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Posted on 11/15/23 at 10:33 am to whiskey over ice
quote:
Subtle brag
You thought this was subtle?
Posted on 11/15/23 at 11:52 am to Lgrnwd
45 years old and three mil in the 401k?
What were you invested in! Haha.
What were you invested in! Haha.
Posted on 11/15/23 at 12:00 pm to Lgrnwd
It’s truly impossible to answer without knowing your yearly actual spend big amounts. While you may not know that for the future, you absolutely can figure that out for the right now. You can’t really make forecasts for SWR without a good understanding of that.
Posted on 11/15/23 at 12:15 pm to Lgrnwd
With $3 million in the bank and a $1500/month pension, you’re an idiot if you can’t figure out a way to quit the rat race.
At a minimum, work part time at a golf course or something for kicks.
At a minimum, work part time at a golf course or something for kicks.
Posted on 11/15/23 at 12:23 pm to Lgrnwd
quote:
Retirement age 53, starting 8 years from now.
Meh. Retire if you want to. You're ahead of 99% of folks, but you will be bored to tears within a year. I would plan it more of a transition to "Do what I want instead of working for money" and build some generational wealth until you get tired of that rat race.
Posted on 11/15/23 at 12:50 pm to Ace Midnight
“Has a lot more to do with your likely bond allocation”
I don’t have any bond investments other than Fidelity Puritan fund.
I’ve transitioned a lot of stocks in our IRA’s to dividend stocks and about $500 k into CD’s.
At 72 and 70,it’s what I feel comfortable with.
I don’t have any bond investments other than Fidelity Puritan fund.
I’ve transitioned a lot of stocks in our IRA’s to dividend stocks and about $500 k into CD’s.
At 72 and 70,it’s what I feel comfortable with.
Posted on 11/15/23 at 3:42 pm to Ace Midnight
quote:
quote:
Retirement age 53, starting 8 years from now.
Meh. Retire if you want to. You're ahead of 99% of folks, but you will be bored to tears within a year. I would plan it more of a transition to "Do what I want instead of working for money" and build some generational wealth until you get tired of that rat race.
Yeah, at mid 50's you would be bored. Bored people die early, or spend money not to be bored. I would retire from that job if you can't stand it and do something you enjoy for less money to bridge to true retirement age.
Or, retire and them become an entrepreneur in your field and start your own business.
Mid 50's to when you die is a long time to live on a fixed income.
Posted on 11/15/23 at 4:05 pm to meansonny
quote:Unfortunately, no. I didn't keep good enough records as I moved through a few jobs. Each time, I rolled my 401K to my IRA and invested as I wanted. So, I had this combination of 401K and IRA where I would do value cost averaging. The 401K with index funds and the IRA with leveraged funds.
No way to stretch that out to 15 or 20 years?
Posted on 11/15/23 at 6:33 pm to meansonny
quote:
You think an 8% average market return is rosy?
For someone 8 years from retirement after the last decade of returns we’ve seen? Yes, I think 8%, even in all equities, over the next 8 years would be well above expectations.
ETA- CAPE would suggest ~5% +/- 1.5% over the next decade.
This post was edited on 11/15/23 at 8:14 pm
Posted on 11/15/23 at 7:11 pm to Ace Midnight
quote:
you will be bored to tears within a year
Retired last year at 45 not bored yet. 2 kids and a new house keep us busy. Haven't had much time to dive deep into hobbies and travel yet. Finally got time to take care of health and fitness.
Posted on 11/15/23 at 7:49 pm to TheWiz
quote:
$90,000 seems really high.
I just looked it up. The people I know work at a place where they can do the following:
61k in 401a
22.5k in 403b
22.5k in 457
That’s actually over 100. Plus if they are older there is more space for “catch ups”.
Posted on 11/15/23 at 9:01 pm to Lgrnwd
You’re gonna starve between 53 and retirement age, baw. Better sock away some non 401k savings.
Posted on 11/16/23 at 6:00 am to Lgrnwd
You also have to understand some on here think you need $5M plus at 65 to have a "comfortable" retirement. With your numbers you can do that if you want to. Have a hobby though.
As with any polling, throw out the high and the low and look more to the middle to get an accurate response.
As with any polling, throw out the high and the low and look more to the middle to get an accurate response.
This post was edited on 11/16/23 at 6:03 am
Posted on 11/16/23 at 7:18 am to evil cockroach
quote:TQQQ
What were you invested in! Haha.
Posted on 11/16/23 at 8:41 am to GeauxTigers123
quote:
I just looked it up. The people I know work at a place where they can do the following:
61k in 401a
22.5k in 403b
22.5k in 457
That’s actually over 100. Plus if they are older there is more space for “catch ups”
shite, you're right. It's actually $66,000 for the 401a.
quote:
401(a) Plans
The total contribution limit for 401(a) defined contribution plans under section 415(c)(1)(A) increased from $66,000 to $69,000 for 2024. This includes both employer and employee contributions.
I couldn't imagine that someone working a job high enough, and likely stressful enough, would be able to pre-tax over $100,000 and not need the take home but what do I know. I guess my wife does about $50,000'ish pre-tax with Pension, 403b, and 457.
Posted on 11/16/23 at 9:23 am to TorchtheFlyingTiger
quote:
Retired last year at 45 not bored yet. 2 kids and a new house keep us busy. Haven't had much time to dive deep into hobbies and travel yet. Finally got time to take care of health and fitness.
It’ll happen eventually. Make sure you’re exercising your mind
Posted on 11/16/23 at 9:28 am to TheWiz
We have the option of getting in about $182k between 401k with profit share/match/after tax, rollover Roth, and defer comp. Gives a lot of options for retirement since you can get about $34k a year in after tax regardless of income. Should allow good control of income tax in retirement years.
Posted on 11/16/23 at 11:34 am to TheWiz
quote:
I couldn't imagine that someone working a job high enough, and likely stressful enough, would be able to pre-tax over $100,000 and not need the take home but what do I know.
I knew some folks putting that away in an academic medicine department with those accounts.
Posted on 11/16/23 at 12:58 pm to GeauxTigers123
Good point. Some of those folks are probably close to $1M. If living a FIRE / WCI lifestyle, they very well may be.
So glad my wife chose pediatrics...
So glad my wife chose pediatrics...
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