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Update on our retirement and a Thank you!
Old 12-02-2018, 03:42 PM   #1
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Update on our retirement and a Thank you!

First, THANK YOU to this forum and all of you for helping to educate me! I've learned so much over the last few years and you've all helped!


My wife and I retired just over a year ago at age 60 (almost 61) for me and 59 for her. During the last year I spent my time on 3 "hobby jobs" that were all very fun and enjoyable (Zipline Guide, Security Consultant, Project Manager). These are things I LOVE to do. Oddly, I earned almost as much as my full time job. My wife loves to stay home and busies herself with gardening, reading and helping her elderly mother. We took about 2% from our IRA's to cover some additional expenses because we took 5 trips including a 10 day trip to Italy. We had a blast! I've decided not to take SS when I turn 62 in a few weeks. We will re-evaluate year to year as to when it makes sense to take it.



My old company called and offered me another VERY Part-time Project Manager position for the next 8 months and I accepted. This will help keep me busy over the winter approx 20 -30% of my time. I can work from home most days and then there is some office time.


My other hobby jobs will continue as well so I guess I'm not really retired but I AM DOING ONLY WHAT I WANT and have tons of flexibility! I set my own schedule and work about 2-3 days a week some weeks and not at all other weeks.



When we finally collect SS, that along with my pension (which I already collect) will pay all our basic living expenses. Any other earnings plus our IRA's will be for travel and fun!


This site gave me the knowledge and courage to pull the plug. We are both young (relatively) and healthy and plan to make the most of the rest of our lives!



Thanks!
Major
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Old 12-02-2018, 04:12 PM   #2
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Zipline guide, as in flying through the trees?

Cool
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Old 12-02-2018, 04:15 PM   #3
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Consider doing some IRA to Roth conversions prior to adding SS to the income stream. Depending upon your tax rate of course and how much you have in IRA.
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Old 12-02-2018, 04:21 PM   #4
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Zipline guide, as in flying through the trees?

Cool

Yep.......all summer I worked several days a week and some weekend days. It's a 2.5 hour zipline experience with rappelling and a free fall system. Group size can vary from 2 to 8, but we take them through the course, teach, coach and make sure they are safe and have fun. Dream job....BOOM!
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Old 12-02-2018, 04:25 PM   #5
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Yep.......all summer I worked several days a week and some weekend days. It's a 2.5 hour zipline experience with rappelling and a free fall system. Group size can vary from 2 to 8, but we take them through the course, teach, coach and make sure they are safe and have fun. Dream job....BOOM!
And you get paid for that? You should feel guilty

Sounds like fun.
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Old 12-02-2018, 04:42 PM   #6
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I just googled Dubuque zipline. I'm sorry but Dubuque was never on our list of places to go. It is know. The area looks beautiful. What is the best time to go? Nice weather and less people. Don't mind a little cold.
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Old 12-02-2018, 05:00 PM   #7
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I just googled Dubuque zipline. I'm sorry but Dubuque was never on our list of places to go. It is know. The area looks beautiful. What is the best time to go? Nice weather and less people. Don't mind a little cold.

The zipline is called Longhollow Canopy Tours and is located 30 minutes from Dubuque in Galena IL. The spring, summer and fall is amazing here.....truly God's Country. If you like to hike, experience the Mississippi River and be outdoors, it's great! I do overnight hikes at Yellow River State Forest just North of here and it's beautiful. Wild Turkey, Deer, Coyotes, an occasional Bobcat, lots of trails and fishing! I can hike for 2 or 3 days and not meet a single person! I see you're from San Diego...My son lives out there in La Jolla!
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Old 12-03-2018, 06:35 AM   #8
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Very, very nice. I'm in a similar situation and turn 58 in two weeks.

I want to 2nd Sunset's response to you regarding future Roth conversions. I have two years until my pension decision point and four years until my Social Security decision point and have enough cash outside my IRA to strategically build my non taxable nest egg for the future.

I
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Old 12-03-2018, 07:18 AM   #9
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Consider doing some IRA to Roth conversions prior to adding SS to the income stream. Depending upon your tax rate of course and how much you have in IRA.

Thanks for the advice. I'm looking into that. It may make sense for us.
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Old 12-03-2018, 07:49 AM   #10
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Congrats and good luck. I love the Dubuque area. My dad was from Cedar Rapids and a buddy went to Loras College in Dubuque. Side hustles are nice if they are enjoyable. I umpire baseball and ref volleyball. I love doing both and will most likely continue those activities until the body gives out.
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Old 12-03-2018, 10:35 AM   #11
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Consider doing some IRA to Roth conversions prior to adding SS to the income stream. Depending upon your tax rate of course and how much you have in IRA.
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Thanks for the advice. I'm looking into that. It may make sense for us.
Depending on your current income streams, you may be in the lowest tax bracket that you will be in for the rest of your life so now is the time to live off of IRA money or do Roth conversions at low tax cost AND reduce your RMDs at higher tax rates once that other pension and SS start.

My recent epiphany was that for us it was better to NOT live off of taxable accounts and live off of tax-deferred to reduce RMDs later and let the kids inherit the taxable accounts and get a stepped up basis.
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