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Old 04-18-2021, 03:27 PM   #41
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Congrats OP and thanks all.
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Old 04-18-2021, 06:09 PM   #42
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Do what you want.. the comment was you can't contribute to an IRA without earned income...
But would my pension not be considered earned income... I mean I still have to pay tax on it...
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Old 04-18-2021, 06:11 PM   #43
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But would my pension not be considered earned income... I mean I still have to pay tax on it...
No. It's time for you to do some homework..
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Old 04-18-2021, 06:39 PM   #44
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I am always interested in how frugal people work for most of their adult life and have little net worth to show it. If I have less than 200k but have more than 50k debt, I would not feel comfortable saying I am done with full time job. But I was the one thinking 4M MW is the minimum to retire comfortably so I am likely biased.

I don't take SS or pension into consideration because they are not realized yet (I don't know if I will live that long to get them). But that is just me.

Everyone is different. I am totally fine living in a camper when I retire as long as I don't owe anyone money for it.

I think the OP is too comfortable with having debt. You are retiring on your net worth, not your asset unless you don't plan to pay your debt off while you are alive. But that is not fair to your cosigner/partner.
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Old 04-18-2021, 06:49 PM   #45
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But OP will have 700 month more in retirement than working while his IRA continues to grow. Might have continuing gov't hc & never have to understand ACA. Pay sucks during employment but gotta love govt pensions
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Old 04-18-2021, 06:51 PM   #46
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But OP will have 700 month more in retirement than working while his IRA continues to grow. Might have continuing gov't hc & never have to understand ACA. Pay sucks during employment but gotta love govt pensions
Teetee's post is correct for anyone without a gov't pension
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Old 04-18-2021, 06:55 PM   #47
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But OP will have 700 month more in retirement than working while his IRA continues to grow. Might have continuing gov't hc & never have to understand ACA. Pay sucks during employment but gotta love govt pensions
Just having a conversation about IRA funding rules nothing. Ore
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Old 04-19-2021, 06:20 AM   #48
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No. It's time for you to do some homework..
Class is in session....
I'll be the one in the corner with the dunce hat...
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Old 04-19-2021, 06:34 AM   #49
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I don't take SS or pension into consideration (I don't know if I will live that long to get them).

Everyone is different. I am totally fine living in a camper when I retire as long as I don't owe anyone money for it.

I think the OP is too comfortable with having debt. You are retiring on your net worth,.
I want to be young enough to enjoy the pension and SS...
Debt... not comfortable with it... But a necessary evil...
We actually have 2 different campers... A 36Ft 5th wheel set up that we live in, Paid for, and can get our money back when the house is done. The smaller one we travel with and will keep we owe some on.
The Backhoe has saved me more money on work here on the property than it cost, Plus It makes enough money on the side to pay for itself.
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Old 04-19-2021, 07:31 AM   #50
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But would my pension not be considered earned income... I mean I still have to pay tax on it...
No, your pension is not earned income. Just because you have to pay tax on it doesn't make it earned income. You have homework to do.
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Old 04-19-2021, 07:32 AM   #51
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....But I was the one thinking 4M MW is the minimum to retire comfortably so I am likely biased. ...
I'd say delusional rather than biased.
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Old 04-19-2021, 07:46 AM   #52
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You have homework to do.
More Homework.... I'm retiring to get out of work...

Seriously folks... thanks for all the info and assistance. I am looking forward to learning, and hopefully a positive outcome from investments.
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Old 04-19-2021, 12:44 PM   #53
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More Homework.... I'm retiring to get out of work...

Seriously folks... thanks for all the info and assistance. I am looking forward to learning, and hopefully a positive outcome from investments.

Making your money work for you does take work, more work at the start but once you understand basics and have a method it gets easier.
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Old 04-19-2021, 11:51 PM   #54
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I would get your debts paid off...wouldn't want that hanging over my head. I saw you say you're done with FT work (starting in 8 months)...so get some PT work after that (or even NOW) and get that stuff paid off.

$500/month for health insurance isn't bad, but you should at least compare what you can get it for in the marketplace...we pay $194/mo for a bronze plan. Yes, the deductibles are high, but you said your health is good so maybe consider it at least for a few years.

Hope all goes well for the next 8 months!
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Old 04-20-2021, 03:17 AM   #55
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Thanks FD... Our revolving Debt will continue to be there for a while... But its all at 0%, and have Cash on hand to pay it off...
Part time.... I already do some stuff on the side... But I can go back to my old job PT after a month but limited on how much I can work.
ACA... cheapest Ive found is $1300/month... highway robbery
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Old 04-20-2021, 07:29 AM   #56
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Thanks FD... Our revolving Debt will continue to be there for a while... But its all at 0%, and have Cash on hand to pay it off...
Part time.... I already do some stuff on the side... But I can go back to my old job PT after a month but limited on how much I can work.
ACA... cheapest Ive found is $1300/month... highway robbery

No that's what it cost and you will need to pencil that in when/if you spouse stops working...after you hit medicare it's more then likely your insurance costs will be at or higher then the 550 you are paying now.



You never really shared a detailed budget so I don't know what you allowed for the cost of HI.
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Old 04-20-2021, 07:30 AM   #57
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I would get your debts paid off...wouldn't want that hanging over my head. I saw you say you're done with FT work (starting in 8 months)...so get some PT work after that (or even NOW) and get that stuff paid off.

$500/month for health insurance isn't bad, but you should at least compare what you can get it for in the marketplace...we pay $194/mo for a bronze plan. Yes, the deductibles are high, but you said your health is good so maybe consider it at least for a few years.

Hope all goes well for the next 8 months!



Remember if one member of a family gets HI from work, they need to all get insurance from work.
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Old 04-21-2021, 04:53 AM   #58
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You never really shared a detailed budget so I don't know what you allowed for the cost of HI.
We can get by with 3K a month, with the $550 for HI coming out the DW 401 contributions, basically half, and put that in FC...
Guess I'll go back in and look at it with adding the ACA rate.
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Old 04-21-2021, 05:28 AM   #59
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... ACA... cheapest Ive found is $1300/month... highway robbery
Have you checked to see if you are eligible for ACA subsidies based on income that could reduce your monthly cost dramatically? Check out healthsherpa.com
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Old 04-21-2021, 05:44 AM   #60
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Check out healthsherpa.com

I hope this is true... $110/Month
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