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Personal Finance Topics / Macroeconomic Trends and Risks
No. of Recommendations: 7
We did done it. For the first time we made a withdrawal from our investment portfolio for living expenses and taxes.
We're used to money flowing the other way, of course, so a bit strange. It's all good.
No. of Recommendations: 7
We're used to money flowing the other way, of course, so a bit strange. It's all good.
I could do the math, so I wasn't worried much. Reassured by all the retirement calculators. 1poorlady was very worried about the direction of money flows (floes?), but enough time has passed that she's comfortable with it. Or at least more comfortable than she was.
But it is still a feeling you have to get used to. We made one stock sale, and then mom died. Her estate wasn't very large, but it has kept us funded for three years (house paid off, cars paid off, both before she died, so minimal living expenses plus some nice trips).
Medical was the biggest concern for retirement, but you know all about that already. We'll both be on Medicare in a few years, and SS money will start flowing a few years after that. I think it might actually be a challenge to spend our assets before we die, since we aren't extravagant people. A good situation to be in.
No. of Recommendations: 1
We did done it.
Congrats! But I believe it is more grammatically correct to say "We done did it."
No. of Recommendations: 1
“Congrats! But I believe it is more grammatically correct to say "We done did it."”
If we started saving for retirement it could be we done did it.
Now we’re withdrawing could it be we did done it? The flow being the other way? :-)
No. of Recommendations: 1
“I could do the math, so I wasn't worried much. ”
Same. And we have a very large margin of safety since I done did work too much :-)
No stock sales needed yet. I have a bunch in a Tbill etf (VBIL), so just sold some of that. Selling some Berkshire stock will be trauma all its own.
No. of Recommendations: 1
The stock sale was more to pad my cash cushion while the stock was at a good price. Turns out, we didn't need it since mom died. So most of it is in rolling CDs until we do need it.
No. of Recommendations: 1
Did done that late last fall myself after my severance stopped. A bit strange is right; because of an unplanned extravagance we withdrew almost a year's worth of plan in 6 months. The price of medical (me) & dental insurance (both), while academically understood, is shocking when it starts hitting every month.
Now I've gone back to fulltime w*rk for ~~another year, signif lower salary than last j*b but 87% lower cost of insurance.
Still 3 years from Medicare but not doing this for 3 more years. Those 6 months - even in winter - were too much of a fun glimpse into ER possibilities.
Best of luck!
FC
No. of Recommendations: 4
Now I've gone back to fulltime w*rk
Let's not have any effing four-letter words used in this thread, please.
Just kidding. I'm still doing a bit of consulting. Not much in the pipeline, though. I'm down to two clients and told one I didn't want to do large projects anymore. The other only does little projects and changes. I'd like to keep doing a bit of w*rk. Good for tax deductions. And it's interesting. All from home. No travel.
No. of Recommendations: 2
Did done that late last fall myself after my severance stopped. A bit strange is right; because of an unplanned extravagance we withdrew almost a year's worth of plan in 6 months. The price of medical (me) & dental insurance (both), while academically understood, is shocking when it starts hitting every month.
Now I've gone back to fulltime w*rk for ~~another year, signif lower salary than last j*b but 87% lower cost of insurance.
Have you seen the discussions about the ACA (Obamacare) and dental insurance?
If you keep your income low enough - generally easy to do in retirement* - you will qualify for very substantial health insurance subsidies, even after the enhanced subsidies went away this year.
We use a Bronze high-deductible ACA plan. This year we qualified for HSA accounts. We do pay a lot out of pocket.
For dental we have an Aetna discount card that gets us better rates at our dentists. We don't have insurance.
* Though I have a friend, retired Ortho surgeon, who says the dividends from his taxable Bogleheads portfolio puts him and his wife over the income limits for an ACA subsidy. Not a terrible problem to have, and fixable (buy Berkshire).
No. of Recommendations: 2
Have you seen the discussions about the ACA (Obamacare) and dental insurance?
If you keep your income low enough - generally easy to do in retirement* - you will qualify for very substantial health insurance subsidies, even after the enhanced subsidies went away this year.
We use a Bronze high-deductible ACA plan. This year we qualified for HSA accounts. We do pay a lot out of pocket.
This is what I did after my COBRA coverage from my last job ran out. The subsidy is quite good. I opened an HSA account at Fidelity and promptly plopped that money into BRK.b stock.
No. of Recommendations: 3
For dental we have an Aetna discount card that gets us better rates at our dentists.
We used to have this but they apparently pay dentist so poorly that it became too hard to get one that was competent. Finally switched to Delta Dental, allowing us to get someone who gives good service without constantly trying to upcharge us.
If you keep your income low enough - generally easy to do in retirement*...
I had assumed this also, but not the case for us. Could be worse. DH did some consulting, which is a terrific option, and he just finished off selling his remaining stock options. We had retiree healthcare for both of us until he turned 65 and went on Medicare, leaving me to sign up for ACA for 4 years. Not as good as our insurance from work, but not terrible. Dinged up my knee and had to pay for the entire MRI and xrays, but doctor visits, even specialists only cost you a co-pay. Am not crazy about the almost $900/month payment, but it does what it is supposed to do and covers you from catastrophic events. Mine is also a bronze plan. The only thing I am less interested in than this payment is going back to work. While I don't begrudge those who get the subsidies, (well, maybe those like $$Intercst,)I do believe that the subsidies are bandaids that obscure the root problem of escalating medical costs, which will not be addressed any time soon with this bandaid on.
Be careful if you look for plans outside of the ACA. I chose ACA because of guaranteed level of coverage. The first year I signed up with a cheaper non-ACA plan, only realizing part way through that year, and too late to change to ACA, that I really was not covered for over $150K. The devil is always in the details, spelled out in non-intelligible legalese. Our son blew through twice that with a compound fracture to the tibia, and he was only 18 at the time. $150K is nothing. The "cheaper" coverage was darned expensive for what you got. I would self-insure for $150K, and at my age anything that happens is bound to cost way more.
We should have less income next year, but these are also the best years for Roth Conversions for us, pre-SS. That counts as income also. It's a bit of a toss up for which strategy is best in the long-run....other than retiring ASAP.
IP
No. of Recommendations: 4
Just kidding. I'm still doing a bit of consulting.
I've always said, if you love what you do, then don't retire. Some people love their work. Great! More power to you. You're lucky.
I liked solving puzzles in my work. I liked learning new things. But I love not having to show up every day, I love being able to travel for 6 weeks at a time (not possible when I was working...not enough vacation), and I love being able to do nothing if I feel like it.
But not everyone is built like me. I had a doctor who basically died while practicing. He charged almost nothing, and worked until he dropped because he loved it. He was lucky.
No. of Recommendations: 4
I've always said, if you love what you do, then don't retire. Some people love their work. Great! More power to you. You're lucky.
I liked solving puzzles in my work. I liked learning new things. But I love not having to show up every day, I love being able to travel for 6 weeks at a time (not possible when I was working...not enough vacation), and I love being able to do nothing if I feel like it.
I've enjoyed my work. It's solving puzzles also. I've been self-employed for 26 years, home-office based for 18, not on anyone's clock. I did used to travel a lot, though, and liked it much of the time. I grew out of that. I want to travel for me now.
It's definitely beyond time to slow the work down. Youngest goes off to college this summer.
