Questions tagged [early-retirement]

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Can you buy an annuity before age 55 in the UK?

I wish to retire young. To estimate how much I would need, I have hunted around the internet for any way to estimate how much an annuity paying £30,000 a year would cost for a 40-year-old man with no ...
J. Mini's user avatar
  • 607
3 votes
3 answers
457 views

When the SSA decides how much you make for the year to determine whether you pay taxes on SS, does it count IRA contributions?

I'm over 62.5 years old and semi-retired. I have a part-time gig that pays about $23K per year. I'd like to pull the trigger on Social Security, but I make too much. (I have another small gig that ...
B. Goddard's user avatar
2 votes
0 answers
68 views

The Social Security Special Earnings Limit Rule---How Long is the Cap on Hours Worked in One's Own Business Truly in Effect?

I am under the impression that retirees who are collecting Social Security benefits and start a business are capped in the number of hours they can work between 15 and 45 hours per month if they have ...
DDS's user avatar
  • 201
3 votes
3 answers
3k views

When does working for a salary stop making sense? [closed]

Assume you increase “x” of your net worth each year given a job you don’t particularly like/dislike much. When and at which salary/nw would you say you’d better be doing something else (family/hobbies/...
Luis's user avatar
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12 votes
4 answers
5k views

Have I left investing until too late?

I'm 44 and have only the investment of a house. I was scared off ISAs (individual savings accounts) etc because of the complexity, choice, etc and only now have I come to make the decision to open an ...
Matt W's user avatar
  • 549
16 votes
2 answers
2k views

Type of account for investing surplus funds when planning to retiring early?

How do people retire early? Say that their debts (including house) are paid in full, they have ample money already saved in IRAs, 401ks, etc., they are expecting a pension, and have earned enough SS ...
nuggethead's user avatar
  • 1,999
0 votes
3 answers
271 views

How can I work fairly little and maintain a reasonable living standard? [closed]

I'm 24, currently have no family debt or anyone depending on me financially and I'm making the very loose assumption that it's going to stay that way, meaning no kids or elderly parents who need more ...
theo2434's user avatar
4 votes
1 answer
119 views

HSA and Medicare

I am 65 and was not planning to retire until 70. I am participating in high deductible healthcare at work and was contributing to a HSA until September 2020 when I was offered early retirement. The ...
Morrowm's user avatar
  • 41
17 votes
6 answers
9k views

Can a small family retire early with 1.2M + a part time job?

Given: Married couple age 40 with one child under 5 $800K combined 401k $400K combined savings/investments No debt 90K average yearly expenses, includes mortgage Is it possible to retire now with ...
Vested's user avatar
  • 337
0 votes
2 answers
280 views

Should I live in someone else's property for free or should I house hack?

I'm in my mid twenties and my financial goal is to be able to retire early with probably an average workers' income as passive income. I have an opportunity to manage a property, including renting out ...
user avatar
0 votes
0 answers
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Trinity formula variants to account for existing pension plans?

I am currently looking into options for earli(er) retirement. Naturally, I dont want to be close to bankruptcy, so I am building a portfolio for that. Question is: what amount do I need in the bank to ...
Xenonite's user avatar
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1 vote
1 answer
217 views

How/when to shift from stock to bonds

I recently got a stable job and started investing. Since I am in Europe and the majority of decent blogs are US-targeted I've made many mistakes along the way but I think I have stock or stock-ETF ...
Mr. M's user avatar
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5 votes
1 answer
236 views

Is there any value to delaying Social Security benefits other than risk reduction for early-retirees?

I have hopes of retiring early, hopefully around 55-60, and am making contributions to my 401k and regular investment accounts accordingly. I plan to live off of growth of my savings, and not retire ...
Nicholas's user avatar
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-2 votes
1 answer
1k views

Can you retire when owning 3 or 4 houses, and what if you still have to pay mortgage on some of them?

I did some calculations before, and found out if a person own 3 or 4 houses, townhouses, or condos, then the person can probably retire. That's including living in one house, and getting rent from 2 ...
nonopolarity's user avatar
  • 1,593
2 votes
0 answers
276 views

Saving diligently, but the amount of retirement fund seems too much

I recently achieved 100 million KRW (South Korean Won, about 86,000 USD) after a bit less than 5 years of work. I'm somewhat proud of myself for being diligent, but I'm afraid if this is not enough. ...
user2652379's user avatar
0 votes
1 answer
265 views

How long would it take someone born in 1940 to save 25 times their annual salary?

Assume the person starts working at 25 and earns the average salary for whatever year it is at the time (changing every year). Assume that they save 20% of every pay cheque and invest it in an account ...
Dugan 's user avatar
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4 votes
1 answer
71 views

Tax considerations rolling SEP IRA over to Roth

I have a SEP IRA with about 125k in it and I'm thinking of rolling it into a Roth so that I can have ready access to the money if I need it before age 59.5 (i.e. I'd like to keep my FIRE options open)....
G. Ann - SonarSource Team's user avatar
6 votes
5 answers
828 views

Those retiring early - what other steps can I take to ensure retirement at 50?

