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Finally, Age 64 and done :-)
Old 06-07-2018, 12:54 AM   #1
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Finally, Age 64 and done :-)

While not "early" by any measure on this forum, I happily retired from federal service at age 64 on May 31, 2018. I pulled the plug the same month my youngest son graduated from college, coinciding with my 64th birthday.

We all have to decide when that time is right. I'm late to the "early retirement" party, but darn glad to be here! I will draw down IRA's and await "full retirement" age 66 before applying for Social Security.

Retired: U.S. Air Force (1995)
Retired: Commonwealth of Virginia (five years service) 2004
Retired: U.S. Government (Federal Employee Retirement System, 2018)

Bob (Happily not commuting to Washington DC)!
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Old 06-07-2018, 02:54 AM   #2
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Earlier than many!

Congratulations.
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Hoping to FIRE in 10 years (when I turn 50)
Old 06-07-2018, 04:17 AM   #3
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Hoping to FIRE in 10 years (when I turn 50)

Hi! Iím a nurse here in NY, married, mom of 3 (one with Autism, another with ADHD, and the youngest one at 4 years old). I am hoping I can retire when I turn 50 in 10 years but I think the most practical time will be at 58 when my youngest one is done with college.

Is there a formula to use how much we need that adjusts to how many dependents you have when you retire?
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Old 06-07-2018, 04:32 AM   #4
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Congrats to GoWest. Every age is great to retire!


Quote:
Originally Posted by RN_Keto_Fire View Post
Is there a formula to use how much we need that adjusts to how many dependents you have when you retire?

I'd keep track of expenses in detail for several years, then project into future. There will be deviances and estimations for sure, but each retirement is a very individual issue.
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Old 06-07-2018, 04:37 AM   #5
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I'm late to the "early retirement" party, but darn glad to be here!
Any time you get to choose when to retire and to do it on your own terms, then you aren't late - you are right on time!

Well done. Congratulations!

(Looks like you might have a pension or two in there? Nice!)
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Old 06-07-2018, 04:47 AM   #6
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Originally Posted by GoWest View Post
While not "early" by any measure on this forum, I happily retired from federal service at age 64 on May 31, 2018. I pulled the plug the same month my youngest son graduated from college, coinciding with my 64th birthday.
Congrats!
I might end up like you, retire when Iím 58-60 when my youngest hopefully finished college.
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Old 06-07-2018, 04:49 AM   #7
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Thanks, Joeea!
It’s a little challenging because children will have varying costs depends on their stages. Right now, they’re racking up my grocery bills, I’m sure when they go to college, they’ll drain my line of credit.
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Old 06-07-2018, 04:52 AM   #8
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Quote:
Originally Posted by RN_Keto_Fire View Post
Hi! I’m a nurse here in NY, married, mom of 3 (one with Autism, another with ADHD, and the youngest one at 4 years old). I am hoping I can retire when I turn 50 in 10 years but I think the most practical time will be at 58 when my youngest one is done with college.

Is there a formula to use how much we need that adjusts to how many dependents you have when you retire?
There isn’t a “formula” for dependents that I know of, just means it could take longer to save/accumulate while you do have dependents - like most people. As always you must project retirement spending to calculate how much you’ll need. If you’re planning on 58 when you’ll have no dependents, I’m not sure how dependents will factor in to your retirement spending.

If you want to see what you’d need to retire earlier, assuming you’ll have higher spending until 58, FIRECalc will let you factor in up to three spending decreases after you retire on the Other Income/Spending tab. Or if you donate and become a supporter you can manually enter spending year by year on the Spending Models tab.
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Old 06-07-2018, 05:16 AM   #9
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There isnít a ďformulaĒ for dependents that I know of, just means it could take longer to save/accumulate while you do have dependents - like most people. As always you must project retirement spending to calculate how much youíll need. If youíre planning on 58 when youíll have no dependents, Iím not sure how dependents will factor in to your retirement spending.
Thank you. My first son has autism and may require more assistance. Hoping my ADHD son will be fine. So even if college will be over for my kids when Iím 58, they may still be dependents for a while. Our millennials kinda overstayed their welcome too in their mommyís basement - and thatís without Autism and ADHD. ☺️ So Iím preparing for that.
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Old 06-07-2018, 06:41 AM   #10
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I'm very happy for you and wish you well in retirement.
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Old 06-07-2018, 06:46 AM   #11
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Congrats on the birthday and retirement- very likely the best Birthday gift you will ever receive!!!

