - you need to know your spending. That's probably the biggest thing you need to know. When you input your spending in Firecalc - that's the gross... so you need to your budget to include the taxes you'll be taking on the inherited IRA's distributions. Make sure you explore all the tabs in firecalc... So you can input any social security and/or pension income.
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Old 04-28-2013, 05:41 PM   #10
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If you are looking for something simple:

www.smartmoney.com go to tools.

Not as robust as FIREcalc but worth a look...
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