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| Member |
It's not just about savings and income. Tax mitigation plays a huge role for retirees. Learn the rules of the game. | |||
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| No More Mr. Nice Guy |
I didn't know how different the rules are in retirement until I retired early! Ten years prior to planned retirement is when people should at least consult once with a good financial advisor who is intimately familiar with the complexities of retirement taxes, so that they can start positioning themselves to minimize those taxes. | |||
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Itchy was taken |
My wife is retired as of Jan 1. I retire May 1. We're in a very comfortable place. Our combined Social Security and pension is right at 106k. The retirement accounts ended up at north of 2.5M. We can sustain our take home, inflation adjusted of about 11.5k monthly, with no debt, indefinitely. We are by no means rich. We are comfortable. And grateful. I'll never own a jet, a plane of any kind, or a south Florida mansion with a yacht, and I don't care. _________________ This space left intentionally blank. | |||
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| Member |
I have nothing of benefit to add but I liked when my tax/investment guy said tell me how much money you need and how long your going to live and I'll set up a plan. | |||
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| Member |
I will second this opinion. One of the best decisions we've made is to hire just such a financial advisor. A good one will more than pay for itself and I sleep better and stress a whole lot less than if I was managing it myself. | |||
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| Lawyers, Guns and Money  |
I asked my life insurance salesman which type of policy was the best. He said the one in effect at the time of death. Really, that is what it comes down to: how much money do you need and how long are you going to live? But... the more you have the more tax considerations weigh in and the more complicated it becomes. "Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." -- Justice Janice Rogers Brown "The United States government is the largest criminal enterprise on earth." -rduckwor | |||
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| Member |
Funny. Did you tell him the exact date of your death so he could make sure your plan was 100% guaranteed to work? | |||
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| Member |
The goal of investment firms is to keep you working and contributing as long as possible. Their livelihoods depend on it. There are some benefits to working with them - but you don't need to bring all your wealth to the grave. | |||
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| Member |
Our financial adviser uses a mathematic equation like I would think they all do. Basically told them what we spend a year and they tell you how long it will last. She told us to stay under a much higher figure and you still won’t run out until you’re 100. I retired at 55 and after hearing the latest projections my wife is retiring in 3 weeks at 57. I can’t wait. We are then leaving on vacation the next day. | |||
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