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Old 03-20-2015, 01:26 PM   #41
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bulbar,

I don't think anyone brought it up yet but you mentioned a financial adviser. If not a fee only relationship, it's a good time to ask what they bring to the table. Paying them 1% out of your $3MM works out to $30,000/yr. I suspect it's very hard to justify that type of expense in your present situation. Read Bernstein's Investors' Manifesto and Hallam's Millionaire Teacher.

I don't know the specifics of what you used to do. I'm pretty sure it will be a scramble to find anything close to what you were making but it isn't impossible. If retirement isn't your short-term goal, you should begin the networking and start looking at the online job boards. Don't discount the possibility of a contract position. I discovered that after 50 you are only evaluated on what you bring to the table now. No one is looking at your potential to go into senior management. If you were let go from a management position like I was, don't hold out for another one like I did for over a year. There's a lot to be said for being a smiling individual contributor.
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Old 03-20-2015, 01:55 PM   #42
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Yes, like 2B said, come to our next lunch meeting. We would love to meet you! There are a lot of us in the Houston area and not all are in oil & gas anymore.
=======================

Where exactly is the lunch and when?
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Old 03-20-2015, 02:05 PM   #43
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OP,

Don't forget, kids can also partially finance their college, tough to to get a loan for retirement , just saying. Agree with others though, hard look at current spend and see where cuts can occur that won't won't be significantly impacting
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Old 03-20-2015, 03:27 PM   #44
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I know this is scary but please take a deep breath. You will be FINE. You are not a stupid person and you know how to take control of this situation. How much of your current spending is compensation for the time and stress associated with your j*b ? What do you really need to spend to be happy ? I'd bet that it is less than you are spending. Take a deep look at all those $20 and $50 items that you spend money on. They add up. At one point I was spending $200 / month at Bed Bath and Beyond, and I would talk about how much I saved by using my 20% off coupons. And then it dawned on me - I wasn't saving $40; I was wasting $200 because I didn't need any of that stuff --- in the grand scheme of things it didn't really add to my happiness at all. Deep breath. It will be ok.
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Old 03-20-2015, 04:31 PM   #45
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=======================

Where exactly is the lunch and when?
We just held a lunch at a spot in The Woodlands. I don't know if that's convenient for you, but several of us are around that area or a short drive. We were planning on another lunch get together later this month or early April. No plan have been set yet. Stay tuned.
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Old 03-20-2015, 04:55 PM   #46
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We just held a lunch at a spot in The Woodlands. I don't know if that's convenient for you, but several of us are around that area or a short drive. We were planning on another lunch get together later this month or early April. No plan have been set yet. Stay tuned.
I'll put bulbar on the distribution list. I have mixed feeling about another totally open invitation. It's not that I don't want more people to come I just wonder if it's a reasonable use of this forum to do a post monthly or bi-monthly.

To bubar, our last lunch was at Goose's Acre in The Woodlands. It's a great place but you have to be careful how much you drink if you're walking home. Alan pointed out that walking while intoxicated is far more dangerous than driving. I believe British data was used so it can not be challenged.

Future lunches could be in other locations. I'm open.
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Old 03-21-2015, 12:56 AM   #47
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Great point on the financial advisor, open an account with vanguard and transfer everything in there. Go with index funds you can save 1 to 2 percent on 3 million that can be 60 k per year. Financial advisors love the alternative asset class now and that just means they will stick you with high fee investments. Kid should go to public colleges. Keep the cars you have. Cut out any ridiculous expenses such as high cost kid activities. I'd consider this a blessing. The sun will come up tomorrow and you will realize a new life. You are in a great position compares to most I would imagine.


