The trick to this is simple "DO WHATEVER YOU WANT"!Man_relaxes.gif
My anticipated retirement date is Dec 31 2016. What I "Will Not Do" in retirement is nothing!!! A few years ago, I had herinated disc surgery and by Drs. orders couldn't work or drive for about 4 weeks. Those days drove me nuts (no offense Nuut). I will do some part time ag consulting, plan to expand my "hobby" woodworking into a side line business and TRAVEL. The consulting and sideline work will primarily be for occupation of time and supplement our travel budget. The LOML and I bought a motorhome a few years ago,(the only debt we currently carry) and enjoy that lifestyle greatly but not enough to become fulltimers. We will stay in our current home as it is home and there's no place like home. We are planning an Alaska trip for summer of 2017. After that, we will probably do some workamping with the RV in some areas of the country that we want to explore.
The trick to this is simple "DO WHATEVER YOU WANT"!Man_relaxes.gif
I'd like to restore/modify classic cars and trucks. I have a project vehicle that I'm cutting my teeth on right now. I'm not an expert mechanic, but I really enjoy figuring out how to fix what's broken. I'd be happier than a pig in mud if I can make enough off the sale of the projects to keep me busy with cars, parts, and paint.
God bless the United States of America!
Surf every day, preferably when I'm still young enough to rip on my shortboard
Day trading for the time being. Six kids, mixed marriage, fifteen grand-kids, always a soccer game or school play to go to. Also with some kids in NY, one in NC and one in SC always somewhere to go. So far have not needed to go back to the workforce and with an early retirement the supplement limits how much I can earn until I'm 62, so far day trading has been a better alternative to Home Depot or Walmart for me since capital gains do not count against the supplement. Will reevaluate at 62. Rehabbed our 1885 farmhouse just before retiring and used the proceeds to downsized to a townhouse, wife and I like the freedom for now. Second 19th century remodel for me and probably the last, donated larger power tools to the kids and now I can supervise.
It would be wise for me to wait the many years in Federal Gov to retire, but I may not make it. Money isn't everything... I would love to start a brewery in a few years. I would be broke and it would be hard, but I would love it.
Emotions should never play a role in one's investing strategy!
No to Greed...No to Fear!
http://share.robinhood.com/mariloc1
I just read today about unexpected retirement costs by M Elliott:
1. Emergency expenses -home/car repairs
2. Health Care
3. Inflation
4. Supporting family members
5. Student Loans co-signed with children
I just thought for us looking for that eden...the following might help..
Chart for state retirement taxes(2013)
http://i.mktw.net/_newsimages/pdf/st...come-table.pdf
Articles: Looking for a retirement haven? Tax friendly state? Some are more detailed than others.
Taxes by State
State-by-State Guide to Taxes on Retirees-Kiplinger-this allows you to compare up to 5 states!
12 States Without Pension or Social Security Taxes - US News
Emotions should never play a role in one's investing strategy!
No to Greed...No to Fear!
http://share.robinhood.com/mariloc1
#4. Inflation. That is why I run retirement calculator with my best current guess at future inflation to run the retirement income math.
#1. home/car repairs. expect the unexpected. I keep records of annual expenditures in such categories and budget roughly the same for the following year. If it's not needed, it goes in the normal everyday emergency fund of 3-6 months expenses. If I find that I didn't need to spend it all this year, I put it into taxable brokerage account or Roth account. Each year I build my budget that way, based on past average expenditures by category. and then I start whacking away around the edges to balance over all if income doesn't look like it would match average monthly outgo, with those infrequent but eventual costs built in already-roughly. that's how I maintain/replenish the emergency fund.
"life can only be understood backwards, but it must be lived forwards" - soren kierkegaard
Emotions should never play a role in one's investing strategy!
No to Greed...No to Fear!
http://share.robinhood.com/mariloc1
Frank - I checked the 1st link "Taxes by State" for Michigan and there is a small link on the bottom:
Michigan recently changed how it taxes retirement benefits. These changes are for returns filed for tax year 2012. Click here for details.
Emotions should never play a role in one's investing strategy!
No to Greed...No to Fear!
http://share.robinhood.com/mariloc1
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