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Cast_No_Shadow posted:Have they considered a seaplane? Best of both worlds. 2-stall seaplane horse transporter.
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Aug 6, 2021 16:05
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Cast_No_Shadow posted:Have they considered a seaplane? Best of both worlds. Friend of mine is considering one. I learned that the insurance on these is insane and people get in to accidents all the time because: 1. If you're landing on water but have the plane set to land on land, you crash and die. 2. If you're landing on land but have the plane set to land on water, you crash and die. Apparently screwing this up is very common in seaplane world.
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Aug 6, 2021 16:09
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all of the unique costs and failure modes of a plane, plus all the unique costs and failure modes of a boat, plus a bunch of new and exciting costs and failure modes resulting in the combination! they are fully sikk tho
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Aug 6, 2021 16:11
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poor seaplane, thought of land and/or water and died
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Aug 6, 2021 16:20
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KYOON GRIFFEY JR posted:all of the unique costs and failure modes of a plane, plus all the unique costs and failure modes of a boat, plus a bunch of new and exciting costs and failure modes resulting in the combination! For the maintenance trifecta, has anyone designed a seaplane that's also a houseboat?
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Aug 6, 2021 17:33
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AreWeDrunkYet posted:For the maintenance trifecta, has anyone designed a seaplane that's also a houseboat? there was that surplus PBY configured as a flying yacht in the 50s that got shot up in Saudi and is still rusting on a beach
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Aug 6, 2021 17:40
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How about a home-made RV7 kit floatplane / deathtrap. More BWL than BWM really.  poo poo this isn't the BWM thread
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Aug 6, 2021 18:35
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AreWeDrunkYet posted:For the maintenance trifecta, has anyone designed a seaplane that's also a houseboat? I can't seem to find it, but I remember watching a video by a guy who converted a small WW2 military cargo seaplane into basically something he could live out of. I think he was up in Alaska.
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Aug 6, 2021 18:41
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AreWeDrunkYet posted:For the maintenance trifecta, has anyone designed a seaplane that's also a houseboat? I think the Spruce Goose has enough square footage to qualify! https://en.m.wikipedia.org/wiki/Hughes_H-4_Hercules
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Aug 6, 2021 18:49
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death by seaplane misadventure will ensure your financial independence
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Aug 6, 2021 19:00
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You'll have a fortune worthy of a Kennedy!
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Aug 6, 2021 19:07
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Residency Evil posted:Friend of mine is considering one. I learned that the insurance on these is insane and people get in to accidents all the time because: i think seaplanes can only land in water but there are planes that can do both. imo just skip the insurance - if you wreck that bad boy doubt you're gonna care too much about the costs of putting it back together
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Aug 6, 2021 20:04
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Over the past few weeks I've gone from being in the "have a comfortable plan for retirement if I work until 60" to now figuring out how to FIRE (at least some sort of CoastFIRE setup). Not because of any major shift to force me to find alternatives, but just finally putting the past couple years of shifting feelings to not hating my work but not really enjoying it anymore, while also being in a fairly cushy position that has significant trade offs if I try and do something different. Basically I'd rather try and reach a FIRE state in my current circumstances than the alternatives. I think I've got a couple decent plans to make that happen on a schedule I can live with but one huge problem I don't know how to plan for, my parents. My dad is former career military and has his retirement in addition to disability, enough that he's capable of supporting himself despite having minimal savings. My mom's TLDR situation is she's still working but who knows how long that is sustainable, and other than that she just has a very small pension, social security, and relatively small savings in liquid assets. Basically at some point I expect to be partially financially responsible for my dad, supplementing what he already gets, and whole responsible for my mom. And I don't know how to plan for that. Lots of advice found for everything else I need to plan for, just not that. Are there any resources out there for thinking about elderly care of others if you retire early?
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Sep 2, 2021 07:32
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So your dad has tricare, pension (semi-inflation proof), and disability. Your mom has eventually medicare, small pension (from something), social security, and is still working. What will their ages be when you FIRE? It sounds like they're divorced, since you're treating them separately. This is a dumb answer, but can you get them to remarry if only on paper? Mom gets discount tricare immediately and a spousal military pension benefit when dad dies. It may help her social security as well if she can claim his instead of hers. Do it for the kids! Also, olds being olds, location matters. Do they have a lot of helpful friends around them? If they moved closer to you (if they're not already), are they capable of making new friends? Could mom move in with you to save on housing? Regarding my parents, I just said I don't want a negative inheritance and please clean the garage. And yeah, I wonder about the real answer to this as well.
