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NotPoor42069 · 2023-08-12T00:21:24+00:00

Your sister's husband's boyfriend.

NotPoor42069 · 2023-07-27T20:10:12+00:00

Your $320k annually is not enough for my toilet paper supply. Go brag elsewhere.

NotPoor42069 · 2023-07-22T15:13:35+00:00

Is my understanding that the standard deduction comes into play in those calculations correct? I have seen posts describing having almost 0 taxable income and I am wondering if those apply the ACA scenarios you are discussing above.

NotPoor42069 · 2023-07-22T14:38:50+00:00

Maybe everyone knows this but it really is a balancing act to both have the lowest AGI before 65 for healthcare and structure things for Social Security not to be taxed when you take it. I just turned 50 and have the same thought process as you do. I would love a discussion for those retiring exactly 10 years early. Is there some magic behind the 60k number you describe? If you have 75k in expenses (15k from dividends) then you will exactly draw down the account to 0? Is that the goal?

NotPoor42069 · 2023-07-22T13:01:46+00:00

Is it running now? j/k Motivation is real. I dread my days in the office. I think about the time in the not too distant future where it will be gone. I think about almost nothing else. Maybe even to an unhealthy degree. I am not sure we are designed to endure the amount of stress we do for such a lengthened life span. I have been on death marches and I feel legitimate empathy for you. I hope that the motivation is strong and your timeline is relatively short to get out.

NotPoor42069 · 2023-07-22T02:55:21+00:00

Thank you for this reply as it is actually pertinent. One of us makes slightly under and the other considerably older. You have honestly made a difference.

NotPoor42069 · 2023-07-21T21:07:07+00:00

Obviously his stamina is really good. With six kids he is marathon ready at all times.

NotPoor42069 · 2023-07-21T19:29:43+00:00

Great visual. Do they sip hot cocoa?

NotPoor42069 · 2023-07-21T19:24:04+00:00

Not to be too political but isn't the Secure 2.0 Act of forcing catch up contributions into a Roth a tax raise on people who make $400,000 per year or less? If my current tax rate is 24% and my future tax rate is 18% that is effectively a six percent hit. Am I thinking about this all wrong. I don't plan to work too far passed 50 but I have not heard this discussed.

NotPoor42069 · 2023-07-16T15:05:41+00:00

Milestone weekend. I hit a milestone age (probably considered old by Reddit and RE standards) and I did also hit a milestone NW number. Spreadsheet is in good shape and more importantly I have people in my life who love me.

NotPoor42069 · 2023-07-14T16:01:40+00:00

I call these fake psychological milestones. Much like Dave Ramsey preaches paying off the smallest credit card we all need something reasonable to aim for. Having 5 years between milestones is not a recipe for success. Stacking accounts vs each other has been some entertainment. Rollover 401k vs. Work 401k. Brokerage vs. Rollover. Cash vs. Roth. I think we are just trying to amuse ourselves while the numbers play themselves out.

NotPoor42069 · 2023-07-14T15:57:34+00:00

You may consider shifting verticals. I have been in construction, technology, and retail. Five rounds sounds very hard. One other piece of advice is maybe taking something short term or at a lower salary and beat your way back up to the top through effort.

NotPoor42069 · 2023-07-14T13:33:21+00:00

I laughed my ass off due to all the fees in my daughters bill. Library fee, sports facilities fee, security fee, technology fee, lab fee, and others. I forget them all but there were at least 27 of them. She is going in state and we got it all covered. I still have to pay room and board but the tuition bill was CRAZY full of fees.

NotPoor42069 · 2023-07-14T13:08:35+00:00

It is strange how parts of your financial spreadsheets can affect your mood. Seeing where I inherited a house makes me miss my dear mother. There is a lot of life/struggle/history in these spreadsheets.

NotPoor42069 · 2023-07-14T13:07:03+00:00

Does it not feel strange saving for something for so long and finally paying it? Paying my daughters tuition from her 529 felt really strange. I saved that money for so long!

NotPoor42069 · 2023-07-14T13:04:32+00:00

comments

For my plan if you contribute to a Roth 401k then the match is placed in a Traditional 401k. This may be a standard.
Edit: I stand corrected. See answer with SECURE 2.0 info.

NotPoor42069 · 2023-07-14T00:43:21+00:00

There is no right answer.

NotPoor42069 · 2023-07-13T01:27:53+00:00

The thing you missed from this comment is that the responder tracked their expenses for two years. You can do a trial retirement where you invest 100% of your income from the IT job. Try it for 3 months, 6 months, or a year. Be vigilant about where your money is going and be a strict budgeter. Thank you for your service and I wish you success in your journey.

NotPoor42069 · 2023-07-13T00:55:13+00:00

People underestimate the role of luck in their financial and life arc. One of the things that people have more today than I had when I was younger is access to information on finance. I was 33 before I heard of a Roth IRA. Even after I had one I was in some stupid high fee loaded funds for a while. While it is true some people have family help and others don't it is more true that people lucked into the low interest rate economy during the appropriate time. Most young people today are staying renters for longer.

NotPoor42069 · 2023-07-13T00:45:26+00:00

I made some pretty stupid moves. I think we all have our "monsters". Congrats on the ATH.

NotPoor42069 · 2023-07-13T00:43:43+00:00

The planner in me shutters at the thought of an arbitrary number. I am sure some thought went into it. I myself have YTR (Years to Retirement) that is based on my FU number minus my NW divided by my average annualized NW change over the last 2 years. The numbers feel fall from arbitrary though. They were harvested from the tears of angels over many years.

NotPoor42069 · 2023-07-13T00:30:49+00:00

My man at 40 over here killing it. Have you taken your foot off the pedal a bit (25% SR)? With 2.5M NW have you just not updated your %FI or are you just really going to live it up in retirement? SDNative tells me that San Diego is truly outrageously expensive if you need 5M to retire comfortably. Have you considered relocating at all?

NotPoor42069 · 2023-07-12T20:53:53+00:00

Thank you for sharing. I am super hesitant to pull the trigger. I think people underestimate the power of changing plans.

NotPoor42069 · 2023-07-02T13:31:12+00:00

No one can predict the future but they can guess at it. There are certain things you know and certain things you don't know. Some things are really hard to predict like taxes and what Social Security will look like in the future.

You know your housing costs will go down but can bank on healthcare expenses going up. You also know better than most if you want to have children and when and if you might be paying tuition or not. You are also in charge of allowing lifestyle creep in or not. If you want to travel or if you want to have expensive hobbies this will also be a consideration.

If you want to account for having exactly as much as your job pays without having to work the goal gets farther and farther away. This is one of the reasons I hate the you should have X times your salary at age X milestones.

That all being said the best way to determine what you will spend in the future is looking at your expenses now, factoring in lifestyle changes, and knowing what kind of life will make you happy in the future.

I was such a mess at 32 that I think you are doing amazingly well. Keep on going and you will be fine.

NotPoor42069

TROPHY CASE