Retirement

Hey folks. Retiring in a few years and moving to the mountains. I'm starting my research now to decide what truck to buy. The Tacoma is one of the models I am considering. I'll be lurking and searching most of the time and will chime in when I feel I have something useful to say.

 

Welcome to TW!

 

Congratulations on your upcoming retirement. Don't hesitate buy a Tacoma now. I did the same getting a 2015 (last year of the 2nd generation) Off Road 4x4 DCSB. As a Ford guy, I really wanted a Ranger, but stupidly Ford stopped making them for sell in the US. I do have and will keep my 1999 F-250 7.3 Powerstroke for my heavy lifting but it is only 2 wheel drive. With a farm in the Ozarks, I needed a 4x4. After six months of research I picked up the Tacoma. Why:
1. Reviews from present and past Tacoma owners
2. Value at trade-in or resale (Looks like these things never loss their value)
3. Durability
4. Family use (Wife can drive it. She hates the 250 as a monster.)
5. Availability for modification as these suckers had more after market parts than an AR-15.
6. Sources of information for self wrenching.

I retired in July now in the moving process. Good luck happy hunting.

PS With several thousand dollars of useful mods, The best inexpensive mod I added was the Sumosprings. It firms up the drive and stops the bouncing down the road. It also helps with towing and reducing rear bumper drop when hooking up a trailer.

 

Thanks for the welcome!

 

Congratulation on the retirement. I will be officially retiring March 1. My last day in the office will be the week before XMAS. This is a good time to buy a midsize truck. Chevy has theirs out and Ford is rumored to be reintroducing the Ranger.

 

Welcome To Tacoma World

 

Buy a Tacoma.

 

Welcome and congrats. I retired about a year ago and I'm not missing the rat race a bit

 

How much is the correct amount to retire with?

 

All depends on your average cost of living and lifestyle, also what debt and if you own your own home. On average I would say you need $1,000,000 to retire right now and hopefully you can live mostly off your returns.

 

What are your expenses and expectations? What year? Where do you live or plan to live when retired? How long do you plan to live? Are there people relying on you? Do you get a pension? Are you going to work when “retired”?

 

I would wait until supply of Tacoma’s goes back to normal and prices come down they are way overpriced right now imho. Bought mine new and could sell it for more than I paid for it, that’s crazy.

 

I retired 369 days ago. I bought my Tacoma three weeks before. I had things well planned out and it went according to plan.

Remember your financial situation changes dramatically when you retire. If you plan to finance this could be a consideration.

I paid cash so I would have no debts when I retired.

If I can make one suggestion. Have no debts when you retire. That and have an accurate understanding of your expected expenses.

 

We plan to travel and manage two homes.
We will be done paying for college for the kids.
Other than selling beads on some beach I do not intend on working.
Longevity in my bloodline is 90 years.
I plan to retire at 62.5.
I have already taken care of my parents and I cut my kids off after college as an obligation but would probably provide inter generational assets for homeownership or emergency if it does not draw from my own objectives being met.
I work in technology so no pension.

 

It all depends on your situation. I plan on retiring in the near future, not sure when depends on how long this great job I have working from home lasts. I haven’t paid off my house but refinanced the balance at a lower rate. My 401k investments make more than double my mortgage interest rate so taking money from the 401k and paying off the house now would actually decrease my future income. Also plan to wait until age 70 to draw social security since it increases 8% each year I wait after retirement age (will draw off 401k until the then) and is taxed at a lower federal rate with no NC tax on it. I have a financial advisor.

 

Assuming a 4% drawdown. That’s $40,000 per year per million. With 2 million that gives you $80K per year. Minus taxes and Medicare (for 2?). Then add portfolio appreciation, +6%?. Minus inflation. Start with 2 million and add your own assumptions. There are online retirement calculators that let you play with the numbers.

Edit: Do a search on FIRE retirement. Financial Independent Retire Early. There is a fair number of people doing it their way.

 

Add social security income to that at some point in time.

 

If my 401K wasn't making at least 4X what my mortgage interest is.
I'd,
A. Find me a new Financial Planner/Fund
B. Refinance the house.
C. Both

 

Lol you go high risk in this volatile and overpriced stock market as you wish, I tell my FP what my level of risk I will accept. The younger you are the more risk you can take when you’re as close to retirement as I am you decrease your risks. I have increased my 401k by 35 % the last few years in blue chip stocks and now it’s time to be more conservative. I would fire you if I were me. You’re fired from giving me free bad advice lol.
And maybe you didn’t read close enough, I just refinanced my house. And my 401K is doing well above double that rate, I just use that as a conservative figure I would be ok with.