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FI and ER on the Horizon
Old 06-18-2014, 04:04 PM   #1
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FI and ER on the Horizon

Hello to all. What a great forum! I've been an observer since I found this site in October 2013, during an exceptionally stressful time at MegaCorp. I've been at Megacorp 30 years and an additional 3 years before that at another Megacorp. The first night I discovered this site I was up till about 3 AM reading many various topics and almost in disbelief that I finally found a site with so many like-minded individuals. I've been hooked ever since.
About me...53 years old married to DW for 30 years, with two DDs, the youngest who just finished college and is off to grad school for her masters and Phd which the college is paying her to attend. The oldest is well established in a good paying career and engaged to be married in 2015. So, no more tuition payments, however, there are two weddings to partially fund in the future. Household income is currently about $200,000/yr; about 3/4 of that is my contribution. I currently invest at least $50,000/yr (usually more) between the 401K and taxable accounts. Investible assets currently are in the 2.1MM range with about 1MM in the 401K and the rest in after tax accounts. Presently, approximately 70% invested in equites. Also have a rental property worth about $150,000 which produces positive cash flow of about $8,500/yr. I'm ready to pull the plug at any time, depending on how unfulfilling the job at Megacorp continues to decline. DW, presently 52, loves her job, and gets a lot of personal satisfaction from her job and luckily, also has a great medical plan, which I can join when I jump the Megacorp ship. She plans to continue to work until 65, at which time she'll be entitled to a pension of about $36,000/yr. My pension starts at 60 years old at $12,000/yr with no COLA adjustments. We'll both be eligible for SS, with mine being worth about $22,000/yr at 62, 30,000/yr at 66 and ten months, or about $40,000/yr at 70.
We can live quite comfortably on $80,000/yr and Firecalc and most of the other financial calculators agree I can jump ship now and safely live on about $100,000/yr, and that doesn't include DW continuing to work till 65 or the rental income. The 27.5 year straight line depreciation is just about done on the rental, so I may sell it in the next few years. My situation at Megacorp, while not as bad as is was in October, is still very stressful and unstable, although the company is presently doing very well. At this point, I will stay at Megacorp at least through the first few months of 2015 for the big bonus and vacation days, but not sure how long thereafter. A severance package would make the decision easy, but that isn't even on the horizon at this point since no layoffs are planned since financially the company is doing very well. I have a great staff and great coworkers, but the unrealistic expectations, and constantly changing directives and goals are not sustainable. Anyway, does it sound like I can safely jump ship if I can resist OMY syndrome? Thanks in advance for your thoughts, assessment, critique and advice.

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Old 06-18-2014, 04:48 PM   #2
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Welcome freedomatlast. I discovered the same last year and it feels great to know that there is a light at end of the tunnel. I still have 4-5 years to be FI. Since you've 30 years at MegaCorp, I would try to manufacture a layoff(severance package) if possible by first going on LOA and then asking for one and cross your fingers. In the process, it can save someone's job.

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Old 06-18-2014, 05:05 PM   #3
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Only retire when you have saved enough (you have) and when you have had enough (of the work stuff -you decide).
"A man is a success if he gets up in the morning and goes to bed at night and in between does what he wants to do" --Bob Dylan.
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Old 06-19-2014, 08:24 AM   #4
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Financially you seem fine to do it now. The wedding expenses are a one-time deal (x2 daughters) and you have enough savings to cover that easily.

whether you still work, which would be nice for the extra vacation and bonus is really your choice. If it gets too bad, then you can say bye and retire. Otherwise stick it out until early next year. Either way you are in good shape, it is not a financial issue.
I used to have a handle on life....... but it broke!

Semi-Retired 7/1/16: working part-time (60%) for now
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Old 06-22-2014, 05:58 PM   #5
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Thank you for the replies and encouragement. I'll see how it goes over the next several months and decide when the time seems right to pull the plug.
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Old 06-23-2014, 04:42 AM   #6
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Welcome freedomatlast! To me, your financial situation looks more than sufficient to retire. I think it's safe for you to jump ship at any time.

A couple of concerns. Do you have hobbies, interests that will keep you occupied during retirement? Another - it looks like your DW plans on working another 12 years. This can be a hurdle if you plan to travel during your early years of retirement. But your DW should benefit from you picking up some of her home tasks while she's at work and you're retired.
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Old 06-23-2014, 12:21 PM   #7
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Hi Ronstar,
Yes. I have quite a few hobbies. Like 38Chevy454, I'm a car guy and I have a few antique cars I tinker with and I also regularly buy, fix up and and resell used vehicles for extra income which I didn't include in my numbers above.
Fortunately DW's job allows her many weeks of vacation each year, especially in the summertime, which we use for travel. She fully supports my ER now, and we've had numerous discussions about my concerns that she would become resentful in time. She assures me that won't be a problem, especially if I pick up some of the household duties, which I will be glad to do. I read the other thread on when one spouse retires ahead of the other which was very informative. Thanks again for your thoughts.

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