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Old 11-04-2024, 05:10 PM   #1
TinyEvel TinyEvel is offline
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Originally Posted by 2bikemike View Post

What I failed to do was invest in a Roth. I have around a 14-16% effective tax rate in retirement. Nothing sucks more than to pay Uncle Same $1600 bucks for every $10K you withdraw from your IRA.
From what I understand they can only tax the GAINS in an IRA since you contribute to it with after tax money.
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Old 11-04-2024, 06:19 PM   #2
2bikemike 2bikemike is offline
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Originally Posted by TinyEvel View Post
From what I understand they can only tax the GAINS in an IRA since you contribute to it with after tax money.
A Roth is pre tax dollars. So there is no tax on withdrawals. Your money grows tax free. A traditional IRA is pre tax dollars so every withdrawal is taxed.
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Old 01-17-2025, 11:09 AM   #3
Macroach Macroach is offline
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Originally Posted by 2bikemike View Post
A Roth is pre tax dollars. So there is no tax on withdrawals. Your money grows tax free. A traditional IRA is pre tax dollars so every withdrawal is taxed.
I think you meant to say the Roth is post-tax, while traditional IRA is pre/tax contributions.

Just a few ideas from this old guy:

- If possible, contribute as much as you can to the Roth. The money can grow to a billion dollars and you will not be taxed on any of the gains when you withdraw.

- Roth is a great vehicle because you can withdraw your PRINCIPAL contributions tax free (since you paid taxes on that one already). So for example if you contributed $100k, and it grew for several years, you could then withdraw any of the $100k without early withdrawal penalties or taxes.

- Look into the “backdoor” IRA -> Roth conversion. (Insert obligatory CP joke here). Or the “mega”Roth backdoor conversion. If they’re still around. Been awhile since I researched those.
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Old 11-04-2024, 08:30 AM   #4
Mosbonian Mosbonian is offline
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Just thought I would bring this one back up to the top in case anyone new has retired lately.

The really nice part about retirement? When you have the Sunday Night and Monday Night games, there is no real rush to get up early in the AM to have to get to work.
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Old 11-04-2024, 05:04 PM   #5
GloryDayz GloryDayz is offline
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Originally Posted by Mosbonian View Post
Just thought I would bring this one back up to the top in case anyone new has retired lately.

The really nice part about retirement? When you have the Sunday Night and Monday Night games, there is no real rush to get up early in the AM to have to get to work.
I'm one year and four days retired and LOVING it... Trips to Roatan to dive, Green Bay for Chiefs, Northern Iowa to teach Ice Diving, Cozumel for diving, Cayman Brac for diving, Cozumel #2 for diving, Roatan #2 for diving, Sint Maarten/Saba/Saint Kitts for Diving, Egypt/Red Sea for diving, Cozumel #3 for diving, and about ready to leave for Bonaire for five glorious weeks for diving... Then I have dive trips scheduled for Cozumel (kinda my 2nd home), Hawaii/Fiji, The Maldives, and Roatan setup for Jan-July 2025. While I'm retired I LOVE leading dive trips (saved a LOT of my nest egg...), so I guess I'm not 100% retired.

No matter what, I LOVE my retired life...
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Old 11-04-2024, 11:12 PM   #6
Mosbonian Mosbonian is offline
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I'm one year and four days retired and LOVING it... Trips to Roatan to dive, Green Bay for Chiefs, Northern Iowa to teach Ice Diving, Cozumel for diving, Cayman Brac for diving, Cozumel #2 for diving, Roatan #2 for diving, Sint Maarten/Saba/Saint Kitts for Diving, Egypt/Red Sea for diving, Cozumel #3 for diving, and about ready to leave for Bonaire for five glorious weeks for diving... Then I have dive trips scheduled for Cozumel (kinda my 2nd home), Hawaii/Fiji, The Maldives, and Roatan setup for Jan-July 2025. While I'm retired I LOVE leading dive trips (saved a LOT of my nest egg...), so I guess I'm not 100% retired.

