The accountant says we can retire early. Woohoo!!!

[Tpondel]

In all seriousness, after 45 years of hitting the floor running 7 days a week, I find that I feel terribly guilty on those days when I'm not actively working to get some project done.

Today it's raining out and not a lot of real work to do inside...sometimes it's difficult to just "be retired"...

My dad once said “the problem with retirement is you never get a day off”

 

[gsganzer]

I think you mis-understood...your accountant said HE/SHE can retire early

I do have a disdain for many of the money investment folks. Every one of them just badmouths everyone else's performance and will tell you how they can outperform everybody else. They're really just after asset capture so they can then get a flat rate of 1% or so on your value, plus whatever buried fee's, regardless of how the assets actually perform.

I would like to see our politicians pass a law requiring standardization of investment reports, that clearly spell out what you have paid to the investment company each month. Similar to what Obama required for credit card statements.

Lawyers have their own issues. There's absolutely no incentive for them to efficiently resolve anything and I often see opposing lawyers collude to play a self-perpetuating game to drag things out to pad both their pockets.

 

[CloverKnollFarms]

My uncle told me last month....

"Rob, when you retire, you'll wonder how the hell you ever fit a job into your busy schedule".

He was right. I don't have time to have a job. Before I retired I thought I may get a part time job... Because I'd be bored.

It's been a month, and I cannot fathom working for someone else ever again. My workplace is my shop. I punch in when I want to.

We have never had a financial planner... But over two decades averaged 12%+ over our investment portfolio. The key for us has likely moreso been living debt free and well below our means. Most years we were saving 50-70% of our income.

 

[mikester]

I do have a disdain for many of the money investment folks. Every one of them just badmouths everyone else's performance and will tell you how they can outperform everybody else. They're really just after asset capture so they can then get a flat rate of 1% or so on your value, plus whatever buried fee's, regardless of how the assets actually perform.

I would like to see our politicians pass a law requiring standardization of investment reports, that clearly spell out what you have paid to the investment company each month. Similar to what Obama required for credit card statements.

Lawyers have their own issues. There's absolutely no incentive for them to efficiently resolve anything and I often see opposing lawyers collude to play a self-perpetuating game to drag things out to pad both their pockets.

I'm glad my kids are all grown up and independent...Right now I only have to work to support accountants, insurers, lawyers and politicians...

 

[gsganzer]

The key for us has likely moreso been living debt free and well below our means. Most years we were saving 50-70% of our income.

I think this is the thing that's lost on most people. Having the ability to show restraint in your spending. There's a difference between having money and being wealthy.

 

[CloverKnollFarms]

I think this is the thing that's lost on most people. Having the ability to show restraint in your spending. There's a difference between having money and being wealthy.

Also, when you show restraint, you don't need to save nearly as much to retire. It lets you save more, earlier, and live longer on what you saved. Double win.

We really have no intention of touching the principle until RMDs become an issue. It feels really unnatural to be retired at 47... But also, we have lived really unnatural lives for 20 years in the lead up.

My son still has to head to college, but 15 years ago we started that saving as well, so he has a six figure nest egg there too. It's his job to spend it wisely, because his dear parents did their part. Now it's time for him to show responsibility.

 

[ultrarunner]

One of my most senior friends posed the question should you retire because you can?

He believes retirement is a death sentence.

He is 86, good health and running the company he built for 60 years.

Says there is no other place he would rather be.

I wonder how much of his satisfaction is because he is the boss…?

 

[Rustyiron]

I know people who just really don't know how to be themselves and have difficulty with retirement. They (were) are their job and without it they just kinda wander. Very sad in my mind.
Not in ultrarunner's case above, but if you're working for someone....

 

[npalen]

So what is the reason(s) for switching a 401K to an IRA at retirement or even years later? Both require RMD's, right?

 

[ultrarunner]

IRA has more options for investment is my understanding.

401k and 403b are limited to what the employer offers.