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Retiring with mixed emotions at 55
Old 09-24-2016, 08:26 AM   #1
Confused about dryer sheets
 
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Retiring with mixed emotions at 55

Hello, I am new here and I am pulling the plug now at the age of 55 in washington state. I have mixed emotions in leaving a stable job with great benefits.
I want to admit my mixed emotions are mainly caused because I recently inherited well and although I was and somewhat successful before I would have in no way been retiring at 55
In a perfect world I would love to have been self made
My motivation in retiring is I am tired of watching friends and family getting sick and never have had the chance to enjoy retirement.. you only live once

I am single with no kids

10 years away from my pension that will pay around 2400 a month without any penalties and depending on my health I will take my Social security at 67

Family farm partnership pays me before tax around $24,000 a year for a North Dakota farm that is shared with my siblings

Paid off condo worth $250,000 that has a positive cash flow around $800.00 after real estate taxes and expenses that I currently rent out.

Around 2.2 million in taxable brokerage accounts paying dividends of around $55,000 per year conservative allocation around 50/50 bond / stock allocation

I was able to get my health care with the state employees retirement and it will be around $600 per month my unused sick leave and vacation will be able to pay for my health care for around 16 months in a health care savings account.

My housing costs are minimal right now of around $1000.00 per month, I need to sell the condo this year to take advantage of the tax situation to avoid a large capital gain tax. I can also decide to make it a long term rental and depreciate it

and other overall expenses total around $600.00 per month

I am a little concerned I won't be able to keep busy enough and I have always led a conservative lifestyle

I plan on trying to really focus on exercise and eating better and I believe that will be much easier not eating out so much like I did in my working career

I also want to volunteer at the local food bank and give back a little

I think I have a good plan but I need to put my good fortune to good use and expand my horizons a bit.

I will be traveling some and enjoy sports ... go Seattle Seahawks
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Old 09-24-2016, 10:25 AM   #2
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Welcome to the board. I'm new here too. You look to be set up pretty good financially and I wouldn't feel bad about inheriting some of it. I say good for you, enjoy it.

Like you said, focusing on health is something I want to do also. Being financially healthy is good but if we can't stick around to put it to a good long use, that would be a shame - especially if making some lifestyle changes is all it takes.
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Old 09-24-2016, 01:31 PM   #3
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Welcome to the forum and I think you'll do fine.

The transition from work to retirement can take a while. It is a huge lifestyle change and is usually irreversible so it is normal to have some anxiety about it.

The vast majority of the members here are glad they fully retired although a few did find other jobs for a while. But when working is voluntary that makes a huge difference because just knowing you can walk away from any BS makes it easier to ignore. And of course you can just walk away.
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Old 09-24-2016, 01:35 PM   #4
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Family farm partnership pays me before tax around $24,000 a year for a North Dakota farm that is shared with my siblings.
Welcome. I'm also in a farming partnership with my siblings - North Dakota and two other states. I do all of the bookkeeping and prepare the partnership Federal & State tax returns myself using H&R Block software. You can PM me if anything challenging pops up regarding your ND farming operation.
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Old 09-24-2016, 01:42 PM   #5
Confused about dryer sheets
 
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Welcome -We are co-newbies today! I'm glad you mentioned your desire to focus on your health. I didn't put that in my post but I should have. Good health is priceless.
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Old 09-24-2016, 01:56 PM   #6
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Welcome RCP61,

It looks like you should be set financially. Here is a link to some questions that may help you both in figuring out how much you can safely spend and other areas of RE life: Some Important Questions to Answer Before Asking - Can I Retire?

Good luck on a future that can be a lot of fun!
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Old 09-24-2016, 02:48 PM   #7
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Welcome. It's natural to feel nervous (at least I think it is since I have the same feelings and I'm not retired yet).
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Old 09-24-2016, 07:41 PM   #8
Confused about dryer sheets
 
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Welcome. I'm also in a farming partnership with my siblings - North Dakota and two other states. I do all of the bookkeeping and prepare the partnership Federal & State tax returns myself using H&R Block software. You can PM me if anything challenging pops up regarding your ND farming operation.
Hello, Thanks for replying our farm is about 70 miles south of Fargo near mile marker 2 on hwy 29 luckily my CPA has the North Dakota income and federal stuff handled pretty well for us, heading back in a few weeks to clean up old farm yard so it looks good for winter. We have our land cash rented out for mostly soybeans and corn rotation.
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Old 09-24-2016, 07:47 PM   #9
Confused about dryer sheets
 
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Welcome -We are co-newbies today! I'm glad you mentioned your desire to focus on your health. I didn't put that in my post but I should have. Good health is priceless.
Thats my plan at least, weighing in on Wednesday with plans to try and get off BP meds my Job was somewhat physical so need to replace it. Best regards Randy
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Old 09-25-2016, 05:53 AM   #10
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Congratulations! Obviously no financial worries for you. Keeping busy with things that have some value to you or others is key. I'm one month ahead of you, Retired Sept 1 from work that I enjoyed most of the time. Our reasons are very similar. You don't live forever.
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Old 09-25-2016, 12:26 PM   #11
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Around 2.2 million in taxable brokerage accounts paying dividends of around $55,000 per year conservative allocation around 50/50 bond / stock allocation
Congratulations! You have saved enough to FIRE very comfortably. Your dividend return is very good on a 50/50 allocation.
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Old 09-25-2016, 01:12 PM   #12
Confused about dryer sheets
 
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Hello Thanks for replying, the $55,000 total was both Interest and dividends combined, I have 3 brokerage accounts 2 that are managed 1 self administered by me with Merril Edge leaning on Vanguard and Pimco funds recently moved some money towards VWINX Wellesley fund and I am looking to simplify and combine my accounts. In this interest rate Environment hard to keep paying 1.2% fees
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