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First Time Posting - ER March 30 2018
After many years of reading posts from this site, I have finally given my official resignation. The OMY syndrome is over! I've been in banking for 27 years and will turn 49 next month. Wife will turn 51 in April and ER'd in November 2017 from banking as well. No kids. ER has always been a dream for us. We have lived well below our means since we married almost 20 years ago. Our investable assets just eclipsed $4 million with $1.4 million liquid ($500,000 cash and $900,000 in stocks/mutual funds). The $2.6 million in retirement is invested in 90% in equity funds. The only debt we have is $83,000 on a second home which I have been reluctant to pay off because the rate is 2.875% fixed with 10 years remaining. Our primary residence is worth $400,000 and we have 3 real estate secured installment loans payable to us that bring in $25,000 annually. The liquid investments pay interest/dividends of about $30,000 annually. We've been tracking expenses for the last 2-3 years and estimate we will spend $70,000/year. This includes health insurance at $2,000/month although we would likely be eligible for ACA subsidies beginning in 2019. While we do have a deficit, we plan to spend down the liquid accounts until my wife is eligible to withdraw from her 401(k) in 9 years. The buffer in liquid assets should also allow us room for large unexpected expenses as well. We plan to start social security at 62 which should be about $33,000/year combined. I have a pension that will pay $25,000/year at age 55 or $51,000/year at age 65. We have gone over the numbers constantly for the past couple of years and feel like we can finally ER with confidence. FireCalc gives us 100% success. It has been tougher than I thought leaving a company where I have worked for 27 years. I really don't mind the work and I have made a lot of friendships there. My boss has been very supportive of my decision. I owe it to him and the company to provide a smooth transition to my replacement. Ultimately I just feel like I should enjoy the years ahead by not being tied down with work. Our parents are starting to need more help and it will be nice to be there for them. We plan to do some traveling, but nothing extravagant. We can't seem to shake our frugality. We have dozens of projects around both of our homes that we have been ignoring for years. The most important thing will be to exercise and eat healthy. We enjoy cooking at home, but have been limited by our schedules. We will need to find some low cost hobbies that will help fill our days. Any suggestions from others out there about money or life after ER?
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