I wish I knew before (or after) I retired???

[ncbill]

Like many here, wish I'd have put more in ROTH instead of TIRA. Also, think I've over saved. Great stock market has had a lot to do with that, however. Certainly better than having under saved.

Ditto.

Especially wished I had paid the taxes to convert mom's IRA to Roth before she passed, given I knew I'd be inheriting it.

Now it's worth nearly 10x what it was when she died and all the RMDs from it are taxable income to me instead of tax-free...and I'm doing Roth conversions to my own IRAs.

 

[lem1955]

Less IRA more Roth.

Ditto ++ and more taxable savings. I even stepped into the non-deductible tIRA morass - not enough to make a significant difference in taxes, but plenty to expand the tax return process.

 

[urn2bfree]

Expect the unexpected--

Unexpected expenses- medical issues, dental issues, plumbing issues, appliances, car repairs...all are annoying when you are earning a salary--they are a little more so when you are not--spending your savings feels different than spending your income. It takes time to get used to.
Unexpected change in yourself--you as a working person are not the same as you as a retired person--the things you crave to escape the grind don't have the same urgency when there is no grind...and things you did not know you might enjoy may become new passions. Be open to the changes.

 

[starry night]

Waitlist sooner

Wish I hadn’t waited so long to get on the waitlist for the CCRC of our choice.
We dragged our feet getting to the conclusion that CCRC was best for our future, and by the time we applied, we ended up on the list at #653. That’s a long wait.

Most CCRC’s seem to offer fully-refundable deposits of $1,000 which is not a lot of investment to make to secure options when you may need it.
Check terms, though, because many vary in refundable policy, some may time you out if you keep passing, which may alter your place in line, etc.

Wish we had gotten going sooner.

 

[TheWizard]

For many Boomers or GenXers that simply wasn't an option. Roths came along for us later in life when we had high enough incomes that we couldn't save in Roth or were in a high enough tax bracket that they didn't make sense. Emotionally, I wish I had more in Roth, but mathematically I was better off putting that money in pretax and spending it in retirement in a lower bracket. Younger generations are fortunate to be able to start off their savings in Roth when their incomes (and tax brackets) are lower.

Exactly.
My last 5-10 years of employment, I was well into the 28% Federal tax bracket while maxing my 403(b) contributions.

In retirement, I've done Roth conversions in the 28%, but lately the 24% Federal tax bracket.
So it's worked out okay...

 

[TheWizard]

Having ROTH to take money from makes it easier to control income in a given year for things like ACA subsidies and Medicare premiums.

Right, that's my plan when buying a new car henceforth, depending on what the gains are on my various index fund lots in my taxable account.

And I'm not sure what "large" RMDs are; mine are only $40k per year at present. The goal should be to do large enough Roth conversions in your retirement years prior to age 72, so that your AGI ramps up gradually from year to year, with no big jump when RMDs start...

 

[FIREarly]

Try to learn more about hoe much Healthcare is going to cost in retirement.

Anyone have any good sites to estimate how much Healthcare might cost in the futute?

 

[GlennN]

Air Force

Well, three things come to mind.

1. I should have stayed in the Air Force after my 4 year tour was up in 1968. If I stayed until they threw me out, I would probably have a pension and better health care insurance (Tricare).

2. My skill at picking a spouse could have used an upgrade as I really made some bad choices. Consequently, a failed marriage at age 50 cost me about $1 million in 1992. Even my golf game suffered!

3. The last wife (current one) is a keeper and we have been together since 1996, which is a record for me. But we started saving for retirement from scratch back then as I was near broke and she had $50.

What did you do in the Air Force, aja8888? I assume from your missile badge that it was missile-related. I was a missile maintenance guy, went in for a 4 year tour in '68 like you and ended up getting out 28 years later. You're right the pension's nice, and Tricare for Life as a Medicare supplement is great.

 

[aja8888]

What did you do in the Air Force, aja8888? I assume from your missile badge that it was missile-related. I was a missile maintenance guy, went in for a 4 year tour in '68 like you and ended up getting out 28 years later. You're right the pension's nice, and Tricare for Life as a Medicare supplement is great.

I was on a nuclear missile launch crew in Germany from 1965 - 66 and then to Minuteman II as an electrical technician at Whiteman AFB, MO. When my tour was up, they offered me Minot, ND for the next 4 years and I decided to go back to college and get an engineering degree instead.

Where were you stationed as a missile maintenance guy?

 

[FIREarly]

I wish I listened to my parents in HS when they said to invest some of the money I was making.

It was a small paycheck. Now, I understand!

 

[GlennN]

Missiles

I was on a nuclear missile launch crew in Germany from 1965 - 66 and then to Minuteman II as an electrical technician at Whiteman AFB, MO. When my tour was up, they offered me Minot, ND for the next 4 years and I decided to go back to college and get an engineering degree instead.

Where were you stationed as a missile maintenance guy?

I was an EMT team chief and TTB trainer at F.E. Warren 69-73, SRAM/B-52s at Seymour Johnson 74-77, and SRAM/ALCM/B-52s at Fairchild 77-83. I was at SAC and STRATCOM Hqs for most of the rest of my career after that, with a little "vacation" to Comiso, Sicily for GLCM duty in 87-88. Finished up military career at Offutt in 96, still here in Nebraska.

