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  #11  
Old 03-13-2021, 08:50 PM
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Quote:
Originally Posted by Flash68 View Post
This. I’m hoping/planning to do just this in the near future.
Atta boy! You may want to check out a book called “half time”.
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  #12  
Old 03-14-2021, 11:58 PM
67-ls1 67-ls1 is offline
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In my case, my expenses have gone way up in retirement. Mostly due to traveling so 2020 wasn’t bad. But since I retired in 2014, it’s been more every year.
And while the stock market has had a banner year, the only thing you can truly count on is it will correct. IMO, pretty significantly.
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Old 03-15-2021, 11:21 AM
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Regarding the health insurance question...this is something we've dealt with since semi retiring 5 years ago. Because I own my own Company and I'm able to control the income that it reports, we kept our Adjusted Gross income under $65,000 for the first few years and it saved us over $1,000 a month in health insurance premiums. Can't stand the idea behind Obamacare but what the hell, if it's there, I'm taking advantage of it.

We did run our "post-tax" cash down pretty low with upgrades to the new house etc, so this year we elected to not do Obamacare and are taking a much larger chunk of income out of the Company to build the post-tax kitty back up once again. Next year it'll be back to living off beans and weenies again to save that $15,000 in insurance premiums.

Sometimes it's hard looking at the balance in the Pre-tax accounts, knowing it's there...and knowing we can't touch it without paying considerably penalties and taxes...while scrimping by day to day, but it makes the most sense at least for the time being.
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  #14  
Old 03-15-2021, 06:52 PM
XLexusTech XLexusTech is offline
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Quote:
Originally Posted by SSLance View Post
Regarding the health insurance question...this is something we've dealt with since semi retiring 5 years ago. Because I own my own Company and I'm able to control the income that it reports, we kept our Adjusted Gross income under $65,000 for the first few years and it saved us over $1,000 a month in health insurance premiums. Can't stand the idea behind Obamacare but what the hell, if it's there, I'm taking advantage of it.

We did run our "post-tax" cash down pretty low with upgrades to the new house etc, so this year we elected to not do Obamacare and are taking a much larger chunk of income out of the Company to build the post-tax kitty back up once again. Next year it'll be back to living off beans and weenies again to save that $15,000 in insurance premiums.

Sometimes it's hard looking at the balance in the Pre-tax accounts, knowing it's there...and knowing we can't touch it without paying considerably penalties and taxes...while scrimping by day to day, but it makes the most sense at least for the time being.
I read today one of the tax claw backs the administration is doing is removing the pass through tax.. so that may directly impact my ability to control my taxable income. I setup an LLC to help on this front but may be too late to benefit from it..
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Old 07-09-2021, 06:17 PM
67-ls1 67-ls1 is offline
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Srode1 pretty much described my experience too. I don’t have time to do everything I want to do and don’t know how I got it all done when I was working.

I retired 7 years ago at 56 and the one thing I can say is my expenses GREW rather substantially. I’m spending more on hobbies, travel, home renovations than I did while working. Way more.

The guy across the street from me just passed away at 103. Lived alone until the end. I knew him for almost 40 years and I can tell you I’m in a lot better shape than he was when he was my age.

My point is plan on living a long time. My parents were both in their early 90’s when they passed so I have my financial planner use 100 for my wife and I when he does the modeling.

I’ve heard it said that the first person to live to 150 has probably already been born. I don’t want to see that guy at the gym….
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Last edited by 67-ls1; 11-06-2021 at 08:01 PM.
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