Financial Independence For all you retired folk... what was a pleasant surprise you experienced once you retired? |
- For all you retired folk... what was a pleasant surprise you experienced once you retired?
- Daily FI discussion thread - June 28, 2018
- What hobbies do you have that are inexpensive enough to allow you maintain a FIRE lifestyle?
- Early retirement, Roth Conversion Ladders and the ACA
- What was the hardest thing to give up on your journey to FI?
- Hypothetical: If you had roughly 6 figures in cash to invest, and you were in your early 20’s, where would you start investing to start planning for FIRE (Real estate, Stocks, Commodities, etc)?
- FIRE in Salt Lake City, UT?
- Financial gifts for newborns? (UK)
- How safe should pensions and/or social security be considered?
- Most all of us have a bank account to track what we spend. I've found that if I write everything down in a word document form by category it keeps me in check better. How do you monitor your spending?
- Is paying ~$300 for a $1 million Umbrella policy worth it if my net worth is only $350k (with 150k in primary residence and 100k in retirement accounts)?
- FIRE plan in development
- Early retirement in another country
- Getting over the "I want this while I'm still relatively young" desire
- How do I stay strong during the final year?
| For all you retired folk... what was a pleasant surprise you experienced once you retired? Posted: 28 Jun 2018 02:34 PM PDT What didn't you think about before retirement, but were pleasantly surprised to enjoy afterward? I always thought I'd go to bed around 10/11pm and simply wake up a little later or whenever the sun started popping up. What I didn't realize is I'd need MUCH less sleep than anticipated. I go to bed later, AND I wake up earlier. I found my line of work stressful and was so surprised to see that I'm actually a natural early riser... something I hadn't been my entire life (even as a regular, care free kid). [link] [comments]  |
| Daily FI discussion thread - June 28, 2018 Posted: 28 Jun 2018 04:08 AM PDT Please use this thread to have discussions which you don't feel warrant a new post to the sub. While the Rules for posting questions on the basics of personal finance/investing topics are relaxed a little bit here, the rules against memes/spam/self-promotion/excessive rudeness/politics still apply! Have a look at the FAQ for this subreddit before posting to see if your question is frequently asked. Since this post does tend to get busy, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts. [link] [comments]  |
| What hobbies do you have that are inexpensive enough to allow you maintain a FIRE lifestyle? Posted: 28 Jun 2018 03:39 PM PDT |
| Early retirement, Roth Conversion Ladders and the ACA Posted: 28 Jun 2018 08:05 AM PDT I have a question about Roth Conversion Ladders. Every article I read indicates that the primary benefit of a Roth Conversion Ladder (with I will now shorten to RCL for this post), is being able to access funds in a 401k in early retirement. That I understand. I'm 50 and literally plan on retiring in the next 2 weeks. I have plenty of post-tax, non-retirement funds to see me through well past age 60. I plan on keeping my "income" low enough for us to qualify for the maximum ACA subsidies available, without falling below the medicaid rate ( I live in a state that expanded medicaid AND has a work requirement for it). With not needing access to my tax advantaged accounts prior to 60, and conversion amounts eating significantly into ACA subsidies, is there any benefit for me to start moving funds into an RCL? [link] [comments]  |
| What was the hardest thing to give up on your journey to FI? Posted: 28 Jun 2018 10:32 AM PDT Living frugally is a good idea, but we all still have things we would like to have. For me was giving up on buying gadgets. I love them, but they are not really that worth it. [link] [comments]  |
| Posted: 28 Jun 2018 01:27 AM PDT Title says it all, just looking for some people's thoughts, curious about the avenues people use to start their nest eggs. [link] [comments]  |
| Posted: 28 Jun 2018 03:22 PM PDT Are there any FIRE folks living in SLC? Is it possible for 2 people to live in SLC off of $40K a year, without feeling deprived? Are there any benefits to FIRE-living in SLC that might be worth considering? Things that non-Utah people might not know? My spouse and I have been looking for places to FIRE in the US where we can have a good standard of living, with city amenities, but not the high cost of the Coastal Cities of the US. (I don't think international FIRE will work for us). We recently visited SLC for the first time and we thought it was great! However, we are not mormon (will never be) and we don't know anybody there... Is SLC a good place to FIRE? [link] [comments]  |
| Financial gifts for newborns? (UK) Posted: 28 Jun 2018 02:55 PM PDT I'd like to get my brothers newborn some sort of financial gift. In the UK we used to have NSI bonds which my grandparents got me - unfortunatelyj they don't have these anymore. What are some modern alternatives? Ideally something he/can keep saved and matures when they're 18 or something similar. [link] [comments]  |
