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Hi, I'm now FIRE at 41!!
Old 06-15-2016, 06:43 PM   #1
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Hi, I'm now FIRE at 41!!

Last Wednesday - June 8th, 2016 - was my last day of work at Mega Corp, and June 9th was my first day of retirement. I am 41.

I just looked back at a few of my earlier posts on this forum:

- In April 2013, I posted (We're running out of steam at 38 and 40!) that my wife and I were running out of steam after decades of hard-driving ambition and long hours. I asked how soon you folks thought we could retire and many of you suggested that the fastest way would be to reduce our annual spending... and that getting out of high-cost Manhattan, NY would be a big help in that.

- In May 2015, I posted (Share your FIRE Milestones) that my wife had handed in her resignation, that I was angling for a layoff & severance, and that we had put our Manhattan condo up for sale.

Here's what's happened since:
- June 2015: my wife had her last day of work
- August 2015: we closed on our Manhattan condo sale (netting us $750k cash in the process)
- September 2015: I got my division head's verbal agreement to help arrange for a 2016 layoff
- May 2016: we moved to a rental on the north side of Chicago
- June 8, 2016: I had my last day of work; because they agreed to lay me off after 19 years of service, they sent me away with a six-figure severance check
- June 9, 2016: I had my first day of retirement

We now have over $2.5M invested in low-cost, broad-market index funds (80% equity) and we have a starting $85k annual budget that includes a lot of travel. We expect to be pretty flexible with the annual budget based on market returns.

Since my wife's resignation a year ago, in addition to handling the bulk of the effort around the home sale and the move, she has volunteered about 100 days at several great non-profits. She's A LOT happier than when she was putting out fires every day at work.

Now it's my turn to figure out what to do next - in addition to the extensive travel plans that I've been researching. I'm looking forward to it!
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Old 06-15-2016, 06:45 PM   #2
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Congratulations.

What will you do all day?



(just kidding)
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Old 06-15-2016, 06:58 PM   #3
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What a great success story!
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Old 06-15-2016, 07:08 PM   #4
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Forty one eh? Sweet!
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Old 06-15-2016, 07:10 PM   #5
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Congrats!! It's always great to see success stories of FIRE.

When I see stories like this it gives me additional confidence in my own plan.
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FIRE no later than 7/5/2016 at 56 (done), securing '16 401K match (done), getting '15 401K match (done), LTI Bonus (done), Perf bonus (done), maxing out 401K (done), picking up 1,000 hours to get another year of pension (done), July 1st benefits (vacation day, healthcare) (done), July 4th holiday. 0 days left. (done) OFFICIALLY RETIRED 7/5/2016!!
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Old 06-15-2016, 07:26 PM   #6
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Congrats! Looking forward o hearing more about this next stage for you and your wife!
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Old 06-15-2016, 08:20 PM   #7
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Wonderful update. Congratulations.
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Old 06-15-2016, 10:09 PM   #8
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Congratulations. Every success story I read, like your's, makes me think I can do it too. (By the way, no kids, I assume?)
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Old 06-15-2016, 10:51 PM   #9
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Welcome and congrats. Did the same at 45 and it's awesome. Just awesome. Lots of self discovery. Wait til you become a real human again. It gets even better !!!
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Old 06-15-2016, 11:11 PM   #10
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Congrats, Medelste. I have only respect and admiration for anyone who retired younger than I did (at 45, 7 1/2 years ago).
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Old 06-15-2016, 11:58 PM   #11
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Wow - you all really did get your ducks in a row! Congrats!

Retired at 39 here - and that was almost 17 years ago. (1999)
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Well, I thought I was retired. But it seems that now I'm working as a travel agent instead!
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Old 06-16-2016, 12:53 AM   #12
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Thanks for the update. Enjoy your retirement!
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Old 06-16-2016, 09:18 AM   #13
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Very inspiring! Thanks for sharing
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Old 06-16-2016, 09:22 AM   #14
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Congrats! I love it when I see folks in their 40's retire early! It's a great place to be and I think know that you will enjoy it. It's been the BEST part of my life...for sure!
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Old 06-16-2016, 09:54 AM   #15
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Well done! Congrats. Any reason why you decided to move to to Chicago?
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Old 06-16-2016, 10:10 AM   #16
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Quote:
Originally Posted by medelste View Post
Last Wednesday - June 8th, 2016 - was my last day of work at Mega Corp, and June 9th was my first day of retirement. I am 41.

I just looked back at a few of my earlier posts on this forum:

- In April 2013, I posted (We're running out of steam at 38 and 40!) that my wife and I were running out of steam after decades of hard-driving ambition and long hours. I asked how soon you folks thought we could retire and many of you suggested that the fastest way would be to reduce our annual spending... and that getting out of high-cost Manhattan, NY would be a big help in that.

- In May 2015, I posted (Share your FIRE Milestones) that my wife had handed in her resignation, that I was angling for a layoff & severance, and that we had put our Manhattan condo up for sale.

Here's what's happened since:
- June 2015: my wife had her last day of work
- August 2015: we closed on our Manhattan condo sale (netting us $750k cash in the process)
- September 2015: I got my division head's verbal agreement to help arrange for a 2016 layoff
- May 2016: we moved to a rental on the north side of Chicago
- June 8, 2016: I had my last day of work; because they agreed to lay me off after 19 years of service, they sent me away with a six-figure severance check
- June 9, 2016: I had my first day of retirement

We now have over $2.5M invested in low-cost, broad-market index funds (80% equity) and we have a starting $85k annual budget that includes a lot of travel. We expect to be pretty flexible with the annual budget based on market returns.

Since my wife's resignation a year ago, in addition to handling the bulk of the effort around the home sale and the move, she has volunteered about 100 days at several great non-profits. She's A LOT happier than when she was putting out fires every day at work.

Now it's my turn to figure out what to do next - in addition to the extensive travel plans that I've been researching. I'm looking forward to it!


Congratulations to both of you! This is an impressive, and well planned/executed accomplishment.
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Old 06-16-2016, 12:34 PM   #17
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First off - congratulations!

Your age/nest egg/annual expense aligns nearly perfectly with my wife's and mine. However, I've been a bit of a head-case with the 'one more year' and 'will it be enough' questions and feel like I'll never be able to actually retire. How can I walk away from another year of 300K+ income, etc.

Outside of the 2.5 million, do you have pensions or anything like that? Would you be open to sharing your calculations and thought processes for what got you to finally be able to do it?

And again, sincere congratulations!
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Old 06-16-2016, 12:40 PM   #18
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Quote:
Originally Posted by Standup View Post
...

Outside of the 2.5 million, do you have pensions or anything like that? Would you be open to sharing your calculations and thought processes for what got you to finally be able to do it?

...
No pensions, per OP's linked post back in 2013. We're running out of steam at 38 and 40!

Congrats, OP! We raised three kids and have more expensive tastes--I can only imagine the joy of FIRE at 41. 57 will have to do for us, but wow!!
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Old 06-16-2016, 02:17 PM   #19
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Congratulations big time !!!
Also would be interested to see calculations as we are targeting similar investible amount but with lower budget and older age, thinking maybe we are too conservative
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Old 06-16-2016, 04:46 PM   #20
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congrats! Thats a good update.
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