Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Hi I am 53 from Texas. Want to retire SOON
Old 11-29-2014, 09:24 AM   #1
Recycles dryer sheets
 
Join Date: Nov 2014
Location: Texas
Posts: 164
Hi I am 53 from Texas. Want to retire SOON

Hello all, first of all thank you so much for this site. I've been looking for others like me .
Reading through these boards lots of experience at retirement.
Ok here's my situation looking for advice.
Want to leave at 55 to 57. Of course the longer I stay the better things get no doubt. Currently have right at 1m
My wife is 52 and is a school teacher her full retirement is at 59. We are debt free other than house which doubling up I should be done in 2-3 years. "Thank you Dave Ramsey".

I have spread sheet after spread sheet I am the nerd. Following Ramsey it has put us in touch with living in our means.

I have counseled with different retirement folks. I don't like giving someone 1% to manage. In my megacorp 401k I have the vanguard 2020. So I started my own account with vanguard I haven't really talked to them just yet on moving my lump sum pension and 401k over. I will need some help managing.
What do you all do ? Self manage your accounts ?
Thanks
Jack



Sent from my iPhone using Early Retirement Forum
__________________

__________________
Terryjm51 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 11-29-2014, 09:54 AM   #2
Recycles dryer sheets
 
Join Date: Mar 2014
Posts: 152
Self manage.

If you have not found it yet, lots of good advice at ...
https://www.bogleheads.org/
__________________

__________________
user5027 is offline   Reply With Quote
Old 11-29-2014, 09:58 AM   #3
Recycles dryer sheets
prudent_one's Avatar
 
Join Date: Jul 2014
Posts: 158
In addition to the bogleheads' site, I recommend the book "The Bogleheads' Guide to Retirement Planning". You can self-manage your investments just fine.
__________________
prudent_one is offline   Reply With Quote
Old 11-29-2014, 10:51 AM   #4
Moderator
rodi's Avatar
 
Join Date: Apr 2012
Location: San Diego
Posts: 8,817
Welcome!

I self manage. I was nervous at first and put part of my money in a low(er) fee managed portfolio at Schwab - but didn't like seeing the fees for assets under management withdrawn every quarter. So I started reading... and reading some more. First I put the money not under management into a lazy portfolio... (3 funds, balance periodically). I started comparing the results... and mine was as good or better, before fees... and much better after fees. So I pulled the money out of the management and was 100% diy. I haven't regretted that at all. It's easy and takes about an hour a year (to rebalance.)

Some books that helped me learn:
bogleheads guide to retirement
millionaire teacher
four pillars of investing
__________________
Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 7%, rental income 18%
rodi is offline   Reply With Quote
Old 11-29-2014, 10:57 AM   #5
Recycles dryer sheets
 
Join Date: Nov 2014
Location: Texas
Posts: 164
Thank you for the much needed advice.


Sent from my iPhone using Early Retirement Forum
__________________
Terryjm51 is offline   Reply With Quote
Old 11-29-2014, 01:27 PM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 16,458
I self manage. It is pretty easy once you have a plan and an AA decided. You could consider having Vanguard do a financial plan for you and once you have your program set you only need to get a checkup every few years.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
pb4uski is online now   Reply With Quote
Old 11-29-2014, 01:59 PM   #7
Dryer sheet aficionado
 
Join Date: Nov 2014
Posts: 38
I will add to the recommendations to use Vanguard. They are a low cost company, the fees at other fund companies add up over time. I manage my portfolio myself using Vanguard mutual funds and couldn't be happier.
__________________
Francis is offline   Reply With Quote
Old 11-29-2014, 02:31 PM   #8
Recycles dryer sheets
 
Join Date: Nov 2014
Location: Texas
Posts: 164
Down loaded the bogle head book reading reading!!! Thanks. Vanguard will be my first call Monday morning


Sent from my iPhone using Early Retirement Forum
__________________
Terryjm51 is offline   Reply With Quote
Old 11-29-2014, 02:47 PM   #9
Recycles dryer sheets
 
Join Date: Nov 2014
Posts: 381
Same age as you, also in Texas (Austin) and also fairly new here. Self managed. Definitely go to bogleheads. I also recommend the two books by William Bernstein, ...4 pilllars... And the intelligent asset allocator. I picked up used copies of both at Half Priced Books. Read up on Lazy portfolios on the web.




Sent from my iPad using Early Retirement Forum
__________________
big-papa is offline   Reply With Quote
Old 11-29-2014, 03:05 PM   #10
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
travelover's Avatar
 
Join Date: Mar 2007
Posts: 9,899
Another vote for self manage at Vanguard.

You can take about 4% a year in retirement. Do you really want to give 1/4 of that to your adviser? Would they really earn that $10,000 a year? That is 100 hours of work at $100 an hour. It takes me about an hour a year to re-balance my portfolio. What do they do the other 99 hours, besides churn the account?
__________________
Yes, I have achieved work / life balance.
travelover is online now   Reply With Quote
Old 11-29-2014, 03:40 PM   #11
Moderator
rodi's Avatar
 
Join Date: Apr 2012
Location: San Diego
Posts: 8,817
One more tip if you want to save even more...

check out the books from the library.