| How safe should pensions and/or social security be considered? Posted: 28 Jun 2018 10:55 AM PDT I work at the top defense contractor on the planet that has a nearly century long history. Been here for about 25 years and am approaching 50 years old. I have a pension that estimates I'll be receiving a fairly hefty amount. With the company's size and history, I feel pretty confident in pension estimate they give me. Social Security is not viable in its current form and will certainly see changes. However, it will be quite politically difficult for them to change the benefits due to people my age (little to no time for Gen X to recover) and they'd likely target the younger generations with the first waves of reduced benefits. My current Social Security estimate is a little under half of what my pension estimate is. Together, I think they'd nearly cover my retirement expenses...but I don't trust them and have my 401K maxed out with the expectation of about $2M+ by the time I retire. With a SWR of 4%, that should match or exceed the pension+SocSec funds in terms of income. My question is, how are folks estimating the potential variability in pensions/social security when they're doing up their FIRE plans? Is it a simple factor (i.e. I only believe I'll get half of what Social Security says I'll get)? Something else? [link] [comments]  |
| Posted: 28 Jun 2018 03:36 PM PDT |
| Posted: 28 Jun 2018 09:02 AM PDT |
| Posted: 28 Jun 2018 01:34 PM PDT Let's get this started! The quick rundown of my current situation: -25 male, UK based (which means health insurance etc are covered) -Dutch/Swiss nationality -Background in the public sector but with had over 20 different positions in sales, QA, QC, accounting etc. working in IT support in 4 languages Dutch/German/English/French working with Agile, DAX, Salesforce, Oracle, HTML 5 and a bit Python -30K main job/4K from investments/4k from side hustles.
-Current investments dividend in 25/25/25/25 ETFs, p2p lending, dividend growth stocks and tech
-FI-number is 500K + owning a house.
My main question: How can I speed up this process and at the same time get myself into a more fulfilling job? I am not looking for magical tricks just for solid, honest and realistic advice. I've got ideas, dreams, plans and so much more which I just can't pursue while losing my 40 years of my life in a corporate job. Don't get me wrong I love working, creating value, giving back, being useful and do stuff with my family. But at the same time I've also just turned 25 and haven't even experienced 10% of what life can teach us. That's why I am looking for advice and a bit of reflection on how others with more life experience would approach my situation. Master plan at the moment is to get really good with all the earlier mentioned programming languages and systems. Improve my German up to a level where I can compete with native speakers. Move to Switzerland to get a 100K per year job. Live cheap in Germany and commute to Switzerland every day (which takes around 30 min). Save 60K per year x2 (GF also working) and "retire" by the age of 30 before we get kids. In order to make this happen, I need to start networking with everybody I can find, get into open-source coding projects, maybe even back to university for 1 year? I am working 35 hours a week + 5 hrs break and think I can devote max 10-15 hours to all the other stuff. Is what Am I aiming for realistic? For me the end goal is not to be rich or do nothing, it's just about having options and life a meaningful life. I grew up with poor parents and horrible financial management. This forced me to earn my own income at a very young age (13), working 30 hours a week in a store or delivering newspapers. This was just to keep up with friends so I could also buy new clothing or go to a soccer match. If any information is missing or unclear please let me know and I will update the post. Also thank you all so much for this amazing reddit forum and all its wisdom. [link] [comments]  |
| Early retirement in another country Posted: 28 Jun 2018 11:08 AM PDT Hey there! I'm curious about what happens if you retire early and move to another country. What's the best path to get there through your 401k? Do you put into a Roth 401k or traditional for best tax savings knowing you won't be in the country? My issues are how is that account treated if you don't reside in the country when pulling money out of it. My plan is to retire early in 10 years (currently 30) and I may have enough for in the US but definetely would in a lower cost of living country ( Costa Rica). [link] [comments]  |
| Getting over the "I want this while I'm still relatively young" desire Posted: 28 Jun 2018 02:50 PM PDT My entire life I've always wanted a Ferrari. Since I was a little kid. I am 31 now, make just over the six figure mark. I just got out of all debts and my only remaining one is my mortgage, $250,000 CAD at 2.54%. I feel confident that with 60-70k cash I could buy my (within reason) dream car, Ferrari 360, which go for about 90k CAD, up front. I know this money should go to my mortgage. But goddamn that engine... The sound of the Italian pipes... Admiring that wonder of creation, paid off, beside my paid off truck.. I know this post seems ridiculous but we like what we like. How do you guys get over your desires? [link] [comments]  |
| How do I stay strong during the final year? Posted: 28 Jun 2018 10:16 AM PDT I plan to quit my job in 1 year or less. I am losing motivation. I can't ever get promoted again. My only incentive to put in effort, is to avoid getting yelled at. And my boss enjoys yelling, so my plan is backfiring. Any advice? [link] [comments]  |
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