My first IRA withdrawal

[Souschef]

The flying bug definatly threw things off, but I had plenty of cushion. And I probably won’t be flying 10-15 More years. And I can always sell the plane. .

I am confused, you bought a plane and do not plan on flying it for another 10 years?
Do you have it on leaseback? Or is it just sitting somewhere?
I have been flying since 1972, and strongly suggest you get your license now. You cannot predict if you come down with some disqualifying illness or handicap in 10-15 years..

 

[SumDay]

Boy can I relate. Tomorrow is my last day, and I have some cash and a pension to get us by until 2019. I am dreading pushing that button next year!!!

 

[NW-Bound]

I am confused, you bought a plane and do not plan on flying it for another 10 years?
Do you have it on leaseback? Or is it just sitting somewhere?
I have been flying since 1972, and strongly suggest you get your license now. You cannot predict if you come down with some disqualifying illness or handicap in 10-15 years..

The OP has been flying his plane.

And I think that same as you, he is not sure he will be flying in 10-15 years.

 

[dm]

I am confused, you bought a plane and do not plan on flying it for another 10 years?
Do you have it on leaseback? Or is it just sitting somewhere?
I have been flying since 1972, and strongly suggest you get your license now. You cannot predict if you come down with some disqualifying illness or handicap in 10-15 years..

I fly about 75-100 hours a year. I’m 61 now and not sure how many years till my health or mind keep me from flying.

 

[Souschef]

I fly about 75-100 hours a year. I’m 61 now and not sure how many years till my health or mind keep me from flying.

Thank you for clearing that up. I just joined the United Flying Octogenarians, along with Barry Schiff..
I just passed my flight review and my physical.
Have you looked into flying for Angel Flight Southeast? Is a very rewarding experience. www.angelflightse.org.
I am a member of Angel Flight West, flying patients to and from their appointments.

 

[RockyMtn]

hey...all that stuff and a plane for $5k? Sounds to me like the deal of a lifetime!

 

[Amethyst]

You could always feel good that you made the withdrawal while the market is still up!

 

[dm]

You could always feel good that you made the withdrawal while the market is still up!

I took it out of the money market account. It was earning a little over 2%. Im around 60 % stocks. I was at 55% but the market has adjusted. I probably should adjust a little.

 

[Fleur58]

Hey
I'm 60, retired at 58, with no intention to go back to work. I withdraw 50K a year from my taxable accounts. About 1/2 of this money is already in cash instruments so I have paid the big tax hit. I will live on savings for the next 7 years until SS age. Its hard to see savings dwindle; but thank goodness I have it as I stopped working suddenly. I should still have savings leftover. I'll live on IRA distributions and SS at age 67.

 

[deserat]

I'm annoyed that I haven't been able to do a distribution. I retired at 51 with the intention of doing a SEPP. Then I ended up consulting part time. Then I ended up teaching part time. Then I ended up teaching full time. Now I'm worried about painful tax consequences on RMD's if I don't start withdrawing money.

Yes, I know it is a first-world problem to have. If I wasn't having so much fun teaching,I'd be celebrating the first IRA or 401K distribution.

I get it - I call myself semi-retired and although based on results from many calculators and current small pension and future pensions and SS, I could 100% quit right now and spend WAY more than I do now and most probably have a pile leftover when the worms enjoy me.....I can't wrap my head around that as the habit to LBYM, save and defer is so ingrained. I also need to do something intellectually challenging and would prefer to get paid for it, even if it is minimal.....

I just found out I will be teaching online - and I have an upcoming consulting gig that will pay very well - and I still have the European consulting gig that I go to Europe at least once a year (expenses paid)....

And here I am not wanting to replace my car until I land another gig....insane.

The thing is, my thought processes and habits are what got me to this position/situation and it is very difficult to undo that. Plus, why change what is working?

So, the idea of tapping the IRA is a big emotional hit as it means you will be changing the ideas you had and actions you did that enabled this particular success in your life.

First world problems to have, yes. But still problems nonetheless from a personal perspective.