Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 09-23-2014, 11:18 AM   #41
Recycles dryer sheets
 
Join Date: May 2014
Posts: 109
Ok, I'll say it. Spend $320k per year? Seriously? That's 3 times what we spend and I thought we spent a lot. Here's a suggestion - cut that back to a human level and leave enough so your decendants can live worry free. You have a chance to set up future generations here.
__________________

__________________
bulbar 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 09-23-2014, 11:21 AM   #42
Thinks s/he gets paid by the post
2B's Avatar
 
Join Date: Mar 2006
Location: Houston
Posts: 4,330
Quote:
Originally Posted by Brat View Post
The OP seemed to me to be really counting on that pension. Were I he I would roll as much as possible into an IRA where he has control. My daughter is a CPA who had friends who worked for Arthur Anderson so their experience reflects my concern. A professional corporation is different than working for GE, Alcoa or IBM.
I agree. Unfortunately, there isn't anything he can do about the risk if he can't do a rollover except to keep working. I don't see where the pension risk would be any lower if he worked another year or two. If he wants to support his lifestyle even without a pension, he'll be working at least another decade.
__________________

__________________
The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane -- Marcus Aurelius
2B is offline   Reply With Quote
Old 09-23-2014, 11:21 AM   #43
Thinks s/he gets paid by the post
Live And Learn's Avatar
 
Join Date: Feb 2012
Location: Tampa Bay Area
Posts: 1,689
Quote:
Originally Posted by Travelwanted View Post
I get it, but I don't think it matters if we "get it". If he wants to spend a million/year to accomplish his goals in retirement, so be it. Why judge that? Everyone has their own number.

I think Texan is looking for reassurance about his WR relative to age, assets and spending. And I don't think he is trying to brag or show off his success. Not sure why that issue is even raised.
Totally agree with this.

Texan earned his savings and he can spend them how and when he wants.

The good news for him is that with a large discretionary budget he has some leeway should markets decline. BUT, if putting off luxury travel, or doing "not so luxury" travel is going to make him unhappy and wish he had stayed the 25 months, then I'd say "stick it out and remember that the end is near". I've found that has been both a blessing and a curse - on the one hand, the end is near and the nonsense will be over soon, on the other hand "I don't need to put up with this cr&p anymore" so I've become more intolerant of stupidity at w*rk.
__________________
"For the time being no discipline brings joy, but seems grievous and painful; but afterwards it yields a peaceable fruit of righteousness to those who have been trained by it." ~
Hebrews 12:11

ER'd in June 2015 at age 52. Initial WR 3%. 50/40/10 (Equity/Bond/Short Term) AA.
Live And Learn is offline   Reply With Quote
Old 09-23-2014, 11:28 AM   #44
Thinks s/he gets paid by the post
2B's Avatar
 
Join Date: Mar 2006
Location: Houston
Posts: 4,330
Quote:
Originally Posted by bulbar View Post
Ok, I'll say it. Spend $320k per year? Seriously? That's 3 times what we spend and I thought we spent a lot. Here's a suggestion - cut that back to a human level and leave enough so your decendants can live worry free. You have a chance to set up future generations here.
Lifestyle choices are an individual's responsibility. Some people are happy to retire on $30,000/yr and would consider your spending excessive.

The OP looks like he prefers working another 2 years to feel more comfortable with what others may consider extremely high spending. It's his choice. He's trading his time in a stressful position where he's being told he's on the glide path to lower pay to do this.
__________________
The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane -- Marcus Aurelius
2B is offline   Reply With Quote
Old 09-23-2014, 12:29 PM   #45
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Feb 2013
Posts: 5,326
Quote:
Originally Posted by bulbar View Post
Ok, I'll say it. Spend $320k per year? Seriously? That's 3 times what we spend and I thought we spent a lot. Here's a suggestion - cut that back to a human level and leave enough so your decendants can live worry free. You have a chance to set up future generations here.
We've cut over $100K off our budget to ER and we aren't done trimming expenses. It has been kind of wild that we still live in the same house and actually drive newer cars (just better repair records, resale value and MPG). We just really have time to optimize each expense now, more DIY and also pay a lot less in income and SS taxes. On top of the $100K we no longer need to save for retirement any longer.

Personally, I would rather leave our money to charity or to the kiddos so they can live like this and not have to ever work at soul sucking, never see the sun 60+ hours a week jobs than give it to luxury car or designer purse makers.
__________________
daylatedollarshort is offline   Reply With Quote
Old 10-07-2015, 06:11 PM   #46
Dryer sheet wannabe
 
Join Date: Nov 2013
Posts: 22
I realize that nobody who posted is likely to remember this set of posts from a year ago, but I just thought I would provide an update in case anyone happened to be interested. I'm feeling better about sticking it out in this career until the end of 2016. My pay hasn't been cut (yet), so we've been able to save a bit more than I estimated, but of course market performance this year hasn't been great. (And market performance last year wasn't great for our portfolio due to the tilt toward small and value and the international component).

