I'm going to say this again in Caps.
THE REST OF THE STATE OF FLORIDA AVOIDS MIAMI LIKE THE PLAGUE.
THE REST OF THE STATE OF FLORIDA AVOIDS MIAMI LIKE THE PLAGUE.
How the hell can you retire with a 401k??
- Thread starter TheCaptainPower
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That's another reason why its good that I rent, if Miami sucks I can pack up my shit and move around...
Daytona? Guy at work told me used to be white trash but slowly up and coming...
Daytona? Guy at work told me used to be white trash but slowly up and coming...
PM me if you're thinking about SW Florida.
Ft. Myers/Naples area.
Ft. Myers/Naples area.
Start a new thread this info will get lost in the weeds here
JayMillz
Hummingbird
Attachments
Cruisen_Chubby
Woodpecker
Westcoast,
Why, if an individual is moving abroad from age 45-65, would he roll over his 401(k) to a Roth IRA?
In terms of liquidity- the plan I outlined is very liquid. You can withdraw from your 401(k) with a 10% penalty; which, coupled with his 10% income tax is still less in terms of tax rate than what he deferred the income at (35% ish).
It would not be a bad idea; however, to combine our plans and possibly roll over 1/2 of the 401(k) upon the first year of leaving the country (use the savings for first year).
This way, you could draw down your 401(k) for the first 5 or so years, then start grabbing the principle out of your roth.
Why, if an individual is moving abroad from age 45-65, would he roll over his 401(k) to a Roth IRA?
In terms of liquidity- the plan I outlined is very liquid. You can withdraw from your 401(k) with a 10% penalty; which, coupled with his 10% income tax is still less in terms of tax rate than what he deferred the income at (35% ish).
It would not be a bad idea; however, to combine our plans and possibly roll over 1/2 of the 401(k) upon the first year of leaving the country (use the savings for first year).
This way, you could draw down your 401(k) for the first 5 or so years, then start grabbing the principle out of your roth.
There is no penalty for pulling out the principal, if you wait 5 years you can take it all out with 0% penalties. You can't touch the gains until later that would incur a 10% penalty.
As a personal example I have over $100K+ in retirement accounts, over 70%+ of that I can take out and put into my personal trading account (I have done this with about $40K already, and I leave the other account above 100K so I have no fees associated with it). So as of now I could actually pull out even more cash without penalties right now, but I am leaving the retirement account above the 100K marker.
You want to stagger your distributions based on income brackets and lower your tax bill. You keep the exact percentage of 401K money into a retirement account draw down on that only to the first tax rate then run the rest through a Roth.
Taking 10% hits is a bad move.
As a personal example I have over $100K+ in retirement accounts, over 70%+ of that I can take out and put into my personal trading account (I have done this with about $40K already, and I leave the other account above 100K so I have no fees associated with it). So as of now I could actually pull out even more cash without penalties right now, but I am leaving the retirement account above the 100K marker.
You want to stagger your distributions based on income brackets and lower your tax bill. You keep the exact percentage of 401K money into a retirement account draw down on that only to the first tax rate then run the rest through a Roth.
Taking 10% hits is a bad move.
Roustabout
Sparrow
Damn! Vicious posts (but also funny). Just read the entire thread. I don't have a 401K, so I don't know how you retire on it.
My plan at this time: save much less than I make, invest in dividend stocks, master limited partnerships (the yields typically are better than stocks), possibly real estate (have not done yet).
Also, I plan to keep working/earning until I drop. My idea of hell is sitting on my ass all day doing nothing. Granted, this could change in the future, and as has been written in this thread, it's important to get to the point where you don't have to work for money's sake. But, by extending your earning years, you require much less of a $$$ number to actually retire. My two cents.
My plan at this time: save much less than I make, invest in dividend stocks, master limited partnerships (the yields typically are better than stocks), possibly real estate (have not done yet).
Also, I plan to keep working/earning until I drop. My idea of hell is sitting on my ass all day doing nothing. Granted, this could change in the future, and as has been written in this thread, it's important to get to the point where you don't have to work for money's sake. But, by extending your earning years, you require much less of a $$$ number to actually retire. My two cents.
I'm def not retiring until AT least 70....Hopefully I can just slow down the hustle by then...
You retire early, you usually die early. Its good to stay active.
G
-g-
Guest
Hedge funds are an out dated method of investing
http://www.thestreet.com/story/11931862/1/hedge-funds-abysmal-performance-so-far-in-2013.html
Underperforming for years, generally speaking
http://www.thestreet.com/story/11931862/1/hedge-funds-abysmal-performance-so-far-in-2013.html
Underperforming for years, generally speaking
Jaydublin
Pelican
There is so much shit you can do to stay active when retired. On this forum you are probably in a very very low % of people who actually want to work 65...let alone 70. Live your life in the way that makes you happy but consider the early retirement advice from these people which you have so much in common with.
I want to ask you Captain. How much traveling abroad have you done? For me it was life
changing. Changed my entire outlook on life with all the options.
I want to ask you Captain. How much traveling abroad have you done? For me it was life
changing. Changed my entire outlook on life with all the options.
jimukr104
Ostrich
Actually studies show working past 55 decreases life span. That's bs that retiring early shortens life. The study was done by Boeing. The Japanese also did a similar study. Makes sense. Most people hate work. As you get older work stress is harder on body. Everyone in my fAmily has retired before 55. Very healthy.
I think its important to stay active, I had a 70 year old man beat me in a 5K race last week....
I don't want to be slaving away in the same office, but I will definately be doing something after 70. Writing, training, sales, etc etc. Something with flexible hours...
Everybody on this forum talks about retiring early, but if your net worth isn't climbing pretty fast its not reality.
I don't want to be slaving away in the same office, but I will definately be doing something after 70. Writing, training, sales, etc etc. Something with flexible hours...
Everybody on this forum talks about retiring early, but if your net worth isn't climbing pretty fast its not reality.
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