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Old 03-21-2015, 03:25 AM   #48
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Hey I am another Texas guy, I am on the south side and work in petro-chemicals. Been working for megacorp 29 yrs.
I totally agree with "once the kids are out of college" expenses go way down. I was dollar to death. I
have a monthly excel budget. Been seriously watching dollars for 3 yrs. and if we had too we could get down real low if needed under 30k
Know that means no Starbucks cable no eating out no more weekly golf at the club would have to sell my field seats for the Texans game. Cars are all paid for house will be done by summer of 2017 and if needed emergency fund could knock it out. It is all how you look at it. I plan to throw in the towel in 40-45 months from today. I will be 56 1/2 I will not have 3mm most likely over half of 3mm but we will be very comfortable. Op look at your spend every dollar should have a name. You will be surprised just how low you can go. Now also this all works because Dw understands how the budget is drawn up. We are in this together. She is the one that wants me to retire. Working at megacorp in upper management can be stressful.
3am calls the unit is down or having issues can get old. I also seriously believe in the firecal that has Bernicke's Reality Retirement Plan.
I can sure see how spend will go down after 56.

Hey I would love to pick your guys brain on doing self retirement
Not sure what all is discussed in the lunches. But I am scared to death of doing this on my own. I have had lengthy discussions with Vanguard in the past on how I would roll 401 and pension to them. Currently with trowe through megacorp. Megacorp takes care of the fees today. Also health insurance is scary.
If I stay on until 59 half we should have 2mm but I am not sure I am willing to give 3years of limited time.


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Old 03-21-2015, 05:40 AM   #49
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Vanguard has a group that can handle your transfer, we just transferred my mother in laws assets to our account due to her passing. I'd transfer things as is and then do a financial plan with them, in some cases it is free in other cases a few hundred dollars. Vanguard was and is a non profit owned by the shareholders so their interest is in serving you, not separating you from your money.


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Old 03-21-2015, 07:48 AM   #50
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Hey I would love to pick your guys brain on doing self retirement
Not sure what all is discussed in the lunches. But I am scared to death of doing this on my own. I have had lengthy discussions with Vanguard in the past on how I would roll 401 and pension to them.
In our first and only lunch to date we didn't discuss finances at all. I think all of us live in The Woodlands so I'm pretty sure none of us was limited to $30K/yr but I could be wrong.

I think the best way to get more comfortable with your plan is to do what you are doing which is to start with a budget. You then run FireCalc and most any other calculator you can find. It's best to be a little conservative knowing that market returns can't be predicted and neither can future expenses. Post your plan here and get a thorough review of your plan. Everyone won't agree but you'll get a good feel if you are being overly conservative or a wild-eyed dreamer. You won't have to totally go it alone but ultimately it's your (and your DWs) decision.

I believe in Bernicke too. I have a basic budget for maintaining our current lifestyle. That's very secure. The add on budget includes traveling, gifts and charities. With kids out on their own, the basic budget is much lower than what we spent for a similar lifestyle when they were home.

I also spent many years in petrochemicals. Most of it was along the Houston Ship Channel. When I was kicked to the curb in 2002, my greatest consolation was that I had been scheduled to be management coverage for Christmas and New Years that year. I kept wanting to find out if the stupid idiots I worked with figured out that I wouldn't be there. I didn't miss the late night calls or the visits to the emergency room when someone was injured.
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Old 03-22-2015, 02:29 AM   #51
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Thanks 2b

Yes visit to the emergency yes been there done that! That does suck. The family is looking at you on what did you do to my DH or DS.

I guess I will take a shot at putting everything down on the forum


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Old 03-22-2015, 09:41 AM   #52
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Second the advice that taking a hard look at the expenses for any "financial adviser" is a good idea. Also, beware that many financial advisers are aware of the general advice that "fee only" advisers are more cost effective, so are beginning to call themselves "fee only" because they only work for an annual percentage assets under management fee (AUM) of 1% TO 2%. This is not the hourly fee only, that was meant by the term "fee only" and an AUM financial adviser is usually extravagantly expensive for what you get.
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Old 03-22-2015, 12:34 PM   #53
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Second the advice that taking a hard look at the expenses for any "financial adviser" is a good idea. Also, beware that many financial advisers are aware of the general advice that "fee only" advisers are more cost effective, so are beginning to call themselves "fee only" because they only work for an annual percentage assets under management fee (AUM) of 1% TO 2%. This is not the hourly fee only, that was meant by the term "fee only" and an AUM financial adviser is usually extravagantly expensive for what you get.
Excellent point. 1-2% is extravagant for anything connected with finance. Over time, it cannot work.

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Old 03-22-2015, 01:28 PM   #54
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It works fine for the recipient of the fees.
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