Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 11-13-2020, 06:54 PM   #61
Dryer sheet aficionado
 
Join Date: Jul 2017
Location: Headed to the Hill Country
Posts: 36
$72K in SCorp revenue.
$36K to my solo 401k (employer and employee contributions)
Navigate wife’s change from ACA to Medicare in May and reduction in subsidy of $1000/month. I always manage ACA MAGI to hit within a couple of thousand dollars of estimate.
Enjoy life.
Doingitwrong is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 11-14-2020, 03:12 AM   #62
Recycles dryer sheets
 
Join Date: Sep 2016
Location: Way up North
Posts: 391
I retired 1.5 months ago. My intermediate term financial goal is to have at least
$1M liquid savings on Jan 1, 2029. I'll start SS and my pension then.
__________________
Retired 9/30/20 at age 61 from Evil Mega Big Oil Corp (EMBO corp)
A day in retirement is like a day on the farm. Every meal's a banquet. Every day's a parade. Every SS & pension check a fortune!
bada bing is offline   Reply With Quote
Old 11-14-2020, 05:11 AM   #63
Full time employment: Posting here.
 
Join Date: Oct 2011
Location: London
Posts: 776
1) Get DD2 successfully off to university in a crazy, covid world

2) Successfully launch the business that my company sent me abroad to build...which Covid has made extra "exciting" as its a b2b business and we're trying to be expats with the travel chaos

3) Finish lining up the plane for the final "approach" into RE. 30 months out.

Stash appears in good order and needs to stay that way. College funding & core charitable goals are in good shape, would like a bit more on charity. Doubling down on expense planning & withdrawal plan. Getting more aggresssive on cashing out company options. And...cranking on cash savings to fund the downpayment on that beach house we want to buy for retirement.

Tray tables up, belts buckled. If you need to hit the bathroom...now is the time.
__________________
Luck is when Preparation meets Opportunity.
Closet_Gamer is offline   Reply With Quote
Old 11-14-2020, 08:25 AM   #64
Recycles dryer sheets
 
Join Date: Oct 2017
Posts: 457
1. To move all investments from FA to Vanguard
2. Have equity investments match (not beat) the S&P 500


#2 requires #1.


3. Not worry so much. I just want to get everything to VG in a 3 fund portolio with 3 years living expense in cash and relax a bit.
Stormy Kromer is offline   Reply With Quote
Old 11-14-2020, 11:32 AM   #65
Recycles dryer sheets
 
Join Date: Mar 2016
Posts: 87
1. I committed to spending $200 per month total on 2 grandchildren 529 Plans
2. Save $26 K in Roth 403B plan
3. Invest $600 month in taxable ETFs and MFs
4. Add $7K to my Roth IRA in January
5. Reduce holdings by 1 fund each in my Fidelity Rollover IRA and Taxable Account
6. Maybe buy a new car. I have the cash. Driving 2005 Honda, 94K miles with nothing wrong with it but getting dated My sons are pressing me to spoil myself a little.
Fleur58 is offline   Reply With Quote
Old 11-14-2020, 02:39 PM   #66
Thinks s/he gets paid by the post
Rustic23's Avatar
 
Join Date: Dec 2005
Location: Lake Livingston, Tx
Posts: 4,099
Buy what ever we want! Right now it socks
__________________
If it is after 5:00 when I post I reserve the right to disavow anything I posted.
Rustic23 is offline   Reply With Quote
Old 11-14-2020, 02:45 PM   #67
Thinks s/he gets paid by the post
 
Join Date: Jul 2017
Location: Long Island
Posts: 1,524
Rollover the taxable 401k from my job.

Make a Roth conversion (amount unknown but) at least 20k as NYS has a 20k retirement income exclusion.

