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01-17-2012, 09:10 PM
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#1
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Dryer sheet wannabe
Join Date: Jan 2012
Posts: 14
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I’m Done!
Hi Guys....... I am pulling the plug on a long career as a firefighter/paramedic. Andy & Janet, both suggested I pop in here (I Mod on one of the other Social Knowledge forums). I have a few ideas on what I want to do, none of which my accountant seems to like. I have my reading to do.
George
ETA... Dryer Sheets... Really?
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01-17-2012, 09:13 PM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,021
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Welcome George.
This may help answer at least one question for you: http://www.early-retirement.org/foru...ets-44456.html
Oh yeah - congrats on pulling the plug. Stick around a while and you may be able to pull the plug on your accountant, too. 
__________________
Numbers is hard
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01-17-2012, 09:25 PM
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#3
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Dec 2006
Location: Collin County, TX
Posts: 9,296
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Howdy George...welcome to the forum. 
__________________
There's no need to complicate, our time is short..
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01-17-2012, 09:56 PM
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#4
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Dryer sheet wannabe
Join Date: Jan 2012
Posts: 14
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OK so the dryer sheet thing is explained.... No biggie for me there, I hang my stuff on a clothesline... What’s a dryer?
Actually, I’m not very frugal, but then again I didn’t work my whole life to starve in retirement. Of course I’m not one to sit around under a palm tree with a fruity drink in my hand either.... that said “retirement” is a relative term for me, as I will still be doing things that turn a profit.
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01-17-2012, 10:43 PM
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#5
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,498
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Welcome to the Early Retirement Forum, George.
One of the great things about being financially independent and retiring, is that we each get to figure out what retirement means for us. Some people volunteer, others take low key part time jobs, and for some of us every day is like the weekend. The nice part of it is that your time is now yours to spend as you like. 
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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01-17-2012, 10:44 PM
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#6
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Moderator Emeritus
Join Date: Sep 2007
Posts: 17,774
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Wait, there are other forums?
Welcome to this one! When do you pull the plug?
__________________
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
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01-18-2012, 03:13 AM
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#7
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Thinks s/he gets paid by the post
Join Date: Sep 2010
Location: midwestern city
Posts: 4,061
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Welcome, George.
__________________
Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
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01-18-2012, 04:16 AM
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#8
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,696
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Hi George. If you know what you want to do and your accountant doesn't agree, it's time for a new accountant. Better yet, get rid of them all together. You will get all advice you need here, and some it mighit even be worthwhile.
Welcome to the forum.
__________________
In economics, things take longer to happen than you think they will, and then they happen faster than you thought they could.”
― Rudiger Dornbusch
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01-18-2012, 05:33 AM
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#9
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Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 25,339
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Welcome to the ER forum!
Take a year or more off and figure out what you want to do next. Or if you want to do anything.
__________________
When I was a kid I wanted to be older. This is not what I expected.
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01-18-2012, 06:03 AM
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#10
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Thinks s/he gets paid by the post
Join Date: Oct 2010
Posts: 2,470
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Welcome George, I retired 7 years ago and now at 60, I still qualify as a active red carded Wildland Firefighter.
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01-18-2012, 06:36 AM
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#11
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2008
Location: NC
Posts: 21,286
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Welcome aboard George. W2R has summed it up nicely IMO, there is no bad or wrong choice.
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57
Target AA: 50% equity funds / 45% bonds / 5% cash
Target WR: Approx 1.5% Approx 20% SI (secure income, SS only)
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01-18-2012, 08:11 AM
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#12
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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Well, you certainly can't say your career was boring, right? I would take some time to relax and try out some hobbies or travel or just de-stress. You might like the phone not ringing all the time for 3 alarm fires or bad accidents on the expressway..........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
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01-18-2012, 09:50 AM
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#13
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Administrator
Join Date: Feb 2007
Location: Pacific NW
Posts: 6,168
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 Quote:
Originally Posted by capngeo
Of course I’m not one to sit around under a palm tree with a fruity drink in my hand either....
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Hmm... do you need a retirement double to do this?? ooh, ooh, pick me
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01-18-2012, 10:31 AM
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#14
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Thinks s/he gets paid by the post
Join Date: Jan 2005
Posts: 3,532
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Welcome and congratulations!
