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done today with full-time banking.
03-15-2013, 12:55 PM
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#1
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Confused about dryer sheets
Join Date: Mar 2013
Posts: 5
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done today with full-time banking.
Today is my last day in full-time corporate banking. I was very pleased to stumble upon this site of like-minded folks. I appreciate any insight you may have. I’m 48 and will be leaving to do part-time contract work (banking and seasonal tax prep) on a glide path towards full retirement in a few years. DW is 52 and will retire in early September of this year. We have accumulated $750k in taxable investments and $825k in retirement accounts. We have no mortgage and no kids. I plan to use funds within an HSA account to pay cobra insurance premiums for 18mos. After that period we’ll buy private health insurance on the new exchanges. We recently sold a real estate property to our business partner on a contract, which will provide $20k/year for 10 years. We will also receive $200k from a family business over the next 5 years, which will be added to taxable investments. With this income and my part-time employment we should cover most of our expenses without tapping investments before I fully retire. Our annual expenses run $60k. FIRE Calc works out to 100%.
I can’t wait to start the next chapter. We lost my father last summer and I’ve lived ~ 2k miles from family for 22 years. Losing Dad was a sobering reminder that life doesn’t wait while you’re considering making a move. So DW and I are moving back to my home state to be closer to family and life-long friends. We’re very excited about the move despite all the work of selling/buying houses, etc. I look forward to sharing more and learning from you good folks as the year progresses.
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03-15-2013, 01:03 PM
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#2
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Moderator
Join Date: Feb 2010
Location: Flyover country
Posts: 25,362
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Heartiest congratulations!
Looks like you're embarking on phase one of your greatest adventure.
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03-15-2013, 01:40 PM
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#3
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Recycles dryer sheets
Join Date: Jan 2013
Posts: 296
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Great news, enjoy!
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03-15-2013, 02:26 PM
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#4
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Thinks s/he gets paid by the post
Join Date: Feb 2010
Location: Cavalier
Posts: 2,317
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Congratulations and best wishes.
__________________
"Don't take life so serious, son. It ain't nohow permanent." Pogo Possum (Walt Kelly)
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03-15-2013, 03:30 PM
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#5
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2008
Location: NC
Posts: 21,305
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Welcome aboard. Sounds like a solid plan. I'd ask what you plan to do in retirement, but your chosen forum handle speaks to that. Nicely done... 
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57
Target AA: 50% equity funds / 45% bonds / 5% cash
Target WR: Approx 1.5% Approx 20% SI (secure income, SS only)
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03-15-2013, 03:39 PM
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#6
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Confused about dryer sheets
Join Date: Mar 2013
Posts: 5
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Thanks all for the replies. Yep, I'll be doing more fishing this summer than I've done in decades. Three months in MT June - Aug while DW is still working. I'll be in charge of cooking, cleaning and grilling when not fishing 😀.
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03-15-2013, 03:43 PM
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#7
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Recycles dryer sheets
Join Date: Feb 2011
Location: On a dirt road
Posts: 334
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Congratulations from a fellow "banker" - you picked a great time to exit, with all the added reg's coming.
__________________
"Up sluggard and waste not the day, in the grave will be sleeping enough." Benjamin Franklin
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03-16-2013, 06:40 PM
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#8
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Thinks s/he gets paid by the post
Join Date: Feb 2012
Location: Tampa Bay Area
Posts: 1,866
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Congratulations and welcome ! I look forward to hearing about your next chapter.
__________________
"For the time being no discipline brings joy, but seems grievous and painful; but afterwards it yields a peaceable fruit of righteousness to those who have been trained by it." ~
Hebrews 12:11
ER'd in June 2015 at age 52. Initial WR 3%. 50/40/10 (Equity/Bond/Short Term) AA.
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03-16-2013, 07:19 PM
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#9
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Thinks s/he gets paid by the post
Join Date: Oct 2008
Posts: 1,608
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Welcome! It sounds like you have a great summer planned. No issue about what to do all day at all.
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03-17-2013, 09:05 PM
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#10
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gone traveling
Join Date: Feb 2012
Posts: 148
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Great Plan....Another Banker here and I understand. It's not as much fun anymore. Get out while you can. Best of luck and enjoy the fishin'
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03-18-2013, 08:17 AM
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#11
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Confused about dryer sheets
Join Date: Mar 2013
Posts: 5
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Thx for the hearty welcome. Good to hear from several other bankers. I wish you all well. First day w/out banking and we're driving to Sun Valley to x ctry ski for 5 days. This will be the longest ski trip I've taken with my DW. Day one of many more to come.
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03-18-2013, 08:38 AM
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#12
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,726
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 Quote:
Originally Posted by Fly Fisher
Thx for the hearty welcome. Good to hear from several other bankers. I wish you all well. First day w/out banking and we're driving to Sun Valley to x ctry ski for 5 days. This will be the longest ski trip I've taken with my DW. Day one of many more to come.
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Sounds like fun. Do enjoy, hope it is one of many.
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03-18-2013, 05:08 PM
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#13
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Thinks s/he gets paid by the post
Join Date: Sep 2010
Location: midwestern city
Posts: 4,061
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Congratulations and welcome.
__________________
Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
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