Search found 117 matches

by skime
Thu Aug 08, 2019 12:36 pm
Forum: Personal Finance (Not Investing)
Topic: Local Assessor Trying to Include IRA Earnings as Income for Exemption (NY)
Replies: 8
Views: 792

Re: Local Assessor Trying to Include IRA Earnings as Income for Exemption (NY)

We have a new assessor in town. He has sent out a new form for the senior low income property tax exemption that counts all IRA earnings for the year as income! This has never been done before, and I think it's illegal. Just look at the harsh wording on this form. AFAIK he is misinterpreting the am...
by skime
Fri Jul 26, 2019 7:59 am
Forum: Personal Investments
Topic: Laid Off - Want to Retire / Am I OK
Replies: 145
Views: 18480

Re: Laid Off - Want to Retire / Am I OK

... The biggest issue with retiring early at 51 is that friends will get suspicious about how you can afford it. From my perspective when I've seen relatives and neighbors retire earlier than 60 they tend to turn into "old people" faster. It's likely due to the people they hang out with, if you han...
by skime
Thu Jul 25, 2019 8:45 pm
Forum: Personal Investments
Topic: Laid Off - Want to Retire / Am I OK
Replies: 145
Views: 18480

Re: Laid Off - Want to Retire / Am I OK

All these replies are very helpful. My primary concern is sequence of risk, that is why I want to try and live on mostly dividends / income in the initial years. My current estimate of dividend and interest income is about 130K. The individual stocks I have pay above average dividends. So the rest ...
by skime
Thu Jul 25, 2019 11:17 am
Forum: Personal Investments
Topic: Laid Off - Want to Retire / Am I OK
Replies: 145
Views: 18480

Re: Laid Off - Want to Retire / Am I OK

I have been laid off from my job and want to retire. The layoff came as a surprise so I have not had time to think about planning for retirement. Here is my situation. Age: 51. Married. Two Daughters: 20 and 16. One Daughter currently in college the other in high school. Wife does not work. Investm...
by skime
Thu Jul 25, 2019 8:00 am
Forum: Personal Investments
Topic: Laid Off - Want to Retire / Am I OK
Replies: 145
Views: 18480

Re: Laid Off - Want to Retire / Am I OK

I have been laid off from my job and want to retire. The layoff came as a surprise so I have not had time to think about planning for retirement. Here is my situation. Age: 51. Married. Two Daughters: 20 and 16. One Daughter currently in college the other in high school. Wife does not work. Investm...
by skime
Thu Jul 25, 2019 7:49 am
Forum: Personal Investments
Topic: Laid Off - Want to Retire / Am I OK
Replies: 145
Views: 18480

Re: Laid Off - Want to Retire / Am I OK

I have been laid off from my job and want to retire. The layoff came as a surprise so I have not had time to think about planning for retirement. Here is my situation. Age: 51. Married. Two Daughters: 20 and 16. One Daughter currently in college the other in high school. Wife does not work. Investm...
by skime
Wed Jul 24, 2019 6:25 pm
Forum: Personal Investments
Topic: Laid Off - Want to Retire / Am I OK
Replies: 145
Views: 18480

Re: Laid Off - Want to Retire / Am I OK

I have been laid off from my job and want to retire. The layoff came as a surprise so I have not had time to think about planning for retirement. Here is my situation. Age: 51. Married. Two Daughters: 20 and 16. One Daughter currently in college the other in high school. Wife does not work. Investm...
by skime
Tue Jul 23, 2019 5:43 pm
Forum: Personal Finance (Not Investing)
Topic: Where would you move to?
Replies: 130
Views: 9488

Re: Where would you move to?

chevca wrote:
Tue Jul 23, 2019 5:34 pm
Washington state would fit the bill for you. Stay away from the metro areas if you want affordability. But, it's a big state with some really nice areas. And, all the outdoor activities you can imagine.
Interesting. Any suggestions where in Washington?
by skime
Tue Jul 23, 2019 5:29 pm
Forum: Personal Finance (Not Investing)
Topic: Where would you move to?
Replies: 130
Views: 9488

Where would you move to?

My wife and I are trying to determine a place to move. Reasons why are a long story. We're at a loss for where to go. We do know that we'd like to be in a state that has no income taxes. We live an active outdoor life will the dogs. We'd like to be in a place with a smaller population and reasonable...
by skime
Sat Jul 13, 2019 8:30 am
Forum: Personal Finance (Not Investing)
Topic: Can my brother afford his vacation?
Replies: 41
Views: 3807

Re: Can my brother afford his vacation?

