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Old 08-15-2014, 07:02 PM
 
2,752 posts, read 992,710 times
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I am planning on taking early retirement in 6 years and was sure that taking early SS with my pension while not touching my 401 was the way to go.
But as I have spoken with different financial planners to get their outlooks I started to think that if you can live off your 401 or 403 accounts until the 66-67 retirement age that might be the better deal because while your SS amount is guaranteed to go up by as someone calculated 8% a year with cola and normal % of full amount! your 401 and others might suffer if market skids. So might be a better strategy to draw from those first.
Just something to think about. I have 6 years to go but I'm one of those that needs to have a plan in place LOL.
Best of luck in your retirement, enjoy it you earned it. Too many I see work and then don't get to enjoy their golden years because of health or early death.
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Old 08-18-2014, 02:38 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,548 posts, read 39,934,465 times
Reputation: 23673
Quote:
Originally Posted by Beach Sportsfan View Post
I am planning on taking early retirement in 6 years and was sure that taking early SS with my pension while not touching my 401 was the way to go.
But as I have spoken with different financial planners to get their outlooks... So might be a better strategy to draw from those (401 /403) first.
Just something to think about. I have 6 years to go but I'm one of those that needs to have a plan in place LOL.,.
OK... great plan (10 steps... add your own)
1) you have 6 yrs! (enjoy it an use it to your benefit... Paid vacations will become a thing of the past! I miss my 6 wks PAID... 32 yrs service. I also miss affordable HC... The US Gov took away all 4 of my HC options AFTER I retired pre-age 50... Poof they were GONE! and I was without HC, or any options short of $2k / month with $20k deductible (pre-existing conditions)
2) You have discovered an important lesson (Financial planners are not so wise to entrust your FUTURE plans!)
3) A lesson you need to learn... PLANNING does not always pan out. Be Stealth and have ability and wisdom to pursue other options (which you will not be able to nail down until the need becomes a necessity)
4) Keep thinking / reading studying
5) Become your most intelligent financial planner.
(3 hrs of 101 planning FREE on radio every weekend for last 25 yrs. Moneytalk) +/-, but mostly plus. I use a podcast so I can bleep the commercials and rants... saves at least 1.5 hrs / week. I always listen to guest speaker (3rd hour). sometimes very good.
6) Get an education over on Bogleheads.org or similar.
7) Start doing your own management on certain set aside funds. (I set my kids up in ROTHS at age 12, and both were excellent traders / managers by the time they got their College loans (They made over 1000% trading their loan values and consolidated the loans for 20 yrs at 2.5%) so... they will get a lot of leverage out of Sally Mae in remaining 20 yrs post college (They have been out 8 yrs, still doing much better than I (cuz they are better students and have incentive! (They want to retire early too).
8) Plan out a few scenarios.
9) ask a lot of questions (especially of yourself!)

Happy trails. Don't miss a DAY of retirement!

Retire early, Retire often!
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Old 08-18-2014, 05:45 AM
 
Location: Central Massachusetts
4,800 posts, read 4,845,678 times
Reputation: 6378
Quote:
Originally Posted by Beach Sportsfan View Post
I am planning on taking early retirement in 6 years and was sure that taking early SS with my pension while not touching my 401 was the way to go.
But as I have spoken with different financial planners to get their outlooks I started to think that if you can live off your 401 or 403 accounts until the 66-67 retirement age that might be the better deal because while your SS amount is guaranteed to go up by as someone calculated 8% a year with cola and normal % of full amount! your 401 and others might suffer if market skids. So might be a better strategy to draw from those first.
Just something to think about. I have 6 years to go but I'm one of those that needs to have a plan in place LOL.
Best of luck in your retirement, enjoy it you earned it. Too many I see work and then don't get to enjoy their golden years because of health or early death.

I am with Stealth in his sentiment of retire early and retire often.

On another note I think you are well on the way to a good retirement. I think that the professional planners have it right that it is a good idea to draw down on those types of accounts. The tax deferred aspect means that it would be important to take distribution while you are not collecting SS so that your income would not be so much that you pay any more tax then you need to.

Do your planning. There is fun and enjoyment in planning as long as you do not worry yourself to death.
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Old 08-18-2014, 06:46 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,548 posts, read 39,934,465 times
Reputation: 23673
Quote:
Originally Posted by golfingduo View Post
... enjoyment in planning as long as you do not worry yourself to death.




Definitely don't worry yourself to death!!!

One of my friends died after his retirement dinner while he was cleaning his desk. I would say he retired a bit too late.

Dying at work would be a bummer.
Please don't worry about retiring, embrace the change and potential for new things to discover and enjoy.