Sell marital premises - although that should have been done this year.
__________________
Use it up, wear it out, make it do or do without.
MarieIG is offline   Reply With Quote
Old 11-14-2020, 05:22 PM   #68
Full time employment: Posting here.
Dog's Avatar
 
Join Date: Apr 2006
Posts: 833
Continue Roth conversions
Change mindset from expecting nest egg to grow and start spending some of it
Educate myself on Medicare (two years away)
Update our will and consider a trust
Take the trips we had to cancel this year
Replace my 11yo Subaru Outback (unless country shuts down again)
Spend some $ refreshing inside of home (paint, new furniture and rug)
__________________
"Tell me, what is it you plan to do with your one wild and precious life?" - Mary Oliver
Dog is offline   Reply With Quote
Old 11-14-2020, 06:07 PM   #69
Thinks s/he gets paid by the post
ownyourfuture's Avatar
 
Join Date: Jun 2013
Posts: 1,087
Keep my MAGI below $51,040
__________________
"No beast so fierce but knows some touch of pity, but I know none, therefore am no beast"
ownyourfuture is offline   Reply With Quote
Old 11-15-2020, 01:21 AM   #70
Dryer sheet wannabe
 
Join Date: Nov 2020
Posts: 13
Contribute $6000 to my Roth IRA and $6000 to my brokerage account. Hopefully by this time next year have 100k save for a down-payment on my first home.
_MEOW_ is offline   Reply With Quote
Old 11-15-2020, 01:36 AM   #71
Thinks s/he gets paid by the post
Finance Dave's Avatar
 
Join Date: Mar 2007
Posts: 1,589
1) Move (some) money out of S&P index fund into something less aligned with tech/NASDAQ
2) manage AGI to stay under the ACA income limit for subsidy
3) Make enough in my handyman business to pay for health insurance and LTC premiums so I can write them off as business expenses
4) Spend more...COVID has cut our spending...we don't go out to eat and did not take a vacation...we're going to take MORE trips once we feel safe getting out more
5) Buy a new tablesaw for my workshop in 2022...so I need to put a placeholder in the budget for it ($4,000)
__________________
"Live every day as if it were your last, and one day you'll be right" - unknown
Finance Dave is offline   Reply With Quote
Old 11-17-2020, 04:51 PM   #72
Thinks s/he gets paid by the post
rk911's Avatar
 
Join Date: Dec 2018
Location: DuPage County IL
Posts: 1,403
protect the nest egg. .
rk911 is offline   Reply With Quote
Old 11-17-2020, 05:02 PM   #73
Recycles dryer sheets
 
Join Date: Mar 2020
Location: Somewhere Cold
Posts: 184
Quote:
Originally Posted by bloom2708 View Post
2 x Roth @ 7,000
Fill Family HSA
My pre-tax 401k to 26,000 (turn 50 in 2021, yippee)
401k match (50% of 19,500) (not my savings, but helps)
Some post-tax to 401k (not sure as I'm going from 19,500 to 26,000)
Some ESPP
Some additional college savings

I can always stop the last 3. Just kind of see how it goes.

The only thing I've been mulling is perhaps doing more Roth 401k. Even in 22%, I am still thinking pre-tax is best.
Ours is very similar.

2021 IRS Contribution limits:

401(k): $19,500.00 + Catch-up: $6,500.00 = $26,000.00
My IRA: $6,000.00 + Catch-up: $1,000.00 = $7,000.00
Wife's IRA: $6,000.00
HSA: $3,600.00


$26,000.00/52 weeks = $500.00/week
$7,000.00/12 months = $583.33 /month (My IRA)
$6,000.00/12 months = $500.00 /month (Wife's IRA)
$3,600.00 - $300.00 (employer) = $3,300.00 limit for HSA
$3,300.00/52 weeks = $63.50/week ($62.50 first two weeks)

Transfer $250/week from checking into savings for IRA contributions

Weekly Contributions:
401(k): $500.00
+IRAs: (combined) $250.00
+HSA: $63.50
=$813.50 Total Weekly Contributions

Total 2021 Contributions:
$26,000.00 401(k)
+$7,000.00 Roth IRA
+$6,000.00 Wife's IRA
+$3,300.00 HSA
=$42,300.00 Total Contributions ($35,300.00 tax deferred)

With these contributions we are firmly in the 12% tax bracket for 2021.
__________________


-AM23
ArmchairMillionaire23 is offline   Reply With Quote
Old 11-17-2020, 05:03 PM   #74
gone traveling
 
Join Date: Jan 2019
Location: NW Ohio
Posts: 1,156
-Increase from 12% to 15% Roth 401K deduction
-Increase from 12% to 15% taxable 401K deduction
-Pay off $20,000 401K loan
-Pay off $10,000 Home equity loan
-Allow my wife to retire early (at 56) by the end of the year.
-Get $8000 payoff from my son's truck.
-Get $6000 payoff for my daughter's camper.
ckelly78z is offline   Reply With Quote
Financial Goals 2021
Old 11-17-2020, 05:13 PM   #75
Dryer sheet wannabe
Montclairbobbyb's Avatar
 
