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Old 12-04-2007, 12:14 PM
 
783 posts, read 2,356,282 times
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Quote:
Originally Posted by Tesaje View Post
Good advice. I think you can't start planning too soon. I took a class because my workplace offers it.
Lucky you. I wish my employer was that smart
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Old 12-04-2007, 12:16 PM
 
783 posts, read 2,356,282 times
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Does changing jobs affect retirement?
I invest the max with my employer [ 401 k] but realize that their contribution is never given after you "move on".

Last edited by npumcrisz; 12-04-2007 at 12:28 PM.. Reason: add-on
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Old 12-04-2007, 02:39 PM
 
Location: hinesburg, vt
1,574 posts, read 4,421,846 times
Reputation: 395
Was hoping to be able to target age 50 to 52 as I am 46 now. My goal has been to be able to thru hike the Appalachian Trail in one trip. Quite a bit depends on how the markets perform in the next five years. I just hope my health holds out.
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Old 12-04-2007, 06:56 PM
 
13 posts, read 8,504 times
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Took my pension at 50, COLA and 33K now plus paid medical bennies for both me and the wife for life.

No mortgage got lucky when we were able to sell the house up north before the market tanked bought a place for cash down here in NC.

Took a part time gig teaching at two elementary schools two days a week. Paid on the 30th step on the guide.

Best darn thing quitting from the rat race at 50!!!
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Old 12-04-2007, 07:11 PM
 
Location: Forests of Maine
30,685 posts, read 49,462,974 times
Reputation: 19134
I really recommend that you figure out a method of owning your retirement home mortgage-free.

A mortgage is usually the majority of most couple's budget. Without a mortgage payment, then suddenly your monthly expenses drops quickly. It is much cheaper to live when you do not have to make a mortgage payment.

We sold some properties, cashed out another and used the cash to buy our retirement home.

good luck
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Old 12-04-2007, 08:20 PM
 
Location: Lovelock, NV - Anchorage, AK
1,195 posts, read 4,994,499 times
Reputation: 465
Quote:
Originally Posted by npumcrisz View Post
Does changing jobs affect retirement?
I invest the max with my employer [ 401 k] but realize that their contribution is never given after you "move on".
Are you not vested in your employers plan? If you are you can take it with you.
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Old 12-05-2007, 09:45 AM
 
783 posts, read 2,356,282 times
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Quote:
Originally Posted by Tressa View Post
Are you not vested in your employers plan? If you are you can take it with you.
Yes, I can take my contribution but not theirs while I was their employee.
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Old 12-05-2007, 05:54 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,603 posts, read 39,974,527 times
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Quote:
Originally Posted by forest beekeeper View Post
I really recommend that you figure out a method of owning your retirement home mortgage-free.

A mortgage is usually the majority of most couple's budget. Without a mortgage payment, then suddenly your monthly expenses drops quickly. It is much cheaper to live when you do not have to make a mortgage payment.
maybe look at some total fixed costs, and their potential ratcheting up..

I spend $1000/ month on property taxes and $1000 / month on medical insurance... My highest 'pre-retirement' house payment was $556/month, so it pales in comparison to other costs I deal with.

I'll drop the high Med insurance and go with an HSA when I quit getting the 60% NAFTA contribution to health insurance.

But the right time to retire was about 30 yrs ago

Do your homework, and be prepared.

Once you pull the plug.... It (money) ALL goes out. You need to have a plan for cash flow. Rentals / investments / interest / PT job. You don't want to pull your principle till you get pretty old...unless you have plenty. You want to write that last check to the undertaker...

My inflow varies considerably, as I have been liquidating investment props, and doing consulting jobs + running a few 'micro businesses'... micro income l but need to re establish a cash flow and avoid using Real Estate capital for taxes and such. I feel the LTCG rates are pretty favorable at the moment, so I would rather not do 1031 exchanges, unless it is short term money.
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Old 12-06-2007, 03:43 AM
 
Location: Forests of Maine
30,685 posts, read 49,462,974 times
Reputation: 19134
Quote:
Originally Posted by janb View Post
... I spend $1000/ month on property taxes and $1000 / month on medical insurance... My highest 'pre-retirement' house payment was $556/month, so it pales in comparison to other costs I deal with.
$1,000/month in property taxes!

That is crazy!

I don't pay that much in a year.

I get by on under $50/year.

I would truly hope that such high taxes are worth it.


Quote:
... Do your homework, and be prepared.

Once you pull the plug.... It (money) ALL goes out. You need to have a plan for cash flow. Rentals / investments / interest / PT job. You don't want to pull your principle till you get pretty old...unless you have plenty. You want to write that last check to the undertaker...
Good point.

My father does well buying mortgages from mortgage brokers.

I do okay with rentals.
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Old 12-06-2007, 02:04 PM
 
Location: UK
296 posts, read 730,405 times
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$1,000 a month on medical insurance????

I don't get it - this makes zero sense to me. How is it that people are spending this kind of money on medical insurance??
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