DW doesn’t have much of a clue what it takes!

[MarieIG]

Do you have a big anniversary or does DW have a big birthday coming up, in the next year or two?

You could "compromise" by starting a vacation account. You both can put a bit in there each paycheck; and plan a trip for the next big event after the account reaches 10k.

It may be psychological, but sometimes it is less painful to blow the dough if the money is already set aside for that purpose.

DH had the opportunity to set up a second 401(k). He did not want to do it, but I eventually coaxed him into doing it by telling him it could be his "fun money account." That turned out to be a win/win. (He got a large retirement present out of it (Volvo XC 90 SUV which would have given me palpitations to pay for in cash) and will spend down the fun money account in equal amounts per year until he turns 70 on vacations, at which point he will trigger a large SS payment (even with a haircut). His first 401(k), which has the option to pay an income stream for life, will be allowed to grow.

 

[Tetto]

Do you have a big anniversary or does DW have a big birthday coming up, in the next year or two?

You could "compromise" by starting a vacation account. You both can put a bit in there each paycheck; and plan a trip for the next big event after the account reaches 10k.

It may be psychological, but sometimes it is less painful to blow the dough if the money is already set aside for that purpose.

DH had the opportunity to set up a second 401(k). He did not want to do it, but I eventually coaxed him into doing it by telling him it could be his "fun money account." That turned out to be a win/win. (He got a large retirement present out of it (Volvo XC 90 SUV which would have given me palpitations to pay for in cash) and will spend down the fun money account in equal amounts per year until he turns 70 on vacations, at which point he will trigger a large SS payment (even with a haircut). His first 401(k), which has the option to pay an income stream for life, will be allowed to grow.

Yep, we do have a vacation account that’s healthy. The London thing is perplexing as we’ve been there 3 times in the last 6 years, scrubbed the whole damn city! But it is a fun country to visit and I’m sure we’ll be back as soon as Covid goes by the wayside.

 

[FANOFJESUS]

My DW, it seems, doesn’t have a firm grasp on how much $$ it takes to check out early. Every time I show her the numbers she goes off on “why are we still working”? I try to explain we have to have a larger stash to ride out the years, we’re still to young to have access to the bulk of the cash in the 401k. It’s a more recent struggle for me to teach her! It’s a good problem to have I suppose, anyone else have a SO who lives care free without much stress.....

True but some wifes are on the other side. The husband has millions and the wife wants him to work longer. That's not good either.

 

[pb4uski]

Apparently my company rules don’t allow for early access. I can get at it at 59.5 which is ok by me. I’m gonna pad the stash hard for the next 7 years. We’ve got between us about $1.3 million in 401k and another $200k in brokerage and savings. House has about $40k left on mortgage. No other debt at all.

Well, first... double check that you don't have access if you leave at 55... I'm surprised by that as most plans do. Then if it turns out that you do have penalty free access then you'll need to find out what restrictions there are... some plans only allow withdrawals a certain number of times a year, etc.

If it turns out that you don't have penalty free access and you plan to stay in your house you could re-fi with cash out and use the cash during the penalty years and then after 59 1/2 use tax-deferred money to make mortgage payments and/or pay down the mortgage.

That, your current taxable savings and a 72t should give you a good bridge to 59 1/2.

 

[pb4uski]

Are you so sure that it isn't you? What is your success rate with FICalc or FIRACalc?

Typo... I meant FICalc or FIRECalc.

 

[mickeyd]

It’s a more recent struggle for me to teach her!

Not uncommon, even for the investment superstars here. As long as one of you has a firm grasp on the basics of investing (that would be you) it's up to that person to pursue the opportunities in the future to S-L-O-W-L-Y educate the one who does not give a s**t.

Good luck!

 

[wallygator69]

House has about $40k left on mortgage. No other debt at all.

Sell house, down size or rent. Let her make the call. We can go now or work 7 more years. We were going to run out of money not in IRA's and did this to get through 4 years til 59.5.

 

[albireo13]

I have the problem where DW does not accept that we are FI and she continues to sign up for overtime shifts to make up for what we lost when I retired last year. I am 65 and she is almost 61. FIRECALC has us at 100%. We hired a FA to review our situation and he says we are at 99% and are fine as-is.

Still, she is overly concerned over not touching our retirement assets yet. Therefore, she is taking on more overtime and stressing and complaining about it.
<Sigh>

 

[Tetto]

I have the problem where DW does not accept that we are FI and she continues to sign up for overtime shifts to make up for what we lost when I retired last year. I am 65 and she is almost 61. FIRECALC has us at 100%. We hired a FA to review our situation and he says we are at 99% and are fine as-is.

Still, she is overly concerned over not touching our retirement assets yet. Therefore, she is taking on more overtime and stressing and complaining about it.
<Sigh>

LOL god bless her! I love her thought process; its one i connect to 100%. I know i'm going to have the hardest time turning everything off when the time comes. Not looking forward to that psychosis...

 

[pb4uski]

I have the problem where DW does not accept that we are FI and she continues to sign up for overtime shifts to make up for what we lost when I retired last year. I am 65 and she is almost 61. FIRECALC has us at 100%. We hired a FA to review our situation and he says we are at 99% and are fine as-is.

Still, she is overly concerned over not touching our retirement assets yet. Therefore, she is taking on more overtime and stressing and complaining about it.
<Sigh>

Perhaps you can show her what she gets after SS and income taxes at your marginal tax rate and she'll be less enthusiastic about overtime.