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re: For those saying $3MM net worth at age 45 would not be nearly enough to retire...
Posted on 3/27/25 at 6:34 pm to Mingo Was His NameO
Posted on 3/27/25 at 6:34 pm to Mingo Was His NameO
quote:
Hope you don’t need a new car for the next 30 years
well since my math shows I spend $4k a month and we're talking about having $10k, I think I might be ok to buy a car once or twice in 30 years. quote:
zero long term health problems
Definitely the biggest unknown for everyone. I'll be in Europe for a while so I'm covered with reasonable priced insurance and if i stay it will come as part of being a citizen. If I'm back in the states before Medicare days the plan is to keep income low and leverage ACA. Not to mention we have multiple properties to sell if needed for long-term care.
0
Posted on 3/27/25 at 6:44 pm to VABuckeye
12% bracket is also the sweet spot where one can harvest LTCG tax free from taxable brokerage.
This post was edited on 3/27/25 at 7:32 pm
Posted on 3/27/25 at 7:31 pm to TorchtheFlyingTiger
Thanks for the info. I’ve been doing a ton of research on taxes and retirement income and where to live to minimize but I’m still learning.
Posted on 3/27/25 at 10:44 pm to SloaneRanger
$10k/mth with no house note, no kids, and not having to save for retirement????
Come on… that’s a pretty good life
Come on… that’s a pretty good life
Posted on 3/28/25 at 12:37 am to VABuckeye
quote:
You don’t know what my tax situation will be in retirement. If I choose to take withdrawals from my 401k that is how it works as the withdrawals will be taxed as ordinary income. I will work my withdrawals so that my AGI puts me in the 12% bracket.
You literally think your entire income is taxed by 1 bracket.
Posted on 3/28/25 at 1:12 am to masoncj
quote:
This generation is having their fun in their 20s and 30s
We basically had none of that but will enjoy our 5060s and 70s God willing
honestly you can't knock the people having fun in their 20's and 30's. 50's/60's/70's are less likely than your 20's. Might as well live some and do things while youre able to move around and do them
Posted on 3/28/25 at 1:14 am to Rize
quote:
I drop 12k to 15k a month now with no kids and only 1 car payment
how much are yall making....I thought my 80k job was solid, but thats only like 4k a month after taxes.
Posted on 3/28/25 at 1:51 am to PNW_TigerSaint
There are always scenarios you can come up with if you are paranoid enough.
$3 million at any age is enough to retire comfortably.
$3 million at any age is enough to retire comfortably.
Posted on 3/28/25 at 6:40 am to GamecockUltimate
This board is a bit skewed since most posters on here are high earners
Posted on 3/28/25 at 7:18 am to Billy Blanks
quote:
You literally think your entire income is taxed by 1 bracket.
No, I don't. Head on back to the OT if you have nothing useful to add.
Posted on 3/28/25 at 8:08 am to VABuckeye
Wow, 6 page thread on this…
For Financial Independence, my target is $5M liquid assets at basically the youngest age it can be achieved. I’ll decide at that point how I feel about work, family, health, etc.
You can effectively draw the first $100K tax free each year if you don’t have any other income…tax strategy is so under appreciated for retirement, especially early retirement.
For Financial Independence, my target is $5M liquid assets at basically the youngest age it can be achieved. I’ll decide at that point how I feel about work, family, health, etc.
You can effectively draw the first $100K tax free each year if you don’t have any other income…tax strategy is so under appreciated for retirement, especially early retirement.
Posted on 3/28/25 at 8:09 am to lynxcat
quote:
tax strategy is so under appreciated for retirement, especially early retirement.
Not really. Most people don’t have enough saved for tax strategy to matter. The ones that do, absolutely factor in tax strategy
Posted on 3/28/25 at 8:35 am to lynxcat
quote:
Wow, 6 page thread on this…
For those of us who have been on the site for 20 ish years this becomes an increasingly important topic to many.
Posted on 3/28/25 at 8:55 am to Mingo Was His NameO
quote:I retired at 52. My tax strategy is to pay the IRA early withdrawal penalty and distribution taxes. Not much you can do when your retirement money is in retirement accounts.
Most people don’t have enough saved for tax strategy to matter.
As an aside, I get why they penalize people for pulling from their retirement accounts "early," but if your assets are so large where you've got retirement covered then they ought to let you retire early without penalty. Just sayin'.
Posted on 3/28/25 at 9:00 am to RoyalWe
quote:
My tax strategy is to pay the IRA early withdrawal penalty and distribution taxes.
Separate some assets into a different IRA and execute a SEPP plan (72t)... Why pay penalties?
Posted on 3/28/25 at 9:06 am to VABuckeye
quote:
For those of us who have been on the site for 20 ish years this becomes an increasingly important topic to many.
I’ve learned a lot on here the last 15 months or so. I didn’t have my shite together and now I should be on the right track to retire well before 67.
I’m up to saving 76k a year between two 401k’s(plus employer match, back dooring a Roth, and my after tax brokerage account. I feel like I’m behind on my after tax brokerage accounts because I’ve only got 250k in them but will have a pretty big payday once we get our investment out of the company my wife works for in 8 to 13 years. That will give me my after tax money to pull from if I want to retire early.
Still haven’t figured out the tax stuff that I’m seeing in this thread so that’s the next thing I have to figure out.
This post was edited on 3/28/25 at 9:11 am
Posted on 3/28/25 at 9:06 am to UpstairsComputer
A SEPP plan doesn't provide enough income for my lifestyle.
Posted on 3/28/25 at 9:21 am to RoyalWe
You FA hater you... then segregate and only take the 10% penalty on the part that *would* get you up to your lifestyle for the time period you need (if you still have money in the 401k it's only 3 years).
I'll send you my bill.
I'll send you my bill.
Posted on 3/28/25 at 9:27 am to PNW_TigerSaint
It can definitely be done. However, I wouldn’t depend on it because of the 4% rule. That’s an outdated rule that wasn’t meant for people retiring at 45.
Posted on 3/28/25 at 9:38 am to UpstairsComputer
quote:LOL. Fair point.
I'll send you my bill.
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