This often stated phrase resonates with me so I decided to join the class of 2025. One parent died mid 60’s and the other mid 80’s and not sure whose genes I got more of so decided it’s time. Been reading this forum for years but decided to join and introduce myself as part of my own 12 step program to get my head around retirement. My stats: 60, married, healthy, reasonable fit, two adult kids on their own; college, grad schools, weddings, help with kids’ home purchases all done, no debt, live in forever home, financially independent. I told friends and family back in January that the plan was end of 2025 and spent this year getting comfortable with the idea. I started planning at w*rk on my own and will let them know next year so we can come up a transition that works for everyone.
I am a pretty good planner with some room to improve optimization. No pension but required income streams the next 10 years followed by RMD’s will have me pretty well living in the tier 2 (2.0x standard) or tier 3 (2.6x standard) IRMAA levels for good. I will post separately for some help on specific things. Essentially the next 5 years (deferred compensation, RMD on inherited IRA, interest/dividends, and mortgage receivable on 2 kids’ homes) and then the next 5 years (swapping the deferred compensation payments for larger inherited IRA distributions to empty it in 10 and adding SS) will be over 2x spending and really nothing I can do about it. First world problem and very blessed. Then I get to 70 with an untouched mid-seven figure portfolio (1/3 taxable, 2//3 tax deferred) hence the thread title. Maybe 5 years for Roth conversions after that before age 75 RMD’s and will just see if the numbers make sense when we get there.
Lots to do in the next year to wrap the career and find new passions. Did I mention the grandkids? More time with them as everyone is local is top of the list. Look forward to participating in the forum.
