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Finally, Age 64 and done :-)
06-07-2018, 12:54 AM
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#1
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Dryer sheet wannabe
Join Date: Sep 2015
Location: Fredericksburg VA
Posts: 10
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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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06-07-2018, 02:54 AM
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#2
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Thinks s/he gets paid by the post
Join Date: Aug 2011
Posts: 3,606
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Earlier than many!
Congratulations.
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Hoping to FIRE in 10 years (when I turn 50)
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06-07-2018, 04:17 AM
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#3
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Confused about dryer sheets
Join Date: Jun 2018
Location: New York
Posts: 5
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Hoping to FIRE in 10 years (when I turn 50)
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?
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06-07-2018, 04:32 AM
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#4
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Thinks s/he gets paid by the post
Join Date: Apr 2005
Location: Duesseldorf, Germany
Posts: 1,202
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Congrats to GoWest. Every age is great to retire!
 Quote:
Originally Posted by RN_Keto_Fire
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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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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06-07-2018, 04:37 AM
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#5
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gone traveling
Join Date: Mar 2015
Posts: 3,508
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Quote:
Originally Posted by GoWest
I'm late to the "early retirement" party, but darn glad to be here!
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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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06-07-2018, 04:47 AM
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#6
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Confused about dryer sheets
Join Date: Jun 2018
Location: New York
Posts: 5
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Quote:
Originally Posted by GoWest
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.
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Congrats!
I might end up like you, retire when I’m 58-60 when my youngest hopefully finished college.
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06-07-2018, 04:49 AM
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#7
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Confused about dryer sheets
Join Date: Jun 2018
Location: New York
Posts: 5
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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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06-07-2018, 04:52 AM
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#8
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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: 21,304
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Quote:
Originally Posted by RN_Keto_Fire
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?
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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.
__________________
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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06-07-2018, 05:16 AM
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#9
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Confused about dryer sheets
Join Date: Jun 2018
Location: New York
Posts: 5
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Quote:
Originally Posted by Midpack
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.
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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.
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06-07-2018, 06:41 AM
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#10
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2016
Posts: 9,525
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I'm very happy for you and wish you well in retirement.
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06-07-2018, 06:46 AM
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#11
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Thinks s/he gets paid by the post
Join Date: Oct 2017
Location: Tellico Village
Posts: 2,622
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Congrats on the birthday and retirement- very likely the best Birthday gift you will ever receive!!!
VW
__________________
Retired May 13th(Friday) 2016 at age 61.
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06-07-2018, 07:51 AM
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#12
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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: 21,304
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Quote:
Originally Posted by RN_Keto_Fire
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.
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Hopefully my second paragraph answers your question?
Quote:
Originally Posted by Midpack
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. |
__________________
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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06-07-2018, 08:06 AM
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#13
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Thinks s/he gets paid by the post
Join Date: Oct 2012
Location: Colorado Mountains
Posts: 3,165
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Quote:
Originally Posted by GoWest
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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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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06-07-2018, 08:52 AM
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#14
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Recycles dryer sheets
Join Date: Jun 2017
Posts: 98
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I wish you many more happy birthdays! Congrats!
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06-07-2018, 10:29 AM
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#15
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2007
Location: New Orleans
Posts: 47,500
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Quote:
Originally Posted by GoWest
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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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. 
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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06-07-2018, 10:31 AM
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#16
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Recycles dryer sheets
Join Date: Mar 2013
Location: Columbus, OH
Posts: 97
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Quote:
Originally Posted by GoWest
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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Congratulations on a well deserved - and sounds like a hard earned - retirement. Best wishes in this new chapter.
— Nomad
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06-07-2018, 11:32 AM
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#17
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2016
Posts: 8,968
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Congrats on your retirement! Enjoy yourself.
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06-07-2018, 11:49 AM
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#18
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Thinks s/he gets paid by the post
Join Date: Oct 2016
Location: The Shire
Posts: 1,504
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Late, shmate
Quote:
Originally Posted by GoWest
I'm late to the "early retirement" party, but darn glad to be here!
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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!
__________________
Paying it forward is the best investment.
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06-07-2018, 12:17 PM
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#19
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Recycles dryer sheets
Join Date: Aug 2014
Posts: 359
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Congratulations! (BTW, my youngest son just graduated from college last month too). Enjoy your hard-earned retirement!
__________________
“It's a terrible thing, I think, in life to wait until you're ready. I have this feeling now that actually no one is ever ready to do anything. There is almost no such thing as ready. There is only now. And you may as well do it now. Generally speaking, now is as good a time as any.” - Hugh Laurie
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06-07-2018, 01:23 PM
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#20
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Recycles dryer sheets
Join Date: Nov 2017
Posts: 70
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Congratulations, GoWest! Enjoy!
__________________
The price of anything is the amount of life you exchange for it....Henry David Thoreau
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