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Old 03-23-2019, 08:30 PM   #1
Confused about dryer sheets
 
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Hi I am

getting closer.... Been trying to hang it up for the last year or two, but the golden handcuffs are hard to get out of. "just when I thought I was out, they pull me back in..."

I'm a young 55 and so is my wife (no kids) - very physically fit and healthy
Live in Pacific Northwest
Been very blessed in my career - basically won the game
Hope to FIRE in 2020 - once I am done, I am totally done

Assets: Approaching $10M
$2M in real estate (paid for)
$1.3M in 401K/IRAs invested in Vanguard Index funds
$6.5M in post tax investments - mostly CDs - all over 3%+ (70%)
In Vanguard as well in boring index funds - low cost (30%)
Zero debt

Lifestyle requires about $160K a year. Will have to pay my own health insurance and no pension.

Not an aggressive investor, was fully invested up to about 6 months ago, felt it was all too frothy, didn't have the gut to ride out another downturn so pulled out and went to cash. I know, I know...but I am of the philosophy that if you won the game, why play. Lets me sleep at night. Safe 3% returns are fine by me. I don't need to leave anything to anybody.

I like my work and the social aspect of it plus the perks which are many. But the stress is a killer, 70% on a plane, put so many things I want to do on the back burner and finally woke up that time is the most valuable asset any of us has and you aren't guaranteed any of it.

So, just told the company last week that I am done in less then 12 months so the countdown begins. When I retire, I have an opportunity to teach a day a week which will be great. Just starting to unwind it all and plan for the last part of my life...

Thanks to this forum. It is very well run and some great insight.
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Old 03-23-2019, 08:38 PM   #2
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May all your posts be happy ones

It sounds like you are all set and aren't asking any questions, so I'll limit my response to saying welcome to the forum, and I'm looking forward to your future posts.
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Old 03-23-2019, 08:38 PM   #3
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You've totally won the game. Congrats. Hit the ejector handle whenever you want.
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Old 03-23-2019, 08:42 PM   #4
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Congrats! You look good to go unless you buy a few yachts.
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Old 03-23-2019, 09:39 PM   #5
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Welcome... and congratulations!

But why wait 12 months... summer is coming soon.... wouldn't it be nice to have the summer off?
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Old 03-23-2019, 09:54 PM   #6
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Congratulations!
Donít forget you still need to do estate planning so the courts donít decide what happens to anything you leave behind. You also need to consider Power of Attorneys for health and finance should something happen to you and/or your wife. Welcome to the forum!
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Old 03-23-2019, 11:41 PM   #7
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"I don't need to leave anything to anybody."

Not even to your wife?
I hope she does not read here.
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Old 03-24-2019, 04:46 AM   #8
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Congrats. Yes why wait a year? Aren't summers beautiful in Seattle?
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Old 03-24-2019, 06:06 AM   #9
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Welcome and congratulations! It sounds like you are financially ready
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Old 03-24-2019, 06:38 AM   #10
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There is no reason for you to be "sleepless" in Seattle!! You are well prepared and ready to F.I.R.E. I agree, why wait for the crappy January-February weather next year to go.

Welcome here and congrats,

VW
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Old 03-24-2019, 07:26 AM   #11
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Congratulations !

Rich
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Old 03-24-2019, 07:51 AM   #12
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Congrats! Yes, you very much won the game.
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Old 03-24-2019, 10:13 AM   #13
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Congratulations and welcome. Look forward to your future posts.
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Old 03-24-2019, 01:43 PM   #14
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Welcome to our club. With under 2% annual withdrawal, you indeed have the financial side under control. 3% return should leave you a nice buffer after expenses, and you can expect the $160k to more than cover your expenses.
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Old 03-24-2019, 01:44 PM   #15
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Welcome, you have more than enough to cover your anticipated budget. So get off the corporate wheel. Enjoy your retirement.
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Old 03-24-2019, 07:02 PM   #16
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Congratulations and welcome to the forum. Why wait? Summers in our area are the best! Just leave after July 4th when our summers usually begin.
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Old 03-24-2019, 10:02 PM   #17
Confused about dryer sheets
 
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Legal

Quote:
Originally Posted by Dash man View Post
Congratulations!
Donít forget you still need to do estate planning so the courts donít decide what happens to anything you leave behind. You also need to consider Power of Attorneys for health and finance should something happen to you and/or your wife. Welcome to the forum!
I took care of all of the estate and legal planning. Have a very good lawyer that has us all taken care of including what happens if both of us go - our favorite charities will get it all.