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Old 06-07-2018, 07:51 AM   #12
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Originally Posted by RN_Keto_Fire View Post
Thank you. My first son has autism and may require more assistance. Hoping my ADHD son will be fine. So even if college will be over for my kids when I’m 58, they may still be dependents for a while. Our millennials kinda overstayed their welcome too in their mommy’s basement - and that’s without Autism and ADHD. ☺️ So I’m preparing for that.
Hopefully my second paragraph answers your question?
Quote:
Originally Posted by Midpack View Post
If you want to see what you’d need to retire earlier, assuming you’ll have higher spending until 58, FIRECalc will let you factor in up to three spending decreases after you retire on the Other Income/Spending tab. Or if you donate and become a supporter you can manually enter spending year by year on the Spending Models tab.
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Retired Jun 2011 at age 57

Target AA: 45% equity funds / 30% bond funds / 25% cash - radically changed Nov 2018
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
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Old 06-07-2018, 08:06 AM   #13
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Quote:
Originally Posted by GoWest View Post
While not "early" by any measure on this forum, I happily retired from federal service at age 64 on May 31, 2018. I pulled the plug the same month my youngest son graduated from college, coinciding with my 64th birthday.

We all have to decide when that time is right. I'm late to the "early retirement" party, but darn glad to be here! I will draw down IRA's and await "full retirement" age 66 before applying for Social Security.

Retired: U.S. Air Force (1995)
Retired: Commonwealth of Virginia (five years service) 2004
Retired: U.S. Government (Federal Employee Retirement System, 2018)

Bob (Happily not commuting to Washington DC)!
I agree with you. You are a little late. Not on retirement, but on going west! I retired at 63 in the Hampton Roads area of Virginia and was in Colorado with all my stuff in a U-Haul about 5 days later.
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Old 06-07-2018, 08:52 AM   #14
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I wish you many more happy birthdays! Congrats!
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Old 06-07-2018, 10:29 AM   #15
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Quote:
Originally Posted by GoWest View Post
While not "early" by any measure on this forum, I happily retired from federal service at age 64 on May 31, 2018. I pulled the plug the same month my youngest son graduated from college, coinciding with my 64th birthday.

We all have to decide when that time is right. I'm late to the "early retirement" party, but darn glad to be here! I will draw down IRA's and await "full retirement" age 66 before applying for Social Security.

Retired: U.S. Air Force (1995)
Retired: Commonwealth of Virginia (five years service) 2004
Retired: U.S. Government (Federal Employee Retirement System, 2018)

Bob (Happily not commuting to Washington DC)!
Congratulations! I'm another federal retiree on the FERS system, and my retirement age was not much younger than yours (age 61 for me). This is my 9th year of retirement, and they have been the best 9 years of my life. I hope your retirement is terrific also.
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Old 06-07-2018, 10:31 AM   #16
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Quote:
Originally Posted by GoWest View Post
While not "early" by any measure on this forum, I happily retired from federal service at age 64 on May 31, 2018. I pulled the plug the same month my youngest son graduated from college, coinciding with my 64th birthday.

We all have to decide when that time is right. I'm late to the "early retirement" party, but darn glad to be here! I will draw down IRA's and await "full retirement" age 66 before applying for Social Security.

Retired: U.S. Air Force (1995)
Retired: Commonwealth of Virginia (five years service) 2004
Retired: U.S. Government (Federal Employee Retirement System, 2018)

Bob (Happily not commuting to Washington DC)!
Congratulations on a well deserved - and sounds like a hard earned - retirement. Best wishes in this new chapter.

ó Nomad
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Old 06-07-2018, 11:32 AM   #17
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Congrats on your retirement! Enjoy yourself.
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Late, shmate
Old 06-07-2018, 11:49 AM   #18
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Late, shmate

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I'm late to the "early retirement" party, but darn glad to be here!
The only "late" that should be of concern is becoming The Late GoWest before hitting retirement.

Congratulations on reaching the Promised Land. I can't wait to join you!
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Old 06-07-2018, 12:17 PM   #19
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Congratulations! (BTW, my youngest son just graduated from college last month too). Enjoy your hard-earned retirement!
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Old 06-07-2018, 01:23 PM   #20
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Congratulations, GoWest! Enjoy!
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