 

[Koolau]

Hi,
What is "If you can.." ? Thanks!

There are income limits for those who wish to open Roth IRAs. Too long since I was ROTHing, so I don't recall the limits - and they do increase w/inflation IIRC. They are fairly generous if you are married. Heh, heh, one year, I offered to open a Roth for my son. He had exceeded the limits that year! I told him he should get married. YMMV

 

[Dash man]

There are income limits for those who wish to open Roth IRAs. Too long since I was ROTHing, so I don't recall the limits - and they do increase w/inflation IIRC. They are fairly generous if you are married. Heh, heh, one year, I offered to open a Roth for my son. He had exceeded the limits that year! I told him he should get married. YMMV

Backdoor Roths are still an option! That's what we did.

 

[Koolau]

Oh, I forgot, I've always beat up on myself for being a poor investor (but good saver.) Reading through a few recent threads reminds me of one thing I got right. I married the right girl. We went to grade school, Jr. High and HS together. So I've been her friend for almost 70 years. Married to her for over 50 years. It's not exactly an investment, but as mentioned in the Roth response above, it has its advantages. Of course, most of the advantages are not financial.

I think the trick is to be on the same page about most things such as spending, politics, religion, raising kids, etc. A couple that is willing to offer each other a little grace now and then goes a very long way.


Returning you now....... YMMV

 

[Koolau]

Backdoor Roths are still an option! That's what we did.

Good point!

And Janet from Fire Planet, be certain to read a good book on Roths like the Fairmark treatise on Roths. I think I put the link in someplace. And YMMV as always.

 

[disneysteve]

Try to learn more about hoe much Healthcare is going to cost in retirement.

Anyone have any good sites to estimate how much Healthcare might cost in the futute?

Healthsherpa.com lets you enter all your details and price out all of the options available to you.

 

[Navigator]

I worried too much about money before I retired, only to find I was working for my kid’s inheritance. I don’t have any major regrets, but in hindsight I should have retired a couple of years earlier.

I find it interesting so many people regret not doing more Roth contributions or conversions. It seems to me that anyone who is worried about this is doing just fine in retirement.

 

[aja8888]

I was an EMT team chief and TTB trainer at F.E. Warren 69-73, SRAM/B-52s at Seymour Johnson 74-77, and SRAM/ALCM/B-52s at Fairchild 77-83. I was at SAC and STRATCOM Hqs for most of the rest of my career after that, with a little "vacation" to Comiso, Sicily for GLCM duty in 87-88. Finished up military career at Offutt in 96, still here in Nebraska.

Sounds like you had a nice interesting career and some good locations to be stationed at.

 

[CincyDave]

Quote:
Originally Posted by Janet from FIRE Planet View Post
Hi,
What is "If you can.." ? Thanks!

There are income limits for those who wish to open Roth IRAs. Too long since I was ROTHing, so I don't recall the limits - and they do increase w/inflation IIRC. They are fairly generous if you are married. Heh, heh, one year, I offered to open a Roth for my son. He had exceeded the limits that year! I told him he should get married. YMMV

I think it was referring to the book "if you can"
https://www.amazon.com/If-You-Can-Millennials-Slowly-ebook/dp/B00JCC5JKI

 

[Janet from FIRE Planet]

Quote:
Originally Posted by Janet from FIRE Planet View Post
Hi,
What is "If you can.." ? Thanks!



I think it was referring to the book "if you can"
https://www.amazon.com/If-You-Can-Millennials-Slowly-ebook/dp/B00JCC5JKI

Yes, thanks. One of our members pointed out to me, the Bernstein "If you can.."is a brochure & you can find for free on internet if you look around. If you have trouble, maybe I can help.

 

[2HOTinPHX]

Yes, thanks. One of our members pointed out to me, the Bernstein "If you can.."is a brochure & you can find for free on internet if you look around. If you have trouble, maybe I can help.

If You Can" by William Bernstein https://www.etf.com/docs/IfYouCan.pdf (free 16 page download)

This was posted in another thread here....

 

[Janet from FIRE Planet]

Good point!

And Janet from Fire Planet, be certain to read a good book on Roths like the Fairmark treatise on Roths. I think I put the link in someplace. And YMMV as always.

Thank you!

 

[Done]

Do you know a good third party company to allow LTR renters auto-pay their monthly payments?

I’ve been collecting rent using apartments.com. It’s free if the tenants pay by bank account. Haven’t tried any of their other services.

 

[mickeyd]

I quit working (retired) about 20 years ago. That was about right. One thing that I should have considered at the time was to have looked into CCRCs. I wasted about 15 years until I got around to making that choice.

Simplicity rules.

 

[Koolau]

I worried too much about money before I retired, only to find I was working for my kid’s inheritance. I don’t have any major regrets, but in hindsight I should have retired a couple of years earlier.

I find it interesting so many people regret not doing more Roth contributions or conversions. It seems to me that anyone who is worried about this is doing just fine in retirement.

Yeah, I gotta admit... We often joke about most of our financial problems here on the FIRE forum are "First World" problems. So very true. But, looking back, I could have done even BETTER if I knew what I know now. Maybe that's another way of saying "I wish I had a better crystal ball" or similar musings. Your point is well taken. Aloha.