No matter what, I LOVE my retired life...
My nephew came down here about 4 years back to get some dive courses....he takes his diving seriously just like you seem to.
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Old 11-04-2024, 11:31 PM   #7
GloryDayz GloryDayz is offline
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Originally Posted by Mosbonian View Post
My nephew came down here about 4 years back to get some dive courses....he takes his diving seriously just like you seem to.
For me it's a trip to my past, my current and my future (for as long as I can do it). It's my thing, Mrs. GloryDayz gets it and supports it, so I do it. Everybody who retires should "do their thing" and love every minute of it. In my case I do it and teach it, I'm giving back and hoping to share my passion with others who might find the ocean as wonderful as I do. But if a person is into, let's say, trains, I pray they share their passion in their latter half/third of life and let others find their passion.


It's a good thing...
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Old 11-04-2024, 06:23 PM   #8
Bearcat Bearcat is offline
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Originally Posted by Mosbonian View Post
Just thought I would bring this one back up to the top in case anyone new has retired lately.

The really nice part about retirement? When you have the Sunday Night and Monday Night games, there is no real rush to get up early in the AM to have to get to work.
And you can get in an afternoon nap so you can stay awake until the end.
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Old 11-04-2024, 11:57 PM   #9
jerryaldini jerryaldini is offline
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Originally Posted by Mosbonian View Post
Just thought I would bring this one back up to the top in case anyone new has retired lately.

The really nice part about retirement? When you have the Sunday Night and Monday Night games, there is no real rush to get up early in the AM to have to get to work.
I'm feeling it right now, late game is so much more enjoyable!

I retired in May at 62 and I've never been so happy. My favorite thing is having time to go at a slow pace with no set schedule. Especially time and energy to exercise and go hiking. I'm running 3 miles a few times a week and often doing mountain hikes on other days. Physically I feel amazing, and being outside and exercising so much is great for my mental health too. Can't recommend it enough!
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Old 11-04-2024, 12:09 PM   #10
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Starting on week 4 of retirement. I have enjoyed sleeping in that is for sure but I really need to get myself on a schedule to get up earlier and get to the honey-do list although I have knocked a few items out just to keep the honey happy.
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Old 11-27-2024, 12:10 PM
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Old 01-17-2025, 10:52 AM   #12
Graystoke Graystoke is offline
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Well, I am taking the plunge folks.
After 36 years of employment with the same outfit it is time.
My last day will be February 28th. We then go to Mexico for 2-3 weeks...maybe longer right???
Looking forward to going into this with Spring on the horizon. Got travel plans ready and in my head thinking of all I want to do!
I am pretty excited. 3 Months ago I was wishy washy about it, but now I am convinced, I am ready.
I may re-enter the work force as a consultant as folks have already reached out asking. I am not going to immediately commit until I have a 2-3 months of retirement under my belt.
BIG CHANGES on the horizon and I am pumped for the change.
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Old 01-17-2025, 11:02 AM   #13
HonestChieffan HonestChieffan is offline
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Originally Posted by Graystoke View Post
Well, I am taking the plunge folks.
After 36 years of employment with the same outfit it is time.
My last day will be February 28th. We then go to Mexico for 2-3 weeks...maybe longer right???
Looking forward to going into this with Spring on the horizon. Got travel plans ready and in my head thinking of all I want to do!
I am pretty excited. 3 Months ago I was wishy washy about it, but now I am convinced, I am ready.
I may re-enter the work force as a consultant as folks have already reached out asking. I am not going to immediately commit until I have a 2-3 months of retirement under my belt.
BIG CHANGES on the horizon and I am pumped for the change.
Great plan....take some deserved you time. But dont wait too long to take the cinsulting work or they will forget who you were faster than you imagine
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Old 01-17-2025, 11:16 AM   #14
BigRedChief BigRedChief is offline
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Great plan....take some deserved you time. But dont wait too long to take the cinsulting work or they will forget who you were faster than you imagine
I still get calls for consulting companies, remote work etc. I just tell them I'm retired. Wellll until the next hurricane whacks my house.
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Old 01-17-2025, 11:57 AM   #15
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I still get calls for consulting companies, remote work etc. I just tell them I'm retired. Wellll until the next hurricane whacks my house.
I have been retired now for 9 months and have absolutely no desire to do anymore consulting...when I first retired I thought I would enjoy doing some consulting but the further I get from what I used to do the less desire I have.

Plus....now I am doing things I LOVE to do...found out that being a volunteer can be so rewarding.
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