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Hey from NC
Old 11-18-2006, 01:39 PM   #1
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Hey from NC

Hello esteemed board members. Let me start with the unexpected: I like my job and my boss. I turn 50 next year and I've had enough bad jobs/bosses to know the difference (don't get me started). So I'm in no real rush to ER.

My priorites are:
1) Family,
2) Health and
3) Readiness for retirement

On number 3, I have a paid-off house, >250K in in 401K, a good company with a defined benefit pension and a reserve retirement at 60 (in my 29th year of service- Go Navy).

My big expenses are almost all kid based. Three daughters, and I am on the hook for:
1 set of braces (out of normal cash flow)
2 more college educations (each has ~20K in a college account - it's a start)
3 weddings?? (a shared expense - if I still like them)

So besides the introduction, my two questions are:

Beyond the financial side, how did you prepare for RE over your last 5 years of full time work? I want to be able to RE at 55, but I will work to 60 if I'm enjoying it.

Has anyone ER'd with children in college? My youngest finishes when I'm 59.

I look forward to the discussion. Thanks in advance, Tekward

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Re: Hey from NC
Old 11-18-2006, 02:45 PM   #2
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Re: Hey from NC

Quote:
Originally Posted by Tekward
Hello esteemed board members. Let me start with the unexpected: I like my job and my boss.

So besides the introduction, my two questions are:

Beyond the financial side, how did you prepare for RE over your last 5 years of full time work? I want to be able to RE at 55, but I will work to 60 if I'm enjoying it.

Has anyone ER'd with children in college? My youngest finishes when I'm 59.

I look forward to the discussion. Thanks in advance, Tekward

Welcome.

I liked my work/boss too (I was the boss).

My answers to your 2 questions are:

Re. any real prep. for ER in the last 5 years.....little or none.

When I stopped working, 2 kids were through college but one had not
started yet. I thought that last one might derail my ER, but I survived it.
My ER also survived two (2) divorces. A former "friend" on this board
frequently scoffed, but this is absolutely true, which makes me a
real anomaly here.

JG
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Re: Hey from NC
Old 11-18-2006, 09:50 PM   #3
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Re: Hey from NC

Welcome to the board, Tekward!

Quote:
Originally Posted by Tekward
Beyond the financial side, how did you prepare for RE over your last 5 years of full time work? I want to be able to RE at 55, but I will work to 60 if I'm enjoying it.
I retired from the submarine force 4+ years ago and spouse is starting a three-year Reserve pay billet. As long as you like what you're doing, and don't mind the risk of being asked to do it in the desert once in a while, then the Reserves sounds like a good deal to keep going.

But as for your civilian job, you might want to craft your own exit plan. Better to leave at the top of the game, with the entire office sorry to see you go and giving you a fond farewell sendoff, than to leave because your boss has been replaced by a jerk or the company has been acquired by MegaCorp and is being shaken out. Otherwise, as long as it's fun, just keep socking away the cash.

If you haven't already run your numbers through FIRECalc, try to estimate those lump-sum expenses in your future... braces, replacement vehicles, a new roof & kitchen applicances, and (oh, yeah) the weddings. I wonder which the new bride & groom would rather have-- a $2000 wedding reception or a $2000 check. Or a $10K reception vs a home down payment.

We kept our investment allocations the same but we made sure that we'd used all our work's medical & transition benefits. We made a list of things we wanted to do as soon as we retired (like surfing lessons). We also read this post.

Quote:
Originally Posted by Tekward
Has anyone ER'd with children in college? My youngest finishes when I'm 59.
Not yet-- ours just turned 14...

Quote:
Originally Posted by Mr._johngalt
My ER also survived two (2) divorces. A former "friend" on this board frequently scoffed, but this is absolutely true, which makes me a real anomaly here.
You make ER sound so simple when you leave out the little details-- like allowing your second spouse's full-time paycheck to support you for a few years before you nail her with the prenup...
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Re: Hey from NC
Old 11-19-2006, 04:58 AM   #4
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Re: Hey from NC

Quote:
Originally Posted by Nords

You make ER sound so simple when you leave out the little details-- like allowing your second spouse's full-time paycheck to support you for a few years before you nail her with the prenup...
I post a lot so I attempt
to keep them brief, unlike some others who run on and on and on. Not mentioning any names.

JG
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Re: Hey from NC
Old 11-19-2006, 08:20 AM   #5
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Re: Hey from NC

Come on JG, at least they fit it all into one post.
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Re: Hey from NC
Old 11-19-2006, 09:29 AM   #6
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Re: Hey from NC

The $250K is a good start on the savings worth about $10,000 income per year. The pension is your ER wild card. Since you like your job(to state the obvious) - save as much as possible through your 401K and other savings to get as much for your upcoming kid expenses (I am with you on this one w/ a 12yos and a 15yod at home )There is plenty of advice on how to invest the money you are going to generate over these next few years right here on the forum. Enjoy the process - time goes so fast....
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Re: Hey from NC
Old 11-21-2006, 06:32 AM   #7
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Re: Hey from NC

Thanks for the replies.

I agree on the pension & 401K. I'm maxed out on 401 contributions and I can start the over 50 catrch up contributions next year.

The last time I ran monthly pension numbers I came up with ~2K for military at 60 and ~2K for my employer pension at 60. The employer amount would drop if I leave earlier of course.

My biggest financial variable is my youngest daughter and her college costs.
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