Financial Independence Daily FI discussion thread - November 07, 2019 |
- Daily FI discussion thread - November 07, 2019
- Does the sequence of returns risk change at all based on when you periodically take the income, say annually instead of monthly? Does lower standard deviation protect you from some of the SORR? SORR is something everyone seems to worry about, but I haven’t seen any mitigating tactics, bar low WR’s.
- FIRE in less well off but still very developed nations. What advice should be given to regular people who are Portuguese, Croatian, Polish, Greek, Czech, Lithuanian, Slovenian and so on, to achieve fire, when their average take home is £700-£1050/month? Is it still feasible?
- How do you include your fixed pension in your FIRE calculations?
- Lifestyle de-creep
- Traditional vs Roth IRA for Massachusetts?
| Daily FI discussion thread - November 07, 2019 Posted: 07 Nov 2019 12:07 AM PST 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]  |
| Posted: 07 Nov 2019 05:08 AM PST |
| Posted: 07 Nov 2019 04:34 AM PST |
| How do you include your fixed pension in your FIRE calculations? Posted: 07 Nov 2019 08:24 AM PST I am supposed to be getting a certain amount of money from the state as a pension (Europe) from age 65 on. How do you include such things in your FIRE calculations? IF I stop contributing at age 40 it will not be a livable wage, but still I guess it could be included and I would need a lower sum to retire. [link] [comments]  |
| Posted: 06 Nov 2019 08:14 PM PST I've generally lived a fairly frugal life - mostly spending money on the occasional eating out, drinks, and travel. As I'm edging closer to FI and likely quitting the 9-5 grind, I'm a bit worried I'll become even more frugal once I no longer have a consistent salary dropping into my bank account every two weeks. I know the theory is assuming you have xx saved up and the market grows xx% over time, you should be OK. Despite that, I'm still uneasy taking money out of my accounts with nothing going in. I do plan to have some side income of some sort, but the amount won't be anywhere near to what I'm making now. I don't want to FIRE and somehow turn into a frugal hermit. Anyone else feel this way and how do you overcome it? [link] [comments]  |
| Traditional vs Roth IRA for Massachusetts? Posted: 07 Nov 2019 04:54 AM PST Hi, I've been reading around about the benefits of traditional vs Roth IRA. I was about to make the switch from Roth to traditional for 2019 when I found out that Massachusetts doesn't give a deduction for traditional IRA contributions, AND it also taxes distributions except for previously taxed contributions: https://www.mass.gov/service-details/view-non-government-pensions My MAGI for 2019 will be around 60k, so I could benefit from avoiding 22% federal taxes now. But it seems like Massachusetts is giving me no incentive to choose a traditional IRA since my contributions and my earnings at withdrawal are taxed. I should do a Roth IRA instead so that at least my earnings are tax free right? Plus, if I choose traditional IRA, pay MA taxes now, then move to another state like ME that has a state income tax, then my contributions will have essentially been taxed twice at the state level. Is the savings on federal taxes now worth the loss in savings on MA 5.05%.tax on earnings? Edit: I also haven't planned out where or when I'm going to retire yet. I'm just trying to figure out the best general tax strategy for now. [link] [comments]  |
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