Do some sample planning, and play to benefit on the field of change.


while we are on the subject...(Dying)
I enjoyed reading and heeding "Dying Broke"
Good prep for a timely 'mental-exit' (well before you actually walk out the door)

2 co-workers took the message to heart and had a great final few yrs in the salt mine.

They gave me a lot of pointers, and I followed them by 2 yrs, and out the door @ age 49.

Not nearly so graceful and fun as they exited!

The totally fooled the boss and other coworkers. The boss LOVED that they were no longer causing grief.
(1) show up,
(2) do the job,
(3) go home (without homework / worry).

Then one day... they were GONE!

My hiring manager had saved months worth of vacation, and poof, he was gone MONTHS before retirement date. He didn't even bother to clean his desk and never returned for a party or personal items.

He was a very purposed and superb leader (ex-military pilot). I have had many excellent retired / ex military managers. No funny stuff, full respect, full trust of your competence. They were not micro managers. BUT they wanted to know your 'plan'. and they expected you to execute (the plan, not your co-workers!)

My favorite was a submarine commander. (He was very 'stealth') never questioned my crazy ideas, just asked to be informed. He would definitely 'die-on-the-sword' for his key employees (and certainly had to do that often for me). My Spain assignment had some severe tension points. I'm not real good at following a leader who is totally lost.
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Old 09-16-2014, 05:27 PM
 
2,626 posts, read 4,950,826 times
Reputation: 2224
Quote:
Originally Posted by richdor View Post
I was in exactly the same place as you are now four and one half years ago---could not stand working in Federal service any longer, unrewarded and under appreciated, lousy and very nasty boss for the last two years at my job. They PO offered an early out and I took it--I was one week shy of my 61st birthday. I did take my SS at 62 but I had a pretty handsome amount in my TSP plan (our version of a 401k plan) plus I had rental property providing income. My husband retired the next year from his job , with a pension too and continues to work P/T in a handy man business that provides us extra but it really is just icing on the cake.
I have no credit card debt, no car loans, child's college paid for in full (she had scholarships to help fund it) . If you have the financial means and can live without drawing out too much from your plan, go for it! I have never been happier, the stress is gone, I save a ton of money in gas not going to work. You can actually reduce expenses when you retire. Best of luck to you and I say enjoy your life because none of us have a crystal ball and things can change in a moment.
I had an appointment with my wealth management advisor today and he said..................Go for it! I can retire and should have the means to live to 95 and more with enough income!!!! Yay, I'm turning in my notice this week!!!
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Old 09-16-2014, 07:26 PM
 
Location: Idaho
4,622 posts, read 4,462,694 times
Reputation: 9040
Quote:
Originally Posted by StealthRabbit View Post
...
5) Become your most intelligent financial planner.
(3 hrs of 101 planning FREE on radio every weekend for last 25 yrs. Moneytalk) +/-, but mostly plus. I use a podcast so I can bleep the commercials and rants... saves at least 1.5 hrs / week. I always listen to guest speaker (3rd hour). sometimes very good...
Just saw this. Can you provide a little bit more information about this podcast. Where it can be found, (iTunes?). The name of the podcast or author?

Sounds good. Not so much recently, but in the past I've downloaded almost all of Clark Howard's podcasts, (only the first two hours of his daily three-hour syndicated radio show - third hour is stuff directly applicable to Atlanta). After several years, I've found that most of it is repeat stuff.
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Old 09-17-2014, 08:02 AM
 
4,479 posts, read 4,741,265 times
Reputation: 9940
I looked the book up... "Die Broke" and see it is from 1998. Does it really still pertain to 2014? Just wondering.
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Old 09-17-2014, 08:04 AM
 
4,479 posts, read 4,741,265 times
Reputation: 9940
Quote:
Originally Posted by popcorn247 View Post
I had an appointment with my wealth management advisor today and he said..................Go for it! I can retire and should have the means to live to 95 and more with enough income!!!! Yay, I'm turning in my notice this week!!!

Bravo to you!!
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Old 09-17-2014, 08:16 AM
 
Location: Whereever we have our RV parked
8,773 posts, read 7,698,666 times
Reputation: 15038
Why would the OP let other people make his/her decision about when to retire. Make your own decision and live with it. Besides, you don't have to completely quit working. Quit your job, start SS, and your retirement withdraw and if you find you'd like a little more money, pick up a part time job. Maybe work during Christmas in the stores or work at the election polls.
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Old 09-17-2014, 10:36 AM
 
Location: SoCal desert
8,093 posts, read 13,229,344 times
Reputation: 14870
Quote:
Originally Posted by popcorn247 View Post
I had an appointment with my wealth management advisor today and he said..................Go for it! I can retire and should have the means to live to 95 and more with enough income!!!! Yay, I'm turning in my notice this week!!!
Oh, popcorn247 ... wonderful - congratulations!!!
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