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“I’ve really been enjoying this podcast! I love that you are actually doing the coastFI thing. UX has always seemed great in that you could work part time very easily - I don’t think I’d be able to find that option l as easily in my line of work. On taxes: if you are withdrawing from a “traditional” retirement account, you just have federal and state income taxes. For example, if you lived in a state with no state income tax and you spent 60k a year, you would need to pay around 4k with today’s tax brackets in taxes. And that directly adds to your annual spend you use for those FIRE calculators - so you’d use 64k, not 60k, in your 4% rule calculation. Of course, that’s assuming tax brackets stay the same as they are today! If withdrawing from a Roth, there is no tax whatsoever on withdrawals. And if withdrawing from taxable, you would be able to withdraw up to 90k every year with no taxes - since everything you withdraw would only be subject to long term capital gains. Hope that clarifies things on taxes!”
Not-so-novice-traveller via Apple Podcasts ·
United States of America ·
06/05/24
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