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Thanks to a new job which allows me to invest more and gives me a pension and health benefits after retirement, I'm now planning for the possibility that I'll be financially independent and in a position to retire in my early 50's. Does anyone have links to a good book or other resources for holistic long-term planning for FIRE? A lot of what I can find online seems to mainly be about determining your number and appropriate SWR, and tips for thrifty living, but I'm more interested in getting a very wide few of potential problems and challenges. For example, I have access to both a 401k and 457b, and I initially started maxing the 401k because I thought the more generous catchup provisions offered by the 457b would offer me more tax advantaged space later on. Then I realized that not having to pay the 10% early withdrawal penalty on the 457b would be infinitely more useful if I am eventually able to retire before 59 1/2. It was something I hadn't considered because I had previously always planned to retire in my mid-60's. So, anything that goes over all those kinds of considerations and decisions I should be making now would be much appreciated.
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Jan 24, 2022 04:56
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I'm in my early 30's, so 20 years away from when I would be eligible to start drawing on my pension and some cost sharing on retirement healthcare costs. No spouse or dependents. I have an HSA, but my new employer doesn't offer a HDHP, so I no longer make contributions.
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Jan 24, 2022 06:23
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moana posted:Most of the big retirement derailers are healthcare (do you have a plan for coverage pre-medicare?) and disability (do you have own-occupation insurance?). Get an umbrella policy probably to cover liability risk. If you own a home, make sure it's insured. Thanks for the advice, much appreciated. Any books you'd recommend? I've read the Bogleheads book on retirement planning, but I'm wondering if there's a good equivalent for FIRE planning. Fancy_Lad posted:Before using your 457b, make sure it is a 'governmental' plan. I'm not an expert, but if it is a non-governmental, you'll want to do some research to determine if that will actually meet your needs/is worth the risk. Here's a random google search result that looks like it breaks down some of the key differences: Thanks for the heads up. It's a governmental plan, so no worries on that particular front.
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Jan 26, 2022 01:11
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