‘I’m considering driving Lyft part time’: I’m 58 with a $1 million home. Do I finally give up work and enjoy life?

Core Insights - The article discusses a couple's financial planning for early retirement, focusing on downsizing their home and managing income sources while addressing health and lifestyle changes. Financial Planning - The couple plans to sell their home valued at $1 million and downsize to an apartment in a no-income-tax state, which could help with their financial situation and Roth conversion strategy [4][17]. - They have a combined 401(k) balance of $1.1 million and $800,000 in stocks, along with $500,000 in home equity, indicating a strong financial position for retirement [6][15]. - The couple is considering part-time work as a Lyft driver, which could generate an additional $30,000 a year, providing flexibility while managing living expenses [2][12]. Retirement Timing and Income - The individual plans to stop working at age 60 while the spouse continues for two more years, utilizing the Affordable Care Act for health insurance until they reach 65 [5][10]. - Social Security benefits will be claimed at age 70, with the maximum monthly benefit being $5,108 for those who wait until that age [13][14]. Health and Lifestyle Considerations - The couple aims to focus on health and diet post-retirement, recognizing the importance of maintaining physical well-being as they age [3][11]. - The stress from current jobs is a significant concern, and transitioning to retirement is seen as a way to alleviate this stress, although it may introduce new challenges [7][9]. Tax and Insurance Strategy - The couple is considering a Roth conversion strategy to manage their tax liabilities and maximize insurance subsidies, particularly in light of potential changes to ACA premium tax credits [16][17]. - The article highlights the importance of planning annual Roth conversions to stay within income thresholds and manage ACA premiums effectively [16].