If a democrat wins the presidency (I hope they don't, then I'm retiring). I am in my mid 50s and can take an early retirement, it will bring in about 2,500 per month. My house and car are paid for. I am a single male with no dependents, and I have simple tastes. In addition I know the country will be soon be running off the cliff. The only reason I still work now is we have great heath benefits where I work. Anyone else considering it?

I never really made a correlation between when I would retire and a Presidential election.

If a democrat wins the presidency, and they keep the house, you might seriously consider NOT retiring- the imminent damage to the economy may make your job a necessity for making ends meet. Further, if the economy tanks as a result, due to increased regulations on business, higher taxes on citizens and business, medicare for all, free college, etc. etc., unemployment will likely spike once again, and good jobs will once again become more scarce.

This ^^^

If we have single payer, everyone covered by federal health insurance then why work If I have retirement coming in. Or actually I may do some work "off the books". I want to move out west and hunt/fish 24/7.

if the socialists take over, (we're almost there now), workers will be taxed to the hilt. the economy will slowly grind to a halt.

various sub-groups will be fighting (& striking?) for pay increases to keep up with inflation/cost of living increases.

disarray in general as the working class realizes the ship is sinking, as illegal aliens pour in unabated.

an economy that isn't growing, is much like an oak tree that isn't growing. growth is essential.

not much positive growth happens when the socialists work to "re-invent" the world.

There can be some real damage done to a retirement nest egg if one retires and then the market is poor for the first few years. I would have to weigh out my options and understand if I had enough liquid money to live on should that event happen. If I had my nest egg number, and liquid money to cover 3-4 years if needed, I would consider the jump. That decision is 10 years out minimum for me.

Nealglen: Think about your health, and how it may change as you age. The amount of money you will spend for medication and medical treatments and care will increase with age. Will you be eligible for Social Security as well as your pension? You will not be medicare eligible until 65, and one serious illness can result in bankruptcy.

+1

one serious illness can result in bankruptcy

I know the hard way.

I retired the week that obuma was elected.

The wife said to me. "You've got five years left in you."
I told her, "I'm not giving it to them."

Seems to me, you are getting good advice.

I imagine the current crop of democratic candidates and their health system for the planet will sky rocket co-pays to the moon in addition to other taxation. A fixed income sounds like the very opposite of what you would want to do.

Get ready for the black Hillary...Moooch-Hell.

some say it's going to be a 50=50 game this next time.

we know trump is on one team.

no clue about the other.

surprises abound.

Fact.

A couple of thoughts. Trump is good for the economy. If dim is elected, I would recommend moving assets from stocks to bonds. It may take a year or so, but I see another recession coming.
The second thought, with the lower taxes, now is the time tp be putting money into a Roth 401k. If a dim wins, taxes will likely be raised, so a regular 401k might be better. Obviously there are other considerations, but its a good rule of thumb.

No Kidding!

I got real close in 2007. I was able to work myself out of it, but I never recovered financially completely. I managed to keep most of my real estate, now almost all of it paid off. It's my nest egg.

If I had cash I'd be buying some bonds and preferred stock now.

If a dem is elected, you can be assured that the economy will reverse directions. Taxes will rise, regulation will increase, health care costs will go from bad to disastrous.
Our salvation if Trump loses, is hoping to keep the senate and possibly flip the house.

That was 11 years ago, how are you doing?

If a Dem gets in and enacts reparations......say they gave a windfall to every sophisticated urbanite. BUY everything, but especially auto stocks and gold. It would be the biggest stimulus package in the history of money. 90 Cents on every reparation dollar if not more would be spent on bling.

Our Democracy and freedom is gone if Democrat win the Presidency. They will come for our guns first....then they will tell us what to eat. what to wear and they will bring so many migrants.

keep working, keep your insurance and keep putting money away.

you'd have 40 more hours a week to worry about politics...not worth it.

A paid off car usually needs replaced eventually, paid off house often needs new roof, re-painted, plumbing, furnace, water heater...you get the drift.

They will open borders up and it be just north and south American continents. USA would be gone.

I retired at 51. Ill be 73 in a month. It was the best move I ever made. I have heard lots of guys later in life say they wish they would have spent more time with their family, or traveling or whatever. Never heard one say they wished they could have spend a few more shifts on the job.

Then you dont talk to many people. Start asking the people who had to quit working because of health problems. Every retired Male relative I have ever known wanted to work longer.

Screw the election, just do it!

Don't wait til your too f'n old to do what you enjoy, none of us have a guarantee we are even gonna have a tomorrow.

That possible health issue many speak of could actually happen and render you incapable of chasing down deer and climbing up river banks from good fishing holes. Then you'd never get to do what you really wanted to.

The entire concept of working 40 hours a week 50 weeks a year until your old and grey is about the most dumb schit idea anyone ever came up with.
Most do it just because they find some sorta sense of security in some corporation or government agency will take care of them with a pension when they get old and tired.
I guess they are just afraid to do that on their own.

You already have what you feel will do you, go for it. ASAP.......don't look back...

Who do you work for ?
Gov't job ?

