The post this week about withdrawing social security had me thinking a bit. My wife and I are entering our 40’s and still in the accumulation phase, but also starting to look and ask questions about our retirement so that we are set up well when we do.
There is a lot of discussion of social security will be around, how much, etc. The point of this post is not about what, but what your retirement financial plan is in addition or outside of social security.
I do not have a FA right now, but am learning later in life as I near retirement it could be more beneficial, to help navigate withdrawals, tax efficiency, as well as leave me estate in good standing for my wife and son to inherit while leaving some money into the community as well.
My plan right now is to “retire” near 60 with the goal to work a “fun” job on my terms. It could be part-time, it could be low wage, ideally it’s a hobby or something I love so much I am basically being paid while living “retired” That said
I have 3 financial accounts
Brokerage
Simple IRA
Roth (Moving to backdoor this year)
Goal for me is to use my brokerage as I “soft” retire, then pull our of my Simple IRA then Roth after they continue to accumulate and grow at the high end years of earnings. Not sure how social security fits into this or when, but currently we are not using it as a source of income during retirement in our calculations.
We also have a house with 10 years left on our mortgage at 2.1%. Either we will move in the next 3-5 years or build a new house. We do not plan to sell our current house, but rather turn it into a rental. So come near our retirement we will have that house still or when we do sell aim to pay off the mortgage on our second house with the income in the sale.
Our retirement we would love to travel the country for 1-2 years in an RV and do lots of camping. Other than that, travel with our son and do 1-2 big vacations/year, maybe 1 international every couple of years. We plan to be very physically active and just enjoy the fruits of our labor.
Would be curious to what everyone else’s plans are and/or how you are building to it.