On 6/13/2011 12:45 PM, Dad wrote:
>
> "Jim H" > wrote in message
> ...
>> On 6/12/2011 10:13 PM, uncle_vito wrote:
>>> > wrote in message
>>> .. .
> Snip
>>
>> I retired early at 56, and I've been retired for 5 years now. Social
>> Security is not available at 60 1/2. Early SS is available at 62. It
>> is reduced by about 25% at that age. If you are tapping your 401K at
>> 59 1/2, you will probably run out of money at some point. If you do
>> take money out, you should only take 4% per year. Also, don't forget
>> that it is taxed as income. I'm hoping to hold out until I must take
>> distributions at 70 1/2.
>
> I've paid no tax since I retired, be careful of your secondary income
> and you can get under the wire. I was audited a few years back after I
> turned 70 1/2 because I didn't take out enough the first year it was
> required, about 4% of your total nest egg. Audit was 2 years late so it
> had interest and a fine attached. Tax man talked them out of the whole
> thing because of all the errors in IRS's calculations.
>
> The C6 just turned 40K this last weekend, need to drive it more. ;-))
>
> My '92 had over 90K on it in 4 1/2 years, and the most fun was driving
> my '04 coast to coast and back in 16 days.
>
>> I love my '93 40th Anniversary Vette. It still drives like new, with
>> just over 70K miles, and brand new Goodyear tires. But, I really like
>> the C6 also.
>>
>> --
>> Jim
>

When I reread what I wrote, it sounded like I have a C6. I don't. I just
like them, and would like to have one. But, I'm happy with the 40th. :-)
It was a daily driver for years, but since I retired, it doesn't get
driven enough.

I have a pension and investments, so I'm not going to get under any
wires. in fact, I have to send an estimated tax payment in a few days.
But thanks for the thought.

--
Jim