Hello from CT

S

shane1

Dryer sheet wannabe
Joined
Nov 13, 2020
Messages
13
Hello,

New here and getting ready to retire at the age of 50. Just went to two days a week to ease into it but I am very nervous and am second guessing everything. Our home is paid for and we have about 40X our expenses not taking into account SS. Since going part time, I feel guilty and feel like I should be working full time. The house is in need of a roof an other repairs. Im thinking I should go back to make some more money to take care of it, then fully retire.
 
Hi Shane, welcome to the forum. I'm an old CT (formerly from Southbury) guy now living in Texas. Glad to have you as a new member and don't be shy about asking questions, etc.
 
Welcome, Shane. If you took the home repair costs off the top of your portfolio, what would your remaining multiple be?
 
Welcome. I just retired a few months ago at age 49. I felt like you initially and my ratio is lower than yours but you’ll get into the swing of it and financially you should be set.

I had two financial planners look over our assets and situation and they gave us the green light. Can’t hurt to meet with one if you want a professional opinion.
 
shane1 said:
About 38X
Click to expand...
Doesn't seem like the home repairs would have a material impact on your success rate. To be sure, you could run FIRECalc twice - once with that money in the beginning portfolio and once with the repair cost taken out of the beginning portfolio.
 
ExPatKiwi said:
I’m in CT. In case you’re not aware there’re new income tax exemptions for 401k/pensions phasing in and starting next year for IRA income too.

https://www.cga.ct.gov/2021/rpt/pdf/2021-R-0168.pdf
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Has that been signed into law? I was under the impression it is being discussed cuz well you know it is an election year and then nothing happens after November.

So is that actually going to happen in 2023?
 
Graybeard said:
Has that been signed into law? I was under the impression it is being discussed cuz well you know it is an election year and then nothing happens after November.

So is that actually going to happen in 2023?
Click to expand...

Yes it’s law. It’s not well advertised. :) The Gov wanted to accelerate the phase in period to 100% next year that doesn’t look like it will pass. The main points are keeping federal AGI under the $75/$100k hard cutoff for the exemptions.

Have a look at your 2022 CT 1040 form and Schedule 1, Line 48b for where you enter the percentage exemption.
 
Welcome to our wonderful forum. Try to relax a little.
With an adjusted 38x expenses not including SS, you are fine.
Why not run the numbers in Firecalc using 75% of expected SS and then see what you look like.
Using zero for SS being 50 y.o. is just way too conservative.
 
Does firecalc adjust for inflation? I get 100% success rate without SS.
 
Yes, it presents all results in current dollars. You can choose your inflation measure under the "Spending Models" tab (PPI, CPI or a fixed percentage).
 
Hi Shane, welcome to the forum.

No matter how much you have, it is a bit unnerving to rely on investments to support you after a lifetime of w**king. The problem is the change and the adjustment. A couple of years in and it will feel normal and you will wonder how you survived all the stress of w**k
 
Gumby said:
Yes, it presents all results in current dollars. You can choose your inflation measure under the "Spending Models" tab (PPI, CPI or a fixed percentage).
Click to expand...

Thanks. With 3% inflation, it is still 100% w/o SS. If I raise inflation, it drops below 100% but we do not spend what we have budgeted. Our actual expenses are about 1.5X less than budgeted. That is just a safety factor for unforeseen events, travel, etc.
 
EastWest Gal said:
Hi Shane, welcome to the forum.

No matter how much you have, it is a bit unnerving to rely on investments to support you after a lifetime of w**king. The problem is the change and the adjustment. A couple of years in and it will feel normal and you will wonder how you survived all the stress of w**k
Click to expand...

Thank you. Just double checking everything before I make the final move sometime this year. Ive been stressing out making sure I have not missed anything. This has been a goal of mine since I was in my 20’s, but if I need to work more, this is the time to do it because I do not want to go back 5 years from now. I appreciate everyone’s responses, it helps great deal.
 
Welcome. For many years my plan was to retire in Mystic CT and volunteer at MSM, but life took us in a different direction. The CT coast is just beautiful in season!
 
Midpack said:
Welcome. For many years my plan was to retire in Mystic CT and volunteer at MSM, but life took us in a different direction. The CT coast is just beautiful in season!
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Thats a beautiful stretch of coastline, we live about 20 minutes from it, but i'd love a little house in Noank, very nice area.
 
Welcome to the forum!

If your actual expenses are 1.5 less than what you have budgeted in Firecalc and you are getting 100%, then you have already accounted for the one offs, like a new roof.
I think your financials are fine.
I understand the anxiety of shutting off the job income flow though, and switching to investment income.
 
Tetto said:
Thats a beautiful stretch of coastline, we live about 20 minutes from it, but i'd love a little house in Noank, very nice area.
Click to expand...

We lived in downtown Mystic back in 1985-86, while I was in the Navy. We live on the harbor in Milford now. I agree that Noank would be a great place to live, but then almost anywhere in Connecticut is a great place to live.
 
Hi Shane,

Another CT resident here. Burlington.

I left Minicorp last October at age 64. Had planned to retire at 62 but hung on part time till they were done with me. Have not wanted to take other demanding jobs so am starting to enjoy this life.

Our ratio once we take SS is similar or a little higher than yours, so we are not worried at all.

I like EastWest Gal's comment about the change in mentality going from the accumulation phase to the distribution phase. I have been going through that adjustment for the last 6 months. Running calculators, especially Pralana Gold for Roth rollover optimization, has set me really at ease.

Am enjoying the time I have with my DW and my grandkids. Plus joining the CT Woodlands group to help with trail maintenance.

Oh, I am also writing this after a breif nap, recovering from a morning with our grandson (just turning 3) who was in a very contrary mood. Hopefully his nap will refresh his demeanor!

If you ever want to get together for lunch or something just give me a message and we'll work it out.

BTW we met a woman on the trail last week (near Devil's Kitchen) who told us about CT 169, the book. If you have not heard of it, you might be interested in checking it out. Since we did not grow up here, it will give us an opportunity to visit places we might never go to otherwise.
 
pacergal said:
Welcome to the forum!

If your actual expenses are 1.5 less than what you have budgeted in Firecalc and you are getting 100%, then you have already accounted for the one offs, like a new roof.
I think your financials are fine.
I understand the anxiety of shutting off the job income flow though, and switching to investment income.
Click to expand...

Actual expenses will increase when I retire though for health insurance.
 
Midpack said:
Welcome. For many years my plan was to retire in Mystic CT and volunteer at MSM, but life took us in a different direction. The CT coast is just beautiful in season!
Click to expand...


I worked at MSM as a docent all through high school (minimum wage job of course). Even now when I get very drunk I sing sea chanties to my wife and explain to her about barrel making. Luckily for our marriage, I don’t drink very often.
 
Another CT early retiree here. New Fairfield. Welcome aboard!
 
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