03-29-2024, 10:04 AM
(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.