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Can I be FIREd
Old 08-01-2012, 03:52 PM   #1
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Can I be FIREd

Long time lurker, first time poster. I'm 56, DW is (not far behind me). We learned this week that the company that I work for is being shut down by our parent company. Not that supprised, the handwriting has been on the wall for a time, but still a shock. I found this website a while back, and since then the thought of ER has been at the back of my mind--now it's at the front. DW will continue in her job, and we will use her employer group health insurance for the foreseable future. Our assets are as follows: 1.7M total assets dedicated to retirement--IRAs, Roth IRAs, 401ks, Taxable brokerage account. The total assets includes 150,000 in CDs and I Bonds (my mattress money). Our house on 4 acres is mortgage free and is probably worth about 300,000. With DW's salary, a 2% AWR covers all expenses with a margin for taxes. I've calculated our expenses including all the normal stuff plus allowances for home and car repairs. I also included the cost of the health insurance at my soon to be former employer ( my contributions + employer contributions ), so that we have a margin in place for future purchase of an individual health insurance policy, should it become necessary. I've run the numbers to exhaustion, FIREcalc says 100% success rate. I think I can be FIREd. The only things that give me pause are the things that I cannot control-- stock market gyrations, United States Congress spending more than they take in, European financial foolishness, etc etc. I just need a little push......On the subject of dryer sheets- I don't use them, don't like the smell on my clothes. They probably cause cancer too ( everything else does).
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Old 08-01-2012, 04:03 PM   #2
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You've got more assets than I do, and I'm in a similar work situation.
(except my employer is laying people off both overtly, and relocating a site 40 miles away from their current campus to get rid of some more w/out having to pay severance.)

I'd do it.
But then again - I hate my j*b.

How do you feel about your j*b? Are you the type that will miss work, or will you not look back?
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Old 08-01-2012, 04:08 PM   #3
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Welcome aboard. I gather DW would continue working, though you don't say for how long. I assume she's comfortable working with you retired for whatever duration you have planned. But if you've put all the details in FIRECALC and it gives you a 100% success rate, if past history repeats itself you'll be OK. Of course 'history repeats itself' depends on all those "things that [you] cannot control" among others. And it's wise to have a plan B in any event. Best of luck...

PS: If anyone is willing to give you "a little push" based on the info you've provided, you'll know better than to listen to them...
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Old 08-01-2012, 04:13 PM   #4
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It looks like you have done all the necessary calculations. Then, once your workplace shuts down, what options do you have? Try to get a transfer to another division? Or try to apply for a new job elsewhere?

It looks like you will not be looking for another job, but are somewhat fearful of having to face the unknown economy ahead without the security of a pay check. Well, we are all in the same boat here. Eventually, you will get used to it, and other than to stop worrying about it, there is not much one can do. I see that your wife is still working too. That's one income source many of us do not have.

Life is what it is, and we just have to be content that we still have more assets to rely on than so many hapless souls out there.
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Old 08-01-2012, 04:18 PM   #5
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Originally Posted by cr7090cap View Post
....On the subject of dryer sheets- I don't use them, don't like the smell on my clothes. They probably cause cancer too ( everything else does).
I'm sorry, I'm not sure you can really be FIRE'd until you double secret swear to uphold the secrets of the dryer sheets ("What's the deal with the dryer sheets?!?").

Welcome to the boards!
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Old 08-01-2012, 04:23 PM   #6
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Sorry, you can't be FIREd. I am FIREd.

Welcome!
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Old 08-01-2012, 04:26 PM   #7
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Doggone it, doesn't trade mark law prohibit someone to claim a common word? Come to think of it, similarly, how could the word FIREd get claim by an individual? I mean it did, but was that fair?
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Old 08-01-2012, 04:27 PM   #8
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Doggone it, doesn't trade mark law prohibit someone to claim a common word? Come to think of it, similarly, how could the word FIREd get claim by an individual? I mean it did, but was that fair?
Yes.
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Old 08-01-2012, 04:29 PM   #9
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I just need a little push......
Don't look now, but it appears you got a huge shove:
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Originally Posted by cr7090cap View Post
We learned this week that the company that I work for is being shut down by our parent company.
You appear to be in better financial shape than when I retired at age 58 - without a working spouse. What you need to concentrate on now is how to keep her working happy.
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Old 08-01-2012, 04:33 PM   #10
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Oh well. I guess it is similar to Web domain name claims.

I remember some guys got rich by first claiming mcdonald.com or something like that, then sold it back to the proper companies. I have never been so lucky or a fast-mover to benefit. There's a phrase for that, which a friend taught me: "sucking hind teat".

Then, they console us with another phrase, "Good guys finish last", but of course I do not believe that.
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Old 08-01-2012, 04:56 PM   #11
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It all depends on how much you need to live, the gap while DW continues to work is modest at 2% AWR, how much flexibility you have to dial down your costs if the stuff hits the fan and you need to, etc. Sounds like you are in good shape to be FIREd to me. I ERd last December with similar numbers to you but no working spouse (DW is retired as well) and am on my own for health care.

I love it - the only thing I miss from w*rk are some of my colleagues.

Just recognize that there are things you can't control and you need to respond to as they come.
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Old 08-01-2012, 05:30 PM   #12
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In the case anybody missed it, and some might have, I was just joking.

We now return to the regular programming of welcoming our new friend...
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Old 08-02-2012, 03:04 AM   #13
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Yes, you can be FIREd. Welcome.
Quote:
Originally Posted by cr7090cap View Post
I've run the numbers to exhaustion, FIREcalc says 100% success rate. I think I can be FIREd.
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Old 08-02-2012, 02:13 PM   #14
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Doggone it, doesn't trade mark law prohibit someone to claim a common word? Come to think of it, similarly, how could the word FIREd get claim by an individual? I mean it did, but was that fair?
Welcome Cr7090cap to the forum.

If Apple can patent a rectangle.....

Oh no, thread hijack!
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Old 08-05-2012, 01:49 PM   #15
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I also included the cost of the health insurance at my soon to be former employer ( my contributions + employer contributions ), so that we have a margin in place for future purchase of an individual health insurance policy, should it become necessary.
Welcome to the forum! It sounds like you're in a great solid place with a 2% WR meeting your expenses.

One thing on health insurance - many people have never purchased their own individual policies before, and are surprised when they can find cheaper options in the individual market compared to what limited options their employers offered in the group plans.

Of course, if you and/or DW have health situations that would lead the underwriters to charge you more, then it's different...but shop around on Health Insurance - Find Affordable Health Insurance Plans and Buy Medical Coverage Online or some other websites to simply price up individual policies on yourself and/or DW. You might be surprised how cheaply a high deductible policy can be. Just keep in mind that it's like life insurance quotes - until you do underwriting, the quote will assume you qualify for a good health class. Health issues might increase the premiums.
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Old 08-06-2012, 04:54 PM   #16
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Thank you all for your responses.
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