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Sep 2, 2021 12:22
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How do you guys factor in climate change into your FIRE plans? Do you feel you can continue to withdraw from your accounts at a 3-4% rate twenty years from now, when the economic effects from rapid climate change will start to really drag on the world economy? Or is FIRE a way to get to enjoy the current world as much as possible before things really start hitting the fan when we're in our 60s and 70s?
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Oct 19, 2021 18:45
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how can you plan effectively for a series of extremely difficult to predict potential future events?
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Oct 19, 2021 18:59
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KYOON GRIFFEY JR posted:how can you plan effectively for a series of extremely difficult to predict potential future events? By accumulating as much wealth as possible, as early as possible, which is the best insulation against any number of terrible possibilities the future may hold.
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Oct 19, 2021 19:01
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DrSunshine posted:How do you guys factor in climate change into your FIRE plans? Do you feel you can continue to withdraw from your accounts at a 3-4% rate twenty years from now, when the economic effects from rapid climate change will start to really drag on the world economy? Or is FIRE a way to get to enjoy the current world as much as possible before things really start hitting the fan when we're in our 60s and 70s? I think you need to have a plan to stay invested while you're drawing down. As our habitat gets hosed up and things become more expensive, you need that to be a good thing for you by being an owner of those things that go up in price.
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Oct 19, 2021 19:08
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Mantle posted:As our habitat gets hosed up and things become more expensive, you need that to be a good thing for you by being an owner of those things that go up in price. So invest in ammo? Love these prepper/BFC cross-over threads.
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Oct 19, 2021 19:22
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GoGoGadgetChris posted:By accumulating as much wealth as possible, as early as possible, which is the best insulation against any number of terrible possibilities the future may hold. well right but how is that a change in strategy
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Oct 19, 2021 19:52
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KYOON GRIFFEY JR posted:well right but how is that a change in strategy My point is that it's not! Stay the course, OP
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Oct 19, 2021 20:08
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Residency Evil posted:So invest in ammo? Actually, I intentionally left out recommendations for specific assets because I don't think it's predictable what things are going to go up in price or when. The strategy is to invest in everything with index funds. Basically, this: GoGoGadgetChris posted:By accumulating as much wealth as possible, as early as possible, which is the best insulation against any number of terrible possibilities the future may hold.
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Oct 19, 2021 20:23
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It's also beneficial if you have a plan for it if necessary. That could be cutting your withdrawal rate, and presumably cutting expense, or earning money somehow.
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Oct 19, 2021 20:57
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DrSunshine posted:How do you guys factor in climate change into your FIRE plans? Do you feel you can continue to withdraw from your accounts at a 3-4% rate twenty years from now, when the economic effects from rapid climate change will start to really drag on the world economy? Or is FIRE a way to get to enjoy the current world as much as possible before things really start hitting the fan when we're in our 60s and 70s? I've never really been into FIRE, just have been lucky enough that something like FIRE would be possible for me. That said I've started taking a large percentage of extra money and donating it to different organizations in my community. Figure a stronger community and having actual relationships with that community (vs my normal donations to worldwide organizations I almost never meet) is going to be worth a lot more than a pile of money in a retirement account. I like the idea of that future better than one where I'm trying to defend my crap with a bunch of guns.
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Oct 19, 2021 21:05
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Thank you dum cumpster for the compassion. That's my take too. "Invest" in community, rather than obsess with personal wealth. We may get an influx of refugees, so prepare to take them in. Or we may be the refugees, so stock up on weed for bartering. It's a lot easier to carry than bullets
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Oct 19, 2021 23:34
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Depending on location, I'm 3-5 years away from being able to retire comfortably based on a 3% rate of withdrawal, and I intend to fund years of early retirement primarily from my brokerage account (after purchasing a home outright). That said, I'd feel more secure about it if I had access to Roth funds as a backup to the extent needed. In that regard, I've been regularly contributing to a Roth 401(k), and I've also been making backdoor contributions to a Roth IRA opened a few years back. Do I understand correctly that if I were to roll my Roth 401(k) into my Roth IRA, that the 5 year rule for withdrawal of contributions would be calculated based on the age of the IRA (as opposed to the date of the rollover)? It's not a critical point as I'm aiming to let the Roth accounts do their magic in terms of compounding as opposed to relying on them for cash flow, but I'd feel better knowing that I had to option to tap into the contributions if necessary. As an additional related question, am I correct on thinking that if Congress doesn't eliminate the possibility of a Roth ladder, that conversions to Roth from a traditional 401(k) will be available 5 years from the conversion date?
