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04-09-2018, 05:07 PM
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#15
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Senior Member
Monaco Owners Club
Join Date: Mar 2014
Location: Somewhere Nice
Posts: 1,466
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Quote:
Originally Posted by Trickdog
I retired from the US Navy as a Senior Chief (E-8) in 2007. My DW and I are on Tricare Prime so we have health care covered. We are seriously thinking about Retiring and hitting the road full time in the RV next year. We plan to be debt free with a little money stashed away.
Work camping/host is an option for us to put a little extra in our pockets for beer and wine money.
When I turn 62 I might grab some SS if it's still around.
Not sure what is going to happen with my 401K when I give my 2 week notice to my employer. Roll it over to a IRA? If I can leave it in the 401K that would be great.
Has anyone else did something similar? Thank you in advance.
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Have you checked the fees your employer 401K plan charges. You might find them to be relatively high. I moved my 401k to Vanguard very easily and fees are almost $0. Did it all electrically.
__________________
2008 Monaco Dynasty Squire
Paul & Luci
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04-09-2018, 05:10 PM
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#16
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Senior Member
Join Date: Nov 2015
Posts: 26,689
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Quote:
Originally Posted by tizzyfit
Taking Social Security at age 62 is a less amount granted, BUT you are getting monthly benefits for 4 or 5 years longer than if you had waited until age 66/67. Do the math, the cross-over is usually in the 12-14 year range depending on COLA's and Time Value of Money. If you know the exact date you'll Croke, it makes it much easier to figure out when to start drawing SS.
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Break EVEN for me is age 84.......only 19 more yrs before I start 'loosing' for taking it early
(Based on available info when I was 62)
__________________
I took my Medication today. HAVE YOU?
Dodge 3500 w/Tractor Motor
US NAVY---USS Decatur DDG-31
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04-09-2018, 05:19 PM
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#17
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Senior Member
Join Date: Nov 2006
Location: Western NY
Posts: 6,136
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Withdrawls from 401 / IRAs have restrictions... check your situation w advisor (s).
I Retired (employer actuall put me on LOA) at 53 w my actual retirement date of 55 to avoid restrictions.
Worth a check.
Also consider spouse taking SS early w higher earner waiting for full benefit. Both then get sn increase (at least in dome situations / earnings).
Spousal death benefit can also be higher this way.
Lots of options that requires some knowledge to fo the analysis.
Good luck... I also highly recommend retiring early and lots of ways to make it work.
Best job I ever had
__________________
Don & Marge
'13 Newmar Ventana 3433 - '14 CR-V TOAD
'03 Winnebago Adventurer 31Y - SOLD
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04-09-2018, 05:25 PM
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#18
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Senior Member
Monaco Owners Club National RV Owners Club Workhorse Chassis Owner
Join Date: Dec 2013
Location: St. Charles MO
Posts: 4,920
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Don’t fall in love with that idea until you see a couple of advisers if you don’t have one. Proceed with realistic ideas.
__________________
2002 Monaco Windsor 40PST 2019 Equinox 1.5L, Blue OX Aventa LX tow bar, Roadmaster EZ5 baseplate, SMI Stay-In-Play Duo, TireSafeGuard TPMS
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04-09-2018, 05:28 PM
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#19
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Senior Member
Join Date: Sep 2002
Location: seattle,wa USA
Posts: 1,025
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For those who are considering draining their 401(k) plans to supplement their other retirement BEFORE taking Social Security, PLEASE think about what happens if you croaked early. Your beneficiaries, i.e. adult children, grandchildren, get NOTHING from your social security but would receive any/all money in your 401(k). I know it's a trade-off, but I'd rather retain as much money as I can to pass on to people I care about than let the Social Security Administration keep the remaining contributions I paid in.
__________________
Gary, Maxwell and the Beanie Weenie.
2002 Newmar Kountry Star. Cummins ISB 24 valve
2017 Mazda Miata MX-5 toad on a double axle car hauling trailer
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04-09-2018, 05:37 PM
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#20
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Senior Member
Winnebago Owners Club
Join Date: Apr 2005
Location: Texas
Posts: 2,478
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Quote:
Originally Posted by Trickdog
... snip ...
Has anyone else did something similar? Thank you in advance.
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Hey Chief, suggest you learn about SEPP’s, Substantially Equal Periodic Payments:
https://www.investopedia.com/article.../02/112602.asp
I retired when I turned 55, and while I began to draw my company retirement then, my Railroad Retirement didn’t start until I turned 60, so I used the SEPP’s to bridge us for those five years. Worked very well, didn’t ding the 401K much. As with most anything else, be sure you understand the IRS rules and implications before doing it!
__________________
Warren and Debbie, Deep in The Heart of Texas
2018 Winnebago View 24D
2014 Tiffin Breeze 32BR, 2012 Winnebago Navion 24G, 2006 Winnebago View 23H
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04-09-2018, 05:39 PM
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#21
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Senior Member
Join Date: Nov 2015
Posts: 26,689
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Quote:
Originally Posted by tizzyfit
For those who are considering draining their 401(k) plans to supplement their other retirement BEFORE taking Social Security, PLEASE think about what happens if you croaked early. Your beneficiaries, i.e. adult children, grandchildren, get NOTHING from your social security but would receive any/all money in your 401(k). I know it's a trade-off, but I'd rather retain as much money as I can to pass on to people I care about than let the Social Security Administration keep the remaining contributions I paid in.
