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Old 11-28-2013, 03:46 PM
Status: "Gaining Stability." (set 7 days ago)
 
5,684 posts, read 5,929,554 times
Reputation: 4432

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It just occurred to me that my house will be paid off when I am 55 and I will also be eligible to take a reduced pension. I am thinking of working for the next 15 years in my present industry (I hate it) to sock as much money as I can in my 401k. I would get a lower paid less stressful job that would give me benefits. I could still save money for my future. Has anyone done this? If so, how is it working out for you?
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Old 11-28-2013, 05:42 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,537 posts, read 39,914,033 times
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You should be fine. I stick my IRAs and 401k into ROTHS (to avoid future taxes). IF you leave your 401k company @ age 55, you can take early withdrawals. (without penalty).

Retired @ Age 49 for me. (Can't touch my 401k till age 59.5, or via a 72t)

Retirement was GREAT (for 8 yrs), but I eventually had to take a temp job (in Asia) to get healthcare for an ill spouse, That's fine too. I have already been a caregiver for a sick parent for 30+ yrs, so ... on to the next chapter...

I live VERY cheap. but... since retirement my FIXED costs have changed dramatically,

Financial Crisis gave me a WAKE-UP call on commercial loans and real estate loans !!!! (I have since refi'd my residence @ 3.3% and SELF FUNDED my commercial props. Not ABOUT to have the bank rape me again)
Property taxes up a few hundred %
Healthcare the same.
Car, home, business, and umbrella insurance up a bunch
Phone service ($10 land line THEN up 1000%for international cell and broadband and internet. (No TV to feed, thank goodness!)

My 35 yr old car that gets 50mpg running on free fryer grease is still providing great service.
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Old 11-28-2013, 06:43 PM
 
48,516 posts, read 83,890,268 times
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I retired at 52 but always had decided to go for 55 when younger because I had things I wanted to do. Don't regret in the least .If you have goals of doing other things with your life then its a goal worth having;especially if they are physical in nature.
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Old 11-28-2013, 08:12 PM
 
10,812 posts, read 8,056,502 times
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Quote:
Originally Posted by StealthRabbit View Post
I stick my IRAs and 401k into ROTHS (to avoid future taxes).
I second that.
In my 60's, deferring taxes to retirement turns out to not be as grand an idea as I thought when I was in my 40's.
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Old 11-29-2013, 07:18 AM
Status: "Gaining Stability." (set 7 days ago)
 
5,684 posts, read 5,929,554 times
Reputation: 4432
Quote:
Originally Posted by biscuitmom View Post
I second that.
In my 60's, deferring taxes to retirement turns out to not be as grand an idea as I thought when I was in my 40's.
What do you mean? Are you a proponent for 401ks as opposed to Roth IRAs?
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Old 11-29-2013, 08:10 AM
 
Location: Great State of Texas
86,093 posts, read 72,469,891 times
Reputation: 27565
There is no guarantee that you can find another lower paying job with benefits.
See if you can make your plan without that because that part is beyond your control.
Sure it would be great if it all worked out that way but would your plan still work if you can't find that job after early retirement ?
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Old 11-29-2013, 10:16 AM
 
Location: middle tennessee
1,924 posts, read 987,556 times
Reputation: 6931
How much do you hate your job? I wouldn't spend 15 possibly really good years doing something I hate so that I could have money when I'm old(er).

I know this is the retirement forum, but if I could have the years 40-55 back, I would be concentrating on getting the most out of the present. That doesn't mean not planning for the future. Personally, I need much less now to have everything I need. I'm glad the years of working to get somewhere are behind me. I'm here.

If you are enjoying life despite the job, I agree with the HappyTexan.
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Old 11-29-2013, 11:32 AM
 
48,516 posts, read 83,890,268 times
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Often people quit what they hate in work only to be more miserable. If we liked work the we wouldn't retire at all really. Work needs to be accepted for what it is for most and that is work.
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Old 11-29-2013, 11:56 AM
Status: "Gaining Stability." (set 7 days ago)
 
5,684 posts, read 5,929,554 times
Reputation: 4432
I actually quit my job and relocated for greener pastures. Unfortunately, things have not worked out. I tried to obtain employment in other areas of interest but I never got a reply. I only received inquires from people that wanted me to do my old job. I am taking time off but I need to find a job soon. I am in the process of trying to figure out the present but I do not want to work in my industry for longer than I have to. I wish I was one of those creative types. Unfortunately, I am just an average Joanne.
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Old 11-29-2013, 02:01 PM
 
Location: Chicago area
14,370 posts, read 7,913,715 times
Reputation: 53471
I'm wrestling with retiring now. I'm concerned about how low my social security will be if I do retire this early. I think we should be set for life but I never heard anyone say I have too much money for retirement. I had a job I loved going to but that all changes in January. The evil twin workaholic side of me says to find another job. I feel bad for John as he wants me to retire now and I feel like I'm ruining his retirement by working so much. I'm really confused as to what to do.
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