Retirement... (i.e. what are you going to be after you've grown up)
- Thread starter Haus
- Start date
- 8,874
- 19,056
Chanur
Shit Posting Professional
- 35,420
- 65,507
Kithani
Vyemm Raider
- 2,415
- 3,446
I admit I think I misunderstood your original comment, my B.
I can agree I guess any family that owned a PC and willing to pay 9.99/mo for an online game probably at least average to above the average. I thought you meant MMO players were somehow more motivated to succeed than the average person which is what I disagreed with.
- 1
Furry
Email Loading Please Wait
- 28,559
- 42,702
Roth IRA has no tax on withdrawal if you follow the rules. It's a very powerful tool for regular investors and the super wealthy. Shocked you don't know about it if you are into wealth management. Peter thiel in particular made a comical exploit of the rules to evade around a billion in taxes.
fris
Vyemm Raider
- 2,627
- 3,676
MMO players are all about min/maxing at their core. except those that play healers and get carried. I wouldn't be surprised if former MMO players are doing better than average
- 1
Burren
Silver Baronet of the Realm
- 6,492
- 11,189
- 1,030
- 1,522
OK I'll bite. How do Roth IRAs benefit the super wealthy? Because I found out this year there is a max AGI to be allowed to contribute to a standard Roth IRA. I'm close to borderline on that limit this year even with a career transition, and I will blow past it next year with a full year of this new job + military retirement coming in. I could switch to Roth 401k contributions, but I think my play is to go deeper on tax-deferred contributions now.
Captain Suave
Caesar si viveret, ad remum dareris.
- 5,926
- 10,168
The super wealthy? Hardly at all. They can be a great vehicle for people who save their way to low/moderate wealth, though. Use them while you're able to, second only to HSAs. If you have a low income year you can also do a traditional > roth rollover. My dad benefitted greatly from doing that about 20 years ago.
- 1
This is how the ultra rich are doing it: Lord of the Roths: How Tech Mogul Peter Thiel Turned a Retirement Account for the Middle Class Into a $5 Billion Tax-Free Piggy Bank
Thiel specifically, put some undervalued shares of Paypal into it when it was a small private company and they blew up. Rinse and repeat.
Thiel specifically, put some undervalued shares of Paypal into it when it was a small private company and they blew up. Rinse and repeat.
Control
Golden Baronet of the Realm
- 5,771
- 16,066
So step 1, be the founder of a company that will go on to become unimaginably successful? Oh, well ok.
If you read a little further down, it gives more details.
Just to add, there's also rules against self dealing in retirement accounts. Thiel's hedge fund had already invested in Paypal, so his company was already an owner of the company he was now putting is his retirement account. I'm not a lawyer, so I can't speak to the legality of it, but it's for sure against the spirit of the rule: Retirement topics - Prohibited transactions | Internal Revenue Service
Just to add, there's also rules against self dealing in retirement accounts. Thiel's hedge fund had already invested in Paypal, so his company was already an owner of the company he was now putting is his retirement account. I'm not a lawyer, so I can't speak to the legality of it, but it's for sure against the spirit of the rule: Retirement topics - Prohibited transactions | Internal Revenue Service
- 1
Valderen
Space Pirate
- 4,835
- 3,136
Well, I'm at my last week before retirement at 57.
This isn't the way I planned things, but health reasons has forced me to change my plans. I was always planning on working till 65, I like what I do and honestly I will get bored retired. Life has other plans for me it appears.
I was diagnosed with Parkinson's Disease a little less than 2 years ago, after noticing tremors in my right hand maybe a year before. It's been a wild ride since then, I always thought of PD as the disease that makes you shake and boy was I wrong, that's only the tip of the iceberg, tremors are just 1 of many symptoms, and often not the worse. In my case my balance is affected terribly, I walk with a cane, and stairs have become my enemy. I feel like 5 times in last 2 years, and that's not counting the times I lost balance but managed not to actually fall.
I have massive pain in my right leg due to rigidity(muscle stiffness) which makes it difficult to sleep which also affect my walking issues. I also have a bunch of other minor issues that I won't mention. I also suffer from Apathy and Parkinson's fatigue.
Anyways, I have decided that I'm going the try to enjoy the last few good years I may have rather than work until I'm completely unable to, which meant I wouldn't be able to enjoy anything else. That means I'm retiring 8 years before I had planned to, and start using my savings 8 years earlier.
I won't go into details, but I'll run out eventually and have to sell my condo and live off that after, to be honest it should be enough but will have to be much more careful with my lifestyle than I would have been otherwise.
It feels strange to have a part of your life about to change so drastically, I'm not sure I'm ready for it. I'm going to try and enjoy it as much as I can before this fucking disease gets the better of me, the pace at which it progressed in last 2 years scares the shit out of me though.
This isn't the way I planned things, but health reasons has forced me to change my plans. I was always planning on working till 65, I like what I do and honestly I will get bored retired. Life has other plans for me it appears.
I was diagnosed with Parkinson's Disease a little less than 2 years ago, after noticing tremors in my right hand maybe a year before. It's been a wild ride since then, I always thought of PD as the disease that makes you shake and boy was I wrong, that's only the tip of the iceberg, tremors are just 1 of many symptoms, and often not the worse. In my case my balance is affected terribly, I walk with a cane, and stairs have become my enemy. I feel like 5 times in last 2 years, and that's not counting the times I lost balance but managed not to actually fall.
I have massive pain in my right leg due to rigidity(muscle stiffness) which makes it difficult to sleep which also affect my walking issues. I also have a bunch of other minor issues that I won't mention. I also suffer from Apathy and Parkinson's fatigue.
Anyways, I have decided that I'm going the try to enjoy the last few good years I may have rather than work until I'm completely unable to, which meant I wouldn't be able to enjoy anything else. That means I'm retiring 8 years before I had planned to, and start using my savings 8 years earlier.
I won't go into details, but I'll run out eventually and have to sell my condo and live off that after, to be honest it should be enough but will have to be much more careful with my lifestyle than I would have been otherwise.
It feels strange to have a part of your life about to change so drastically, I'm not sure I'm ready for it. I'm going to try and enjoy it as much as I can before this fucking disease gets the better of me, the pace at which it progressed in last 2 years scares the shit out of me though.
- 4
- 3
Haus
I am Big Balls!
- 20,455
- 82,638
You've just described an absolute nightmare scenario I think about. I started having some hand tremors a while back. There's no history of PD in my family, but a history of something called "familial tremors". But in the back of my head I keep worrying about exactly what you're getting hit with. You have my empathy sir.
As for my plans, they've been shuffling and shifting since this thread started back last year. Coming up on a year later. My pile of stock in my company recently kinda took off, so now I'm looking at how to diversify, or better put that to work while avoiding taxes for now while I'm still in my earning years. I have a spreadsheet I'm glancing at every day, which is a habit I probably need to reel in. Where I calculate my current "burn rate" of spending and bills, then compare it to where I'd be if I was doing a 4% per year drawdown on my asset pool, and get the delta. Then that same number if I am drawing what social security SAYS will be there for me when I turn 62.
I might be looking at it wrong, but that's how I'm looking at it right now. Goal is get that top number green.
At the same time I'm turning 57 myself next month. And literally interviewing right now to take a director position with a newer/smaller company. Pros : Would be working with a crew of people I've worked with and done very well with in the past. Cons : it will be a serious ramp up in effort level to work. (Small company/Startup vibe) Long term : I'd be building a team/program from the ground up and should have it built and stable in around 3 years, so might make the perfect point to step into semi-retirement from there.
- 3