Join Date: Sep 2020
Location: Lambertville
Posts: 18
Financial Goals 2021

I'm 62 and retired; wife (57) is retiring early at end of the year. I draw a pension, which covers approx 40% of our projected budget. To make up the other 60% we will be pulling from IRA/Investments. We have a good investment advisor who is guiding us through the process, particularly the next few years (before my wife can draw from her pension & 401k/IRA). I am planning to defer taking SS until 70, since the increased benefit will be substantial.

Our big goal is to maintain our lifestyle at reduced spending and remain within our modest budget. We have zero debt, we own our home and we live modestly but comfortably. We have $ set aside for big ticket items/emergencies, but don't anticipate the need to spend beyond our budget this coming year. Our portfolio (by national standards) is adequate, but it will still require vigilance, and we take nothing for granted.

This is a big goal for us, and will determine whether we can reasonably sustain our retirement, or if we will need to supplement our income with (dare I say... employment!)... Let's hope not. Regardless, we both have marketable skills, and finding work (if necessary) won't be difficult.

Just maintaining our property & home while taking time to enjoy our family and our many (inexpensive) hobbies will more than fill our days... The key will be to STAY WITHIN OUR SPENDING BUDGET. Confidence is high, and the challenge of enjoying a modest lifestyle within our means is exciting (at least to me)... the wife on the other hand is a tad nervous
Montclairbobbyb is offline   Reply With Quote
Old 11-17-2020, 05:27 PM   #76
Administrator
Gumby's Avatar
 
Join Date: Apr 2006
Posts: 16,580
Quote:
Originally Posted by Montclairbobbyb View Post
I'm 62 and retired; wife (57) is retiring early at end of the year. ...... The key will be to STAY WITHIN OUR SPENDING BUDGET. Confidence is high, and the challenge of enjoying a modest lifestyle within our means is exciting (at least to me)... the wife on the other hand is a tad nervous
I suspect you will be fine and your wife's nervousness will abate. By the way, you are in a great location. My young wife grew up in Titusville and her mother lived there until last year. So we have spent many a day in Lambertville over the years.
__________________
Living an analog life in the Digital Age.
Gumby is online now   Reply With Quote
Old 11-17-2020, 09:33 PM   #77
Dryer sheet wannabe
 
Join Date: Aug 2010
Location: New York
Posts: 15
To finish preparations for the big leap! To gather all the available information in order to become a savvy full-time world explorer.
melijov is offline   Reply With Quote
Old 11-18-2020, 10:28 AM   #78
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 28,783
Quote:
Originally Posted by rk911 View Post
protect the nest egg. .
I am reminded of this movie clip about the "nest egg".

__________________
"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
NW-Bound is online now   Reply With Quote
Old 11-18-2020, 11:03 AM   #79
Thinks s/he gets paid by the post
 
Join Date: Apr 2015
Posts: 2,333
Stay on budget, have enough for our needs and some for our wants.
Enjoy every day without the worry of having to go back to work.
__________________
You are no longer in a savings mode.
You are now in a slow spend down mode.
pacergal is offline   Reply With Quote
Old 11-18-2020, 11:30 AM   #80
Thinks s/he gets paid by the post
rk911's Avatar
 
Join Date: Dec 2018
Location: DuPage County IL
Posts: 1,403
Quote:
Originally Posted by NW-Bound View Post
I am reminded of this movie clip about the "nest egg".

one of our top ten favorite movies!

"...that's why they call it gambling"
__________________
Rich
Ham Radio, Sport Pilot, RVer
FIRE: 8/11/2005, age 55y,1d
Administrator for a regional 9-1-1 call center
rk911 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Would like to share a house in the Keys Fermion Travel Information 27 01-16-2018 07:52 AM
sufficient financial goals?? bldgengineer Young Dreamers 17 07-16-2007 01:32 PM
Does your spouse share your financial goals? JustCurious FIRE and Money 41 02-17-2007 07:20 PM

» Quick Links

 
All times are GMT -6. The time now is 12:53 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.