Only a matter of time till we have a Mexican President. and then Sht will hit the fan.

I could not agree more.

$2500.00 a month won’t go far, you better hang in there and work another decade and invest wisely. In 15 years $2500.00 a month won’t buy you a weeks groceries and a tank of gas. There’s lots of people living under the interstate that thought they were ready before they weren’t...

Are you saying he might have to lay off buying all those Sako's?


2500 is a bunch for us peasants.

If a democrat is elected....ima gonna do like I did last time.


Get drunk and carry on like always.

I'm somewhat in the same position as the OP. Only issue is the timing for me is based more on what I think the Market will do if the next election goes South.

Really thinking about retiring at the end of Trump's second term (Positive thinking). Roll most of my IRA into fixed rate accounts with local institutions, at least I'm guaranteed a positive rate of return. Can start taking SSI in 2022. I'm a bachelor with a dog, home is paid for, plan on traveling in a camper throughout the country visiting friends and family all over. Travel when I want to, stay as long as I want to, and move when I'm ready. After hunting/fishing season ends up north, come back South for the Winter...….at least that's the plan! LOL

At mid 50s thats a long run to the grave on $2500 a month. But I sure you have thought it out. If you have everything paid for thats great but with no mortgage or car payments nows the time to really sock it away. I intend to work until I cant. But less and taking on what I care to. Im going to keep making money so I can really enjoy the xtra time I will have. I am in my mid 50s as well.

I'm going to move my 401k into safe harbor next fall.

My house tax is about 4-5k per year. Car insurance and house insurance another 2k. So that’s 3 months of 2.5k gone quick. I was looking at 6k per month and I am nervous. I also have house paid. Cool st of living in kinda low here

My house and cars are paid for 100%. i married a woman who's family has a little bit of money so we both could make sure our kids get the best education, a way to start up in life and a little more. i have been talking to my wife about a little house in a remote place, nothing fancy. don't know where but we are still sorting it out...living isolated from politics and all the madness of the world, stock good guns, ammo food...that's my next mission.

When (not IF) a Dem takes the WH again, and they have control of both houses I wouldn't be at all surprised if they go after the 401k's. There was already some talk about it when Obama was in office.

They will go after the wealth where ever it is. They will need it to help pay for all their election promises.

I think they are gonna go after Roth's. They can't stand the Roth loophole and that people are making money tax free.

I don't know many who said they wished they'd worked longer.

I am ready to exit but will probably hang on a few more years. I've already starting moving a portion of investments out of equities and into more conservative vehicles.

I ain't gonna live until I'm 80. I've worked way too much and have a long history of early death. If I make it till 65 my wife is gonna be pissed.

Great quote.

Word.

What will you do when they make Alcohol illegal ? and introduce sharia law.

Sounds a lot like the lefties moving to Canada if they didn't get their way.

You are working for yourself, not some poncy lefty so don't use them as an excuse.

Well what is your reasoning, how does a democrat enter into your decision, paying taxes?

To gross 2500 per month from a 401K you need about

2500X25X12= about 750K in an account. Naturally if you wanted to clear 2500 then you need tax allocation.

3333X25X12= the cool 1 million dollar figure that people toss around. This is the 4% rule designed to allow a nominal 30 year nest egg. 3333 would probably get the 2500 after tax net. So a million is not that much anymore.

Social security is about 20% of your highest pay as an estimate at 62 if you have 20+ or so years, I forget. But probably 1800/mo?

Yep. They wanted to nationalize private retirement accounts.

Uphoald my Oath...…...

In the past there have been Dem plans to federalize retirement plans, IRA's, 401K's, etc. They take them, give your money to those who don't work, then pay you a monthly allowance. If they get control of both houses, expect these plans to quickly reemerge.

To be clear: It does not matter who wins the next election. Whoever gets elected will not make you sick, or keep your from getting sick. Or make you eligible for social security or medicare one day sooner.

Hey Monkey-Man, I have the pasture all mowed so you can collect the Troll Patrol and come here for "The Great Pindale Campfire" you promised all those years ago. Of course several have died and one killed by drug mules but you can probaably round up enough to fill the hole.

You're cuter than ever !

If a democrat wins the presidency, they will promise us everything, give us nothing, and then blame it on something else. Like Republicans, or climate change, or whatever. Sound familiar ? It's called "Fundamentally transforming America", and it will be the "new normal".

If a democrat gets elected, I'm planning on becoming the largest warlord in the NW in the economic chaos that will follow. I'll be taking applications for regional lieutenant warlords after the election. The vice grand warlord position will be picked via a beauty pageant, no application necessary

Larry Root!! You stupid son of a bitch!!

Who the hell is Larry Root??

my plan is to retire in may 2024. i think this country will be in the schitter thereabouts for a decade or more so i am rethinking it.

Can one still plan on Medicare or will the age change just like benefits has?? Cheers NC

Any idea you might consider: draw your monthly retirement but get a job you like that pays your health insurance. But don't change your spending habits. Get paid from your monthly retirement and then work for a paycheck. That way you stockpile money while double dipping.

And if the new boss is an arse, tell him to kiss yours. It's a great feeling.