We will be 52/53 in 10 years when our son will be in college.A couple of questions:
•If you retire in 10 years, at what age? If you turn 55 in the year you retire, does your 401k allow partial withdrawals under the IRS ‘Rule of 55’ if your employment is severed in the year you turn 55?
•What tax brackets do you anticipate after retirement, and do you plan to stay in CA?
I’m not sure about the tax bracket question. Our annual living expenses should be around $100K in today’s dollar excluding health insurance. I have about $300K in EE savings and I bond which would be used as bridge fund until SS. I’d also expect some interest & dividends distribution from taxable accounts to partially cover living expenses.
We plan to stay in CA but may spend half of the time visiting parents/friends and traveling in relatively LCOL regions.
Very interested in your ER experiences in CA specially on financial planning. Thanks!
Statistics: Posted by majiaknight — Thu Oct 03, 2024 7:55 pm — Replies 2 — Views 115