(I'm embracing my inner cheapskate.)
__________________
Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 7%, rental income 18%
rodi is offline   Reply With Quote
Old 11-29-2014, 08:50 PM   #12
Thinks s/he gets paid by the post
Sunset's Avatar
 
Join Date: Jul 2014
Location: Chicago
Posts: 4,743
Quote:
Originally Posted by rodi View Post
One more tip if you want to save even more...
check out the books from the library.
(I'm embracing my inner cheapskate.)
+1
I also self manage.
__________________
Sunset is online now   Reply With Quote
Old 12-01-2014, 10:22 AM   #13
Thinks s/he gets paid by the post
Car-Guy's Avatar
 
Join Date: Aug 2013
Location: Citizen of Texas
Posts: 2,483
I never liked the idea of paying someone to manage my money. I'm about 10 years older than you, retired almost 3 years ago and never looked back.

I self manage.

Welcome from another Texan.
__________________
Car-Guy is offline   Reply With Quote
Old 12-01-2014, 02:46 PM   #14
Thinks s/he gets paid by the post
38Chevy454's Avatar
 
Join Date: Sep 2013
Location: Cincinnati, OH
Posts: 1,587
You can do the self-management, it just takes a bit of education and learning what portfolio you want that meets your risk tolerance and desires. Nobody is perfect and always makes the best decision, the key is to make the good or better decisions most of the time and avoid the bad decisions. Do this and your savings will keep you in happy retirement. Look at it this way, assuming advisor takes 1% and gets a 7% return, you can do 6% return and you still have the same money in the end. However, I think you can do better and match or exceed the 7% results with some good choices.

You will do fine, now is the time to learn and then enjoy the benefits of that education for many years.
__________________
After Monday & Tuesday even the calendar says, W-T-F...

Semi-Retired 7/1/16: working part-time (60%) for now [4/24/16 changed to 80%]
Retired Aug 2, 2017; age 53
38Chevy454 is offline   Reply With Quote
Old 12-01-2014, 03:29 PM   #15
Recycles dryer sheets
Beststash's Avatar
 
Join Date: Nov 2003
Posts: 145
Hi, Another Central Texan here. I retired at 52 and self-manage also. One thing that might be a factor (it was for me) is knowing your risk-tolerance. Going into retirement in '03 I was 70/30 equity/fixed. During the 2008 downturn it made me painfully aware of how much I could handle in terms of downside. I stayed the course mainly because I had set up a CD ladder that would take me to SS eligibility. I plan on re-balancing to 50/50 this year and move from a income based scheme to a "lazy" portfolio of index funds. I no longer enjoy the ups and downs of individual stocks. I have found that even some of the most "blue chip" steady stocks can have black swan events and they tend to be slow to come back.
Once you get the hang of retirement it is a blast. Also one last word of advice....start a regular exercise program and stick with it now that you have the time. It will change your life in a very positive way as you age.
Peace
__________________
Beststash is offline   Reply With Quote
Old 12-01-2014, 10:13 PM   #16
Recycles dryer sheets
 
Join Date: Nov 2014
Location: Texas
Posts: 164
One more question on Roth ?

If your combined income is over $185 k a yr you can not put into Roth right?
I am maxing 401 k plus another 12% in my retirement funds. Plus we are saving cash for a car and to pay off house early. How ever I would love to put into a Roth
I am trying to figure out conversion for Roth once I retire. I need to read more on the subject.
Thanks!!


Sent from my iPhone using Early Retirement Forum
__________________
Terryjm51 is offline   Reply With Quote
Old 12-02-2014, 07:57 AM   #17
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 16,458
What you might want to look into is making post-tax contributions to your 401k while you are working and then rolling your post-tax 401k balance into a Roth when you stop working as this allows you to effectively make Roth contributions with generous limits.

Another option might be a backdoor Roth if you don't have any tax-deferred IRAs. See Backdoor Roth IRA - Bogleheads
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
pb4uski is online now   Reply With Quote
Old 12-02-2014, 01:56 PM   #18
Recycles dryer sheets
 
Join Date: Nov 2014
Location: Texas
Posts: 164
What you might want to look into is making post-tax contributions to your 401k while you are working and then rolling your post-tax 401k balance into a Roth when you stop working as this allows you to effectively make Roth contributions with generous limits.



Another option might be a backdoor Roth if you don't have any tax-deferred IRAs. See [url=http://www.bogleheads.org/wiki/Backdoor_Roth_IRA]Backdoor Roth IRA - Bogleheads

I am not giong to lie this is confusing to me. I current contribute to a 401 maxed out plus the catch up contributions. Another 10% of my check to after tax money's ($1000 a month)
I called today trowe and vanguard to figure out what to do
Should I continue after tax money or move the 10% to either after tax Roth or 401k Roth if there is such a thing ?


Sent from my iPhone using Early Retirement Forum
__________________
Terryjm51 is offline   Reply With Quote
Old 12-03-2014, 11:07 PM   #19
Recycles dryer sheets
 
Join Date: Nov 2014
Location: Texas
Posts: 164
Pb4. Thanks again I tell you all have more knowledge than some of these finance advisors out there. Vanguard gave me the same info


Sent from my iPhone using Early Retirement Forum
__________________

__________________
Terryjm51 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
You don't want to retire too soon.... superdave Life after FIRE 66 06-11-2013 11:16 PM
SEConference Expanding Soon? Real soon? mickeyd Other topics 9 08-15-2011 06:47 PM
Soon ... Very Soon Traxless Hi, I am... 10 03-26-2011 05:24 PM
48 and want to retire now! ok soon ... donnieworld Hi, I am... 1 10-28-2010 12:26 AM
Hi, I'm Harrison and want to retire as soon as possible Harrison Hi, I am... 10 04-21-2008 05:28 PM

 

 
All times are GMT -6. The time now is 06:49 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.