Since I was forced to retire from the bank, I've had access to my 401-k retirement account for use. Although I left the bank before I was 59 1/2, federal law allowed me to collect from the bank's pension plan after I turned 55. I lived on my pension, coupled with money from some short term gigs, and finally started collecting money from Social Security when I turned 66 1/2. It helped that I was able to collect some monthly money from renting out the family homestead, as well as tapping into the 401-k a couple of times.
The last time I tapped into the 401-k plan, it was on the last business date in 2024 that I could take a distribution for the year. So, I had to ask myself a question: Did I want to take a distribution for 2025? And I answered my own question - NO. Although I may take a 2026 distribution, I will have a drop in income for 2025 because I had no money coming in from the family homestead and took no 401-k distributions. (I can only think of what my tax preparer will say in a couple of months.)
Next year (as I write this - it's still 2025 right now), I will likely take a larger distribution than I did last year and trigger a larger tax bill for 2026. (I'll deal with that in 2027.) I want to be able to take another cruise towards year end, and not worry if RQS will be able to afford it or not. (A Hawaii cruise is on the horizon, and I want RQS to see the state while she's able to travel.)
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When I turn 73, I will be forced to take Required Minimum Distributions (RMDs) to comply with IRS regulations. Right now, the website tells me that I have more than I need to retire well. And I'm grateful for that. I certainly didn't plan for the life I've had so far - the things I wanted for myself when I was a child, a young adult, and a middle aged adult are not what I got in life. In many ways, I'm glad I didn't get those things, as I'd likely be a person I wouldn't like to know today.
The younger version of me wanted wealth and power. The person I became simply wants independence, freedom, security, and to be unaffected by the madness going on in the outside world. I allow no one to burden me with responsibilities or duties they have no right to impose. And I am finally comfortable telling people to go to "Helen Waite" when needed. I did a lot of growing up in my senior years, and I'm glad I finally did so.
