Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 01-05-2020, 04:12 PM   #281
Dryer sheet aficionado
 
Join Date: Sep 2014
Posts: 47
Quote:
Originally Posted by 51notout View Post
Question: can I contribute to an IRA after my final day of employment or do I have to make the contribution whilst still employed? Well be maximizing our 401k contributions but will have room for IRA too for the first time since its a partial year.
You have until 4/15/2021 to make a Traditional or Roth IRA contribution (assuming you qualify income-wise) for income earned in 2020. The maximum contribution is the lesser of the 2020 limit ($6,000 or $7,000 if over 50) or your earned income.
__________________

Draggon 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 01-05-2020, 04:23 PM   #282
Dryer sheet aficionado
 
Join Date: Sep 2014
Posts: 47
Quote:
Originally Posted by mattwallace24 View Post
will be moving to St. Croix, US Virgin Islands later this year if all goes to plan.
Congrats, and that sounds FANTASTIC!
__________________

Draggon is offline   Reply With Quote
Old 01-05-2020, 04:27 PM   #283
Dryer sheet aficionado
 
Join Date: Sep 2014
Posts: 47
Class of 2020 (Un)Official list... (I don't know, I just like lists! ):
  • dingo - 1/2/2020 (Congrats! (snuck in front of Ergragg1)) {CHECK}
  • Erbragg1 - 1/3/2020 (Early bird... Teacher's pet... ) {CHECK}
  • INTJ10 - 1/9/2020
  • Out_the_Door - 1/24/2020 (Adjusted as favor to Boss)
  • nobodyspecial - 1/31/2020 (waiting for the extras!)
  • nobody - 3/6/2020 (anyone want a house?) (Buyer pending!)
  • 51notout - 3/6/2020 (Two posts and counting!)
  • mattwallace24 - 4/2020 (Placeholder between March & May)
  • Grimelowe - 4/4/2020 (45yo - Nice!)
  • Dalmore - 4/30/2020
  • jaharrer - 4/30/2020
  • HNL Bill - 5/1/2020 (Subject to change)(but It's gonna happen! )
  • kingkarmann - 6/1/2020 (newest newbie)
  • OTDasap2020 - 6/1/2020
  • ugeauxgirl - 7/1/2020 (Class ringleader )
  • COcheesehead - 7/10/2020
  • Draggon - 11/1/2020 (Leaving 9/23/2020 w/PTO)
  • Mr. Vacation4us - 11/2/2020
  • Mrs. Vacation4us - 12/15/2020 (Mr. V cut in front of her!)
  • retire202052 - 12/2020 (I may have figured out the pattern of your UserID )
  • gamboolman - ??/2020 (pick a date, any date... )
  • RxMan - ?? (Class of 2020 Official Stalker)

Anyone else want to post their target? Also, lemme know if I miss one.
Draggon is offline   Reply With Quote
Old 01-05-2020, 04:33 PM   #284
Dryer sheet aficionado
 
Join Date: Sep 2014
Posts: 47
Quote:
Originally Posted by dingo View Post
and not touch 401k ($600,000k)until 70 1/2
Congrats, looks like you're all set!

Also, thanks to the SECURE Act becoming law, you can now hold off on dipping into the 401k until you're 72! See link:

https://www.investopedia.com/what-is...rement-4692743

Quote:
No Sunday blahs so far.
Ugh, completely full-on Sunday blahs here...
Draggon is offline   Reply With Quote
Old 01-05-2020, 11:16 PM   #285
Recycles dryer sheets
 
Join Date: Oct 2018
Posts: 275
Flying back north tomorrow after attending a retirement party. 302 more days for Mr. V. Starting to see the light. Can’t come fast enough for me, but finally see DH’s plan coming together! We will be set for a wonderful future. Now we need to plan his 2 retirement parties. 1 in NorCal and the fun one in SoCal.

Looking for a Bartender!!!
Vacation4us is offline   Reply With Quote
Old 01-06-2020, 06:13 AM   #286
Confused about dryer sheets
 
Join Date: Feb 2018
Posts: 5
Yea thanks. I was a little unsure if that had been enacted.
dingo is offline   Reply With Quote
Old 01-06-2020, 02:21 PM   #287
Full time employment: Posting here.
ugeauxgirl's Avatar
 
Join Date: Jan 2016
Location: Rural Alabama
Posts: 784
Quote:
Originally Posted by mattwallace24 View Post
Long-time lurker here. Ill be out in 2020 @ age 50-51. Plan was to work till 55, but my company is going through layoffs and when I saw the severance plan, I raised my hand high. Working to determine my final day, but will be between March and May.

Wife and I had a plan to retire to the Caribbean and will be moving to St. Croix, US Virgin Islands later this year if all goes to plan. Even before we knew this would be my last year of employment, we took the step to sell our home in October to downsize and free up our equity to buy our next home in St. Croix. The plan was wed rent in CT for the next few years and use our St. Croix home as a rental/vacation home. Were planning to fly back down to St. Croix later this month to find that home and the bonus of getting a nice severance from work is we can move down now versus 4 more years of working.

With 4 years less work than originally planned, retirement balances arent quite what we planned for, but more than enough to FIRE.

