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Almost there Anxiety and Thanks
Old 05-10-2011, 08:03 AM   #1
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Almost there Anxiety and Thanks

First a big thanks to all as my DW and I have learned much about planning our FIRE. We are not quite able to Fire yet for a two big reasons.

First our planned expenses to our nest egg are not quite there yet but should be in another year and 2nd due to prexisting medical conditions obtaining individual HC coverage is an issue as high risk insurance pool in state of Ohio requires that you be uninsured for 6 months to obtain. We are working toward a healthier life that could possible change the some medical conditions that would allow me to get regular individiual HC.

So the plan looks like this DW as a nurse can work part time and maintain full medical on both and I will leave mega corp in a year. leaving Mega corp will provide me a healthier life style. She will continue until the solution to HC is resolved.

Over the years DW and I have LYBM and put away over 33% of our income and have enjoyed building the nest egg. We have much anxiety over actually taking money out once we are done with the accumulation stage and move into harvest stage. We have never dipped into our savings. For those who have FIRED and had this anxiety how did you manage it. We have followed all the steps have a good financial plan to support our life style. We have run all the calcuations thru at least a half dozen calculators and have had 3 FP review and all say go ahead based on projected expenses and net worth one year from now. So how did you take the leap??

Thanks
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Old 05-10-2011, 08:19 AM   #2
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So how did you take the leap??
With both feet and a huge grin on my face.

You can run the numbers until you turn blue - unfortunately that color change may be due to reaching the second date included in your obituary. For me there came a time when my concerns about delaying retirement outweighed concerns about pulling the trigger. Sounds to me like you are almost to that point.
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Old 05-10-2011, 09:26 AM   #3
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We were much the same way- had socked it away and never touched it. We too had some anxiety leading up to DH retirement last month. But I finally realized that we had run every calculator, seen a finiancial planner, and that I had high confidence in the accuracy of our plan. All said GO! So we started our weekly transfers early in April after hubby retired, and are enjoying the freedom. Just this moring, we made bacon and eggs for breakfast- the first time ever on a weekday. Even commented that it seemed like midweek decadance! We sleep as late as we want (turns out 7-8 am is plenty) go for walks, read, and are spendng time at our retirement cabin- all as planned. Still feels like a vacation for us- but the new journey is under way-- and oh so sweet!
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Old 05-10-2011, 11:19 AM   #4
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Well, I have been moving toward the leaping position for 25 years.

Soon I will jump!

I have no reservations about doing it. I have covered all of the common angles... spent a lot of time learning about them. But being a little compulsive on the risk side has caused me to "quadruple check my jump list" as I approach the leap platform!


If I decided to go back to w*rk (for whatever reason)... I will not... I could get a j*b pretty quickly because of my background and experience. Especially over the next several years. Go out past 5 years and I would reenter at a significant wage reduction.... but I could still do it. I suppose that offers some comfort to ease concerns about taking the big step.

I probably worked too much at sharpening my edge (background)... I am sure many people will tell me that I am the last person they would expect to RE..... there will probably be stories that it was a stealthy move to quit my job, lock-in retirement benefits, and go somewhere else for much more money... I may just let them wonderrrrrrrrr and become my employer's urban legend.... muhh huh huh heh haw haw haawwwwww [hack cough]

But as I said earlier... I have covered the angles!
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Old 05-10-2011, 02:48 PM   #5
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Trawler, that is how just about every one of our clients feels about moving from accumulation to spending. All you can do is just run the numbers until you feel like it is going to work, then just do it!
This seems to be what happens no matter how much money you are talking about, from small nest eggs on up to the biggest ones.
Good luck to you and the DW!
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Old 05-10-2011, 05:30 PM   #6
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Trawler: Retirement happens when you're financially able and emotionally ready - one day you will know, until then you're not ready. I don't think there's a silver bullet anyone can give you, you have to do the work to get your head around the emotional side too.

Despite all the articles & research, there isn't really even a "right" number - it's all what each individual is comfortable with, that can vary considerably. Some people are OK with 5% WR or more, others target 2% or even less - both are entirely legitimate.

May sound too simple, but I was financially able several years ago. But letting go of my career and thinking through what I planned to do in retirement (activities even more than spending) had to come before I was emotionally ready.

I announced about 6 weeks ago and I've slept like a baby every night since, my last day is 6/30. You'll know...

I lived near Columbus in the 90's, and loved it. I don't think most people realize how much the area has to offer (despite Ohio State, not a fan ), thought Columbus was once of the best kept secrets in the Midwest...
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Old 05-10-2011, 06:27 PM   #7
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I've been emotionally ready for retirement ever since I graduated from college.

Financial readiness - not there yet.

Amethyst
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Old 05-11-2011, 07:56 PM   #8
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We have much anxiety over actually taking money out once we are done with the accumulation stage and move into harvest stage. We have never dipped into our savings. For those who have FIRED and had this anxiety how did you manage it.

Thanks

Welcome ! I just pretend it 's Monopoly money and in order to win that game you have to spend !
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Old 05-13-2011, 06:05 AM   #9
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Thanks again all!!!
Will continue journey toward FI. Goal set to RE from Mega corp April 2012 and may look for something satisfying and non toxic as just a few $$ coming in may ease my fear of spending.
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