Retirement criteria

[pavone]

1a. 6 months emergency fund (in HYSA or short term TBills like 4-week or 8-week)

1b. Young families with liabilities- term life insurance with living benefits. A must and in addition to insurance from work (avoids gofundme). Get it when you dont need it because you cant get it when you need it.

2. Traditional 401k until emp match or max out roth 401k (if emp has one). 

3. Roth IRA or back door Roth IRA for high earners (family income > 210k)

4a. College planning: 529 plan (if 7yrs or less to college) or IUL if > 5yrs to college. (Ymmv based on savings and funding plan)

4b. Rich person Roth: Properly structured, max funded IUL for tax free supplemental income,  tax free legacy transfer and self completing insurance with living benefits.

5. Brokerage account: long term investments, low cost index funds, dividend stocks etc

6. Play money: Crypto, meme stocks, Casino etc

7. At age 55, Piecemeal roth conversion of 401k (bond portion) to annuities for guaranteed retirment income. This will make income guaranteed and tax free. 

*The more money you have as tax-free income (roth and iul buckets), the less money you pay in taxes on 401k withdrawls and social security income. 

** my strategy is to dollar cost average into low cost index funds in my retirement accounts until age 50.

***This is a general idea and is not the same for all. It should be planned based on one's unique situation. Please treat this for educational purposes only. 

If you still want more info or your wealth reports. I am happy to meet and discuss. Book a time here https://www.edgefinancials.com/meeting/

[Konebhar6]

4 hours ago, pavone said:

1a. 6 months emergency fund (in HYSA or short term TBills like 4-week or 8-week)

1b. Young families with liabilities- term life insurance with living benefits. A must and in addition to insurance from work (avoids gofundme). Get it when you dont need it because you cant get it when you need it.

2. Traditional 401k until emp match or max out roth 401k (if emp has one). 

3. Roth IRA or back door Roth IRA for high earners (family income > 210k)

4a. College planning: 529 plan (if 7yrs or less to college) or IUL if > 5yrs to college. (Ymmv based on savings and funding plan)

4b. Rich person Roth: Properly structured, max funded IUL for tax free supplemental income,  tax free legacy transfer and self completing insurance with living benefits.

5. Brokerage account: long term investments, low cost index funds, dividend stocks etc

6. Play money: Crypto, meme stocks, Casino etc

7. At age 55, Piecemeal roth conversion of 401k (bond portion) to annuities for guaranteed retirment income. This will make income guaranteed and tax free. 

*The more money you have as tax-free income (roth and iul buckets), the less money you pay in taxes on 401k withdrawls and social security income. 

** my strategy is to dollar cost average into low cost index funds in my retirement accounts until age 50.

***This is a general idea and is not the same for all. It should be planned based on one's unique situation. Please treat this for educational purposes only. 

If you still want more info or your wealth reports. I am happy to meet and discuss. Book a time here https://www.edgefinancials.com/meeting/

Can you elaborate more on Point 7 or point to some links to read more?

[anna_gari_maata]

On 8/6/2023 at 7:57 PM, Konebhar6 said:

haha .. good anna .. 

naa uddesam lo retire antee job nundi .. you could still do something else outside work ..

If you live life switching professions regularly, retirement ane concept undademo

[Konebhar6]

4 hours ago, anna_gari_maata said:

If you live life switching professions regularly, retirement ane concept undademo

Most of us have stressful jobs in IT and we mostly work because of Money. So if i somehow get to a income stream (From my savings) and invest in funds that can give me $10K/month, I will change my lifestyle. Mostly live in US for 6 months and 6 months in India. 

I will probably do something but a very less stressful and something I really love and passionate about. I have travelled world (EU and Asian countries) a little bit and enjoyed travelling. Will do a lot more of that. 

[ForEverJava]

On 8/2/2023 at 3:00 AM, Konebhar6 said:

What age you want to retire?

What's your criteria for retirement?

how much amount of money you want to take this decision?

Where do you want to live after retirement?

I have different take on retirement like semi retirement and part time work or do the stuff u like the most without any responsibility or commitments I am 2 or 3 years away from but well into planning and taken few steps towards it..

