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

[JoseSantiago]

Hello fire friends, seems like this was posted once but it was over 5 years ago, so maybe time for a refresher, any advice/learning experiences you want to share from retirement you wish you had done differently?

And also a big thank you to everyone here, I have now been on this site for over a year and its brought great knowledge, enjoyment, and a nice time killer when I'm bored and need to kill a few minutes. Thanks all!

 

[rk911]

i wish i could've got my ducks to line up 5-yrs earlier.
i wish i should've done a better job of planning ahead.
i wish i would've started investing 12-yrs earlier.

 

[COcheesehead]

I wish I would have done it sooner. Waited until I was 57. Could have pulled the trigger easily 5 years earlier.

For all the things we worry about prior to retiring, there is always an answer after you retire. It’s not that hard.

 

[mebden]

I wish I would have done it sooner. Waited until I was 57. Could have pulled the trigger easily 5 years earlier.

For all the things we worry about prior to retiring, there is always an answer after you retire. It’s not that hard.

Ok COcheesehead why didn't you pull the plug earlier? What would of you had in your 401K 5 years ago? would of it been enough? and how much of a gain did you have waiting 5 years?

 

[conversationalphrase]

Less IRA more Roth.

 

[COcheesehead]

Ok COcheesehead why didn't you pull the plug earlier? What would of you had in your 401K 5 years ago? would of it been enough? and how much of a gain did you have waiting 5 years?

I had plenty of money 5 years earlier - taxable and deferred. In retrospect I was just too concerned about money, what I would do…all of those things had easy answers that I eventually figured out.

 

[CRLLS]

Less IRA more Roth.

Me too.

In addition, we should have contributed to an HSA.

 

[savory]

We have many forum discussions about taxes while in retirement. I did a lot of planning for saving but not for the impact of income on taxes and costs like IRMMA. Perhaps, there was a sweet spot to not to defer X amount of income. But I never considered it at the time. I can’t complain but perhaps my approach could have been improved.

 

[whatnot]

More ROTH!

 

[Out of Steam]

I suspected before retiring (and mentioned here) that we should have had more savings outside of retirement accounts.

Despite not needing that much for immediate expenses, we will probably end up continuing a 3.5-4% retirement account draw rate after starting Social Security to increase our non-retirement savings balances.

Second, I wish I knew how much time and effort managing account draws and allocating funds between accounts would take.

 

[DrRoy]

I could have gone earlier but wanted to get closer to my max pension, and DW was not comfortable with me giving up the paycheck. RE'd at 57.

 

[racy]

I wished I'd planned the distribution of my restricted stock & stock options better, i.e. with an eye on the impact on taxes.

 

[Andre1969]

I had plenty of money 5 years earlier - taxable and deferred. In retrospect I was just too concerned about money, what I would do…all of those things had easy answers that I eventually figured out.

I have a feeling I'm going to end up in a similar situation. I'm currently stuck in "One More Year" syndrome. I could probably go at any moment, but just need to give myself that push.

However, I've run a few calculations, and I'm confident that if I really wanted to, I could have retired in late 2018/early 2019. The only problem is, I just didn't realize it, at the time! And I think that's the problem...in most instances, you really won't know if you picked the right time to retire, until a few years after the fact.

 

[Koolau]

More ROTH!

Definitely more ROTH but also less tIRA and 401(k). These can haunt you (tax wise) for years to come though YMMV.

 

[JoeWras]

Get to know how much Megacorps monitor employees who are 2 weeks away from leaving in their "gave notice" period.

There is a lot of distrust due to previous employees recruiting wholesale groups of people away to their new employer, so Megacorps are working to stop that. During these current times, it is more intense than ever.

So, here's the plan to respect yourself and your Megacorp in this matter:
1) Read all the papers that were signed the day of joining, including non-compete, recruiting and IP clauses. Honor them.
2) Have fun (go to lunch) and catch up with every past worker-friend known over the years at MC. Do this the months before giving notice.
3) Give notice.
4) Do not use the phone, gather with people, surf the internet on early-retirement.org (or linkedin, glassdoor), mess with computer files, etc. Just very quietly do the job and only the job.

 

[pacergal]

woulda, coulda, shoulda....
There are always things you can look back on and wish you had done something different.
But, we can't change the past, just do our best for now and the future.

Advice I give to my kids (IF they ask):
Aim to save at least 10-15% of income, participate in work retirement accounts if they offer
LBYM
Give to church/charity of your choice
Avoid CC debt
Pay your bills on time
Enjoy the life you have now, don't wait for "retirement"
Be Honest, Be Kind.

 

[aja8888]

woulda, coulda, shoulda....
There are always things you can look back on and wish you had done something different.
But, we can't change the past, just do our best for now and the future.

Advice I give to my kids (IF they ask):
Aim to save at least 10-15% of income, participate in work retirement accounts if they offer
LBYM
Give to church/charity of your choice
Avoid CC debt
Pay your bills on time
Enjoy the life you have now, don't wait for "retirement"
Be Honest, Be Kind.

That's great advice to give the kids. Also maybe buy them a copy of The Millionaire Next Door to read.

 

[pacergal]

I have given them each a copy of "If you can"
Son also has my copy of John Bogles investing book, and someone has my Millionaire next door book, can't find it anywhere!

 

[aja8888]

I have given them each a copy of "If you can"
Son also has my copy of John Bogles investing book, and someone has my Millionaire next door book, can't find it anywhere!

Nice!

 

[Midpack]

I'd be a little cautious of sanguine replies. We've had an incredible equity market since 2009 and bonds have held up better than expected (though that has seemingly finally changed), and none of us know if our plans will be successful until we're close to the end. If you're 5 years in, you have no idea. We're in very good shape, but I won't be confident we've made the right choices for about 20 years...

Best of luck everyone, really.

 

[RobbieB]

Have been doing good after retirement. Did a few boners before.

1) Sold the townhouse in Huntington Beach, CA for what I bought it for. Should have kept and rented. Could have sold for 3X six years later.

2) Had a go at "penny stocks", lost 25 grand.

3) Didn't buy the house next door (in foreclosure) for 150 in 2009. Just sold for 575.

 

[whatnot]

I'd be a little cautious of sanguine replies. We've had an incredible equity market since 2009 and bonds have held up better than expected (though that has seemingly finally changed), and none of us know if our plans will be successful until we're close to the end. If you're 5 years in, you have no idea. We're in very good shape, but I won't be confident we've made the right choices for about 20 years...

Best of luck everyone, really.

Totally agree with this sentiment!

 

[Dog]

More $ in Roth instead of tIRA. Purchase a vacation home in AZ before the prices inflated.

 

[Perryinva]

Add me to more Roth sooner group. I converted like crazy when it made sense before retiring, but 10 years earlier would have made life much easier now.

 

[steelyman]

I am in total agreement with those who are two thumbs up on Roths. I’m a non-parent but if I were a parent I’d be even more aggressive on the Roth side.