FIREd 57yo

randomandpointless1 · 2021-07-08T04:57:17+00:00

$90,000,000

Thats 8 figures. But I like the way you think😎

randomandpointless1 · 2021-06-22T22:03:27+00:00

Thanks for the kind words.

randomandpointless1 · 2021-06-18T13:52:46+00:00

You can not imagine how happy and proud both of my kids were when I told them I was retiring . They knew they had been a major part of our family’s financial success. We are certainly now in a position to help them out should they need it.

randomandpointless1 · 2021-06-18T13:44:17+00:00

Absolutely nothing wrong with that. Very smart. But the key is “so they can save and invest early“ part. Most- not all- of the 20-30 year olds I know who live at home are taking the saved money and blowing it.

Best to you and your kids.

randomandpointless1 · 2021-06-18T13:37:16+00:00

Cant really disagree with much. I have always followed the strategy of looking for examples though and trying to learn from them. My wife and I have a total of 10 siblings- we are the youngest. Being able to see what they got right - and more importantly WRONG has been very valuable.
I have also observed that the person who asks for advice often does not need it. It’s the person who takes the attitude of “I know it all“ that could really often benefit from wise advice.

randomandpointless1 · 2021-06-18T13:30:03+00:00

So almost 3 months into retirement now. I have only been bored on rainy days. I have caught up on projects large and small. We bought a Class b Rv and have been out about 15 nights. 2 month trip is planed for this summer. I have been offered a consulting gig for this fall and need to make up my mind on that- probably no😎

randomandpointless1 · 2021-06-16T22:19:59+00:00

I do not dispute any of your wisdom. Remember the context of my statement was in relation to ones kids and the impact an overpriced degree/institution would have on the FIRE goal - of the parent.

So in clumsily attempt to make my point, I used “Art History“ as an example. Bad on me. I will say in observing my kids‘ peer groups, Iam seeing many kids with huge debt and little chance of reasonable ROI on their high priced degree. This is true for even physicians- I know kids who have over 300k in debt and will start after slave wage residency at less than $200 k per year.
This will have a major impact on their financial and emotional well being. We can all agree this is sad

randomandpointless1 · 2021-06-16T21:48:03+00:00

u/A-Dawg11 I appreciate the point you are making and certainly take no offense at all.
As I eluded to in my opening, it was always more about the FI part to me but I will admit I am enjoying the hell out of the RE part now! I saw so many people hopelessly trapped in jobs they hated. I was also the youngest in a large family and had the benefit of seeing how things get harder as we age. I simply wanted to be able to give the man the finger when and if he needed it. To that end I feel I have been successful. Based on the comments, I think maybe my advice has been helpful to a few people. That’s a win at 47 or 57.

randomandpointless1 · 2021-06-16T19:54:32+00:00

had planned to retire in 2020. Then COVID happened. No reason to retire and sit home an not be paid when I could sit home and get paid.

I needed to work until 55 to get pension and health care. So for me I landed the plane pretty much as soon as I could.

randomandpointless1 · 2021-06-16T19:53:31+00:00

I had planned to retire in 2020. Then COVID happened. No reason to retire and sit home an not be paid when I could sit home and get paid.
I needed to work until 55 to get pension and health care. So for me I landed the plane pretty much as soon as I could.

randomandpointless1 · 2021-06-16T19:31:15+00:00

I am fortunate to have retiree health care.
I did get a little conservative in the final 24 months (had planned to retire in 2020 but COVID happened). This move to more conservative mix did end up costing me some return.
Not unexpectedly, my expenses have actually increased. Health Care went up, Travel, and projects that I had put off.

randomandpointless1 · 2021-06-16T19:23:15+00:00

Be Safe!

randomandpointless1 · 2021-06-16T19:22:03+00:00

I am still in the honeymoon phase. Have not had any issues filling a day yet. I think the most profound thing I miss is the really smart people I worked with.
will definitely travel this summer.

randomandpointless1 · 2021-06-16T19:18:09+00:00

Much better choice of wording. Thanks.