 

My preferences is to become part time teaching on udemy and I want all the knowledge I have gained in last 24 yrs to be useful to someone stephan Marek is my inspiration on udemy that's my passion towards knowledge sharing

Coming to money best way to retire is invest and make money grow more money using financial advisor I need 3 to 5 ML so don't need to worry about mortgage or kids study or future travel

 

With regards to commitments I have teenager who will finish school in 3 years who is almost on his own already get good college for him and I am out I love travel and food so I want to stay in india for few months in a year and few months in USA working towards it also travel the world waiting for usa passport for it that's also kind lining up with my timeliness 

[Konebhar6]

4 minutes ago, ForEverJava said:

I have different take on retirement like semi retirement and part time work or do the stuff u like the most without any responsibility or commitments I am 2 or 3 years away from but well into planning and taken few steps towards it..

 

My preferences is to become part time teaching on udemy and I want all the knowledge I have gained in last 24 yrs to be useful to someone stephan Marek is my inspiration on udemy that's my passion towards knowledge sharing

Coming to money best way to retire is invest and make money grow more money using financial advisor I need 3 to 5 ML so don't need to worry about mortgage or kids study or future travel

 

With regards to commitments I have teenager who will finish school in 3 years who is almost on his own already get good college for him and I am out I love travel and food so I want to stay in india for few months in a year and few months in USA working towards it also travel the world waiting for usa passport for it that's also kind lining up with my timeliness 

I teached math for my kid in middleschool and she absolutely loves the way I teach. When I look at how much people charge for teaching, I was wondering its not a bad thing to teach and make money if I decide to retire. Also hours will be less and only teach 6-8 grade math. 

What are you planning to teach in Udemy? Technology? 

[ForEverJava]

19 minutes ago, Konebhar6 said:

I teached math for my kid in middleschool and she absolutely loves the way I teach. When I look at how much people charge for teaching, I was wondering its not a bad thing to teach and make money if I decide to retire. Also hours will be less and only teach 6-8 grade math. 

What are you planning to teach in Udemy? Technology? 

yes everything i know how to learn from computer basics to java fundamental and project management software development methodologies like agile scrum and canban and cloud architecture and cloud services probably AI as well any database knowledge i have gained like mongo db2 oracle sql server and my core knowledge rest apis applications development maintance certificate renewal xml spring springboot and all major aws services and design patterns resilience 4j in my career i have seen single page web application to multimiillion transaction based applications  in time of 2 and half decades.. 

[Konebhar6]

2 minutes ago, ForEverJava said:

yes everything i know how to learn from computer basics to java fundamental and project management software development methodologies like agile scrum and canban and cloud architecture and cloud services probably AI as well any database knowledge i have gained like mongo db2 oracle sql server and my core knowledge rest apis applications development maintance certificate renewal xml spring springboot and all major aws services and design patterns resilience 4j in my career i have seen single page web application to multimiillion transaction based applications  in time of 2 and half decades.. 

Sounds Interesting. Good luck  If you ever need someone to proof read or suggestions, send me it way.

[trent]

Ivi anni sodi. Now I am 35. 50 yrs vachaka india velthe better emo after kids went to university.
Oka 12 acres land vundi India lo. Oka 4 acres ithe highway ki 500m lo vundi. Edo oka thota vesi Ala akkade oka small farm house bild chesi nature plus cards sollu vesukuntu Ala gadipeyochu.

[trent]

2 minutes ago, trent said:

Ivi anni sodi. Now I am 35. 50 yrs vachaka india velthe better emo after kids went to university.
Oka 12 acres land vundi India lo. Oka 4 acres ithe highway ki 500m lo vundi. Edo oka thota vesi Ala akkade oka small farm house bild chesi nature plus cards sollu vesukuntu Ala gadipeyochu.

Ikkada cheroka house ichesi pillaki India lo properties I will enjoy😀

[beerboy17]

34 minutes ago, trent said:

Ikkada cheroka house ichesi pillaki India lo properties I will enjoy😀

india properties kuda kids isthey neeku emyuntundi inka...how will you enjoy bro

[trent]

17 minutes ago, beerboy17 said:

india properties kuda kids isthey neeku emyuntundi inka...how will you enjoy bro

India lovi maku.

ikkadivi kids ki ani chepthunna

[Konebhar6]

On 8/21/2023 at 3:11 PM, trent said:

Ivi anni sodi. Now I am 35. 50 yrs vachaka india velthe better emo after kids went to university.
Oka 12 acres land vundi India lo. Oka 4 acres ithe highway ki 500m lo vundi. Edo oka thota vesi Ala akkade oka small farm house bild chesi nature plus cards sollu vesukuntu Ala gadipeyochu.

Wife ready to come back to India after you turn 50?

[Konebhar6]

Ekkado chusa, if you are around 50 and have savings of (25 X your annual spend), you can happily retire ani. Not a bad idea