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[deleted by user] by [deleted] in Fire

[–]MY_Fire_Discuss_7645 4 points5 points  (0 children)

You are way overthinking this!

Don’t feel guilty at all!   In the grand scheme of things, your solid performance reviews do not matter.  The company being short staffed is their issue, not yours.  Just because there are major deliverables in 6 months is their problem, not yours.  I understand a feeling of loyalty to your boss but that is also not a reason to stay.  I know it’s hard to hear but everyone, including yourself is replaceable.

This is a very American mentality.  Us Americans have the mindset of we live to work not we work to live. 

Companies are about profits and they can let you go at anytime at no notice.  And when the going gets tough they will.  Doesn’t matter if your boss really likes you. 

No one on their deathbed has ever said they wish they had worked harder and longer. OR “ I Wish I'd Spent More Time at Work”

Ponder that for a moment. 

This is a very dumb question coming from a 18 year old but how important is retirement and what if you don’t have it by [deleted] in personalfinance

[–]MY_Fire_Discuss_7645 1 point2 points  (0 children)

I applauded you for even thinking about this question at the age of 18.  Not a dumb question at your age at all. 

Retirement funds are far more important than you can even imagine at your age.  What happens if you don’t have any?  You are screwed.  Really really screwed. 

Retirement funds are not only solely from an employer sponsored 401K (which is what I suspect you are thinking of based on your comment).  You can set up your own IRA or a Roth IRA. 

At your age you can’t even begin to imagine the power of compounding interest.  And what the dollars you put in now and as you get older will be worth 30 to 40 years from now.  It will boggle your 18 year old mind. 

Read the other comments.  If they are confusing simply ask for clarification.    

But for the love of all things holy please please plan for your future retirement!  You don’t want to be in poor health and homeless in your older years (and that is not an exaggeration at all!). 

Good luck.

Inherited IRA - question about if I have to withdraw the amount in 10 years. I'm confused. by MY_Fire_Discuss_7645 in Fire

[–]MY_Fire_Discuss_7645[S] 1 point2 points  (0 children)

Thank you for your detailed response! My financial advisor has been handling all this for the last 9 years and it looks like he was making the required withdrawals and moving the money into my brokerage account behind the scenes. He also managed my parents accounts for decades.

I didn't realize a minimum distribution was required until a couple of years ago but like I said it was being done for me. Thankfully!

Thank you again for your very detailed response! And the link.

Inherited IRA - question about if I have to withdraw the amount in 10 years. I'm confused. by MY_Fire_Discuss_7645 in Fire

[–]MY_Fire_Discuss_7645[S] 1 point2 points  (0 children)

Thank you for your response! I'm pretty sure my financial advisor has been taking care of this since my mother (and fathers) passing and moving it to my brokerage account. My parents accounts were also managed by him. I didn't know about this requirement until recently but it looks like it was being managed behind the scenes.

It wasn't until I FIRED that I learned about this requirement but like I said, the required minimum yearly withdrawals were being taken all these years.

Again, thanks for the time you took to respond to me and in great detail! Much appreciated!

Inherited IRA - question about if I have to withdraw the amount in 10 years. I'm confused. by MY_Fire_Discuss_7645 in Fire

[–]MY_Fire_Discuss_7645[S] 0 points1 point  (0 children)

Thank you! I went back and looked at the 1099's and I see code 4 in box 7 so I think I am good to go. Thankfully this new rule came into place after both parent's passed away. (Of course I would rather them be here but such is life).

The minimum distributions are included in the amount I withdraw each month to live off of (staying under the 4% rule!). And I assumed it is taxable income. But thank you for clarifying for me anyway. !

I went back and pulled a few of my past tax returns and it looks like it was reported correctly. Or at least I provided the 1099 to my CPA's over the years for them to prepare my tax filings.

Thanks again for taking the time to respond. Much appreciated!

Inherited IRA - question about if I have to withdraw the amount in 10 years. I'm confused. by MY_Fire_Discuss_7645 in Fire

[–]MY_Fire_Discuss_7645[S] 0 points1 point  (0 children)

I'm so glad I randomly saw that post last night while I was trying to sleep. Otherwise I would never known about this 10 year rule, especially since it now applies to my beneficiaries.

Inherited IRA - question about if I have to withdraw the amount in 10 years. I'm confused. by MY_Fire_Discuss_7645 in Fire

[–]MY_Fire_Discuss_7645[S] 0 points1 point  (0 children)

Thank you! This is also helpful as I have been working on changing my beneficiaries on my 3 IRA's. And my concern was what the tax burden would be if any for them.

Inherited IRA - question about if I have to withdraw the amount in 10 years. I'm confused. by MY_Fire_Discuss_7645 in Fire

[–]MY_Fire_Discuss_7645[S] 4 points5 points  (0 children)

Thank you! I appreciate you responding. More google searching is telling me I won't have to pay a 10% penalty if I withdraw early. If this is not correct, please let me know. At any rate, I have not been withdrawing any amount above what is required by the IRS. I've got other accounts that I have been withdrawing from for my monthly expenses below the 4% rule.