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Taught my kids to 'provide for themselves' just like my MOM did for me.
Plan is to run out of ALL monies prior to 'dirt nap'
And calculations show that I will reap roughly 3X the monies I put into SS (inflation-adjusted dollar value of benefits paid)
__________________
I took my Medication today. HAVE YOU?
Dodge 3500 w/Tractor Motor
US NAVY---USS Decatur DDG-31
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04-09-2018, 05:39 PM
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#22
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Senior Member
Join Date: Nov 2017
Location: Frisco Texas
Posts: 136
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What idea?
__________________
Trickdog,
2001 Coleman Pop-up, 2006 Fleetwood Pioneer, 2017 Coleman TQ toy hauler, 2008 Forest River Georgetown 373DS / KIA Forte TOAD, 2022 Keystone Cameo / 2022 Chevy 3500
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04-09-2018, 05:40 PM
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#23
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Senior Member
Join Date: Nov 2011
Location: Full time RV'er
Posts: 5,126
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Quote:
Originally Posted by Finance
You may want to fact check that.
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Fact check done...
"Unlike a Traditional IRA which the regulations do not permit contributions once the owner reaches age 70 1/2, the solo 401k is not subject to this restriction. Therefore, the solo 401k participant can open a solo 401k and make contributions past age 70 1/2; however, he or she must commence taking required minimum distributions (RMDs) at age 70 1/2. "
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04-09-2018, 05:57 PM
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#24
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Senior Member
Winnebago Owners Club
Join Date: Dec 2009
Location: Las Vegas, NV
Posts: 841
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Before listening to all us financial genius, perhaps checking the life span of typical male and female will give you more insight.
Heck, if you make it past that, be a burden to someone.
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04-09-2018, 06:08 PM
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#25
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Senior Member
Join Date: Sep 2002
Location: seattle,wa USA
Posts: 1,025
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Quote:
Originally Posted by two-niner
Before listening to all us financial genius, perhaps checking the life span of typical male and female will give you more insight.
Heck, if you make it past that, be a burden to someone.
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Insurance companies use the Mortality tables for rate-making purposes. What's every bit as important is YOUR own family mortality. If your mom and dad are still alive into their 80's and their parents lived into their 80's or 90's, you're in a much better place than people who's parents and grandparents all expired in their 50's or 60, or 70's.
Just last week or so, Arnold Shwarsnigger would have croaked had he not been on the operating table getting some "adjustments" made to his heart. Later, Arnold stated heart valve issues had claimed a number of his immediate family members.
__________________
Gary, Maxwell and the Beanie Weenie.
2002 Newmar Kountry Star. Cummins ISB 24 valve
2017 Mazda Miata MX-5 toad on a double axle car hauling trailer
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04-10-2018, 06:27 AM
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#26
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Senior Member
Tiffin Owners Club Winnebago Owners Club Ford Super Duty Owner iRV2 No Limits Club
Join Date: Jul 2014
Location: Ohio
Posts: 1,119
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Retired at age 62: wife and I receive 7 monthly retirement checks from DoD, OPM, VA, and SS. We also have 3 other sources of $$$$ we will receive when we turn 72 1/2.
Now the real question: We own our home and don't want to sell it and be full timers. We usually take extended trips all over the USA during both winter and summer months. We Have kids in NC, CA, and ND. We like to come home to a nice house and enjoy the spaciousness. We have been to all 50 states so why full time when you have been there done that.
__________________
Mike and Debbie: USAF Msgt Ret, DoD Civ Ret
DAV and Good Sam Lifetime Members
2014 Allegro Open Road 36LA/2014 Jeep Grand Cherokee/2018 Cherokee Trailhawk
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04-10-2018, 06:43 AM
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#27
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Senior Member
Join Date: Jan 2018
Posts: 1,513
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Quote:
Originally Posted by Jim_HiTek
Fact check done...
"Unlike a Traditional IRA which the regulations do not permit contributions once the owner reaches age 70 1/2, the solo 401k is not subject to this restriction. Therefore, the solo 401k participant can open a solo 401k and make contributions past age 70 1/2; however, he or she must commence taking required minimum distributions (RMDs) at age 70 1/2. "
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Contributions to a 401 must be earned income. The scenario you're describing requires the participant to go back to work as self employed and earn the money. You cannot just move money into a 401.
__________________
Newmar Ventana 4037, 2023.
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04-10-2018, 08:10 AM
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#28
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Senior Member
Join Date: Nov 2011
Location: Full time RV'er
Posts: 5,126
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Quote:
Originally Posted by flywithcoop
Retired at age 62: wife and I receive 7 monthly retirement checks from DoD, OPM, VA, and SS. We also have 3 other sources of $$$$ we will receive when we turn 72 1/2.
Now the real question: We own our home and don't want to sell it and be full timers. We usually take extended trips all over the USA during both winter and summer months. We Have kids in NC, CA, and ND. We like to come home to a nice house and enjoy the spaciousness. We have been to all 50 states so why full time when you have been there done that.
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There are services that match home owners with house sitters so you could keep your home and let a house sitter care for it for you while you visit friends and relations or just randomly travel.
That scheme can be perfect if you're tired of RV'ing as house sitters want to visit a new area for a month or two at a time, and you likely wouldn't want to travel more than that each trip.
If full time RV'ing gets stale, with a house sitter you could park it and take a couple or three months to visit Europe. Or take a train ride across the US or Canada instead of using the RV (different perspective).
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