Thanks to everyone who posts in this forum. While Ive always just been a consumer of your posts, you played a part in making our plan happen. While I had the investing/accumulation phase of our lives down, now we have to start thinking about how, when, and why to draw down our savings. So stay tuned for lots of upcoming questions.
I love Carribean Life- and you're living it! I'm so envious. Congratulations to you!
__________________
Projected retirement--2020 at age 48
ugeauxgirl is offline   Reply With Quote
Old 01-06-2020, 02:21 PM   #288
Full time employment: Posting here.
ugeauxgirl's Avatar
 
Join Date: Jan 2016
Location: Rural Alabama
Posts: 784
Quote:
Originally Posted by Erbragg1 View Post
Well, its official! Turned in my laptop, w*rk phone and badge.... said my goodbyes and rode off into the sunset today. I am retired!
Good job!
__________________
Projected retirement--2020 at age 48
ugeauxgirl is offline   Reply With Quote
Old 01-08-2020, 05:15 PM   #289
Full time employment: Posting here.
ugeauxgirl's Avatar
 
Join Date: Jan 2016
Location: Rural Alabama
Posts: 784
I got my retirement package paperwork today. The compensation was better than what I considered to be the worst case scenario, but not quite as good as I hoped for. It's more than enough to live on for the next few years so we won't have to withdraw anything from the portfolio. It came with some scary legal paperwork. I read and signed. Transition begins February 29.
__________________
Projected retirement--2020 at age 48
ugeauxgirl is offline   Reply With Quote
Old 01-09-2020, 06:53 AM   #290
Recycles dryer sheets
 
Join Date: Nov 2017
Posts: 52
Quote:
Originally Posted by ugeauxgirl View Post
I got my retirement package paperwork today. The compensation was better than what I considered to be the worst case scenario, but not quite as good as I hoped for. It's more than enough to live on for the next few years so we won't have to withdraw anything from the portfolio. It came with some scary legal paperwork. I read and signed. Transition begins February 29.

Congrats!
nobody is offline   Reply With Quote
Old 01-09-2020, 06:59 AM   #291
Thinks s/he gets paid by the post
 
Join Date: Jun 2016
Posts: 3,268
Quote:
Originally Posted by ugeauxgirl View Post
I got my retirement package paperwork today. The compensation was better than what I considered to be the worst case scenario, but not quite as good as I hoped for. It's more than enough to live on for the next few years so we won't have to withdraw anything from the portfolio. It came with some scary legal paperwork. I read and signed. Transition begins February 29.
COcheesehead is offline   Reply With Quote
Soon....
Old 01-09-2020, 09:20 AM   #292
Dryer sheet wannabe
 
Join Date: Oct 2019
Posts: 13
Soon....

50 days, 13hrs, 40min, 10 sec....
__________________
Not really confused about dryer sheets.....
Third Son is offline   Reply With Quote
Old 01-10-2020, 02:35 PM   #293
Dryer sheet aficionado
 
Join Date: Dec 2018
Location: desert SW
Posts: 34
Retiring May 2020...glad to be with this thread
Mountain skier is offline   Reply With Quote
Old 01-13-2020, 09:13 AM   #294
Recycles dryer sheets
Erbragg1's Avatar
 
Join Date: Aug 2017
Posts: 69
Quote:
Originally Posted by ugeauxgirl View Post
I got my retirement package paperwork today. The compensation was better than what I considered to be the worst case scenario, but not quite as good as I hoped for. It's more than enough to live on for the next few years so we won't have to withdraw anything from the portfolio. It came with some scary legal paperwork. I read and signed. Transition begins February 29.


Congrats! Happy for you!
Erbragg1 is offline   Reply With Quote
Old 01-13-2020, 09:33 AM   #295
Dryer sheet wannabe
CoastboundPNW's Avatar
 
Join Date: Feb 2019
Posts: 13
Quote:
Originally Posted by Draggon View Post
Class of 2020



Anyone else want to post their target? Also, lemme know if I miss one.
This week I have my appointment to file all the needed paperwork for my 3/31/20 final day. Gave notice a while back but the paperwork portion is that final step - then just the countdown!
CoastboundPNW is offline   Reply With Quote
Old 01-13-2020, 11:01 AM   #296
Recycles dryer sheets
 
Join Date: Nov 2017
Posts: 52
My "final clearance notification" went out today to managers of the company. Really "final clearance", just throw me on the discount rack to get rid of me.


In addition I got a workflow for my "off boarding process". Sounds like I'm being kicked of the Island.



Where does HR come up with these ridiculous terms?
nobody is offline   Reply With Quote
Old 01-13-2020, 12:08 PM   #297
Dryer sheet wannabe
 
Join Date: Oct 2017
Posts: 14
If I get through my OMY anxiety, I will hand in notice in June for a Sept 10th official day. Last day in office to be July 10th using PTO.
spikeykiller is offline   Reply With Quote
Old 01-14-2020, 08:00 PM   #298
Full time employment: Posting here.
ugeauxgirl's Avatar
 
Join Date: Jan 2016
Location: Rural Alabama
Posts: 784
Quote:
Originally Posted by nobody View Post
My "final clearance notification" went out today to managers of the company. Really "final clearance", just throw me on the discount rack to get rid of me.


In addition I got a workflow for my "off boarding process". Sounds like I'm being kicked of the Island.



Where does HR come up with these ridiculous terms?
Congratulations! Sounds like you're leaving Star Trek, not mega Corp...
__________________
Projected retirement--2020 at age 48
ugeauxgirl is offline   Reply With Quote
Old 01-15-2020, 02:58 PM   #299
Recycles dryer sheets
 
Join Date: Feb 2019
Posts: 119
Notified those who need to know that I will be retiring May 1st. It was nerve racking getting it done, but now that I am past it, I feel much, much better. I did leave the door open for some part-time projects (1-2 days a week), but that is it.
Dalmore is offline   Reply With Quote
Old 01-16-2020, 02:06 PM   #300
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
target2019's Avatar
 
Join Date: Dec 2008
Posts: 5,616
A year late, but not a dollar short. Feb 28, 2020.
On to betterment...
__________________

target2019 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


» Quick Links

 
All times are GMT -6. The time now is 12:27 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2020, vBulletin Solutions, Inc.