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Old 09-07-2017, 08:28 PM
 
Location: Scottsdale, AZ
7,796 posts, read 4,784,395 times
Reputation: 28542

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Quote:
Originally Posted by T. Damon View Post
Both of us hoping to retire in three and half years at 59-60 years old. I think it depends somewhat on what the healthcare/ insurance situation pans out, but we expect to be able to be able to fairly easily afford that expense for five years. Our expected income doesn't factor in SS, but obviously we acknowledge that payout will be there for us.
It might not be as much of a payout as you thought if you haven't looked at Social Security. But maybe you have. 85% of your benefit is taxed if your combined income is over a certain threshold -- and it's not a very high threshold.
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Old 09-07-2017, 08:30 PM
 
6,117 posts, read 3,123,078 times
Reputation: 4115
Quote:
Originally Posted by jayguy01 View Post
i'm really hoping to call it a career at age 60. Although i have almost 30 years until this milestone, i hope to leave the grind behind me and still be physically fit to do everything i can with the time i'll have available. Like most things, it comes down to money, and i think i can make sure through proper planning to put myself in a great situation.


What is, or was, your planned retirement age and what happened to make it happen, or not happen?
48
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Old 09-07-2017, 09:47 PM
 
Location: DFW - Coppell / Las Colinas
32,107 posts, read 36,739,390 times
Reputation: 38813
Quote:
Originally Posted by fluffythewondercat View Post
I don't have an age or date set for retirement. I'm self-employed, just turned 64. No pension, no retirement plan other than living off the assets we've accumulated over the last 25 years.

I've always assumed that when the day came that I no longer enjoyed the challenges, I would spend progressively less time working until I completely transitioned to work-free.

I just took a week-long solo vacation and spent about 4 hours of downtime working. That seemed like a pretty good balance for that one week but for now I'm still addicted to the money and all the choices that come with money.
I'm also 64 and we've taken the same path. I have the best part time job now working maybe 4 hours a day and still pulling in the good money. I'm shooting for 70 but also have my eye on 68.
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Old 09-09-2017, 09:14 AM
 
Location: Laguna Niguel, Orange County CA
9,809 posts, read 7,742,081 times
Reputation: 7819
59-60 safely.

Priorities:
Keep maximizing 401k and also do full catch-up contributions starting at age 50.
Max ROTH to tax limits (based on married income).
Keep doing a solid long-term DRIP monthly investment until 59-60.
Maintain RE holdings.
Stay car-debt free (and instead invest in more DRIP).
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Old 09-09-2017, 10:07 AM
 
1,137 posts, read 572,760 times
Reputation: 4371
Ending my career at the end of this December, 2017- age 65. Was going to wait to file for benefits until age 70, but after running the numbers, our optimized file date is at age 68.
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Old 09-11-2017, 12:45 PM
 
Location: Texas
1,972 posts, read 1,380,675 times
Reputation: 6755
Quote:
Originally Posted by fluffythewondercat View Post
It might not be as much of a payout as you thought if you haven't looked at Social Security. But maybe you have. 85% of your benefit is taxed if your combined income is over a certain threshold -- and it's not a very high threshold.
That is true, we are paying more income tax in retirement than we did while working. With RMD our income is higher now, and we have no deductions. Our SS is taxed at 85% but our income is also around $10K per month. Even at that level, our adjusted tax is only around 12% annually.

I donít believe it will get much better with the plans for tax revision, many deductions will be lost. They will not reduce the tax to only 12%.
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Old 09-11-2017, 01:37 PM
 
3,373 posts, read 3,793,828 times
Reputation: 4190
Hubby will be 62 in March of 2018. He'll be eligible for early retirement, and he has a pension at work. He's going to work until fall of 2018, I turn 60 that November, and we'll both retire and head for our new home down south then. My mom passed and left us enough money to build said house without having to sell our current house (paid for), but we still will. The proceeds, and our investments will be our spending money and our health insurance funds until we're 65. We have no idea how to plan for that??? No idea how ACA will continue, if at all!
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Old 09-11-2017, 02:05 PM
 
530 posts, read 540,155 times
Reputation: 959
What little "planning" I'd done prior to retirement wasn't enough to allow me to actually retire at age 65; I ended-up working for 7 more years, just to top-up IRA & 401(K) accounts.
It hit me, this past Spring, that I was going to be 72-years-old this year, and should probably be looking at how we might be able to survive on what we've accumulated in our 'retirement accounts'. That, and the fact that my grandfather had worked until he was 72, back in the 1950s, gave me a feeling of "kinship" with him, although his life and mine ended-up vastly different from each other.

So, coming to that realization, and also experiencing some unexpected things happening at the (contractor) job I was working, I pulled the plug on what had been a "high-tech career" for more than 50 years.
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Old 09-12-2017, 06:16 PM
 
12,825 posts, read 20,180,279 times
Reputation: 10910
Quote:
Originally Posted by tomchard View Post
What little "planning" I'd done prior to retirement wasn't enough to allow me to actually retire at age 65; I ended-up working for 7 more years, just to top-up IRA & 401(K) accounts.
It hit me, this past Spring, that I was going to be 72-years-old this year, and should probably be looking at how we might be able to survive on what we've accumulated in our 'retirement accounts'. That, and the fact that my grandfather had worked until he was 72, back in the 1950s, gave me a feeling of "kinship" with him, although his life and mine ended-up vastly different from each other.

So, coming to that realization, and also experiencing some unexpected things happening at the (contractor) job I was working, I pulled the plug on what had been a "high-tech career" for more than 50 years.
Yeah, past 70-1/2 helps out the numbers a lot less than before that point. One has to be at a pretty high income for the top out factor to exceed what you'd be pulling from SS. Some are lucky enough to still have high paid jobs at that age, though.
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Old 09-13-2017, 01:32 PM
 
Location: Central Massachusetts
4,800 posts, read 4,862,845 times
Reputation: 6379
Planned for 60
Retired 58 years 6 months.
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