04-04-2024, 03:23 AM
(03-29-2024, 10:04 AM)ken-do-nim Wrote:(03-29-2024, 08:54 AM)rayray Wrote:(03-26-2024, 07:13 AM)ken-do-nim Wrote:(03-24-2024, 09:37 PM)EricL Wrote:(03-24-2024, 05:13 PM)rayray Wrote: I was going to work till 62 but told the wife I'll be retiring in 6 years at age 59, I turned 53 this month. The wife is 5 years younger than me, so she'll work a little longer so we don't lose two incomes at once, we'll ease our way into it!
That's awesome, congrats! I'm 45 now and it seems like such a long way to go yet.
Hopefully, I can make it work to retire "young" as well. Good luck!
I'm 51 now, shooting for 55 to invoke the 401k "rule of 55", but we'll see.
I've also thought about the "Rule of 55" but I don't want to keep the money in my current kplan, and get myself into the 72t's. Plus, if I go that early I won't be able to do what I want and that's a major house remodel, getting our home to what we exactly want. But at 59, I'll be able to do that without an issue.
Get me to 59 and that's what I want.
Major house remodel, that does sound like a fun project. I have instituted a new rule to insure I never wipe out my portfolio; I call it the rule of 5%. That is, I can't cash out more than 5% of the portfolio in any one year. So if I think a house remodel will cost me $300K, then yes, I'd better have $6M in the port if I want to pay as a lump sum. I'm mainly doing this because my girlfriend/hopefully wife by then wants a house on Cape Cod. I could buy one now, but I wouldn't have much of a portfolio left.
I think this includes when I'm in the drawdown phase of my life. There's the standard 4% rule, but I think 5% is fine.
We're thinking along the same lines, depending on where the portfolio goes I'll be following the 4 to 5% withdrawal rule. The higher the portfolio the higher the withdrawals will be--in the beginning of retirement I'll do ROTH conversions the best I can--I'll most likely delay social security. I'll have to crunch the numbers to see if it'll be better to delay SS in order to convert as much money I can from tax deferred accounts to either a brokerage or ROTH.
I won't get to 6mil in 6 years, that would be a tough one. But I think 4 to 5mil will be realistic, if everything goes perfect maybe 5.2ish?? Of course, something horrible can happen and I can retire with half of what I have now, which would fall near the original goal that I set many years ago.
If we stay the house remodel would be substantial, but we'd have exactly what we want, minus a pool. If we move we won't do a house remodel. The thought of moving is a tough one, I've had family members retire and move to Florida or Arizona, a friend moved to Hawaii, you see them once or twice if lucky lol. I kind of like being near family, even if the biggest gatherings are at the holidays these days.
I think the only place the wife would move to in a heartbeat would be Palm Springs, California. Leaving family and life long friends, idk..that's a tough one and I'm not sure it's mentally healthy imho.
People use to retire and move to area's that made financial sense, Florida was cheap decades ago and that ain't the case today. I guess that's what happens when all these baby boomers have retired, most of them anyways lol. Florida, Arizona, Nevada, Texas, and the Carolina's have all become much more expensive as retirement destinations.
And I'm in a routine, I have all the things I want to do in retirment now. Wine making, homemade passata, gardening, the fruit tree's...I can't do that in Florida?? I'd have to start over.