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Nov 2, 2021 22:07
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This may be helpful for you if you haven’t seen it: https://www.madfientist.com/how-to-access-retirement-funds-early/
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Nov 2, 2021 22:35
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Ersatz posted:Depending on location, I'm 3-5 years away from being able to retire comfortably based on a 3% rate of withdrawal, and I intend to fund years of early retirement primarily from my brokerage account (after purchasing a home outright). This link is good too - https://fitaxguy.com/roth-ira-withdrawals/
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Nov 2, 2021 22:49
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Thank you both!
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Nov 2, 2021 23:19
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I am going to be leaving my fulltime job sometime in 2022. My target date is July 15, 2022, if I can last that long, but this is unpleasant enough that I might pull the cord around March or something. I plan to work part-time teaching as an adjunct at the local university, where I already have two classes and am pretty confident I should be able to add a third and perhaps a fourth. I may also spin up some consulting income on the side over the next few years. This will decrease my individual gross income from $92K (job + 2 classes) to $15K-$30K, depending on course load. My wife will continue to work at her stable and well-paid Federal job. I may or may not seek fulltime employment again down the line. We are both looking forward to the time savings and mental health benefits of this switch. I am fairly confident our financial plan going forward will not require regular withdrawals from investments. Instead, we should be covered through the combination of: -Wife's income -Wife's reduction of TSP contributions from maximum to full employer match -Zeroing out annual IRA contributions for both of us -My part-time income However, it may be the case that we need to take withdrawals from time to time. Our investment stash is as follows, divided into Can Touch and Can't/Shouldn't Touch piles: Can Touch -Taxable brokerage: $245,000 -My 457(b): $260,000 -Total: $505,000 Can't/Shouldn't Touch -My Roth IRA: $75,000 ($30,000 of this is withdrawable contributions) -My traditional IRA: $11,000 -My 403(b): $34,000 -My RHS: $8,000 -Wife's Roth IRA: $80,000 ($35,000 of this is withdrawable contributions) -Wife's traditional IRA: $10,000 -Wife's TSP: $185,000 -Daughter's 529: $12,000 -Total: $415,000 I've been pondering two matters as I try to map out the near-term future. 1) I am a saver, and have always saved a good-sized surplus over what comes in my paycheck. Historically, that surplus has gone to large 457(b) contributions and brokerage purchases. Assuming I leave on July 15 of next year, I would like to treat my surplus from the first half of the year as my wages for the second half of the year (this includes getting paid out about 6 weeks of vacation time). My choices are to stay the course and continue putting the surplus in the 457(b) for the first six months, or to cancel my 457(b) contributions and divert the surplus to my savings account. I think the latter makes more sense. The downside risk of market loss seems more painful than the benefit of 6 months of market gains. Any thoughts on this? 2) I have an unusual tax situation, a Long-Term Capital Loss Carryover of $330,000. This is larger than our total brokerage account, let alone the unrealized gains in that account. I also have the ability to withdraw from my 457(b) penalty-free upon separation from service, although I must pay income taxes on withdrawals. If I need to withdraw from one of these accounts, does it make sense to always withdraw from the brokerage account, or are there circumstances in which I should either partially or fully withdraw from the 457(b) instead?
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Nov 5, 2021 20:18
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I think this will depend on if you plan to leave anything to heirs. For this year, what is the downside to putting the money in the 457 for tax savings and withdrawing from the brokerage asap to your savings account (if you don't want the market swings)? Have you considered doing a cap gain harvest this year to reset your brokerage basis higher and use up some of that cap loss? Also make sure the brokerage is in the name of your trust. If you die, your heirs don't get the carryover losses. Why not max a Roth IRA as long as you still have income? You wouldn't be paying taxes on the brokerage withdrawals anyway, so it's essentially a transfer from the brokerage to a Roth (better tax wise and from an inheritance standpoint).
