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Old 01-23-2021, 01:40 PM   #61
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Buy and hold no-matter-what strategy has continued to work well through 2020. NW increased to 5.9M and IA to 5.2M. My original goal was to cut the cord at IA of 3.0M and waited till the nut reached 3.8M to do it for a little added cushion. With two mini pensions and two future SS checks and a small rental income, Firecalc says we're good to spend $217,000 annually at 100%, but most years we spend 50 -60k. Gonna have to try to step that up in 2021.
Impressive indeed! :-)
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Old 01-26-2021, 08:33 AM   #62
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I became a millionaire on Jan 7 or 8 of this year, I forget which one. All of my net worth is investable money.

Retired April 2017 at age 51 with 625k. My yearly spending is 2.3% of the amount I had at retirement.
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Old 01-26-2021, 08:38 AM   #63
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^ that is outstanding! Very disciplined life style and I tip my hat to your success.
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Old 01-26-2021, 08:54 AM   #64
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That's awesome Digger1000! You should be very proud of yourself. Compounding works.
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Old 01-26-2021, 12:12 PM   #65
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Congratulations, Digger1000! At 2.3%, I think you can at least adjust your spending to reflect that percentage of your current balance, as it's still a very conservative number, but I suppose if you feel like you've got all you will ever want, then you are definitely set! Go you!
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Old 01-26-2021, 12:15 PM   #66
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I became a millionaire on Jan 7 or 8 of this year, I forget which one. All of my net worth is investable money.

Retired April 2017 at age 51 with 625k. My yearly spending is 2.3% of the amount I had at retirement.
Congrats. Let me get this straight, you live on less than 15K/yr? Wow!
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Old 01-26-2021, 03:01 PM   #67
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Originally Posted by Digger1000 View Post
I became a millionaire on Jan 7 or 8 of this year, I forget which one. All of my net worth is investable money.

Retired April 2017 at age 51 with 625k. My yearly spending is 2.3% of the amount I had at retirement.
Congratulations, Digger 1000!
I'll be 51 this year but will probably have to wait until 55 to pull the plug since most of my funds are in 401(k)s.
I'm envious!
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Old 01-26-2021, 04:22 PM   #68
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Congrats. Let me get this straight, you live on less than 15K/yr? Wow!
Yes, less than 15k per year on average the last 4 years. $0 health insurance premiums along with $0 federal and $0 state income taxes helps.
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Old 01-26-2021, 04:25 PM   #69
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Yes, less than 15k per year on average the last 4 years. $0 health insurance premiums along with $0 federal and $0 state income taxes helps.
This is definitely impressive. I guess you live in very low cost area, correct? And what does it mean $0 health insurance premium? You're on Medicaid expansion?
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Old 01-26-2021, 04:34 PM   #70
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This is definitely impressive. I guess you live in very low cost area, correct? And what does it mean $0 health insurance premium? You're on Medicaid expansion?
If one has a low enough MAGI, but is still above the FPL, then one can pay zero premiums for some Bronze plans as one example.
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Old 01-26-2021, 10:16 PM   #71
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This is definitely impressive. I guess you live in very low cost area, correct? And what does it mean $0 health insurance premium? You're on Medicaid expansion?
I had about 20k in cash when I retired. So until about 6 months ago the only taxable income I had was dividends but those were qualified dividends so they arent taxed. I moved from small town Iowa after I retired to a Cleveland suburb. After I moved here Ohio changed their tax rates and now the first 22k is taxed at $0. Plus their is a $2,350 deduction so you can make 25k and not pay any state income tax. I had no idea Ohio was going to do that. I am planning to move to east Tennessee eventually.

I have been getting about 9k a year in dividends(plus I had cash to live on for 3 years) and so I have been converting 15k a year to a Roth IRA. But I have a longterm capital gains loss of 3k that I can carryover every year(currently at 84k in longterm loss carryover). Anyway my total income for ACA ends up being 21k. You can make 25k a year and get a bronze plan for $0 premium. The maxium out of pocket is 8k for my bronze plan. In 2019 I had an unexpected hernia. I travelled 366 miles down to DC and had surgery done for 1/3 of what it would have cost me here. I drove home the next morning leaving at 5:15AM after waking up from surgery the day before at 4PM. I never took any pain medication at any time in the weeks after surgery(I had it but didnt need it). The total cost I believe ended up costing me right around $2500 including motel and about $80 in tolls. My total spending in 2019 for everything in life was $15,600. It was under 13k in 2018. I havent figured up 2020 yet but it will be under 14k.