Another type of the same thread "My net finally reached $20 mln. Can I finally afford start drinking Starbucks coffee every morning?" :oops: This has got to be a troll. Why exactly would OP ask his brother if he could afford a vacation? That's so rude and judgmental that I strongly doubt it actuall...
by skime
Sat Jul 13, 2019 4:18 am
Forum: Personal Finance (Not Investing)
Topic: Can my brother afford his vacation?
Replies: 41
Views: 3807

Re: Can my brother afford his vacation?

Maybe it was a humble brag. But there are a ton of posts on this forum where people are seriously asking and worrying about affording things that represent a similar % of their net worth. Personally, I think there are many on this forum, including me, that would be nauseous at spending almost half ...
by skime
Fri Jul 12, 2019 8:32 pm
Forum: Personal Finance (Not Investing)
Topic: Can my brother afford his vacation?
Replies: 41
Views: 3807

Re: Can my brother afford his vacation?

My brother recently told me that he's taking his in-laws on a trip to Italy for their 50th anniversary. He was concerned because he wasn't sure that he could afford the $20k price tag. When I asked him what his financial situation was, he didn't share income and expenses, but he did tell me that he...
by skime
Fri Jul 12, 2019 8:30 pm
Forum: Personal Finance (Not Investing)
Topic: Can my brother afford his vacation?
Replies: 41
Views: 3807

Re: Can my brother afford his vacation?

JoeRetire wrote:
Fri Jul 12, 2019 8:00 pm
skime wrote:
Fri Jul 12, 2019 6:49 pm
What would you have told him?
I would have told him that he alone was in a position to decide if he could afford it or not.
That's very true and spot on insight.
by skime
Fri Jul 12, 2019 8:29 pm
Forum: Personal Finance (Not Investing)
Topic: Can my brother afford his vacation?
Replies: 41
Views: 3807

Re: Can my brother afford his vacation?

I wouldn’t have responded to that comment, because I wouldn’t have asked him what his financial situation was in the first place. I might have said, “sounds like that is for you and your spouse to resolve.” I don’t weigh in on my siblings’ spending. Not my monkeys, not my circus. That said, I have ...
by skime
Fri Jul 12, 2019 7:15 pm
Forum: Personal Consumer Issues
Topic: Should I Buy a Motorcycle?
Replies: 59
Views: 2861

Re: Should I Buy a Motorcycle?

Hello, So I have been saving like mad since I snagged my current job and I'm on track to gross around 70k this year. My biggest goal right now is to save for a down payment on a construction loan to build a modest 1600 sqft home on an acre+ of land here in the PNW. I recently contacted a local bank...
by skime
Fri Jul 12, 2019 6:51 pm
Forum: Personal Finance (Not Investing)
Topic: Can my brother afford his vacation?
Replies: 41
Views: 3807

Re: Can my brother afford his vacation?

Jags4186 wrote:
Fri Jul 12, 2019 6:50 pm
“You have $5 million. Why aren’t you being me along with you?”

Seems like a humblebrag to me. Of course I don’t know your relationship.
You could be right. That sounds like my brother.
by skime
Fri Jul 12, 2019 6:49 pm
Forum: Personal Finance (Not Investing)
Topic: Can my brother afford his vacation?
Replies: 41
Views: 3807

Can my brother afford his vacation?

My brother recently told me that he's taking his in-laws on a trip to Italy for their 50th anniversary. He was concerned because he wasn't sure that he could afford the $20k price tag. When I asked him what his financial situation was, he didn't share income and expenses, but he did tell me that he ...
by skime
Thu Jun 13, 2019 9:20 am
Forum: Personal Consumer Issues
Topic: Retired at 35 and have no friends :(
Replies: 113
Views: 11513

Re: Retired at 35 and have no friends :(

Hello all. Been following for years and first time posting. Not sure if I'm posting in the right place, but here goes. Through some good fortune, working hard, and following sound financial advise, such as the advise found here with Bogleheads, I was able to retire ~9 months ago at the age of 35. T...
by skime
Mon Jun 10, 2019 4:01 pm
Forum: Personal Consumer Issues
Topic: I'm thinking about buying a supercar anyone here done this and feedback?
Replies: 241
Views: 14235

Re: I'm thinking about buying a supercar anyone here done this and feedback?

