401k at 59 1/2

[Bubblehead]

Man I get it if that is your thing. I am sure from a financial perspective that is 100% the right thing to do. However, for me…I believe the sweet spot for having piece of mind, my health a good deal of financial security….the ability to live it up a bit if you will….is between 60 and 70. I’d rather blow a bunch of loot on a vette when I am 60, than on a conversion van with air lift suspension that is wheel chair accessible when I’m 72 because my knees are shot. I also don’t save for my kids. I have/am in the process of providing my kids with all the tools they need to be successful. Paying for college and instilling the old school work ethic that most don’t have anymore. It still matters. My children will also get my real estate which includes a property that was willed to me. They are also in the unique position to have wealthy, life long savers in their grandparents who will leave them a sizeable inheritance. Basically, my children at 50 will have a higher net worth than myself at 50 and that is awesome. I hope you live to 72 and maintain a healthy life so you can enjoy your 401k. I respect you choice, appreciate your input.

How long are you going to live?

I agree, screw your kids, you have done enough for them.

Spend your money, but don't be impetuous or short sighted.

 

[I have NOT been lurking]

I agree, screw your kids, you have done enough for them.

That's how you get thrown in ghetto nursing homes

 

[Over70irregs]

That's how you get thrown in ghetto nursing homes

That is called pre-death

 

[Coldworld]

Or take it out and invest it in something safe while interest rates are still a reasonable rate.

Crypto or your stupid I-bonds????

 

[Coldworld]

It's hard decision

Men see all that goodness in the honey hole and do not realize the consequences of pulling it out too late.

Perhaps

 

[IVE GOTTA PACKAGE 4U]

Crypto or your stupid I-bonds????

I bonds

 

[textat3]

That's how you get thrown in ghetto nursing homes

Will blow my brains out before I ever spend a night in the nicest nursing home in the world. That is the truth.

 

[oldngray]

That's how you get thrown in ghetto nursing homes

Most people don't last more than a couple of years in those places. They just give up and die.

 

[textat3]

I won’t make it 1 night.

 

[Red Headed Stranger]

You have two more years at the current tax rate before it goes up.
Or if you're still working just quit putting money into your 401k

Ive Gotta Package 4U is 100% correct. Much better to just quit putting money into your 401k rather than taking a withdrawal. Save the withdrawal for an emergency situation. Also, most people don't realize how quickly a 401k withdrawal on top of your salary + spouse's salary = much higher tax bracket for the year.

 

[DriverNerd]

Or take it out and invest it in something safe while interest rates are still a reasonable rate.

Especially if you're old enough that your investments in your 401k are in more conservative investments and not making much anyway. A guaranteed interest rate is a smart move.

 

[DELACROIX]

That's how you get thrown in ghetto nursing homes

Truth be know: "They are ALL (Ghetto) nursing homes"...The better ones just put on a good front, but behind those doors..

That is called pre-death

So True..Going through it with my Dad, ex-military (27 years), two retirement checks and etc...Smart as a whip at 93, his legs are starting to go. Technically he did everything right with his investments and life choices and made wise decisions with his money for him and his children' children, now he is facing paying over 6,000 dollars a month for a nursing home. The system is stacked, anybody considering to wait for retirement for a few hundred dollars is a fool, particularly at UPS where it is a game of attrition. If the work itself doesn't get you your advancing age will, it is almost a guarantee that most of us will be forced out, either you or your spouse will develop a major health issue...your retirement will be on you in a minute after that..

Will blow my brains out before I ever spend a night in the nicest nursing home in the world. That is the truth.

Sounds like you got a glimpse...Been through enough of them visiting my mother in law...The major problem is that these homes causes major burn out with their staff, even with a good heart the nurses and staff are required to do too much without any real hope for their patients. It is a business plain and simple, a meat department in every area, it is so easy to fall through the safety nets and no one cares, especially the health care bureaucrat. Everybody expects to go down swinging on their own terms, guessing perhaps that only 2 percent every do.

Most people don't last more than a couple of years in those places. They just give up and die.

I have a friend's wife last 5 years in a nursing home with dementia, again a nice facility, she was in real bad shape, strapped to a bed, unable to feed herself, etc, etc. He was considered a rich man and did everything correctly similar to my dad, he was forced to take a second mortgage on his property to pay for her care. He and his kids went through hell monetary and mentally. Also saw a good man go through ALS, retired 3 years before his illness was discovered..he thought he beat the system..it took about 2 years before he passes, he was basically a vegetable physically but still had his wits about him, only 70 years of age. His wife was the only caretaker till the end, trying to keep his assets in tact, went over to help a little and I marveled how she took care of him...

 

[badpal]

Truth be know: "They are ALL (Ghetto) nursing homes"...The better ones just put on a good front, but behind those doors..