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01-18-2012, 06:18 PM
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#15
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,859
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Quote:
Originally Posted by capngeo
I have a few ideas on what I want to do, none of which my accountant seems to like.
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Accountant jealousy is such an ugly thing. What did they think you were eventually going to do if they kept following your advice?!?
Quote:
Originally Posted by capngeo
Of course I’m not one to sit around under a palm tree with a fruity drink in my hand either.... that said “retirement” is a relative term for me, as I will still be doing things that turn a profit.
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In your honors, I've just taken care of a couple of fruity drinks under our own palm trees!
__________________
*
Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.
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01-18-2012, 06:45 PM
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#16
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Full time employment: Posting here.
Join Date: Jan 2010
Location: Smith
Posts: 743
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Accountants are paid to say no. It's you're money, you spend it how you like (within reason of course). Congrats and welcome.
__________________
Retired July 4th, 2010 at age 43
Trout Bum, Writer, Full-Time Dad and Husband
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01-18-2012, 07:16 PM
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#17
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Recycles dryer sheets
Join Date: Sep 2004
Posts: 174
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Do you mind sharing what in your numbers you and your accountant don't see eye to eye on?
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01-18-2012, 07:59 PM
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#18
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Dryer sheet wannabe
Join Date: Jan 2012
Posts: 14
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Well thanks for the warm welcome all.... And Janet... YOU know I have a nice sailboat to reach the island with the palm tree!
B_Bull... I am getting whacked with 43% in taxes and penalties for puling my money out of the Florida Retirement Service.. My bean-counter doesn’t think its wise. I have my doubts about the long term viability of the FRS fund, as the politicos have already floated the balloon about “borrowing” from the fund. My other option is to roll it to an IRA of one sort or another, which puts me at the mercy of the stock market (my current investments there aren’t exactly exciting me) AND I can get no return for the next 7 years until I’m 59.5
MY idea is to cash out, take the hit, and buy up rental properties... 2 or 3 family only... only properties that return the capital investment in 7 years or less. I know it sounds like fantasy, but I’ve had 3 units doing just that for the last 10 years. I enjoy the ability to do all the maintenance and repairs myself, and after 10 years, I have the management part figured out pretty well.
If I stay the course with the conventional FRS pension, the monthly stipend will be in the neighborhood of $4500/month before taxes. To get that all I have to do is wake up each morning. BUT the downside is the fund can go away, and I’m stuck with mortgages and car payments for life. (Other than a small balance on my current properties, I’m out of debt right now)
I figure I can come real close to the above monthly figure with about 5 days a month managing/maintaining the property(s) with almost no chance of losing the principle barring natural disaster or war. I would pay off my current properties and pay cash for the new ones. So yeah, I’d have to work a bit, but it’s something I enjoy doing, know well, and should pay about $1K/day for the effort.
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01-18-2012, 08:23 PM
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#19
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,021
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Quote:
Originally Posted by capngeo
.. I am getting whacked with 43% in taxes and penalties for puling my money out of the Florida Retirement Service.. My bean-counter doesn’t think its wise.
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I'm beginning to see his side of the story. Ouch!
Quote:
Originally Posted by capngeo
...AND I can get no return for the next 7 years until I’m 59.5
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By 'return', do you mean you can't withdraw any funds without paying a penalty? Are you familiar with IRS Rule 72t for early withdrawals from an IRA?
__________________
Numbers is hard
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01-18-2012, 08:46 PM
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#20
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Dryer sheet wannabe
Join Date: Jan 2012
Posts: 14
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I looked at the 72t, and don't think it is for me. If I wanted a monthly stipend, I'd stay with the state. I've been watching real estate pretty close in the area since the crash. My thoughts a few years back were to keep working until it bottomed. I'm no expert, but this layman thinks it has. My "calculations" do not factor in any appreciation of the properties.... But if do actually buy in at the bottom, the figures can only go up.
Another factor is that we are facing an increase in hours worked for less pay, with a big hit in health insurance too. I'm either making the greatest mistake of my life, or will be called brilliant in a few years... I AM quite scared!
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