Personal Finance & Money Stack Exchange
Personal Finance & Money Stack Exchange

Questions tagged [early-retirement]

38 questions
119
votes
24 answers

My million-dollar brother wants to retire. Should he?

My brother is 37 years old and works in a very stable job earning $150,000 annually. He has his own house, a fianceé and a total of $950,000 in the bank (including stocks, real state and bonds). He also has a longtime desire to retire as soon as…
Chaotic
  • 1,103
  • 2
  • 8
  • 8
30
votes
4 answers

How to retire early without penalty?

Logistically speaking, how would one retire early without getting hit with withdrawal penalties? As far as I know, most tax-incentivised retirement accounts slap you with penalties for making withdrawals before retirement age. Let's assume that I…
ewiggin
  • 303
  • 3
  • 6
22
votes
3 answers

Laid off at age 54 1/2, am I eligible to withdraw my 401k money without penalty?

I will be turing 55 this year in November. I got laid off 2 weeks ago (April 4, 2016). I worked in New York City and live in NJ. Can I withdraw my 401k without penalty?
Doublespeed
  • 321
  • 2
  • 4
17
votes
6 answers

Can a small family retire early with 1.2M + a part time job?

Given: Married couple age 40 with one child under 5 $800K combined 401k $400K combined savings/investments No debt 90K average yearly expenses, includes mortgage Is it possible to retire now with one partner working a part time job, providing…
Vested
  • 337
  • 2
  • 5
16
votes
2 answers

Type of account for investing surplus funds when planning to retiring early?

How do people retire early? Say that their debts (including house) are paid in full, they have ample money already saved in IRAs, 401ks, etc., they are expecting a pension, and have earned enough SS credits so that at age 65, their expected annual…
nuggethead
  • 2,423
  • 4
  • 18
  • 39
12
votes
4 answers

Have I left investing until too late?

I'm 44 and have only the investment of a house. I was scared off ISAs (individual savings accounts) etc because of the complexity, choice, etc and only now have I come to make the decision to open an Investment ISA. I'd like to have enough money…
Matt W
  • 549
  • 1
  • 5
  • 17
7
votes
2 answers

Is my "retire young" strategy a sensible one?

My goal is to have enough to retire at 40. I have 11 years to go (I'm 29) as of the past 15th. To be clear, I don't plan on retiring, maybe ever, but I want to have enough to just quit one day if I decide to. This will be a multi-part question…
DotNetRussell
  • 2,964
  • 21
  • 35
7
votes
5 answers

Is this a reasonable financial plan? - Spend all of your money every few years?

Ok, the title is intentionally a bit facetious. But a bit about my current situation. I live in Europe (a high cost of living country) and save around 10,000 Euros per year. I have been doing this for 2 years, so have around 20,000 in cash, but I…
Cloud
  • 3,655
  • 4
  • 14
  • 19
6
votes
5 answers

Those retiring early - what other steps can I take to ensure retirement at 50?

I want to retire early (am 40 - want to retire by 50). For those who have done it in and around that time (without inheriting a ton of money from someone) what steps or things can I do to help make this a reality. Every article I read talks…
JonH
  • 1,499
  • 2
  • 14
  • 23
5
votes
2 answers

How are Social Security Benefits adjusted after early retirement, when collection is delayed to 70?

After trying multiple calculators, from ssa.gov (https://www.ssa.gov/benefits/retirement/estimator.html) and others (for example https://www.aarp.org/work/social-security/social-security-benefits-calculator.html), and reading up on various sources…
Aganju
  • 38,107
  • 8
  • 59
  • 121
5
votes
2 answers

Retiring 10 years early; should I withdraw pension fund to invest myself or wait and take defined benefit?

My total cash assets are approx 585k; I have no debt, but neither do I have other assets (ie property, car, etc). I have very low rent and live within my means. My money is held about 1/2 in RSP, the balance in USD and CAD accounts, currently 75% of…
JenC
  • 61
  • 1
5
votes
1 answer

Is there any value to delaying Social Security benefits other than risk reduction for early-retirees?

I have hopes of retiring early, hopefully around 55-60, and am making contributions to my 401k and regular investment accounts accordingly. I plan to live off of growth of my savings, and not retire until said growth substantially outstrips my…
Nicholas
  • 2,871
  • 4
  • 24
  • 30
4
votes
1 answer

Are there penalties for expats taking regular withdrawals from a 401(k)?

I am an American who has retired overseas. I retain a U.S. bank account where my retirement pay goes. I recently made an early withdrawal from my 401(k) and was taxed and penalized as a "foreigner", even though the money was sent to my U.S. bank…
Tony
  • 41
  • 1
4
votes
1 answer

HSA and Medicare

I am 65 and was not planning to retire until 70. I am participating in high deductible healthcare at work and was contributing to a HSA until September 2020 when I was offered early retirement. The company cannot provide the date of my retirement…
Morrowm
  • 41
  • 1
4
votes
1 answer

Tax considerations rolling SEP IRA over to Roth

I have a SEP IRA with about 125k in it and I'm thinking of rolling it into a Roth so that I can have ready access to the money if I need it before age 59.5 (i.e. I'd like to keep my FIRE options open). My understanding is that I have to pay the…
G. Ann - SonarSource Team
  • 353
  • 1
  • 7
1
2 3