Breaking: Rep retiring and not looking back

You can all do this with good financial health. I did and I'm done!

56
Career rep
3.22 Million in Bank (includes Retirement IRAs, Brokerage Accounts etc)
170,000 owed on 550-600,000 house approx in beautiful progressive state with low property taxes. Low interest rate on house. Don't pay it off cause interest negligible and more money to be earned on equity/bonds etc. Still get a small write off on taxes
-worked ass off since 15, live within my means. Take a few trips a year. Buy clothes always on sale, never in a mall

Goal: To travel the world in retirement and spend time with family

 

I used the same formula. Worked out great. Retired while healthy. Watched my spending e.g. used cars rather than new. Did not fall for pension lump sum bait allowing me to invest less conservatively and get better returns. Only difference is that I live in a shitty progressive state. Will move to another state with lower income taxes, cost of living etc. enabling more travel, better toys and family time. I never looked back although I enjoyed the good years at Pfizer.

 

what is the pension lump sum bait? Did you take the annuity then?

 

Hell yeah good for y'all! Enjoy retirement!

 

Take the lump sum.....Instruct them to put it directly into IRA. Buy a variety of CEF's paying out monthly. Shoudl easily live off that alone depending on debt level. In retirement, I will have about 500K in Roth. All that going to CEF's. Expect $4000 tax free monthly plus another $3000 from SS. None of those #'s come from one penny of principal. Plan to have between 2.5-3M there.

No debt. None, ziltch. Kids our of school, house paid off for almost a decade, $300K cash. I'm 58. Will retire at 62. Collect SS at 67.
If I can't live off $85-100 a year with no debt, something wrong. I also live in a state w/ no income tax.

 

Take the lump sum and invest it into blended index funds that pay a dividend to you. You don't need them to do anything for you. Just do it yourself

 

what is a CEF?

 

sorry…. Closed ended fund

 

Closed end fund. They are not the cat’s pajamas. Go to a reputable site like finra to learn more

 

And then you get pancreatic cancer and you'll wish you would have spent it when you were young.

 

don't believe can be done on reps salary. bah humbug

 

I’m 62, retired and evaluated pension payout options. The bottom line is the annuity pays an actuarially adjusted rate of about 2%. Yep, that’s it. So if you think you can invest and earn > 2% per year then take the lump sum… it ain’t that hard.

 

there also is social security levelling with the annuity

 

You'd be surprised what some of these people make. Shocked even.

 

To the OP....congrats. I'm 66 years old now and I retired when I was 53. My net worth is about $2.2 Mil.
I live in small town in VA. Love it.

 

wow, very inspiring. thank you. I think I can put up with it here a few more years and then hang up the towel

 

Ok. aaaand you come to CP every six months to post this, why? Im guessing that its to justify the fact that you've spent the last 15 years of your life doing something that a moderately bright high schooler can do, 4x a day for 30 seconds: pass a signature pad to an office manager, or puke up four lines on a RC-approved sales aid.

PS: Ive done the same "job", have several extremely profitable rentals properties and other revenue generating side hustles. I just don't come here to boast. Well....except for this post!

 

cause I'm proud. You clearly are insecure to talk about your rental properties gouging the poor most likely

 

Wow. You are really something.
I'm also a Pfizer retiree - I check this site every now and then to see why my stock is doing so poorly. I acquired several rental properties during my years at Pfizer, as well. It wasn't to take advantage of anyone. And I'm only discussing it because of your insulting manner.
But, if you are earning the income of most drug reps, with all of the paid expenses and benefits - then find a way to invest in a side venture that will provide for you when Big Blue cuts ties. The rental properties paid for themselves during the time that I was working, because I reinvested the rental proceeds back into the business. Now, I have something else to fall back on besides my financial investments. ( I had my lump sum pension rolled into an IRA and got out of the Net Benefits selection of mutual funds).
It can be done.