Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Hello, I am OVER.IT!
Old 03-20-2018, 09:49 AM   #1
Dryer sheet wannabe
 
Join Date: Jun 2013
Posts: 23
Hello, I am OVER.IT!

Iíve been working in an industry that I have mostly hated for 25 years. I am a soon to be 50y/o gypsy and artist at heart. Early on I realized starving artist would not look good on me. So, I chose a path I knew I would not necessarily enjoy, but that would assure me a larger income and speedier time to retirement doing the things I love- travel, art, cooking, reading... you name it. I made a switch to a different company and service line almost 2 years ago. I only needed about 4-5 years until I was FIRED. Well, thatís not going to happen. I am absolutely miserable and have worked like a dog with zero acknowledgment or reward. Iím pulling the plug early. I donít care if that means fewer $$$ vacations, holding on to my 10yr car a few more years, or doing my own hair/nails. My own piece of mind and health are simply no longer worth the price I am paying in Corporate America. I have convinced my boss it is better I go this way with Cobra covered and 6 mo severance. In the meantime I have made a list of all the things I intend to do this summer. I have hope and excitement- the first in years! I do wake up and worry about running out of money- but I have healthcare training. Worst comes to worst, Iíll pull the plug when I run out of money (joking! I think?)

Long story short- I will have 1.3M in well diversified cash/retirement/investments. I have zero debt, no children to leave an inheritance, and my SO is in a similar position. At some point he will cover healthcare on his teachers retirement. He is currently eligible, but is working a few more years to increase his multiplier. Until I hop on his insurance, Iíll Cobra and shop Obamacare in 2020 when my income is negligent. I have stock in a company poised to sell- worth about $300k net. When home is sold and SO and I purchase a home together, I figure Iíll pull about $100k in equity out. I live to travel and experience life and with zero debt, know I can easily do that on 60k taxable annually. Iím already living on about 45k net now with plenty of wasteful spending. Healthcare is the only huge concern, and again- I guess if worst comes to worst, Iíll go back to considering pulling the plug. I have 10k in a HSA to offset some costs, and Iím currently healthy, no medications, and pretty decent genes. Iím planning to live until 95. FIRECALC and Vanguard say there is a 96% success.

The deal with the severance is I must stay out of the work place for 6 months to earn the entire sum. I will most definitely do that since no part time job I would even consider (if at all) will pay near what I had been making (~230k/yr) if youíre wondering why such a high salary and relatively low savings- this has been the last 8 yrs of higher wage earning. Most of my next egg (1m) has been feverishly saved in past 8 yrs.

Anyway, just putting this in print has been cathartic. Thanks for listening.

Peace!
__________________

FrugalMcDougal is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 03-20-2018, 10:32 AM   #2
Thinks s/he gets paid by the post
 
Join Date: Jan 2018
Location: Tampa
Posts: 3,642
Obviously most important to have a healthcare plan. Can you use Obamacare in 2019 vs. Cobra?
Is the 300k net stock included in your 1.3m?
Are you including Social Security in your Firecalc calculation?
Life can be short. Sounds like you should go.
__________________

__________________
TGIM
Dtail is online now   Reply With Quote
Old 03-20-2018, 10:45 AM   #3
Dryer sheet wannabe
 
Join Date: Jun 2013
Posts: 23
The 300k is not included. I just ran Obamacare vs Cobra. Cobra is cheaper than the bronze plan and lower deductible. I will be paid thru the end of 2018 and figured my 260k earnings would be used to calculate ACA rate for 2019. If not- you bet! Iíll definitely switch to ACA for 2019.
FrugalMcDougal is offline   Reply With Quote
Old 03-20-2018, 10:50 AM   #4
Dryer sheet wannabe
 
Join Date: Jun 2013
Posts: 23
And you are so right! Life is short. I lost a mentor to cancer this year, as well as a grandmother and another close friend of the family. It has been a very hard year for loss and this has also factored into my decision. My parents and MIL are still active and relatively healthy. I want to make memories with them and my sisters and their families. We lost our brother 11 years ago. Life is precious and working at something I do not enjoy is no longer something I can do. Thank you for your feedback.
FrugalMcDougal is offline   Reply With Quote
Old 03-20-2018, 10:56 AM   #5
Thinks s/he gets paid by the post
 
Join Date: Jan 2018
Location: Tampa
Posts: 3,642
Quote:
Originally Posted by FrugalMcDougal View Post
And you are so right! Life is short. I lost a mentor to cancer this year, as well as a grandmother and another close friend of the family. It has been a very hard year for loss and this has also factored into my decision. My parents and MIL are still active and relatively healthy. I want to make memories with them and my sisters and their families. We lost our brother 11 years ago. Life is precious and working at something I do not enjoy is no longer something I can do. Thank you for your feedback.
Sorry for your losses. Yes, try to look forward.
For Obamacare, the calculation of income (MAGI) is based on your best estimate for the current year, aka 2019 expected income is the basis for 2019 premiums, not 2018 income. Of course, you will need to provide documentation for that expectation, especially with the large change from 2018.
__________________
TGIM
Dtail is online now   Reply With Quote
Old 03-20-2018, 11:55 AM   #6
Thinks s/he gets paid by the post
Rianne's Avatar
 
Join Date: Aug 2017
Location: Champaign
Posts: 1,575
Your situation sounds like DH and me. We were so scared in the beginning about HC. We had COBRA but that was in 2011. After that ran out, it was the open market for HC and it was a disaster. I had BC surgery in 2011 and DH walked away from the corporate world. HC plans were so awful and they really jacked up the price for pre existing condition. DH took a position with the University and we had HC again, then the Grant got pulled and he lost that.

