tn3sport
Dryer sheet aficionado
25 year veteran of megacorp Inc. Age now is 52 and I plan to FIRE at 58.
No pension.
100% of my pre-SS retirement is tied to 401k. Risky, I know.
2 kids will exit college fully funded by 529's about the time I pull the trigger on RE.
My 401k is well funded, but to be able to retire at 58 and have enough money for a comfortable retirement, I will not touch (withdraw) the 401k until I'm 60. Therefore, i'll have to find a way to live for two years, ages 58 and 59. These two years are post RE and before I touch the 401k. I'll likely use cash savings, selling all LTCG, and drawing on Roth contributions. My tax footprint should be near zero those two years and I'll likely qualify for low cost health insurance.
If plan fails, I'll go back to work.
My retirement philosophy:
Honestly, I don't plan to go back to work after age 58. I'll make due.
I will always have a boat. If I'm broke, it will be the 19 foot boat I have now. If I'm rich it will be a 40 ft sailing catamaran. However, I will still have a boat.
Same with my other hobbies. I'll always have a motorcycle. If Im broke, it will be the bike I ride now. If Im rich, I'll have a BMW GS1200.
I'll always have a gym membership. If I'm broke, I'll work parttime as a lifeguard for the gym membership. If I'm rich, I'll join a nice gym near the beach.
Same with all my hobbies. Its not a matter of having to limit what I do. Its a matter of scale.
Great website guys.
Take Care.
No pension.
100% of my pre-SS retirement is tied to 401k. Risky, I know.
2 kids will exit college fully funded by 529's about the time I pull the trigger on RE.
My 401k is well funded, but to be able to retire at 58 and have enough money for a comfortable retirement, I will not touch (withdraw) the 401k until I'm 60. Therefore, i'll have to find a way to live for two years, ages 58 and 59. These two years are post RE and before I touch the 401k. I'll likely use cash savings, selling all LTCG, and drawing on Roth contributions. My tax footprint should be near zero those two years and I'll likely qualify for low cost health insurance.
If plan fails, I'll go back to work.
My retirement philosophy:
Honestly, I don't plan to go back to work after age 58. I'll make due.
I will always have a boat. If I'm broke, it will be the 19 foot boat I have now. If I'm rich it will be a 40 ft sailing catamaran. However, I will still have a boat.
Same with my other hobbies. I'll always have a motorcycle. If Im broke, it will be the bike I ride now. If Im rich, I'll have a BMW GS1200.
I'll always have a gym membership. If I'm broke, I'll work parttime as a lifeguard for the gym membership. If I'm rich, I'll join a nice gym near the beach.
Same with all my hobbies. Its not a matter of having to limit what I do. Its a matter of scale.
Great website guys.
Take Care.