all you need is ~600K by age 50 to retire

[Free bird]

I wonder when the idea of a special flat tax for anything coming out of an IRA will get proposed.

 

[teejayevans]

They're floating the idea of reducing 401k contribution to $2400.00 max per year to pay for the tax cut. Truth is stranger than fiction.

I would expect they would make IRA,401K equal contribution limits, only seems fair. If I also open up withdrawals of both IRA,401K to 55 to equalize them as well, accelerating withdrawals retirement plans would help tax revenues as well.

 

[imoldernu]

So I go back to Woodhaven for a few days, and the thread is working it's way to 300 posts..

To the subject... been there, done that. Still have the original capital intact, 28 years later, and don't feel like we missed anything.

Wealthy? no. Vulnerable? could be, but we're good for three or four years @ foreseeable $80K nursing home costs if necessary.

Still have home on the lake in the campground, and our place in Florida, which we'll sell by year end. Very happy in our CCRC in Peru.

BTW...the past four days have been absolutely perfect. Fishing, biking, canoeing, deer walking around as if no one lives on my lot, and the geese training their Vees up and down the lake.

...but then, didn't retire until age 53, so who knows?

 

[Perryinva]

I actually agreed with most of your post, but then chuckled at the below. My greatgrandfathers lived to mid 90s in pretty good health, and all 4 grandparents lived into their 90s. My paternal grandfather was extremely active--had a cabin in Colorado and hiked and fly-fished into his early 90s before he slowed down; maternal grandmother was also preternaturally active.
I'm about to be 60 but hiked 12 miles with 2800 elevation gain Saturday. We biked in Southern Italy in August with our youngest and some Houston friends and had a great time.
60 is the new 50 or so I tell myself until it doesn't work....

Actually that is exactly what I meant! You are already doing it One of the posters on this thread (and fairly common in general) are waiting until they colllect at FRA 67 to have “fun money”. So how many years does that leave you? Well, about 10 less than if you started even late as 57. I’m the same age as you, but I’ll spend some and save some, and worknuntil 62, not save it all until the end. Going to Prague tomorrow for a few days, then Vienna after that. 5th Europe trip in 7 years. There will be plenty to do when I am older that I can do now but will not later. Everyones desired lifestyle and plans are different.

 

[Yarnstormer]

I don't see how the op can get that much ss if he stops working at 50. Is the wife a high earner and older? Def not a good move with a 16 year old. Too many unknowns. Too many "not covered by insurance" healthcare surprises!

 

[Major Tom]

One of the posters on this thread (and fairly common in general) are waiting until they colllect at FRA 67 to have “fun money”.

If you're talking about me (perhaps you're not), I didn't mention at what age I planned on collecting, as I haven't decided yet. Besides, with a portfolio, one doesn't have to actually collect SS in order to "enjoy the extra benefits of it". Another approach would be to increase portfolio WR before collecting SS, effectively using the presence of SS in the future as "insurance".

Then there is the factor, that others have mentioned, that we all need to judge for ourselves what our wants and needs are. I'd quite like to travel a bit more in the future, but it won't kill my enjoyment of life if I don't. If I don't get to see the Great Wall of China before I *cross the rainbow bridge, or the terraced rice fields of wherever-they-are, I won't consider my retirement to have been a failure. In other words, I'm already having a good time!


*I am absolutely resolute in my desire to follow my furry gals across the rainbow bridge, because I want to see them again in the afterlife

 

[Teacher Terry]

MT: I too intend to follow my furry babies to the Rainbow Bridge")

 

[Nemo2]

MT: I too intend to follow my furry babies to the Rainbow Bridge")

You're all going to Niagara Falls?

 

[Teacher Terry]

Yep Nemo that is right) Actually I have my dogs cremated when they die and when I die my DH will put their ashes in with mine. They will be interred with me. Just call me the crazy dog woman.

 

[Nemo2]

Yep Nemo that is right) Actually I have my dogs cremated when they die and when I die my DH will put their ashes in with mine. They will be interred with me. Just call me the crazy dog woman.

There are lots of crazier things than that...in fact I don't think it's crazy at all...........now, going to Niagara Falls, that's crazy.

 

[Perryinva]

I wasn’t referring to you. Your outline is exactly what I meant as the preferred parh. Spend at ER as if you were already getting your SS amount and enjoy it up front. If you die before you collect, well you’re dead, so it matters not. Once you file and collect SS then you naturally no longer have to withdraw that amount so your WR drops that amount. It is just an annuity and the cost of the increased SS annuity is the SS payments your forgo in order to delay. As long as you have adequate reserve for a livable WR after paying to delay filing then you are all set. Nothing new , it has been discussed often on this forum.

Going TO Niagara Falls is not crazy....going over it is!

 

[MarieIG]

*I am absolutely resolute in my desire to follow my furry gals across the rainbow bridge, because I want to see them again in the afterlife [/

Oh yes, I just lost my little girl, you could not image a sweeter, more loving little kitty and smart too. I do want to be with her again. (They each have their own special personality I know . . . ) Miss her so much.

 

[Major Tom]

(They each have their own special personality I know . . . ) Miss her so much.

Yes, they are all so different and unique! I had one who died unexpectedly, when quite young, and in a rather upsetting way. I was only with her for a couple of years. We didn't get the chance to truly bond and spend enough time together. When I pass into the next life, I'll be looking out for all my furry companions, and most definitely keeping an eye out for her.

I know this seems a bit dotty to some, but it gives me some comfort.

 

[Major Tom]

I wasn’t referring to you.

Aaah, OK. My misunderstanding - and agreed with everything else you posted.

 

[Pilot2013]

They're floating the idea of reducing 401k contribution to $2400.00 max per year to pay for the tax cut. Truth is stranger than fiction.

Seems that has been called out as more "fake news".