Hey Everyone, So, here's an interesting one that I want to see if any Bogleheads have ever been in a similar scenario and have purchased a supercar and more importantly do you think it has provided any value/happiness/fun in your life , and would you or have you done it again ? A little background....
by skime
Mon Jun 03, 2019 8:14 am
Forum: Investing - Theory, News & General
Topic: 2% withdrawal rate
Replies: 182
Views: 13380

Re: 2% withdrawal rate

I retired at 50, and based on the statement "only prudent way" I would strongly disagree. I'm not sure there is ever an "only prudent way" in finance or life. As to the 2%, it's just far too conservative for me. But in the end, it's whatever works for you. So, my general reasons for not wanting to ...
by skime
Sun Jun 02, 2019 12:34 pm
Forum: Investing - Theory, News & General
Topic: 2% withdrawal rate
Replies: 182
Views: 13380

Re: 2% withdrawal rate

This board, unlike zillions of other financial sites has a high signal to noise ratio. Fundamental Boglehead principles that are evidence-based do underlie this discussion board, versus any and all ridiculous opinions being given equal weight. That said, I'm not suggesting censorship in any way or ...
by skime
Sun Jun 02, 2019 6:35 am
Forum: Investing - Theory, News & General
Topic: 2% withdrawal rate
Replies: 182
Views: 13380

Re: 2% withdrawal rate

Nope - no bragging at all. Yes, yes you are bragging. You saved 50x your expenses early enough to retire early. The median family in the US has almost nothing saved for retirement. The median person 56-61 years old has <0.5x expenses saved ( http://www.thefiscaltimes.com/Columns/2016/03/04/Retireme...
by skime
Thu May 30, 2019 4:05 pm
Forum: Investing - Theory, News & General
Topic: 2% withdrawal rate
Replies: 182
Views: 13380

Re: 2% withdrawal rate

Great discussion on this topic. Thanks for all of your responses.
by skime
Thu May 30, 2019 3:01 pm
Forum: Investing - Theory, News & General
Topic: 2% withdrawal rate
Replies: 182
Views: 13380

Re: 2% withdrawal rate

The biggest risk with 2% is never getting enough saved to actually retire. At a 20% gross savings rate and a 5% real return, it would take about 49 years to retire. At a 40% savings rate, it would take about 32 years (vs. the 22 years it would take to achieve 4% withdrawals). So with a high savings...
by skime
Thu May 30, 2019 2:31 pm
Forum: Investing - Theory, News & General
Topic: 2% withdrawal rate
Replies: 182
Views: 13380

Re: 2% withdrawal rate

What makes you so sure that you will survive with 2% withdrawal rate? I think it has to be 1% or less given the current condition of the market and the previous market conditions and the debt and the Chinese/Indians etc etc. Aren't you worried that in retrospect the 2% might deplete your portfolio ...
by skime
Thu May 30, 2019 2:16 pm
Forum: Investing - Theory, News & General
Topic: 2% withdrawal rate
Replies: 182
Views: 13380

Re: 2% withdrawal rate

quantAndHold wrote:
Thu May 30, 2019 2:12 pm
Why would you think you *could* go back to work if we got bombed into oblivion?
That's exactly my point. I'm sorry if that wasn't clear.

https://www.financialsamurai.com/the-id ... principal/
by skime
Thu May 30, 2019 2:10 pm
Forum: Investing - Theory, News & General
Topic: 2% withdrawal rate
Replies: 182
Views: 13380

Re: 2% withdrawal rate

Why nobody countered OP that 1% withdrawal rate is "the correct prudent" withdrawal rate? I would have really liked to see what OP says to that claim. How would he have refuted it? Would light bulb go on in his head or do I overestimate logical thinking of an average human being? I would agree with...
by skime
Thu May 30, 2019 2:00 pm
Forum: Investing - Theory, News & General
Topic: 2% withdrawal rate
Replies: 182
Views: 13380

Re: 2% withdrawal rate

willthrill81 wrote:
Thu May 30, 2019 9:39 am
I believe the OP has left the building folks.
Nope - still here.
by skime
Thu May 30, 2019 3:21 am
Forum: Investing - Theory, News & General
Topic: 2% withdrawal rate
Replies: 182
Views: 13380

