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.

And you can get in an afternoon nap so you can stay awake until the end. :skip: :D

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...

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!

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

Congratulations and good luck!

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.

:clap:

Congrats and well-deserved. Enjoy it all!

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. :)

We tool our last annuity out of the stock market. We just have them in CD's getting 6%. Staying ahead of inflation.

The housing and insurance markets, politics, A.I. and all the uncertaintly coming with this new presidency. A lot of chances to see the stock market crash or slide significantly. If I was 30-40 I'd leave it in because it will wventually recover, But at 66, I've become risk adverse.

I've been retired for about three months, going on a trip to Arizona in March. I had thought that I might want to consult however the further in the taillights my work gets, the less I want to spend the time I have left for the benefit of someone else.

Get the Medicare, Social Security, 401k and pension stuff out of the way because it all takes time and is, at least for me, a source of frustration. The hardest thing for me so far is changing the mindset to spending instead of saving.

My plan is to retire (shut what remains of my business down) at the end of 2026 (I'll be 59). However, I plan to open a small consulting business that will allow me to keep 2 clients that will essentially pay the majority of my bills - my mortgage will be paid off in Dec of '26. I'd only have to "work" less than 6 hours per week to keep that up. Zero business travel and no office required. I'd most likely keep doing that until I'm physically/mentally unable to do so. The next 2 years are gonna be ball-busters, but they are also going to be 2 of the best years financially of my career. So, I'm gonna rack it up while I can :)