Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
I知 Done!
Old 01-17-2012, 10:10 PM   #1
Dryer sheet wannabe
capngeo's Avatar
 
Join Date: Jan 2012
Posts: 14
I知 Done!

Hi Guys....... I am pulling the plug on a long career as a firefighter/paramedic. Andy & Janet, both suggested I pop in here (I Mod on one of the other Social Knowledge forums). I have a few ideas on what I want to do, none of which my accountant seems to like. I have my reading to do.
George

ETA... Dryer Sheets... Really?
__________________

__________________
capngeo 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 01-17-2012, 10:13 PM   #2
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,117
Welcome George.

This may help answer at least one question for you: "What's the deal with the dryer sheets?!?"

Oh yeah - congrats on pulling the plug. Stick around a while and you may be able to pull the plug on your accountant, too.
__________________

__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 01-17-2012, 10:25 PM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
bbbamI's Avatar
 
Join Date: Dec 2006
Location: Dallas 'burb
Posts: 9,039
Howdy George...welcome to the forum.
__________________
There's no need to complicate, our time is short..
bbbamI is offline   Reply With Quote
Old 01-17-2012, 10:56 PM   #4
Dryer sheet wannabe
capngeo's Avatar
 
Join Date: Jan 2012
Posts: 14
OK so the dryer sheet thing is explained.... No biggie for me there, I hang my stuff on a clothesline... What’s a dryer?

Actually, I’m not very frugal, but then again I didn’t work my whole life to starve in retirement. Of course I’m not one to sit around under a palm tree with a fruity drink in my hand either.... that said “retirement” is a relative term for me, as I will still be doing things that turn a profit.
__________________
capngeo is offline   Reply With Quote
Old 01-17-2012, 11:43 PM   #5
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,905
Welcome to the Early Retirement Forum, George.

One of the great things about being financially independent and retiring, is that we each get to figure out what retirement means for us. Some people volunteer, others take low key part time jobs, and for some of us every day is like the weekend. The nice part of it is that your time is now yours to spend as you like.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is offline   Reply With Quote
Old 01-17-2012, 11:44 PM   #6
Moderator Emeritus
Bestwifeever's Avatar
 
Join Date: Sep 2007
Posts: 16,375
Wait, there are other forums?

Welcome to this one! When do you pull the plug?
__________________
展ould you like an adventure now, or would you like to have your tea first? J.M. Barrie, Peter Pan
Bestwifeever is offline   Reply With Quote
Old 01-18-2012, 04:13 AM   #7
Thinks s/he gets paid by the post
obgyn65's Avatar
 
Join Date: Sep 2010
Location: midwestern city
Posts: 4,061
Welcome, George.
__________________
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
Old 01-18-2012, 05:16 AM   #8
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,465
Hi George. If you know what you want to do and your accountant doesn't agree, it's time for a new accountant. Better yet, get rid of them all together. You will get all advice you need here, and some it mighit even be worthwhile.

Welcome to the forum.
__________________
MichaelB is offline   Reply With Quote
Old 01-18-2012, 06:33 AM   #9
Moderator
Walt34's Avatar
 
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 16,544
Welcome to the ER forum!

Take a year or more off and figure out what you want to do next. Or if you want to do anything.
__________________
I heard the call to do nothing. So I answered it.
Walt34 is offline   Reply With Quote
Old 01-18-2012, 07:03 AM   #10
Thinks s/he gets paid by the post
grasshopper's Avatar
 
Join Date: Oct 2010
Posts: 1,670
Welcome George, I retired 7 years ago and now at 60, I still qualify as a active red carded Wildland Firefighter.
__________________
grasshopper is offline   Reply With Quote
Old 01-18-2012, 07:36 AM   #11
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: Chicagoland
Posts: 11,977
Welcome aboard George. W2R has summed it up nicely IMO, there is no bad or wrong choice.
Quote:
Originally Posted by W2R View Post
One of the great things about being financially independent and retiring, is that we each get to figure out what retirement means for us. Some people volunteer, others take low key part time jobs, and for some of us every day is like the weekend. The nice part of it is that your time is now yours to spend as you like.
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 60% equity funds / 35% bond funds / 5% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack is offline   Reply With Quote
Old 01-18-2012, 09:11 AM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Well, you certainly can't say your career was boring, right? I would take some time to relax and try out some hobbies or travel or just de-stress. You might like the phone not ringing all the time for 3 alarm fires or bad accidents on the expressway..........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Old 01-18-2012, 10:50 AM   #13
Administrator
Janet H's Avatar
 
Join Date: Feb 2007
Location: Pacific NW
Posts: 4,957
Quote:
Originally Posted by capngeo View Post
Of course I知 not one to sit around under a palm tree with a fruity drink in my hand either....
Hmm... do you need a retirement double to do this?? ooh, ooh, pick me
__________________
E-R.org Custom Google Search | You're only given a little spark of madness. You mustn't lose it. (Robin Williams)
Janet H is offline   Reply With Quote
Old 01-18-2012, 11:31 AM   #14
Thinks s/he gets paid by the post
 
Join Date: Jan 2005
Posts: 2,555
Welcome and congratulations!
__________________
Dreamer is offline   Reply With Quote
Old 01-18-2012, 07:18 PM   #15
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,617
Quote:
Originally Posted by capngeo View Post
I have a few ideas on what I want to do, none of which my accountant seems to like.
Accountant jealousy is such an ugly thing. What did they think you were eventually going to do if they kept following your advice?!?