Re: 2% withdrawal rate

I'm of the opinion that a 2% withdrawal rate or less is the only prudent way to draw on one's portfolio for retirement before the age of 50. Does anyone disagree with this opinion? If so, why? Your statement is egregious; since it is your claim that the entire community of retirement industry exper...
by skime
Thu May 30, 2019 3:17 am
Forum: Investing - Theory, News & General
Topic: 2% withdrawal rate
Replies: 182
Views: 13380

Re: 2% withdrawal rate

Thanks for all of the responses. I'm just curious, how many of you that responded are actually currently retired? If you are retired, what withdrawal rate are you using?
by skime
Wed May 29, 2019 7:36 pm
Forum: Investing - Theory, News & General
Topic: 2% withdrawal rate
Replies: 182
Views: 13380

Re: 2% withdrawal rate

Further, in using the Variable Withdrawal Method, your withdrawal rate is never lower than the mid 3%'s, more evidence your current approach is way too conservative, even starting at a young retirement age. Keep in that the "mid 3%" you're referring to is a percentage of what is in the portfolio. W...
by skime
Wed May 29, 2019 4:43 pm
Forum: Investing - Theory, News & General
Topic: 2% withdrawal rate
Replies: 182
Views: 13380

Re: 2% withdrawal rate

I'm of the opinion that a 2% withdrawal rate or less is the only prudent way to draw on one's portfolio for retirement before the age of 50. Does anyone disagree with this opinion? If so, why? Do you have data to support your opinion? Historically, the perpetual withdrawal rate (i.e. would at least...
by skime
Wed May 29, 2019 3:18 pm
Forum: Investing - Theory, News & General
Topic: 2% withdrawal rate
Replies: 182
Views: 13380

2% withdrawal rate

I'm of the opinion that a 2% withdrawal rate or less is the only prudent way to draw on one's portfolio for retirement before the age of 50.

Does anyone disagree with this opinion? If so, why?
by skime
Sat May 25, 2019 4:39 pm
Forum: Personal Finance (Not Investing)
Topic: 4M 70K expenses would you stop?
Replies: 105
Views: 11076

Re: 4M 70K expenses would you stop?

What does the community think if the expenses were 85k and the assets were 4mm - just in case expenses are a bit higher than anticipated... So, that would be a 2.125% withdrawal rate at the age of 59/58, plus probably some Soc Sec coming later. I personally would not hesitate for one second. I reti...
by skime
Sat May 25, 2019 1:56 pm
Forum: Personal Finance (Not Investing)
Topic: 4M 70K expenses would you stop?
Replies: 105
Views: 11076

Re: 4M 70K expenses would you stop?

What does the community think if the expenses were 85k and the assets were 4mm - just in case expenses are a bit higher than anticipated...
by skime
Tue May 21, 2019 6:18 am
Forum: Personal Finance (Not Investing)
Topic: FIRE - What am I missing in the News Stories
Replies: 223
Views: 15076

Re: FIRE - What am I missing in the News Stories

People's insecurities definitely come out when it comes to people retiring early. If someone saves enough to retire early at any age and live anywhere they want and do anything they want, have kids or not have kids why would you care? There's certainly a lot of judgement being thrown around. OT comm...
by skime
Sat May 18, 2019 3:59 pm
Forum: Personal Finance (Not Investing)
Topic: Very High Net Worth, elite private or “good” public
Replies: 278
Views: 18627

Re: High net worth, elite private or “good” public

Hello, my kids will going into 4th 2nd and K this coming school year. The 2 oldest are doing well but my DW and I have growing reservations about the nearby public school system. Currently the elementary /middle / and high schools are all “B” rated schools (6/10 great school rankings). We have the ...
by skime
Thu Apr 25, 2019 8:35 am
Forum: Personal Investments
Topic: SWR moving target
Replies: 11
Views: 699

Re: SWR moving target

early growth/loss in portfolio have largest impact on success/failure. Resetting your SWR wipes out that baked in success and rolls the dice again. If you are using 100% success and are comfortable, go for it. If you use 90% success, roll enough times and you might fail. I would probably re-evaluat...
by skime
Thu Apr 25, 2019 8:05 am
Forum: Personal Investments
Topic: SWR moving target
Replies: 11
Views: 699

SWR moving target

If you start out with a certain SWR and 10 years later the SWR is a smaller amount of the total portfolio due to asset growth, do you adjust your SWR? For example: Year 1: portfolio $1mm, withdrawal $30k, SWR 3% Year 10: portfolio $2mm, withdrawal $50k, SWR 2.5% SWR as a percentage of the portfolio ...
by skime
Fri Mar 22, 2019 11:23 am
Forum: Personal Investments
Topic: How to realistically FIRE?
Replies: 310
Views: 22669

Re: How to realistically FIRE?

