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Yes, I am single so those considerations don't impact me.
rmds? fras? Not up on your abbreviations, would you please explain? And please explain the tax torpedo you refer to. Thanks!
FRA=FULL RETIREMENT AGE
RMD= REQUIRED MINIMUM DISTRIBUTIONS
at 70-1/2 you have to start pulling a mandated amount each year out of any tax deferred retirement accounts like ira's and 401k's.
the tax torpedo is when you combine taking that whopper of a payment from ss at 70 with the required distributions if the 2 together throw you in a higher bracket.
Maybe this is just me, but why would I care if my assets were steady or increasing at age 90? To leave a huge chunk of change to my kids?
I'm planning on spending it all rather than working until I'm too old to enjoy it. Nobody gave me a huge chunk of change and I never expected it. I figure I can live on what I will have saved by the time I retire, until I am about 80. Don't expect to live much beyond that. Mom died of Alzheimer's at 78 and I suspect I'm headed down the same path so I want to get my living in while I still have my wits about me. I guess if I run out of money before I die I'll live with one of my kids or they can put me in a home. Once I'm out of my mind like she was I really won't care what happens to me, will I? I'm Ok with that. I've forewarned them already!
I'm keeping a small Life Insurance policy going so they have enough to bury/cremate me. Anything over and above that, that is left from my savings, is gravy.
Is this crazy of me?
Because you don't know how long you are going to live; guessing doesn't count. And to run out of money at 90 means you are in for a world of pain.
really... I know of many who's (sic) ship ran aground, and I don't recall them complaining of additional pain.
There are options! Are you a Veteran (capitalization sic)?
There are some superb options for destitute elderly vets.
Many other options as well.
I hope everyone is listening to StealthRabbit! Running out of money in extreme old age is O.K. It's just not a problem! Who knew? Aren't we all glad for the wisdom we find here?
This great news bears repeating: Running out of money in extreme old age is not a problem!
I've worked 41 years for the same non-profit. I've been putting money into a 403b for 40 years (TIAA-CREF). I am 63 years old. I just can't continue working at this place! My emotional and physical well-being is suffering....boredom, stress, lack of appreciation, etc. and a very long commute (since 1978) has just about made me nuts!
I want to retire in a few months....and take early Social Security.....so many people say to wait, but I just can't.
Go. Enough is enough. Enjoy life; otherwise why did you work so hard so many years? Life was meant to be enjoyed.
You can't take it with you and if you are still trying to accumulate even more wealth at age 90, well, ...lets just say we have a different set of priorities. If I have a bunch of cash left as I near my end that I don't need for daily living, I'll be handing it out. I'd rather see it being put to use than make everyone wait for me to croak.
You can't take it with you and if you are still trying to accumulate even more wealth at age 90, well, ...lets just say we have a different set of priorities. If I have a bunch of cash left as I near my end that I don't need for daily living, I'll be handing it out. I'd rather see it being put to use than make everyone wait for me to croak.
My 403b is worth ~ 700 thousand. I am not married, no children, plan on going on COBRA for 18 months, until I am eligible for Medicare. I seldom eat out, plan on using the local library.....and want to sell my home and move north to a lower col area.
No brainer, retire and enjoy your life. Sell, buy a house for cash, live debt free, it all looks good.
Popcorn, I am a year younger than you & have just about the same personal, professional & financial situation going on. The job soured with some strong negative personalities & the quality of the work itself for several years has suffered. After a buyout I am currently on severance pay till the end of the year then I turn 63. I am still debating when I should start collecting SS, would prefer hanging on 3 years till FRA but I have to figure out how well I can live on $29-30K/yr (@ 4% withdrawal) here & also be paying for health insurance ( & maybe LTCI).
One thing to keep in mind with the ACA is that it will subsidize your premiums based on your expected income for the current year of enrollment, not the previous year (of full employment) so at $28-30/yr income we will be eligible for that (assuming you don't take SS right away).
Popcorn247, I would encourage you to retire to escape all the negatives at work and to escape the long tedious commute.
You will not regret it!
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