So True..Going through it with my Dad, ex-military (27 years), two retirement checks and etc...Smart as a whip at 93, his legs are starting to go. Technically he did everything right with his investments and life choices and made wise decisions with his money for him and his children' children, now he is facing paying over 6,000 dollars a month for a nursing home. The system is stacked, anybody considering to wait for retirement for a few hundred dollars is a fool, particularly at UPS where it is a game of attrition. If the work itself doesn't get you your advancing age will, it is almost a guarantee that most of us will be forced out, either you or your spouse will develop a major health issue...your retirement will be on you in a minute after that..





Sounds like you got a glimpse...Been through enough of them visiting my mother in law...The major problem is that these homes causes major burn out with their staff, even with a good heart the nurses and staff are required to do too much without any real hope for their patients. It is a business plain and simple, a meat department in every area, it is so easy to fall through the safety nets and no one cares, especially the health care bureaucrat. Everybody expects to go down swinging on their own terms, guessing perhaps that only 2 percent every do.



I have a friend's wife last 5 years in a nursing home with dementia, again a nice facility, she was in real bad shape, strapped to a bed, unable to feed herself, etc, etc. He was considered a rich man and did everything correctly similar to my dad, he was forced to take a second mortgage on his property to pay for her care. He and his kids went through hell monetary and mentally. Also saw a good man go through ALS, retired 3 years before his illness was discovered..he thought he beat the system..it took about 2 years before he passes, he was basically a vegetable physically but still had his wits about him, only 70 years of age. His wife was the only caretaker till the end, trying to keep his assets in tact, went over to help a little and I marveled how she took care of him...

Thanks for the uplifting story's. Guess the golden years aint so golden sometimes. Just that same smell u get when delivering to nursing homes depresses me.

 

[Over70irregs]

Truth be know: "They are ALL (Ghetto) nursing homes"...The better ones just put on a good front, but behind those doors..



So True..Going through it with my Dad, ex-military (27 years), two retirement checks and etc...Smart as a whip at 93, his legs are starting to go. Technically he did everything right with his investments and life choices and made wise decisions with his money for him and his children' children, now he is facing paying over 6,000 dollars a month for a nursing home. The system is stacked, anybody considering to wait for retirement for a few hundred dollars is a fool, particularly at UPS where it is a game of attrition. If the work itself doesn't get you your advancing age will, it is almost a guarantee that most of us will be forced out, either you or your spouse will develop a major health issue...your retirement will be on you in a minute after that..





Sounds like you got a glimpse...Been through enough of them visiting my mother in law...The major problem is that these homes causes major burn out with their staff, even with a good heart the nurses and staff are required to do too much without any real hope for their patients. It is a business plain and simple, a meat department in every area, it is so easy to fall through the safety nets and no one cares, especially the health care bureaucrat. Everybody expects to go down swinging on their own terms, guessing perhaps that only 2 percent every do.



I have a friend's wife last 5 years in a nursing home with dementia, again a nice facility, she was in real bad shape, strapped to a bed, unable to feed herself, etc, etc. He was considered a rich man and did everything correctly similar to my dad, he was forced to take a second mortgage on his property to pay for her care. He and his kids went through hell monetary and mentally. Also saw a good man go through ALS, retired 3 years before his illness was discovered..he thought he beat the system..it took about 2 years before he passes, he was basically a vegetable physically but still had his wits about him, only 70 years of age. His wife was the only caretaker till the end, trying to keep his assets in tact, went over to help a little and I marveled how she took care of him...

We have to enjoy our time. We all know there is a big retirement crisis, especially pertaining to long term care. We have to take care of our bodies.

 

[Over70irregs]

Thanks for the uplifting story's. Guess the golden years aint so golden sometimes. Just that same smell u get when delivering to nursing homes depresses me.

Had a friend have quintuple bypass surgery. Had to stay in care after regular hospital for a bit. You are at complete mercy of staff. They had some decent people but some of the staff were walking bad attitudes.

 

[ManInBrown]

Tax man cometh……

Three words, Roth Roth Roth.

 

[bottomups]

Three words, Roth Roth Roth.

Eventually they will come after those to.

 

[IVE GOTTA PACKAGE 4U]

Three words, Roth Roth Roth.

Stay outta debt

 

[Bubblehead]

Three words, Roth Roth Roth.

Depends on how closer you are to drawing the money out.

The Roth is great for young investors, but the returns diminish the older you get, making the traditional tax differed option more attractive while you are earning at a higher rate.

 

[IVE GOTTA PACKAGE 4U]

Depends on how closer you are to drawing the money out.

The Roth is great for young investors, but the returns diminish the older you get, making the traditional tax differed option more attractive while you are earning at a higher rate.

The Roth is probably a better option for the next two years until the tax rate goes up in January of 2026