OP, In my opinion, there are two classes of people. A) Those that are FI and do not need to care about other's opinion about social classes and so on. B) Those that are not FI and need to care about social classes and so on. My goal in life is to live my own life. Not the life that someone's else t...
by skime
Wed Mar 06, 2019 7:01 pm
Forum: Personal Investments
Topic: Best Account for 2 Million from Sale of my Business
Replies: 63
Views: 3578

Re: Best Account for 2 Million from Sale of my Business

I've done this multiple times. PM me and I can provide you with my experience. Hopefully it will help.
by skime
Sun Feb 10, 2019 6:07 pm
Forum: Personal Investments
Topic: Windfall advice
Replies: 8
Views: 915

Re: Windfall advice

I am inheriting about 1.2M and we are struggling with the best approach to managing this windfall. We are fully aware that this is going to change the course of our financial freedom. Early on in our marriage, we made some poor financial decisions (read: let’s spend $$$$) and have crawled out of th...
by skime
Mon Feb 04, 2019 4:56 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: 3% is the new 4%
Replies: 517
Views: 36962

Re: Larry Swedroe: 3% is the new 4%

https://player.fm/series/afford-anything/three-percent-is-the-new-four-percent-with-larry-swedroe-retirement-planning-expert This is a podcast interview by a woman named Paula Pant of Larry Swedroe. Larry discusses his most recent book on retirement. Goes way beyond finances into the importance of ...
by skime
Fri Jan 25, 2019 8:34 am
Forum: Personal Investments
Topic: Private business investment opportunity
Replies: 19
Views: 874

Re: Private business investment opportunity

You say you recently connected online? Do you know this person? Does the entrepreneur have a strong track record? I wouldn't invest with someone I don't know. Don't think of this as an opportunity. Rather, think of it as something to spend your time on. That way you won't be disappointed when it goe...
by skime
Tue Jan 08, 2019 10:52 pm
Forum: Investing - Theory, News & General
Topic: Safe withdrawal rate at 38 years old
Replies: 95
Views: 8061

Re: Safe withdrawal rate at 38 years old

I’m looking at the possibility of selling my company for a large amount of money. My wife and I both own/operate it, so we would both be unemployed in this scenario. We would both find some other form of work, but likely at a much lower income level. For purposes of this question, I want to ignore ...
by skime
Mon Jan 07, 2019 5:25 pm
Forum: Investing - Theory, News & General
Topic: Safe withdrawal rate at 38 years old
Replies: 95
Views: 8061

Re: Safe withdrawal rate at 38 years old

I’m looking at the possibility of selling my company for a large amount of money. My wife and I both own/operate it, so we would both be unemployed in this scenario. We would both find some other form of work, but likely at a much lower income level. For purposes of this question, I want to ignore ...
by skime
Sat Dec 08, 2018 12:37 pm
Forum: Investing - Theory, News & General
Topic: Do long-term bonds belong in one's portfolio?
Replies: 236
Views: 14828

Re: Do long-term bonds belong in one's portfolio?

Can someone definite short, intermediate and long bonds?
by skime
Tue Dec 04, 2018 1:49 pm
Forum: Personal Consumer Issues
Topic: Retired in your late 40s or early 50s?
Replies: 87
Views: 15042

Re: Retired in your late 40s or early 50s?

My wife and I are in our late forties and retired. We don't regret it for one minute. It's been fantastic. We've had some setbacks and challenges. We would have had them whether we were working or not. We planned for extreme events prior to retiring, so those challenges weren't financially straining...
by skime
Fri Nov 23, 2018 9:04 am
Forum: Personal Finance (Not Investing)
Topic: The psychology of withdrawing from your portfolio
Replies: 58
Views: 6205

Re: The psychology of withdrawing from your portfolio

I made sure that my withdrawal rate was going to be so low that it was virtually impossible for my retirement not to work.
by skime
Sat Nov 10, 2018 9:41 am
Forum: Personal Finance (Not Investing)
Topic: Finances in NYC
Replies: 95
Views: 8570

Re: Finances in NYC

Good Morning Everyone, I'm facing a big decision; I received a job offer in Manhattan, NY and am trying to see the financial side of the issue and since I believe everyone here from past experience I am hoping for other opinions regarding life in general with the decision. So, anything you think I ...