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Old 04-09-2018, 05:07 PM   #15
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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.
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.
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Old 04-09-2018, 05:10 PM   #16
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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.
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)
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Old 04-09-2018, 05:19 PM   #17
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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.
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Old 04-09-2018, 05:25 PM   #18
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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.
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Old 04-09-2018, 05:28 PM   #19
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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.
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Old 04-09-2018, 05:37 PM   #20
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... snip ...

Has anyone else did something similar? Thank you in advance.
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!
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Old 04-09-2018, 05:39 PM   #21
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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.
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)
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Old 04-09-2018, 05:39 PM   #22
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What idea?
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Old 04-09-2018, 05:40 PM   #23
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You may want to fact check that.
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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Old 04-09-2018, 05:57 PM   #24
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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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Old 04-09-2018, 06:08 PM   #25
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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.
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.
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Old 04-10-2018, 06:27 AM   #26
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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.
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Old 04-10-2018, 06:43 AM   #27
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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. "
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.
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Old 04-10-2018, 08:10 AM   #28
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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.

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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