So with my 3k longterm carryover loss I will be able to continue converting about $15,500 a year to a Roth without having to pay taxes to anyone and keeping my bronze plan with a $0 premium. Only 22.5% of my money is in tIRAs.

Hope the above isnt overly confusing.
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Old 01-27-2021, 12:46 PM   #72
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Originally Posted by Digger1000 View Post
I had about 20k in cash when I retired. So until about 6 months ago the only taxable income I had was dividends but those were qualified dividends so they arent taxed. I moved from small town Iowa after I retired to a Cleveland suburb. After I moved here Ohio changed their tax rates and now the first 22k is taxed at $0. Plus their is a $2,350 deduction so you can make 25k and not pay any state income tax. I had no idea Ohio was going to do that. I am planning to move to east Tennessee eventually.

I have been getting about 9k a year in dividends(plus I had cash to live on for 3 years) and so I have been converting 15k a year to a Roth IRA. But I have a longterm capital gains loss of 3k that I can carryover every year(currently at 84k in longterm loss carryover). Anyway my total income for ACA ends up being 21k. You can make 25k a year and get a bronze plan for $0 premium. The maxium out of pocket is 8k for my bronze plan. In 2019 I had an unexpected hernia. I travelled 366 miles down to DC and had surgery done for 1/3 of what it would have cost me here. I drove home the next morning leaving at 5:15AM after waking up from surgery the day before at 4PM. I never took any pain medication at any time in the weeks after surgery(I had it but didnt need it). The total cost I believe ended up costing me right around $2500 including motel and about $80 in tolls. My total spending in 2019 for everything in life was $15,600. It was under 13k in 2018. I havent figured up 2020 yet but it will be under 14k.

So with my 3k longterm carryover loss I will be able to continue converting about $15,500 a year to a Roth without having to pay taxes to anyone and keeping my bronze plan with a $0 premium. Only 22.5% of my money is in tIRAs.

Hope the above isnt overly confusing.
Digger1000, thank you so much for details. I believe this is very useful for everyone and not confusing at all. Yes I also noticed health care cost tend to be less in more expensive areas.
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Old 01-28-2021, 09:57 AM   #73
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In some aspects this milestone brings a few sad thoughts for me. Yesterday was my Dad's birthday. He died in 1994, after 2.5 years of retirement. This month my retirement has now lasted longer than his did. All 7 of his kids were out of the house and independent when he was 64, and he could have retired them. But he chose to work to age 70 to maximize pension and SS survivor benefits for Mom, as she had been primarily a SAHM. They enjoyed much of his retirement, his bout with cancer from diagnosis to his death was short. Mom outlived him by 20 years, and appreciated what he had done for her. So some sad thoughts, but happy thoughts upon reflection as well.
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Old 01-28-2021, 11:40 AM   #74
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I just checked my 401k- the balance is now over a million dollars. I don't know when that happened, I haven't contributed in a year, and I never seen to check it since I'm not working anymore. Amazing.
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Old 02-01-2021, 09:22 PM   #75
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Today, I surpassed $900K in investments/cash assets, so less than $100K to go and I'll hit $1 mil. I would have hit $1 mil in investible assets, but paid $100K of mortgage debt the last few months. Eliminated my mortgage and just have a smaller HELOC balance.
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Old 02-01-2021, 09:33 PM   #76
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^^^^ Great milestone and very happy for your success.
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Old 02-01-2021, 10:24 PM   #77
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I just checked my 401k- the balance is now over a million dollars. I don't know when that happened, I haven't contributed in a year, and I never seen to check it since I'm not working anymore. Amazing.
Congrats on the milestone!
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Old 02-01-2021, 10:25 PM   #78
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Today, I surpassed $900K in investments/cash assets, so less than $100K to go and I'll hit $1 mil. I would have hit $1 mil in investible assets, but paid $100K of mortgage debt the last few months. Eliminated my mortgage and just have a smaller HELOC balance.
Congrats on reaching this milestone.
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Old 02-04-2021, 11:49 AM   #79
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Hit $18.6 M NW this month. One step closer to near term goal: $20 M. Long term goal: $30 M.
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Old 02-04-2021, 01:33 PM   #80
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Hit $18.6 M NW this month. One step closer to near term goal: $20 M. Long term goal: $30 M.
Good job. Keep up the good work. With the market in all of our favor, you should be able to hit that in no time.
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