I have been lurking here on and off for a couple years now, having run across Jacob's blog while it was still active and finding comfort and inspiration in it and several others of a similar theme (e.g., MMM). I bought the ERE book a year or so ago and it sits proudly beside several other works I value like YMOYL, several of Bernstein's works, Charles Long. I am an ex-pat (from Canada) living in the U.S. for about 11 years now and working at a couple large universities since arriving. I spent a lot of time in post-secondary education, then a few years in a health-related practice before returning for a PhD and a post-doctoral fellowship in my current discipline.
I will start a journal at some point in near future. I am in somewhat of a different situation than many I have read about here in that my spouse and I are 'FI on paper' but 'practically not' due to some residual desire to make something of all that schooling in the form of decent scholarly output. By the time the administrators succeed in completely tying up my time filling out forms and endlessly retraining on compliance issues I will likely be ready for (non-extreme) early retirement (50~ish).
I am particularly drawn to discussions that relate to the 401(k), 403(b), and 457 accounts, Roths, IRAs, calculations on savings rates (I still am drawn to using the pre-tax income as base since it suggests that one can try to exert at least some 'control' over how much disappears between then and 'net income'), and workarounds on the 59.5 age rule.
I am likely also one of the few who has self-directed retirement funds in two countries (Canada (RSP) and U.S. (as above)), no 'traditional pension' in either place, and an interest in seeeing how one balances the 'drawn-down' and tax issues to optimize these (there are treaties in place).
Looking forward...
Greetings from the middle of the middle of America!
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bike_the_world
- Posts: 34
- Joined: Thu Oct 11, 2012 11:09 pm
Thanks! I am in the literal, not figurative, middle of America (think Dorothy, Toto, red shoes, witches and wizards). This state is anything but middle in the realm of social norms and moral judgments (notice I avoided the term 'values'). I do get the impression there is still some middle ground left in Iowa (if not much).
As you mention 457 accounts, and you work in academia, I assume you currently have a 457 account. Since you are asking about the 59.5 rule, you should know that 457 funds can be withdrawn at any age, as long as you are no longer working for that employer. If you plan on retiring early, you can use those funds exclusively first, and then access 401(k) and IRA funds later when you can withdraw from those accounts without restrictions. Research 457 account rules for more information on this issue.