jcretire77
Recycles dryer sheets
A most enjoyable thread . . . made my day of w*rk more tolerable. Take the severance and run . . .
There were enough quasi-mocking comments to his original post before I made mine. I was pointing out what had already happened. I was not trying to be ugly and don't think anyone else was. The focus of most comments was the size of his budget in retirement.Why would it? Not everyone who has proved to be good at accumulating assets has necessarily yet become knowledgeable and comfortable in the practice of drawing down those assets.
In the absence of any other sources of income, Firecalc shows that a 3.1M portfolio (with the default AA) can support a yearly withdrawal in the region of $100K for a 100% success rate. If bulbar's income requirements were 100K or below, a 3.1M portfolio should be able to support that. If his income requirement is higher than that (as it currently is), then he might well need to look at increasing his portfolio, or reducing his spending, as other posters have said.
I just don't understand why any of us would want to make fun of anyone for asking a simple "Can I retire" type question. Making fun of people (unless it really is light-hearted and carries no suggestion of a put-down) is not exactly the kind of thing that will encourage others to post and participate. We're supposed to be here to help each other aren't we?
The architecture department at TAMU as of a couple of year ago is not accredited. That means he can never be licensed. Architecture is a tough major to make it financially and professionally rewarding. Without a license your son could be doomed to a permanent drafting role.Agreed... my son is looking at engineering and TAMU.... but is also talking architecture.... I have told him to find the best schools for the major he wants which he has not yet done... he is a junior in HS, so has a bit of time...
Your earlier post that your insurance is $4,000/yr is crazy. You are definitely being ripped off.Yeah, we bought our house for $155k. Worth maybe $225k now. Owe $75k. Makes no sense to sell it at least until the kids get out of college
When you get the severance, you'll still get a pretty good income. After that you'll have control somewhat. The year after I got layed off my son got a $7,000 finacial need scholarship from TAMU in addition to his $1,000 mechanical engineering scholarship.That was over half the cost of his/my costs.Yeah, but my income wont be high anymore right? I'll be retired.
.....But my medical insurance I think will go up. We pay about $1200 a year in premiums under my company. Retiree medical would be $10k per year.....
The architecture department at TAMU as of a couple of year ago is not accredited. That means he can never be licensed. Architecture is a tough major to make it financially and professionally rewarding. Without a license your son could be doomed to a permanent drafting role.
The architecture department at UT is accredited. Both programs are very difficult to get into and I've heard they work your butt off. If he can't get into UT, I suggest he go somewhere else that is accredited. I've also heard that this degree has an overall low financial payback for the majority of graduates. Just because they get a degree they don't get to design buildings.
My comments are subject to rebuttal without comment by someone that is personally involved in the architecture profession.
An accredited program is required to become a professional engineer but the professional impact is very small if not licensed for most engineering functions. I am a PE so I'll argue this.
My mega energy company says I could get severance and retire early at 53. If I did that, I would have $3.1MM total. I'd get $23k/yr SS at 62 in today's dollars and my wife would get $9k/year SS when I'm 67. We have twins who go to college next year and assuming that will be $200k over 4 years. We spend $140k/yr right now and my retiree medical would add another $8k/yr on top of that. I ran ***** and I think it only had a 70% sucess assuming we could get it back to $140k spending.
The thing is that, if I stay, it takes me 1.5 years here to get to the same $3.1MM I could get right now with the severance. So I'm thinking maybe leave now and have that time for myself?
What do you think?
Thanks for confirming my past information on Architecture.I'm married to an architect and my brother was an architect. You are right that it is not as lucrative as many would think. When you graduate you have several years before you can take the licensing/registration exams. During that time firms often pay very poorly. The exams taken 5 years out - have a very high failure rate (I believe even higher than the PE exam). You can't seal/stamp drawings till you have passed these exams. California adds an additional oral exam layer on top of this which is highly subjective (vs objective)... you get an unfriendly panel and you're screwed.
My brother got frustrated with the process and switched careers to IT - which paid a lot more. My BSEE from a lesser rated school (SDSU) paid off a LOT more than his Masters in Architecture from UC Berkeley.
Also - the high brow aesthetics that people associate with architects is not the reality. Some of DH's big projects include wonderous things like airport bathrooms, hospital elevators, nursing home break rooms/hallways. Not the type of thing you imagine when you decide to go into architecture.
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I will amend my earlier comment on the value of a PE. You definitely need one if you are going into any type of structural engineering. Various disciplines get involved with structure work so I can't just say one type. Structural drawings are almost always stamped by a PE. Companies strongly prefer hiring PEs in this area.
From what I recall, about 60% of the people that take the PE exam in Texas pass. However, about 80% of the people that take the exam pass it on their first try.
+1I would take that severance and run...in a heartbeat. You are essentially getting a free 1.5 years of your life paid for while not working. Worst case scenario, you get another job or a part time gig, but I imagine you'll find someway to live on a sub 4% withdrawal rate -- kudos for being a multimillionaire living in a $250 k house.
And if you stay at your job there's no guarantee that you make it to your 1.5 yr break even point.
Someone else mentioned that you should take your free year and a half and spend it with your kids before they go to college. That time you spend with them is probably going to be worth a lot more to you than the 5-10 % additional uncertainty of retirement success.
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