Comments on: Retiring at 67 Is For Suckers

By: B

Tue, 23 Sep 2014 03:21:19 +0000

“But there is a hole in my plan: all of my savings for retirement are in tax sheltered accounts that I can’t touch until I’m 60 (without incurring penalties). That means I need to save money into taxable accounts to float my life between age X and 60. X could be 50 or 55, who knows?”

Not true, my friend. Look up 72(t) and Substantially Equal Periodic Payments. You can pull out money from your tax sheltered accounts whenever you want.

By: J. Money

J. Money — Sat, 06 Sep 2014 19:21:56 +0000

In reply to LeisureFreak Tommy. Hah! You'll be retired from retiring soon :)

By: LeisureFreak Tommy

LeisureFreak Tommy — Fri, 05 Sep 2014 05:31:23 +0000

I totally agree with your post. I retired the first time at age 51. I just retired again now age 56. I want to say that you can get to your IRA money without penalty by using the IRS rule 72t monthly equal distributions. It is tied to your age at retirement and the 72t start-time treasury rates so when rates are low like they are today it lowers the payments allowed. Its pretty restrictive but that is how I fund my retirement.

By: J. Money

J. Money — Tue, 26 Aug 2014 12:51:44 +0000

In reply to pam.

Yikes – sorry to hear! At least you’re on this blog reading and looking for ways to get a handle on stuff – that’s good! It’s hard to advise without knowing you or your situation, but just remember that anything’s fix/changeable. If you’re not happy with a situation you can always change it even if it’s scary/hard. We gotta do our best to be happy as often as possible, right?

By: JB @ superwealthsecrets.com

JB @ superwealthsecrets.com — Sun, 24 Aug 2014 12:08:08 +0000

Interesting information. If you live a frugal life and disciplined enough to handle your finances, then it’s easier to retire early.

By: pam

pam — Sat, 23 Aug 2014 16:48:27 +0000

Hi… stumbled onto your site… loved it. I became concerned with the line about screwing up and buying a house at 55. I did just that. So… what should I do? Divorced female homeowner with not so much in the bank. Procrastinating on $$$ repairs and remodeling. Had a little anxiety attack fourth paragraph down. Lol… but thanks for the insight!

By: Darrell

Darrell — Thu, 21 Aug 2014 17:38:25 +0000

In reply to J. Money. If any of you want me to run numbers for you, I would be happy to do it. Just contact me through LinkedIn, or something.

By: Darrell

Darrell — Thu, 21 Aug 2014 17:36:27 +0000

In reply to J. Money.

I was going to let you take first shot on this comment. :)

Short answer is, “Yes,”this article is just about me and my money.: (this is a financial blog, isn’t it?) The long answer includes all the things FI let’s me do. We spent our first 8 years of marriage care taking for my wife’s elderly, partially demented grandmother, so I don’t need the preaching. We deferred some life goals and a lot of experiences to do that, and we’d do it again. Next time the opportunity comes up to take care of family, we’ll be in a better position to do it. Plus, our planning will help make sure our grand kids don’t have to take that role with us in 60 years.

By: Darrell

Darrell — Thu, 21 Aug 2014 17:25:56 +0000

In reply to Free to Pursue. You're welcome! Glad you liked the article. J$ entertains us, and I like to think he employed me for a week to be the nerdy guy with a green visor and a spreadsheet for a week. My number will be less than $3M, too, which is why I advised to play with your own numbers. I just tried to keep the article as simple as you can when talking about complex formulas.

By: Darrell

Darrell — Thu, 21 Aug 2014 17:21:16 +0000

In reply to J. Money. That's why you're the boss!