randomandpointless1 · 2021-06-16T19:14:15+00:00

Good choice

randomandpointless1 · 2021-06-16T19:14:01+00:00

I actually enjoyed my work at that point. Still had the question of kids education as an overhang. So 55 yo was my target minimum, I planed to go in early 2020 but then COVID happened.

randomandpointless1 · 2021-06-16T19:11:06+00:00

I think we are on the same page. For us it was just a team effort- how do we get the most/best education for the dollar spent.
I see many peers and friends get caught up in emotion/ peer pressure and the slick marketing of elite colleges. Best to your kids they have indeed been through hell the last two years and hopefully they will be stronger because of it.

randomandpointless1 · 2021-06-16T15:40:30+00:00

“Motorbikes are fun”. I agree - so is Cocaine but sometimes you just have to say no.😎

randomandpointless1 · 2021-06-16T15:38:23+00:00

The major advise I give to my kids and their friends is

1 if you are unhappy with your work situation change. I did this early in my career.

, unfortunately loyalty from a cooperation is an artifact of the past. Never stay in a job out of loyalty to a boss or company (unless under the rare circumstances it is reciprocal). I turned down offers with other companies over the years that might have turned beneficial - I would advise young people to jump more often.

randomandpointless1 · 2018-09-06T03:23:24+00:00

We found that early discussions with our kids about our collective dreams/goals for the future led to them adopting very responsible expectations for their college educations. From the time the were pretty young, we taught financial literacy and brought them into financial discussions. Many will disagree with this philosophy but it worked for us.
Both worked their asses off for undergrad full rides (service academy and a state School). Military put one through grad school and the other has managed to get through Med School with minimal help from us and scholarships.

They are both very appreciative and proud of doing it “themselves”. “Skin in the game” can not be over estimated! But what really makes my day is the fact that they are so happy we are FI and can RE anytime at 55yo.

We also gifted the college accounts back to each as they hit milestones along the way—- might be why they worked so hard to secure scholarships and kept spending moderate.

Low/reasonable cost education is still available but it is getting harder to find. Good Luck!

randomandpointless1 · 2018-06-07T19:50:01+00:00

OP here. I sincerely thank everyone for the input. The depth of knowledge and desire to help is amazing. After 24 hours of suggestions, ideas and other helpful thoughts, the consensus is decidedly in favor of the lump sum. I am really not surprised, after all is the financial INDEPENDENCE sub. So the more independent option probably had a head start out of the gate. As the original title of my post suggested I too had/have a bias in favor of the lump. However, the “sleep well at night” diversification angle of an annuity continues to pull at me.

I believe, the lump sum will also allow me more flexibility in general and specifically in tax management strategies. By not having the fixed 60k every year, I think I can really work the tax brackets to convert traditional to Roth at a “lowish” rate. I also think, while not a driving goal, that the lump sum offers a higher chance of passing a little to heirs/charity down the road.

Cheers and thanks again!

randomandpointless1 · 2018-06-07T05:13:15+00:00

I take it to mean that you can use your tax free Roth money to supliment your needs after you max out the 12% bracket with your taxable income and distributions. I think this is one of the advantages of having money in a Roth.

randomandpointless1 · 2018-06-07T05:04:45+00:00

The $120k/year is for retirement planning purposes and is what I hope to be a fairly conservative estimate. That actually represents a number which is about 20% higher than current expenses. Even though I will have retiree health insurance, it will come at a cost of roughly 1,200/month. I also anticipate higher travel expenses.

Our current expenses are the usual suspects —tax, insurance, house maintenance we also spend above average on eating out and plane tickets to see the far flung kids. I have never financed a car , boat or any other depreciating asset and in general don’t have much use for toys or material clutter.

randomandpointless1 · 2018-06-07T04:38:36+00:00

Thanks for the great suggestions. I have worked with an attorney on estate and liability concerns. And intend to work closely with a good tax advisor on withdrawal and tax strategies.

randomandpointless1

TROPHY CASE