Quote:
Originally Posted by capngeo View Post
Of course I知 not one to sit around under a palm tree with a fruity drink in my hand either.... that said 途etirement is a relative term for me, as I will still be doing things that turn a profit.
Quote:
Originally Posted by Janet H View Post
Hmm... do you need a retirement double to do this?? ooh, ooh, pick me
In your honors, I've just taken care of a couple of fruity drinks under our own palm trees!
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Old 01-18-2012, 07:45 PM   #16
Full time employment: Posting here.
flyfishnevada's Avatar
 
Join Date: Jan 2010
Location: Smith
Posts: 743
Accountants are paid to say no. It's you're money, you spend it how you like (within reason of course). Congrats and welcome.
__________________
Retired July 4th, 2010 at age 43
Trout Bum, Writer, Full-Time Dad and Husband


flyfishnevada is offline   Reply With Quote
Old 01-18-2012, 08:16 PM   #17
Recycles dryer sheets
 
Join Date: Sep 2004
Posts: 174
Do you mind sharing what in your numbers you and your accountant don't see eye to eye on?
__________________
Berkshire_Bull is offline   Reply With Quote
Old 01-18-2012, 08:59 PM   #18
Dryer sheet wannabe
capngeo's Avatar
 
Join Date: Jan 2012
Posts: 14
Well thanks for the warm welcome all.... And Janet... YOU know I have a nice sailboat to reach the island with the palm tree!

B_Bull... I am getting whacked with 43% in taxes and penalties for puling my money out of the Florida Retirement Service.. My bean-counter doesn稚 think its wise. I have my doubts about the long term viability of the FRS fund, as the politicos have already floated the balloon about 澱orrowing from the fund. My other option is to roll it to an IRA of one sort or another, which puts me at the mercy of the stock market (my current investments there aren稚 exactly exciting me) AND I can get no return for the next 7 years until I知 59.5

MY idea is to cash out, take the hit, and buy up rental properties... 2 or 3 family only... only properties that return the capital investment in 7 years or less. I know it sounds like fantasy, but I致e had 3 units doing just that for the last 10 years. I enjoy the ability to do all the maintenance and repairs myself, and after 10 years, I have the management part figured out pretty well.

If I stay the course with the conventional FRS pension, the monthly stipend will be in the neighborhood of $4500/month before taxes. To get that all I have to do is wake up each morning. BUT the downside is the fund can go away, and I知 stuck with mortgages and car payments for life. (Other than a small balance on my current properties, I知 out of debt right now)

I figure I can come real close to the above monthly figure with about 5 days a month managing/maintaining the property(s) with almost no chance of losing the principle barring natural disaster or war. I would pay off my current properties and pay cash for the new ones. So yeah, I壇 have to work a bit, but it痴 something I enjoy doing, know well, and should pay about $1K/day for the effort.
__________________
capngeo is offline   Reply With Quote
Old 01-18-2012, 09:23 PM   #19
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,117
Quote:
Originally Posted by capngeo View Post
.. I am getting whacked with 43% in taxes and penalties for puling my money out of the Florida Retirement Service.. My bean-counter doesn稚 think its wise.
I'm beginning to see his side of the story. Ouch!
Quote:
Originally Posted by capngeo View Post
...AND I can get no return for the next 7 years until I知 59.5
By 'return', do you mean you can't withdraw any funds without paying a penalty? Are you familiar with IRS Rule 72t for early withdrawals from an IRA?
__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 01-18-2012, 09:46 PM   #20
Dryer sheet wannabe
capngeo's Avatar
 
Join Date: Jan 2012
Posts: 14
I looked at the 72t, and don't think it is for me. If I wanted a monthly stipend, I'd stay with the state. I've been watching real estate pretty close in the area since the crash. My thoughts a few years back were to keep working until it bottomed. I'm no expert, but this layman thinks it has. My "calculations" do not factor in any appreciation of the properties.... But if do actually buy in at the bottom, the figures can only go up.

Another factor is that we are facing an increase in hours worked for less pay, with a big hit in health insurance too. I'm either making the greatest mistake of my life, or will be called brilliant in a few years... I AM quite scared!
__________________

__________________
capngeo 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


 

 
All times are GMT -6. The time now is 11:36 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.