66 & no more countdown. Retired last week.

[leongs]

Joined this forum last year May. Last working day was 4/26/2013. Happily retired together with my wife (already retired 2 1/2 years ago). No more early wake up & commute in Bay area, CA.

What a stress free life!

Start enjoying the eternal weekends.
Will post with more progress & questions on finance & life after retirement.

[retire2020]

Congrats leongs. time to have a blast now. now everyday is weekend!

[katwillny]

Congrats, remember to stay active and involved in something.

[MBAustin]

Welcome! Lots of friendly folks here and good info as well. Ask away!

[heeyy_joe]

66? You deserve it. Well done!

[omni550]

Congrats and welcome to the endless weekend!

omni

[Ally]

I'm so envious! Congrats!

[tmm99]

Good for you!! (and your wife!!)

Congratulations!

[Nodak]

welcome aboard

[mickeyd]

Welcome to the club Leongs.

Now you will understand why a loafer is not just a shoe. Enjoy the ride along with the rest of us.

[eytonxav]

Hey, I'm a mere 63 and recently pulled the plug myself, so you succeeded me as the elder statesman of ER. Congrats and enjoy!

[leongs]

Thank you for all the welcome messages & congrats. I'm not quite familiar on financial planning. Have 2 questions on managing the existing 401K ( about $400K) with JP Morgan financial, & future withdraw rate/plans.

Untouched or rollover into something that fits my needs. Recommendations?

Without my personal present financial & family situations, it will be difficult to make recommendation. So I will keep post those info soon.

Edit 1:
Both retired.
Spouse:
Getting $2600/month from work pension with medical coverage.
62 in June 2013. Planning to take SS in 2014, estimated $1200/month.


Myself:
Taking SS full benefits $2350/month.
Will join spouse medical coverage with $180/month.

Have 3 kids,eldest son is 27, middle daughter is 25, & youngest son 21. All singles.
We have the luxury of 2 sons staying with us in bay area home, worth $680K with $295K mortgage. Monthly payment $1300/month.
The daughter is self independent working in Washington DC after graduated (in 2009) from Bucknell University, PA.
We helped her payoff the cosigned student loan $145K (2010), & her new co op house down payment $115K last year.
Spent $40K on the youngest son when he was in UCLA 2009.
So far all our kids are treated as one way street, supporting from the family.

Edit 2:
We have 2 other properties in Weed that one is renting ($1000/month), our previous vacation home presently worth $230K, with no mortgage outstanding. Late on market listing, then real estate bubble burst. Planning to put back on market later.

The other property is our retirement home 4 BR/2.5 BA (built in 2006) with additional guest cottage. The cottage is a potential renting unit, 2 Bed, 1 Bath. ($800/month)
This property has about 10 acres & with no mortgage outstanding.



Edit 3:
Hope to spend another 15 to 20 yrs at least in that property.
Will keep the bay area home for the kids convinence. It has an in-law 1 BR/1BA currently renting $1000/Month.
Planned to stay 40/60 between bay area home & Weed retirement home. It's about 285 miles apart, 4.5 hrs drive.

My retirement from work transition went smooth, with a great sent off.
Well prepared with my referral replacement senior engineer. Hands on, over view training with him for 2 weeks, then I took 6 1/2 weeks of PTO vacation. After PTO, back to work 2 days for HR exit process, & retirement party. No bridges burnt.

I used to be a "Work is my second home". It's time to adjust the new environment now.

Edit 4:
Back to finance:
1. Prudential, Annuity (Variable) $600K with 2 accounts. Recommended by a friend, sale agent in 2008.
Highest Daily Lifetime Seven with 6% bonus (started in 5/2008), & HD Lifetime Seven with Lifetime Income Accelerator with 8% bonus (started in 9/2008).
This has gained about 60% since started.
This took me 3 long years to make it happen due to my spouse uncertainty. Spouse happiness is oneof my top priorities.
2. Fidelity Mutual fund, 401k Roll over $28K, previous job 401K.
3. JP Morgan, 401k $400K, last job 401K.
4. Cash account in MMK $100K.
5. Both have ROTH IRA, but small amount a couple thousand each.

No other loan balance, &credit cards balance except the mortgage.
The home insurance, & property tax are biting all our saving.
Recently bought a new Dodge mini van for our retirement usage.

Back to my questions.
Have 2 questions on managing the existing 401K ( about $400K) with JP Morgan financial, & future withdraw rate/plans.

Untouched or rollover into something that fits my needs. Recommendations?

The friend sale agent has recommended to split the JP Morgan, 401k $400K into 2 funds & cash out some ($50K in 2014), 1) American Funds ($150K), & 2) Allianz annuity with 6% bonus ($200K).
We haven't agreed yet.
Question #1 - Recommendation on JP Morgan, 401k $400K.
Question #2 - With the above finance info, our future withdraw rate/plans on all accounts.

I tried FIRECalc, looks OK I think, not so sure.

[eytonxav]

Relative to your 401K, the only comment I would make is that some 401Ks contain hidden fees and may also offer limited investment choices which may warrant a look at rolling it over to an IRA. On the other hand, some 401Ks may have access to fund types that may be desirable to hold on to and are not available to you elsewhere (eg stable value fund).

[obgyn65]

Well done OP! Enjoy your retirement.

[leongs]

Quote:

Originally Posted by DFW_M5 Relative to your 401K, the only comment I would make is that some 401Ks contain hidden fees and may also offer limited investment choices which may warrant a look at rolling it over to an IRA. On the other hand, some 401Ks may have access to fund types that may be desirable to hold on to and are not available to you elsewhere (eg stable value fund).

Thanks, JP Morgan has some good MFs selection including Stable Value Fund.

My next question on existing mortgage.
Should I try to use some cash pay principle in order to reduce the mortgage, like $25K?