Wondering if there is anyone on here that has retired early (FIRE Movement)

[rayporter]

there are so many ways and opinions on this --choose wisely!

i saved hard but i never had to sit home while i worked.

i went somewhere every week end whether to a rodeo, horse show or a gun competition. usually showed horses all winter, too.

there were hunting trips and fishing trips every year, too. most years more than one hunting trip. i seriously don't know how i got it all done when i worked.

you all act like you have to sit at home of you save enough to skip out early.

i have been on mandatory withdrawals for five years and my nest egg is still grew this year. i took SS at 62 and do not have a pension.

well i have sit around enough after lunch, i think i will mow and acre and then shoot till dark. you all just sit around on that couch.

 

[TimberRunner]

Never planned to retire early. Built a small business with a partner, we killed ourselves for 5-6 years making it what it was. Sold it for more than we could of imagined after 10 years. Stayed on for a while to help out, but was building another company in background just to have something to do. Junior guy came to me a few years later and told me he wanted the 2nd business, I didn't need to sell it, but I knew I could always work for him as I wanted, so pulled the trigger.

At 52, I work periodically, enjoy it more than ever. Don't need the money, just enjoy it. I can take months off and occasionally do. If I want to work 10 hour days, I can. If I want a few hours of work, I can.

I've got 2 in college, a 3rd a few years away. They have done well with scholarships and their jobs, told them grad school is their responsibility, if they want to go that route.

Its nice to have the flexibility to travel to hunt when I want, go to visit family and friends out of state periodically. Bride's father is in poor health and we have the ability for her to leave and help her mom when she needs to. We are blessed and hope to enjoy the fruits of our labor for several more decades.

 

[go_deep]

Make sure you reject Medicare when the time comes. Wouldn't want those entitlements creeping in.

Medicare Part A is primarily funded by a dedicated 2.9% payroll tax (FICA) split equally between employers and employees, which is deposited into the ⁠Hospital Insurance Trust Fund.

You prepay for your Medicare part A. I'll have paid my share, I'll be good with using it, if it still exists when I get there.

 

[307]

Current workers primarily finance part A.

 

[Ross]

Someone earlier asked about ANNUITIES. Retired 3 years ago. We purchased two of these one maturing in 5 years, another in 10. Guaranteed 6% return and our first one earned a crazy amount the first year establishing a new base line. Will provide retirement income on one and the other long term care/whatever is required later in life medically if needed. These provide a guaranteed amount for life. Another option to explore for some and we liked the peace of mind it offers. I’m one of those 401k guys talked about so much in this thread. I’ll just say we have no worries, nor any worries about renters, maintenance, and 2008 crashes. Had a buddy with many rentals, he finally said enough and sold them all. There are many options and no single/right answer for everyone.


A Multi-Year Guaranteed Annuity (MYGA) is a fixed annuity that guarantees a fixed interest rate for a set term, typically 3 to 10 years, with tax-deferred growth and principal protection.
Overview
A MYGA is a type of fixed deferred annuity where you deposit a lump sum with an insurance company, and in return, the insurer guarantees a fixed interest rate for the duration of the contract, usually ranging from three to ten years ( Annuity.org+1). Unlike market-based investments, your returns are not affected by market fluctuations, providing stability and predictability.
How It Works

• Lump-Sum Contribution: You invest a single amount, which grows at the guaranteed rate during the accumulation phase ( Annuity.org+1).
• Tax-Deferred Growth: Interest compounds without being taxed until withdrawal, allowing faster growth compared to taxable accounts ( Annuity.org+1).
• Term Options: Common terms include 3, 5, or 7 years, with some insurers offering up to 10 years ( Amica Mutual Insurance+1).
• Withdrawal Rules: Many MYGAs allow penalty-free withdrawals of up to 10% per year, with exceptions for emergencies like hospital bills. Early withdrawals may incur surrender charges or IRS penalties if taken before age 59½ ( Annuity.org+2).

