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52 Year-Old from Pittsburgh area who has decided not to lurk any longer...
Old 03-01-2014, 05:53 PM   #1
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52 Year-Old from Pittsburgh area who has decided not to lurk any longer...

... and thus this post.

Unmarried but happily coupled. Finances are treated separately with significant other. Aiming to retire next year and have been a reasonably good saver. $3.5MM in net worth, with a bit over $3MM liquid (meaning, in index funds and in cash). According to FIREcalc, I can apparently spend about 120K a year in retirement.

Suffering a bit from "one more year" syndrome, but I am hoping to quell that every time it pops up. My j*b is stressful (lawyer) and has had some negative impact on my health. But the money is good. But how much do you really need to be happy? (It's less that 120K/year, I can tell you that.)

Love dogs, love art, love to read, love to jog, love to garden.

That's it for now, except for this question: When FIREcalc says "(Note: values are in terms of the dollars as of the beginning of the retirement period for each cycle.)," I take it that means that the numbers are in today's dollars, so that, for example, when you use the default example on the calculator ($1,351,618), that's the average 30 years from now, expressed in today's dollars. That is, it might be a higher # in 30 years, but that's what it would be worth today. Right? (I may be a lawyer, but I am VERY math challenged....)

Thanks so much for having me, community!
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Old 03-01-2014, 07:26 PM   #2
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Welcome! I also hail from the Pittsburgh area, though I've been in the Golden State for the last 25 years. I too am a lawyer, 51, and I ER'd six months ago with a lower NW than you have. Needless to say, I think you appear to be in good shape to ER so long as you can be happy on $120 k a year. I have an annual ER budget of about $90k, which so far has been working out.
The health benefits of ER are substantial. My blood pressure has drop 20 points since I ER'ed. I watched 5 law firm colleagues get cancer, have heart attacks, and die in the 50s and 60s. It goes without saying, but it is so not worth it.

If I understand your question, 'yes' they Firecalc numbers are expressed in terms of today's dollars.
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Old 03-01-2014, 07:27 PM   #3
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Welcome!

MM,
Welcome aboard! Fight the OMY urge!
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Old 03-01-2014, 08:01 PM   #4
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Welcome MM!

You have done quite well for yourself, so don't let work stress you out any more. If you can drop back to part time and make less but have some free time to yourself, maybe that's a good compromise.

But realistically, you don't need to work any more if your real expenses are around $90K or less. So if you choose to do so anyway, examine what the reasons are for doing so.

Enjoy and let us know what you decide!
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Old 03-01-2014, 09:22 PM   #5
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God, it feels good to be on here.
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Old 03-01-2014, 09:40 PM   #6
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From a fellow pittsburgher welcome and congrats on the significant nest egg!
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Old 03-01-2014, 10:13 PM   #7
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Welcome. You have plenty to live well for the rest of your life, so why continue to put up with a stressful job? You've done well for yourself, now is the time to enjoy the fruits of your hard work. Good luck.
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Looks like you are in good shape
Old 03-03-2014, 07:50 AM   #8
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Looks like you are in good shape

Your and my situation financially is about the same. I've tried every retirement calculator on line, over and over, and at spending levels under $100K we do fine. I'm sure you'll do fine.

This site is terrific--I always wanted to retire around 55 and am beside myself with joy that I can do it! This group helped make my decision to make the move this coming year The medical community seems to be filled with people who think they have to work until they drop. I know someone who became very ill at age 70 and ill health forced him to retire, but he died within a month of the time he stopped work. I had a former partner in his mid 50s who was diagnosed with cancer 3 months after shopping for a second home in France and ended up dying before he could enjoy his life fully. No one should have to work until they die. Go on and enjoy your life. If you can retire at 52, go for it.
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Old 03-03-2014, 10:02 AM   #9
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As I have said in the past, yours is an emotional decision, not a financial decision. You have the required assets to stop working and still have a quite comfortable lifestyle.

Since you do not want to continue working, the added stress is certainly no benefit to your health, then why continue? It is because of that emotional side. It is easy to stay on the same path. It is also tougher to change that mindset to go from investing to withdrawing. Again, this is emotional.

Since you have the financial aspects covered, spend time on the emotional aspects and decide to make the jump to ER. I would do it in your shoes.
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Old 03-03-2014, 11:01 AM   #10
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Thanks to everyone. It's like doing free group therapy or something. I am definitely out of here in the middle of 2015, though I reserve the right to bolt earlier if there's some catalyst.

I only hope that when I actually have the good fortune to be ER'ed, I remember to appreciate it continuously.

38Chevy454 correctly noted that the decision is largely emotional at this point. When I was younger, I would have MOCKED my OMY syndrome. Back when there was a decade or more to go till ER, I was like "Give me a million and I'll bolt today -- no problem staying busy!" Now that I'm on the exit's threshold, all this strange introspection kicks in. But when that occurs, all you folks disabuse me of that foolishness. And for that I'm really thankful.
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Old 03-03-2014, 11:57 AM   #11
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Welcome Mo Money,
With RE coming in just over a year away, it is time to do your "due diligence". If you make sure everything is lined up for retirement now, you won't have second thoughts about being ready when the time comes. Some Important Questions to Answer Before Asking - Can I Retire? is a good place to start.

Good Luck
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Old 03-04-2014, 05:27 PM   #12
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Congrats from another Pittsburgher ERing in August. Looks like your numbers are in great shape!
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Old 03-04-2014, 08:30 PM   #13
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Old 03-05-2014, 12:10 AM   #14
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Cut lose and start enjoying life to the fullest! Health taking a toll is a big red flag that you must heed.
Have a great time time in retirement...how about starting tomorrow
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