I know from exchanges with members of the forum that there is amongst us a contingent - I don't how large - that has little use for government - that want very little of it involved in their business and personal affairs.
I want to say that our government through foresight and some progressive legislation has made it possible for me to retire early. I'm sure I could not have ER'd without them.
Now I know government can be maddening with its bureaucracy and inefficiencies and basically I want to avoid interacting with it as much as possible, but there are a lot of benefits from having our government.
I'm not going to go into all the benefits that create a foundation for the good life I enjoy...just the direct acts of our congress and the involved government agencies that made my early retirement possible. I think I remembered them all.
1. Company pension (Pension Benefit Guaranty Corporation (federal corp created by congress) has oversight on mine to make sure I receive it - know they aren't universal - especially lately - so think there isn't a requirement that companies need to have them)
2. Social security - not yet but am confident we will get it.
3. ESOP - not sure people remember/know of this gem - but congress created this back in 1974. Employee Stock Ownership Plan - got company shares as a bonus every christmas - added up over time as my first employer and stock did well - I like the idea of getting the employee vested in the success of the company
.
4. 401K - my ESOP eventually got folded into this and the company started chucking dough in and I did to. This was often a substitute for pensions at many companies, my company decided to provide both. I eventually worked at 2 other companies and participated in their plans.
5. IRA - When I left my 3 employers I would transfer the 401K into one of these. Once there I could trade individual stocks w/o worrying about taxes and that's where my returns started to really take off.
6. IRS rule 72(t) - has enabled me to withdraw money from my IRAs via SEPP - Substantially Equal Periodic Payments without penalty.
7. Cobra - took this for 18 months after I took ER.
8. UTMA- Uniform Gift To Minors Act helped with kids college. Grew over time helped ease the load and was able to ER sooner
9. 529 plan - same as above.
I want to say that our government through foresight and some progressive legislation has made it possible for me to retire early. I'm sure I could not have ER'd without them.
Now I know government can be maddening with its bureaucracy and inefficiencies and basically I want to avoid interacting with it as much as possible, but there are a lot of benefits from having our government.
I'm not going to go into all the benefits that create a foundation for the good life I enjoy...just the direct acts of our congress and the involved government agencies that made my early retirement possible. I think I remembered them all.
1. Company pension (Pension Benefit Guaranty Corporation (federal corp created by congress) has oversight on mine to make sure I receive it - know they aren't universal - especially lately - so think there isn't a requirement that companies need to have them)
2. Social security - not yet but am confident we will get it.
3. ESOP - not sure people remember/know of this gem - but congress created this back in 1974. Employee Stock Ownership Plan - got company shares as a bonus every christmas - added up over time as my first employer and stock did well - I like the idea of getting the employee vested in the success of the company
.
4. 401K - my ESOP eventually got folded into this and the company started chucking dough in and I did to. This was often a substitute for pensions at many companies, my company decided to provide both. I eventually worked at 2 other companies and participated in their plans.
5. IRA - When I left my 3 employers I would transfer the 401K into one of these. Once there I could trade individual stocks w/o worrying about taxes and that's where my returns started to really take off.
6. IRS rule 72(t) - has enabled me to withdraw money from my IRAs via SEPP - Substantially Equal Periodic Payments without penalty.
7. Cobra - took this for 18 months after I took ER.
8. UTMA- Uniform Gift To Minors Act helped with kids college. Grew over time helped ease the load and was able to ER sooner
9. 529 plan - same as above.
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