Retirement Financial Planing

[nola mike]

I might actually like being at or close to the 37% tax bracket . . .

37% Bracket Income Threshold $768,700. . . if you are just below it . . .

Tax on $768,699 of income" The federal income tax on $768,699 of taxable income for a married couple filing jointly in 2026 is approximately $206,583, resulting in an effective tax rate of about 26.9%. ( you keep $562,116 . . . less about 48K in (my state) tax. . . . $514,000 ) . . . I might be OK with that.

Exactly. And don't forget your standard deduction (at least), which is a gross income of $800k.

 

[redneck joe]

we will be well below the $109k. They have a COLA on this number as well?

 

[tpenfield]

This being a boating website/forum, I think we need to factor in boats and boating into our retirement planning. Else, what would be the point of retiring???

The thing is, once you get close to retirement age, there is not much time/room for planning . . . what you see is what you got.

 

[bruceb58]

Exactly. And don't forget your standard deduction (at least), which is a gross income of $800k.

What does the standard deduction have to do with anything?

 

[tpenfield]

FWIW - I found this video fairly interesting as it discusses the subtle differences in what it takes to climb the 'wealth ladder' into retirement.

 

[alldodge]

That is a great vid and would be great to show in high school junior and senior

 

[nola mike]

What does the standard deduction have to do with anything?

Your gross income can be higher before you hit the highest tax bracket

 

[Pmt133]

I'm looking to do a partial retirement around 50.... Still work but either go to part time or consulting. Depending on what I am doing at that point, maybe I stick around longer or not where I currently am. The men in my family don't typically make it much past their 60s so I'm trying to enjoy while also accepting the fact I'm already past halfway to the finish. Chances are I have a pension that I barely use any of. Or I use a lot of it and just lose like 40% of it's value because I touch it before 65.

Close friend is a Fidelity guy. Been taking care of that end with him. Pretty good shape with roths as well as some other investments we scattered around. Not too many people I trust with that stuff but he is one of them.

Whole thread has been a good read so far gents, appreciate it.

 

[tpenfield]

One thing that I tell young people, family & friends, etc about retirement planning, which largely amounts to savings, is that you really want to put away about 12-15% of your income from day 1 for retirement.

Lots of folks don't put away enough or for long enough, and the stats on what the median retirement savings shows that. I believe it the median amount is around $200K, which does not amount to much in terms of retirement resources.

 

[flashback]

If you're fortunate enough to work for a company that matches your saving plan with a contribution. Can be a good thing.

 

[Jeff J]

This being a boating website/forum, I think we need to factor in boats and boating into our retirement planning. Else, what would be the point of retiring???

The thing is, once you get close to retirement age, there is not much time/room for planning . . . what you see is what you got.

I like the concept but I spend much less time on the boat now that I retired than I did when I was working 14 hours a day, 6 days a week.

 

[bruceb58]

One thing that I tell young people, family & friends, etc about retirement planning, which largely amounts to savings, is that you really want to put away about 12-15% of your income from day 1 for retirement.

I tell them the same thing. My dad told me to max out my 401K from day one...and I did! I retired at 59 but could/should have retires 3 years earlier. I also saved money outside of my 401k and invested it.

 

[alldodge]

Retired at 57, but would have worked longer because I loved what I did, but Fed Govt wanted me to move to NJ, no way!

 

[redneck joe]

This being a boating website/forum, I think we need to factor in boats and boating into our retirement planning. Else, what would be the point of retiring???

The thing is, once you get close to retirement age, there is not much time/room for planning . . . what you see is what you got.

my boat budget and yours are wildly different.....

 

[Pmt133]

Retired at 57, but would have worked longer because I loved what I did, but Fed Govt wanted me to move to NJ, no way!

As someone currently battling this lovely state and how god damn expensive it is... Brilliant, and I mean Brilliant move.