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Questions tagged [early-retirement]

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7
votes
5answers
2k 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 ...
28
votes
4answers
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 ...
1
vote
2answers
160 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 ...
112
votes
22answers
35k 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 ...
3
votes
2answers
173 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-...
2
votes
2answers
128 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.
3
votes
1answer
588 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 ...
1
vote
0answers
27 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 ...
3
votes
1answer
138 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 ...
5
votes
2answers
319 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 ...
3
votes
0answers
105 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 ...
4
votes
1answer
439 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", ...
4
votes
1answer
310 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 ...
4
votes
2answers
191 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 ...
21
votes
3answers
5k 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?
-1
votes
1answer
148 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 ...
8
votes
2answers
914 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 ...