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Nov 5, 2021 20:29
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moana posted:For this year, what is the downside to putting the money in the 457 for tax savings and withdrawing from the brokerage asap to your savings account (if you don't want the market swings)? Hmm, that's an option I hadn't thought of. I was thinking I'd hedge against the possibility that my 2022 contributions lose value if the market tanks in Q1/Q2. If the market were to drop low enough for that to be an issue, I'd probably delay my departure a bit and moot the whole thing. I also had not thought about the tax implications of these 2022 activities. Our tax situation has always been that we contribute a ton to tax-advantaged accounts, set up fairly minimal withholding through our employers, and still end up with a modest refund. Accordingly, I've been focusing more on the tax implications of withdrawals down the line than on this upcoming final year of contributions. I appreciate you calling my attention to that. moana posted:Have you considered doing a cap gain harvest this year to reset your brokerage basis higher and use up some of that cap loss? Help me out with this. If I understand correctly, I would realize as much LTCG as possible in 2021, which will be our highest earning year for the foreseeable future. This would accelerate the year in which we ultimately have taxable LTCG, but at that point we'd potentially be in the 0% LTCG tax bracket as opposed to the 15% bracket we're in now. Is that the thinking? If so, I think this makes sense. moana posted:Why not max a Roth IRA as long as you still have income? You wouldn't be paying taxes on the brokerage withdrawals anyway, so it's essentially a transfer from the brokerage to a Roth (better tax wise and from an inheritance standpoint). I had thought about this. My concern is that we max the Roth IRAs with this new lower household income and end up needing to withdraw from the brokerage account in a year when it's flat or down. The "Can Touch" pile would be reduced when the reduction could have been avoided by using income to cover living expenses.
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Nov 5, 2021 22:35
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pig slut lisa posted:Help me out with this. If I understand correctly, I would realize as much LTCG as possible in 2021, which will be our highest earning year for the foreseeable future. This would accelerate the year in which we ultimately have taxable LTCG, but at that point we'd potentially be in the 0% LTCG tax bracket as opposed to the 15% bracket we're in now. Is that the thinking? If so, I think this makes sense. quote:I had thought about this. My concern is that we max the Roth IRAs with this new lower household income and end up needing to withdraw from the brokerage account in a year when it's flat or down. The "Can Touch" pile would be reduced when the reduction could have been avoided by using income to cover living expenses. It seems like you're overly focused on classifying these tax-advantaged accounts as "risky" accounts, but forgoing the tax benefits just because you are worried about market drops or whatever is a false dilemma - if you're worried about market drops, just invest in a MM fund within the tax-advantaged wrapper. Maybe I'm misunderstanding though.
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Nov 10, 2021 08:24
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I've caught the FIRE bug, in the United States, and thinking about quitting my job in a month or two. I'm single, with total of cash, taxable investments and 401K is about $1.6mm, and the 401K is only 25% of that. Home equity is $165K and $130K left on the mortgage. I have no other financial obligations. My Safe Withdrawal Rate (SWR) calculates to 3% based on my current expenses, accounting for property taxes and healthcare insurance After quitting I assume healthcare insurance would be my largest yearly expense. I roughly estimated $8500/year for a decent plan that covers doctor office visits, RX and hospitalization. In about 12 to 13 years I could take a pension (I'm vested already) which would knock down my SWR from 3% to 2.3%. This pension is also supposed to cover a good healthcare plan if I don't cash in on the pension early. The pension's healthcare coverage would remove my most expensive yearly living cost. Then 5 years after that I could start social security, which the estimated payments from a simple Social Security calculator take my SWR down to almost 0%, not accounting for inflation. That doesn't seem right, but I had a low 6-figure salary for most of my career, so my SS payments may turn out higher than average over the 30+ year period used. But perhaps due to inflation my SWR would be up to 1% to 2% even with the social security payments. And I'm not accounting for any investment gains since I have no idea how the market will go the next two decades. The only downside explained to me if I quit my job now was that the bank would not want to give me a mortgage if I wanted to buy a new house, since I was no longer employed, so as to have a steady stream of income. The banker said the income requirement was due to legislation from the subprime crisis a decade ago. The banker advised I buy the new house and then quit my job. However my cash scenario above assumes I have already bought a new house in cash, assuming my existing house retains the current market value. I really don't feel like staying at my current job longer than I have to. So far the FIRE plan seems like a good idea to execute. Anything obvious I'm missing out? I don't have any fancy expenses coming up. The only thing I would splurge on are computers and high-end televisions every 5 years. No fancy cars, boats or exotic trips are in my future. I assume there is a risk the Federal government could screw up social security. But even if my social security payments were cut in half my SWR should still wind up around 2%.