I want to retire early (am 40 - want to retire by 50). For those who have done it in and around that time (without inheriting a ton of money from someone) what steps or things can I do to help make ...
JonH's user avatar
  • 1,395
7 votes
5 answers
3k views

Is this a reasonable financial plan? - Spend all of your money every few years? [closed]

Ok, the title is intentionally a bit facetious. But a bit about my current situation. I live in Europe (a high cost of living country) and save around 10,000 Euros per year. I have been doing this ...
Cloud's user avatar
  • 3,655
30 votes
4 answers
9k views

How to retire early without penalty?

Logistically speaking, how would one retire early without getting hit with withdrawal penalties? As far as I know, most tax-incentivised retirement accounts slap you with penalties for making ...
ewiggin's user avatar
  • 303
1 vote
2 answers
328 views

Effect of Reportable Hobby Income on Social Security Benefits

I am basically early-retired and well under 62 years old, and I do make passive income from investments (probably not relevant to this question). I am considering doing something I like to do and ...
AA040371's user avatar
  • 321
117 votes
22 answers
38k views

My million-dollar brother wants to retire. Should he?

My brother is 37 years old and works in a very stable job earning $150,000 annually. He has his own house, a fianceé and a total of $950,000 in the bank (including stocks, real state and bonds). He ...
Chaotic's user avatar
  • 1,083
5 votes
2 answers
314 views

How are Social Security Benefits adjusted after early retirement, when collection is delayed to 70?

After trying multiple calculators, from ssa.gov (https://www.ssa.gov/benefits/retirement/estimator.html) and others (for example https://www.aarp.org/work/social-security/social-security-benefits-...
Aganju's user avatar
  • 37.7k
2 votes
2 answers
157 views

Social security early benefits

Can husband 61 take early retirement and wife also 61 wait until 70 to take her full retirement if she worked her whole life too.
Darlene's user avatar
  • 21
2 votes
1 answer
839 views

How much is not contributing to Social Security hurting our early retirement goal?

We're a late 47 yr old childless couple, hoping to maybe early retire, and currently our main "day jobs" paychecks don't contribute to Social Security. But we will also not get pensions from these ...
IBitAChip's user avatar
1 vote
0 answers
37 views

Retiring on a specific Corpus Invested in Specific Instruments

Let us say mu monthly expenditure is 100 and I have a corpus to last for 15 years, that is 100X12X15=18,000, in effect requiring a return of 6.66% on the corpus for yearly survival (not including ...
Ironluca's user avatar
  • 1,185
3 votes
1 answer
180 views

Using 72(t) to avoid 10% penalty, how much can I withdraw from 401k per year? What are the main disadvantages for doing this?

Imagine this scenario, I'm 40 years old, unemployed, and have 1M in my 401k. If I want to use 72(t) to withdraw money from my 401k, to avoid 10% penalty. What is the maximum amount that I can ...
J - C Sharper's user avatar
5 votes
2 answers
340 views

Retiring 10 years early; should I withdraw pension fund to invest myself or wait and take defined benefit?

My total cash assets are approx 585k; I have no debt, but neither do I have other assets (ie property, car, etc). I have very low rent and live within my means. My money is held about 1/2 in RSP, the ...
JenC's user avatar
  • 61
2 votes
0 answers
171 views

Why does this retirement calculator calculate ROI on only half of my savings?

I plugged some example numbers into the early retirement calculator at Networthify: a $50,000 annual income, $15,000 of annual expenses, and a starting net worth of $100,000. I’m confused about one ...
bdesham's user avatar
  • 456
4 votes
1 answer
551 views

Are there penalties for expats taking regular withdrawals from a 401(k)?

I am an American who has retired overseas. I retain a U.S. bank account where my retirement pay goes. I recently made an early withdrawal from my 401(k) and was taxed and penalized as a "foreigner", ...
Tony's user avatar
  • 41
3 votes
1 answer
406 views

Calculating Social Security with early retirement

I may retire early, in my mid 50s. How can I tell what my Social Security benefits will be? The SSA website says: At early retirement age (62): $XXXX a month Your estimates are based on the ...
Paul Cezanne's user avatar
3 votes
2 answers
230 views

Early Retirement Options (UK)

I am hoping to take early retirement and am considering options for deriving an income. I have 8 years to go before I can touch my private pension, (20 until I can get my state pension) I expect this ...
davidjwest's user avatar
  • 1,482
22 votes
3 answers
6k views

Laid off at age 54 1/2, am I eligible to withdraw my 401k money without penalty?

I will be turing 55 this year in November. I got laid off 2 weeks ago (April 4, 2016). I worked in New York City and live in NJ. Can I withdraw my 401k without penalty?
Doublespeed's user avatar
-1 votes
1 answer
170 views

Formula to determine readiness to retire based on age, networth and annual expense

The formula should be conservative since it is hard to determine with precision. Better be on the safe side. Suppose person XXX has liquid networth of $1.5 million, age 38 and annual expense of $50 ...
curious's user avatar
  • 2,167
7 votes
2 answers
1k views

Is my "retire young" strategy a sensible one?

My goal is to have enough to retire at 40. I have 11 years to go (I'm 29) as of the past 15th. To be clear, I don't plan on retiring, maybe ever, but I want to have enough to just quit one day if I ...
DotNetRussell's user avatar