Long story short, we pulled the plug, no debt, 1.5 M with Vanguard, cash and bonds. Our house $220K paid for and life is good. We're 60 now and ACA is great. I'm not predicting anything, but it looks like ACA will be around for awhile. I guess it's more popular than they thought. Frugal is the key, and we travel a couple of times a year. Looking to go to Czech
Republic next year. Went out west for a month last June. It's very do able and the stress evaporates into thin air. I'm so glad we saved like crazy during working years, so worth it!
__________________
"If you want to go fast, go alone. If you want to go far, go together.
Rianne is offline   Reply With Quote
Old 03-20-2018, 12:00 PM   #7
Dryer sheet wannabe
 
Join Date: Jun 2013
Posts: 23
Quote:
Originally Posted by Rianne View Post
Your situation sounds like DH and me. We were so scared in the beginning about HC. We had COBRA but that was in 2011. After that ran out, it was the open market for HC and it was a disaster. I had BC surgery in 2011 and DH walked away from the corporate world. HC plans were so awful and they really jacked up the price for pre existing condition. DH took a position with the University and we had HC again, then the Grant got pulled and he lost that.

Long story short, we pulled the plug, no debt, 1.5 M with Vanguard, cash and bonds. Our house $220K paid for and life is good. We're 60 now and ACA is great. I'm not predicting anything, but it looks like ACA will be around for awhile. I guess it's more popular than they thought. Frugal is the key, and we travel a couple of times a year. Looking to go to Czech
Republic next year. Went out west for a month last June. It's very do able and the stress evaporates into thin air. I'm so glad we saved like crazy during working years, so worth it!


Thank you for the reassurance. I visited Prague last year as part of a river cruise. You will love it. So beautiful and the people are friendly. The food is excellent and the architecture, wineries, hot pools, history...
FrugalMcDougal is offline   Reply With Quote
Old 03-20-2018, 12:27 PM   #8
Dryer sheet wannabe
 
Join Date: Jun 2013
Posts: 23
Ps- I just realized spellcheck made negligible negligent.
FrugalMcDougal is offline   Reply With Quote
Old 03-20-2018, 12:31 PM   #9
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 45,153
Quote:
Originally Posted by FrugalMcDougal View Post
Ps- I just realized spellcheck made negligible negligent.
You sure that was an error? I suspect many of us thought our income was negligent.
__________________
Numbers is hard

Charter resident of the lumpen slums of cyberspace

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 03-20-2018, 01:22 PM   #10
Dryer sheet wannabe
 
Join Date: Jun 2013
Posts: 23
Lol. Well, maybe it was a Freudian slip!
FrugalMcDougal is offline   Reply With Quote
Old 03-27-2018, 08:37 AM   #11
Recycles dryer sheets
 
Join Date: Oct 2016
Location: Pinetops
Posts: 414
Quote:
Originally Posted by FrugalMcDougal View Post
Thank you for the reassurance. I visited Prague last year as part of a river cruise. You will love it. So beautiful and the people are friendly. The food is excellent and the architecture, wineries, hot pools, history...
Hey Frugal,

Just my .02 letting you know that all will be fine. I'm 57 and took a buyout 3 1/2 months ago (with a lot of trepidation.). I also hated my job but looking back am so glad that I volunteered for the package. Btw, I have 800k, a paid off house, a 30k year pension and State Health Retiree ins. which begins in 33 months. Oh, I also have a wife who stops by outside of the hours of 7:15am - 5:00 pm.

Take some time to unwind.

I
__________________
I

ER 12/15/2017
Now: Side Hustle(r) Extraordinaire
IMATERP is offline   Reply With Quote
Old 03-27-2018, 08:45 AM   #12
Dryer sheet wannabe
 
Join Date: Jun 2013
Posts: 23
Thank you so much for your positive words! I grew up poor. I watched my parents struggle. Saving and worrying about $$ are ingrained, so logically YES Iíll be fine. Emotionally, I think Iíll just continue to worry! Lol.
__________________

FrugalMcDougal is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Move over Cliff, Move Over Carlos- Here Comes Mariah! haha Other topics 4 05-29-2008 02:14 PM
Buffett: Don't expect returns over 7% over next century cardude FIRE and Money 84 03-07-2008 04:30 PM

» Quick Links

 
All times are GMT -6. The time now is 02:21 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2019, vBulletin Solutions, Inc.