Hi, I'm 57, spouse is 50.5, she works full-time and earns way more, I work 1/2-3/4 time at a non-profit (that's a long and not interesting part of the story). We are frugal but on a vacation trip 2 years ago we bought a house in a coastal town in Oregon, with the idea that it's our retirement place.
I've run through FIREcalc a few times with varying (conservative) inputs and I think we are on track for her to quit in 5.5 years after turning 56. I'm probably going to keep part-time until then. We each have Roth IRAs with some in them, each will get a federal pension, I have a traditional IRA and she has a TSP account (federal worker). The big boost for us will come in 2023 when that can be tapped. 2019, though, the year she can quit, I'm figuring on taking my Social Security and my small federal pension. If she takes her federal pension then, it would be reduced, but I believe we can keep our health insurance and pay the same we do now, which is not too much (~$200 /mo). We are going to a 2-day retirement class in May where I will learn all those ins and outs.
We live in Washington now, high sales-tax and no income tax, while Oregon is the opposite. I believe (haven't done much research yet) that even our Roth withdrawals will be taxed in Oregon, except perhaps the contributions that were made when we lived in a state that had an income tax (Pennsylvania, back in the 1990s). So even if that's so, that's not much of the total Roth balances now.
If anyone has some ideas or experience on how to lower the tax bite in Oregon, I'd appreciate hearing them. Thanks!
Mark
I've run through FIREcalc a few times with varying (conservative) inputs and I think we are on track for her to quit in 5.5 years after turning 56. I'm probably going to keep part-time until then. We each have Roth IRAs with some in them, each will get a federal pension, I have a traditional IRA and she has a TSP account (federal worker). The big boost for us will come in 2023 when that can be tapped. 2019, though, the year she can quit, I'm figuring on taking my Social Security and my small federal pension. If she takes her federal pension then, it would be reduced, but I believe we can keep our health insurance and pay the same we do now, which is not too much (~$200 /mo). We are going to a 2-day retirement class in May where I will learn all those ins and outs.
We live in Washington now, high sales-tax and no income tax, while Oregon is the opposite. I believe (haven't done much research yet) that even our Roth withdrawals will be taxed in Oregon, except perhaps the contributions that were made when we lived in a state that had an income tax (Pennsylvania, back in the 1990s). So even if that's so, that's not much of the total Roth balances now.
If anyone has some ideas or experience on how to lower the tax bite in Oregon, I'd appreciate hearing them. Thanks!
Mark