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Hi - I am financially ready but can't pull the trigger
Old 05-21-2015, 02:46 PM   #1
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Hi - I am financially ready but can't pull the trigger

Greetings - first time posting. Due to a high paying & stressful job on Wall
Street, my assets (excluding home) are currently 40 times my annual expenses and I am 45 years old. Three children under 18. I know I can financially retire but can't seem to pull the trigger!
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Hi - I am financially ready but can't pull the trigger
Old 05-21-2015, 03:08 PM   #2
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Hi - I am financially ready but can't pull the trigger

Have someone pull it for you. It's kinda like skydiving / jumping out of an airplane. Some can do it and some need to be pushed out the airplane door.
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Old 05-21-2015, 03:09 PM   #3
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Welcome to the forum, and your concern is not unique. You just have to change your mindset and be confident in your numbers and future plans. Working Wall St I assume you have some financial skills, so put those to use and do some calculating. Once you have the confidence and risk factor is acceptable to you, then it becomes an emotional decision.

Any way to ease out by doing part-time or maybe a extended leave to test the retirement a bit?
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Old 05-21-2015, 03:11 PM   #4
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Welcome - maybe you should just think more often how much nicer it is On The Beach (sorry, couldn't resist).

There are lots of threads here about OMY (one more year) syndrome. You have a lot of company in that many of us had trouble pulling the trigger.

Basically, if you run your numbers through Firecalc or something similar and are comfortable with the result, then it's up to you to decide whether it's worth the stress to keep working.

Most of us here will say "he11 no", but it does come down to a personal decision.

Have you read any of Ernie Zelinski's books? Very helpful to many of us.

Good luck!
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Old 05-21-2015, 03:14 PM   #5
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Nobody can do it for you. Us retired folks can really use your services . staying in the workforce, paying FICA and Medicare tax, servicing the national debt.

On the serious side , Financial independence does not = being ready to retire.

If you need help making the decision, just visit a couple of nursing homes. thell them you are shopping for a place to put a relative in, ask for a tour. Then, think about how you want to use your remaining time. working until you are ready to be a resident ?
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Old 05-21-2015, 05:07 PM   #6
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I hope to moving into Wall Street soon and your story is what I hope to achieve for me and my family.

Take the plunge, you have worked hard to build that nest egg. As mentioned earlier you probably have the skills to build your retirement accounts.

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Old 05-21-2015, 05:39 PM   #7
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As I said in a different thread... It all comes down to when you've had "enough"
"enough" money - which you seem to.
"enough!" of the job.

Another description is the 2 bucket scenario - one is a bucket of money, the other is a bucket of BS from work... As the money bucket gets full some find they're BS bucket gains capacity - meaning they have less urgency to get they heck outta there. Others find their BS bucket gets smaller... and little annoyances push them out.

We're all wired differently. How full is your BS bucket? How much is "enough" at work?
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Hi - I am financially ready but can't pull the trigger
Old 05-28-2015, 03:54 PM   #8
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Hi - I am financially ready but can't pull the trigger

Sounds to me like you aren't spending enough and urgently need to develop some rather expensive hobbies.

45 is too young to retire. The world is big.

My two cents....
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Old 05-28-2015, 04:09 PM   #9
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45 is too young to retire.
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Old 05-28-2015, 04:25 PM   #10
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So why do you think you can't pull the trigger? Is it because you like your job? Is it because you're not sure what you'd do during retirement? Is it because you'd miss social connections that come from work?

You've run the numbers - you're good there. So it's not financial, it's emotional. So identifying that emotional root cause will then help you begin to consider if you you want to retire, and if you decide to do so, how you'll mitigate whatever concerns you have.
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Old 05-28-2015, 05:39 PM   #11
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Don't worry about it. When you are ready to pull the plug it won't be difficult. Personally at 45 you have a lot of exciting years of work left in you if you wish to take them. There's nothing wrong with working if you enjoy it. If you don't enjoy it, need to take a long hard look at what you are doing and why.

Personally I would prefer to have my kids further along in life before I retired. Would be good to know how independent (or not) they will be and what major expenses (college, marriage, illnesses) I may want to contribute to before I pull the plug on an excellent paying job. But that's just me. Everyone has their own thoughts.
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Old 05-28-2015, 05:55 PM   #12
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[QUOTE

45 is too young to retire. The world is big.

....[/QUOTE]

The world is big... you should retire and explore while you are young and have lots of time.
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Old 05-28-2015, 07:11 PM   #13
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... I know I can financially retire but can't seem to pull the trigger!
Why do you think you need to retire? There's no rule that says you have to retire when you're financially able to do so.

Sounds like the key here is your "stressful job on Wall Street." Maybe look for a different job?

You're FI, which means you can choose your occupation independent of compensation. You don't have to retire to change your situation.

A lower-paying, but less stressful job may be exactly what you need. You'll still be earning some money, so will avoid the psychological shock of seeing your balances shrink.

It sounds a little bit like you're running *from* something rather than heading *toward* something. Retirement may be purely a way to avoid job stresses to you. You should be thinking more about what activities/interests you want to pursue.

Figure out what you really want to do - whether retirement or a lower stress job - and I think you'll find it easier to pull the trigger.
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Old 05-28-2015, 08:13 PM   #14
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40 times expenses? Yes, of course you can...
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Old 05-28-2015, 08:54 PM   #15
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Well the only advice I have for you is, find another vocation before u come home to 3 kids under age 18. I don't care if you have a zillion dollars, find something else to do before u retire! You will go slap ass crazy!


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Old 05-28-2015, 10:37 PM   #16
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You will go slap ass crazy!
I am stealing that phrase for future use.
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Old 05-29-2015, 07:26 AM   #17
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I had the opportunity to retire early before 55 with early buy-outs from my company. But I felt that with 2 sons still in high school that they needed to see dad go to work each morning. Now once they were in college....who cares?
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Old 05-29-2015, 08:52 AM   #18
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I retired after our kids were adults (well as adult as kids get to... sometimes I wonder) but that would have been a concern for me. I think it is good that they saw their dad busy and hustling to make a buck and saving rather than kicking around at home like I do now. I'm not sure how I would have instilled those values if I was retired and they were still at home... it certainly would have been more difficult.
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Old 05-29-2015, 09:09 AM   #19
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I retired after our kids were adults (well as adult as kids get to... sometimes I wonder) but that would have been a concern for me. I think it is good that they saw their dad busy and hustling to make a buck and saving rather than kicking around at home like I do now. I'm not sure how I would have instilled those values if I was retired and they were still at home... it certainly would have been more difficult.
That's one way to look at it. The other way to look at it is that the kids could have seen first hand what financial success really means when dad doesn't have to work anymore while the parents of their friends are still working.
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Old 05-29-2015, 09:43 AM   #20
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When an early retirement opportunity came up when I was 50 with a one and three year old at home, the deciding factor was that I had an opportunity to be a very active part of their growing up years. Took the retirement route and have very much enjoyed the last 15 years with no regrets at all.

That said, I guess you could say I never fully retired. Always have had part-time/seasonal jobs that could be done with minimal interference of me not being available for their activities, but they know I'm out making a buck and scheduling priorities at times. I'm always involved supporting their activities (usually as treasurer of the organization and sometimes soccer coach). They both have been earning money since age 13, either as soccer refs or at a local frozen treat store. The stash is there to cover state colleges for both
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