Retiring at 50

retiringat50 · 12-31-2007, 05:48 AM

Hello - Just found this board.
Made a decision a few wks ago that I'll be retiring end of June at my 10 yr anniversary. Due to personality conflicts it was either that or wait till they fired me (ya its that bad, new boss started a few years ago).
Planning on living off the interest from my Fidelity account. I know I'll take a big tax penalty but we should be ok. Still need to get DS15 through 2yrs high school and then college. Have about 7yrs left on the mortgage. DH will continue working till DS is finished w/school. DH contributes about 1/2 towards the bills.
I may get a parttime job, may not. If I do it will be something I enjoy.
May volunteer to keep myself busy. It will be summer when I start retirement so not too concerned until Sept on how to fill my time. Do ppl start w/their new hobbies before actual retirement so its more of a routine?

Looking forward to learning lots - thank you

Lazarus · 12-31-2007, 08:46 AM

I assume your Fidelity account is an IRA. You can withdraw from an IRA before 59 1/2 without penalty if you use the 72t method. Google for it you will find a lot of information. Many posts on this board about it as well. Good luck.

Coach · 12-31-2007, 09:01 AM

Congratulations, and welcome to the forum! Retiring at 50 is quite an accomplishment.

Financial independence is a wonderful thing when things go south at work

Again, welcome.

Coach

**bssc** · 12-31-2007, 10:58 AM

Congratulations and welcome

I second looking into 72(t) withdrawals. Lots of other things of interest around here.

12-31-2007, 05:48 AM	#1
retiringat50 Recycles dryer sheets Join Date: Dec 2007 Posts: 79	Retiring at 50 Hello - Just found this board. Made a decision a few wks ago that I'll be retiring end of June at my 10 yr anniversary. Due to personality conflicts it was either that or wait till they fired me (ya its that bad, new boss started a few years ago). Planning on living off the interest from my Fidelity account. I know I'll take a big tax penalty but we should be ok. Still need to get DS15 through 2yrs high school and then college. Have about 7yrs left on the mortgage. DH will continue working till DS is finished w/school. DH contributes about 1/2 towards the bills. I may get a parttime job, may not. If I do it will be something I enjoy. May volunteer to keep myself busy. It will be summer when I start retirement so not too concerned until Sept on how to fill my time. Do ppl start w/their new hobbies before actual retirement so its more of a routine? Looking forward to learning lots - thank you

12-31-2007, 08:46 AM	#2
Lazarus Recycles dryer sheets Join Date: May 2005 Posts: 411	I assume your Fidelity account is an IRA. You can withdraw from an IRA before 59 1/2 without penalty if you use the 72t method. Google for it you will find a lot of information. Many posts on this board about it as well. Good luck. __________________ My Dog eats dryer sheets.

12-31-2007, 10:58 AM	#4
bssc Moderator Join Date: Dec 2005 Posts: 2,668	Congratulations and welcome I second looking into 72(t) withdrawals. Lots of other things of interest around here. __________________ Angels danced on the day that you were born.

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12-31-2007, 09:01 AM	#3
Coach Full time employment: Posting here. Join Date: Nov 2005 Location: Colorado, USA Posts: 691	Congratulations, and welcome to the forum! Retiring at 50 is quite an accomplishment. Financial independence is a wonderful thing when things go south at work Again, welcome. Coach

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