Benefits

• Guaranteed Returns: You know exactly what your money will earn over the term ( Annuity.org+1).
• Principal Protection: Your initial investment is protected from market downturns ( heartlandnationallife.com).
• Flexible Payout Options: At maturity, you can withdraw the funds, convert them into a stream of income, or renew the annuity for another term ( heartlandnationallife.com).
• Tax Advantages: Taxes on interest are deferred until withdrawal, which can be beneficial if you are in a lower tax bracket during retirement ( Annuity.org+1).

Considerations

• Limited Liquidity: Access to funds is restricted during the term, except for allowed withdrawals ( Annuity.org+1).
• Surrender Charges: Early withdrawals beyond the penalty-free amount may incur fees ( annuityadvantage.com).
• Interest Rate Environment: MYGA rates are fixed, so if market rates rise significantly, your rate may be lower than new offerings

 

[North of 60]

Pensions are the price you pay to put up working for local/state/federal bureaucracies...

On the retired side of it I'm grateful we both each have pension/SS with excellent healthcare ins coverage that lasts until medicare.

 

[TimberRunner]

Someone earlier asked about ANNUITIES. Retired 3 years ago. We purchased two of these one maturing in 5 years, another in 10. Guaranteed 6% return and our first one earned a crazy amount the first year establishing a new base line. Will provide retirement income on one and the other long term care/whatever is required later in life medically if needed. These provide a guaranteed amount for life. Another option to explore for some and we liked the peace of mind it offers. I’m one of those 401k guys talked about so much in this thread. I’ll just say we have no worries, nor any worries about renters, maintenance, and 2008 crashes. Had a buddy with many rentals, he finally said enough and sold them all. There are many options and no single/right answer for everyone.


A Multi-Year Guaranteed Annuity (MYGA) is a fixed annuity that guarantees a fixed interest rate for a set term, typically 3 to 10 years, with tax-deferred growth and principal protection.
Overview
A MYGA is a type of fixed deferred annuity where you deposit a lump sum with an insurance company, and in return, the insurer guarantees a fixed interest rate for the duration of the contract, usually ranging from three to ten years ( Annuity.org+1). Unlike market-based investments, your returns are not affected by market fluctuations, providing stability and predictability.
How It Works

• Lump-Sum Contribution: You invest a single amount, which grows at the guaranteed rate during the accumulation phase ( Annuity.org+1).
• Tax-Deferred Growth: Interest compounds without being taxed until withdrawal, allowing faster growth compared to taxable accounts ( Annuity.org+1).
• Term Options: Common terms include 3, 5, or 7 years, with some insurers offering up to 10 years ( Amica Mutual Insurance+1).
• Withdrawal Rules: Many MYGAs allow penalty-free withdrawals of up to 10% per year, with exceptions for emergencies like hospital bills. Early withdrawals may incur surrender charges or IRS penalties if taken before age 59½ ( Annuity.org+2).

Benefits

• Guaranteed Returns: You know exactly what your money will earn over the term ( Annuity.org+1).
• Principal Protection: Your initial investment is protected from market downturns ( heartlandnationallife.com).
• Flexible Payout Options: At maturity, you can withdraw the funds, convert them into a stream of income, or renew the annuity for another term ( heartlandnationallife.com).
• Tax Advantages: Taxes on interest are deferred until withdrawal, which can be beneficial if you are in a lower tax bracket during retirement ( Annuity.org+1).

Considerations

• Limited Liquidity: Access to funds is restricted during the term, except for allowed withdrawals ( Annuity.org+1).
• Surrender Charges: Early withdrawals beyond the penalty-free amount may incur fees ( annuityadvantage.com).
• Interest Rate Environment: MYGA rates are fixed, so if market rates rise significantly, your rate may be lower than new offerings

How many of those do you a sell each year?

 

[Ross]

@TimberRunner fwiw not affiliated retired