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Nov 24, 2021 05:49
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nnnotime posted:So far the FIRE plan seems like a good idea to execute. Anything obvious I'm missing out? I don't have any fancy expenses coming up. The only thing I would splurge on are computers and high-end televisions every 5 years. No fancy cars, boats or exotic trips are in my future. It looks like you have the financial side pretty well figured out, a couple things to think about : Have you accounted for taxes in the investment income you plan on withdrawing? Do you have a plan for what accounts you'll withdraw from? Sounded like you're mostly in taxable accounts, any Roth IRA funds available to withdraw contributions without a tax hit? Do you plan on doing a 401k to Roth IRA conversion ladder? Assuming you're set on the financials, how are you on the non-financial planning front? Do you know what you're going to do with all of your time? Are you sure you won't want to spend more now that you have time for more hobbies? Do you have a plan for what your days/weeks/months will look like beyond simplify not being forced to go to work anymore?
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Nov 24, 2021 15:08
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Do you want to buy a new house?
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Nov 24, 2021 15:08
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nnnotime posted:
This is more anecdotal to my pension plan, but on CALPERS you only get access to the healthcare part of it if you 'retire' from the system within 6 months of leaving employ. You are planning on leaving the employ of the system longer than 6 months to 'retire' from the system. Is your healthcare accessible after a long gap?
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Nov 24, 2021 17:49
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spf3million posted:It looks like you have the financial side pretty well figured out, a couple things to think about : Have you accounted for taxes in the investment income you plan on withdrawing? Do you have a plan for what accounts you'll withdraw from? Sounded like you're mostly in taxable accounts, any Roth IRA funds available to withdraw contributions without a tax hit? Do you plan on doing a 401k to Roth IRA conversion ladder? Most of my personal cash and investments are "cash", so at this point if I make income from any new investments then paying any taxes should not significantly affect my SWR. For what I want to do with my spare time, I have it all worked out, and I'm open to new hobbies that won't cost a ton of money. I'm an information, financial, investing and tech junkie/addict, so I'll never be bored as long as I have access to technology and the internet (just like many of you  ).I don't plan to buy a ton of new assets, for as you know, more purchased goods can mean more maintenance and waste, so I'll try to only buy what I need, and splurge every few years on the few nice things I want. MrKatharsis posted:Do you want to buy a new house? Noah posted:This is more anecdotal to my pension plan, but on CALPERS you only get access to the healthcare part of it if you 'retire' from the system within 6 months of leaving employ. You are planning on leaving the employ of the system longer than 6 months to 'retire' from the system. Is your healthcare accessible after a long gap?
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Nov 24, 2021 18:05
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nnnotime posted:
Sorry, I don't think I was asking my question well. Is your pension system healthcare accessible after such a long gap? Mine is not, but I just wanted to check if yours was. I only get access to the pensions health coverage if I start accessing it within 6 months of leaving.
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Nov 24, 2021 18:10
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nnnotime posted:Thanks for the insights. I spoke to one financial planner and I understand the 401K withdrawals will be taxed as regular income? If so I can just withdraw the maximum amount necessary to pay minimum or no income taxes and pay for the remaining yearly expenses from savings. But if I'm wrong about that there is time for me to remodel and adjust. The 401K currently makes up only 25% of my overall savings. Regarding 401k withdrawals, if you take distributions before turning 59.5, you have a 10% penalty on top of any taxes due. Otherwise you have a good plan to withdraw just enough to minimize the tax burden every year with the balance of your spending covered by non-tax advantaged assets.
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Nov 24, 2021 18:35
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