Questions tagged [early-retirement]
The early-retirement tag has no usage guidance.
20
questions
0
votes
1answer
215 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 ...
4
votes
1answer
58 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)....
4
votes
4answers
593 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 ...
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
187 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
36k 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
194 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
137 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.
2
votes
1answer
630 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
151 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
324 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 ...
2
votes
0answers
116 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
500 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", ...
3
votes
1answer
333 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 ...
3
votes
2answers
200 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
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?
-1
votes
1answer
153 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 ...
7
votes
2answers
973 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 ...