And when I said I donít have to leave anything to anybody - meant after my wife. Just donít have any kids or family to leave it to.

Like I have managed my career - Iíve managed all of the intangibles tightly. Iím a planner so I really think it thru. This forum has been great help.

And many asked why I donít hang it up now and enjoy Seattle summers. The issue is my employer and my boss have been fantastic to me and I donít want to leave them in a bind. What I do is highly specialized so it will take some time to find my replacement. Plus if I stay a year it would mean a sizeable vesting period on my stock that is substantial enough its worth waiting for.

Iím not in a massive hurry. Just coming to the conclusion of hanging it up and executing the decision is a massive first step for me. Been working since I was literally 14.

Thanks for all the comments.
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Old 03-24-2019, 11:04 PM   #18
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since some members think of this as 'a game '

how about a second game ?

let's pretend ( i am already retired ) and test out that retirement budget for flaws and oversights . while you still have some options to make adjustments

congratulations .. the figures look OK to me ( but i am on the other side of the world )

good luck and good health
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Old 03-25-2019, 09:52 AM   #19
Confused about dryer sheets
 
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Quote:
Originally Posted by Oz investor View Post
since some members think of this as 'a game '

how about a second game ?

let's pretend ( i am already retired ) and test out that retirement budget for flaws and oversights . while you still have some options to make adjustments

congratulations .. the figures look OK to me ( but i am on the other side of the world )

good luck and good health

I personally see it as a game. At no time in history have I seen more market manipulation. I personally think it is all rigged. And when I say "winning the game" - what I mean is that I can meet all my goals and not be in the market. Will I be in CDs the rest of my life? No, I am just taking a breather as I figure things out. I am not a market timer, but right now I just feel uneasy about the direction of the market.

I have some unique opportunities in Private Equity and some other non-market strategies that will get me above 3% return.

I think for me, I have just never been a risk taker or have a greed gene. I have survived through all the downturns and watched large chunks of my portfolio just be erased (granted, it has come back).

So right now, I feel like I won the game and have built a solid portfolio that can pretty much weather any crisis (except Venezuela like disasters) for the next 30 years.

I also have a thesis that yes, inflation will impact any portfolio, but at the same time I strongly believe I will spend less money, not more as I get older. My living expenses I put on my intro is based on a lot of travel, fun spending, maintaining nice cars and large house expenses that I simply wont have when I get 75 (if I get 75).

But it would be interesting to see what others think as well and we can debate it.
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Old 03-25-2019, 10:09 AM   #20
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Quote:
Originally Posted by SeattleRocks View Post
Assets: Approaching $10M
$2M in real estate (paid for)
$1.3M in 401K/IRAs invested in Vanguard Index funds
$6.5M in post tax investments - mostly CDs - all over 3%+ (70%)
In Vanguard as well in boring index funds - low cost (30%)
Zero debt

...

Not an aggressive investor, was fully invested up to about 6 months ago, felt it was all too frothy, didn't have the gut to ride out another downturn so pulled out and went to cash. I know, I know...but I am of the philosophy that if you won the game, why play. Lets me sleep at night. Safe 3% returns are fine by me. I don't need to leave anything to anybody.
First of all, congratulations on amassing such an impressive nest egg at your age.

I'm curious about the tax implications of your "pulling out and going to cash" six months ago. So you sold all your market/equity investments and converted them to cash equivalents? How much of your total portfolio did you liquidate in this way, and did you end up incurring a large CG tax hit in your taxable accounts?
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