I think we are still on track to have a bit more than $8 million by the end of 2016, assuming no market meltdown between now and then. Even if there is a meltdown, I think we just make the best of it at that point, rather than even considering trying to push back retirement any further. We'll just cut back the travel or whatever else is necessary to cut back at that point.

I appreciate all the advice I got here a year ago. I'll update the group when I actually pull the plug, in case anyone still remembers this.

Best to all of you, and thanks again.
__________________
Texan1636 is offline   Reply With Quote
Old 10-07-2015, 06:26 PM   #47
Recycles dryer sheets
 
Join Date: Jan 2013
Posts: 69
Congratulations on staying on track, and thanks for keeping your thread updated. For me, it's always interesting to see how retirement plans come to fruition.
__________________
ulrichw is offline   Reply With Quote
Old 10-07-2015, 08:00 PM   #48
Full time employment: Posting here.
 
Join Date: Jul 2014
Posts: 616
Glad to hear the work situation hasn't gotten worse and that you're on track with your plan. congrats and thanks for the update.
__________________
Katiek is offline   Reply With Quote
Old 10-08-2015, 01:26 AM   #49
Thinks s/he gets paid by the post
Helen's Avatar
 
Join Date: Oct 2004
Location: Portland
Posts: 1,343
Thanks for the update. Stay healthy so you and your spouse can enjoy that hard earned money you've amassed.
__________________
Helen is online now   Reply With Quote
Old 10-08-2015, 10:04 AM   #50
Thinks s/he gets paid by the post
 
Join Date: Jan 2005
Posts: 2,554
It is always interesting when updates are done. Glad to hear that your pay has not been lowered and that you have been able to save a bit more. As Helen said, stay healthy, so that you can enjoy your retirement. It sounds like it will be wonderful.
__________________
Dreamer is offline   Reply With Quote
Old 10-08-2015, 11:37 AM   #51
Recycles dryer sheets
 
Join Date: Jan 2013
Posts: 187
Thanks for the update. You are about 1 year out. Hopefully, it will go quick.
__________________
InTheSticks is offline   Reply With Quote
Thank you and good luck!
Old 10-08-2015, 12:41 PM   #52
Recycles dryer sheets
 
Join Date: Jul 2014
Posts: 98
Thank you and good luck!

This is a fascinating case study and set of responses and directly pertinent to at least some of us on this board including me. Thank you for the updates and good luck.
__________________
timemoveson is offline   Reply With Quote
Old 10-10-2015, 01:01 PM   #53
Thinks s/he gets paid by the post
Live And Learn's Avatar
 
Join Date: Feb 2012
Location: Tampa Bay Area
Posts: 1,689
I too appreciate the update. Always remember that the light at the end of the tunnel is NOT an oncoming train!!!
__________________
"For the time being no discipline brings joy, but seems grievous and painful; but afterwards it yields a peaceable fruit of righteousness to those who have been trained by it." ~
Hebrews 12:11

ER'd in June 2015 at age 52. Initial WR 3%. 50/40/10 (Equity/Bond/Short Term) AA.
Live And Learn is offline   Reply With Quote
Old 10-14-2015, 09:40 PM   #54
Recycles dryer sheets
 
Join Date: Oct 2015
Location: Fairfield
Posts: 114
Texan, I think the pension really seals it for you. It's like having an extra $4mm. I would hang it up sooner than later, an extra $1mm is not going to make much difference, but you know yourself best.
__________________
StuckinCT is offline   Reply With Quote
Old 10-16-2015, 07:51 AM   #55
Thinks s/he gets paid by the post
 
Join Date: Dec 2009
Location: Alberta/Ontario/ Arizona
Posts: 3,133
Quote:
Originally Posted by Texan1636 View Post
I realize that nobody who posted is likely to remember this set of posts from a year ago, but I just thought I would provide an update in case anyone happened to be interested. I'm feeling better about sticking it out in this career until the end of 2016. My pay hasn't been cut (yet), so we've been able to save a bit more than I estimated, but of course market performance this year hasn't been great. (And market performance last year wasn't great for our portfolio due to the tilt toward small and value and the international component).

I think we are still on track to have a bit more than $8 million by the end of 2016, assuming no market meltdown between now and then. Even if there is a meltdown, I think we just make the best of it at that point, rather than even considering trying to push back retirement any further. We'll just cut back the travel or whatever else is necessary to cut back at that point.

I appreciate all the advice I got here a year ago. I'll update the group when I actually pull the plug, in case anyone still remembers this.

Best to all of you, and thanks again.
Didn't see the OP. My history is similar to yours. I ER'd in 2006 at 56 after 3 years of planning the transition with my employer. By that time I was more than ready to go but by staying that long I was able to negociate a very lucrative retirement package. Spending levels in retirement(so far just divs and pension that started at 62) are higher than prior so things have worked out remarkably well. No one would view our lifestyle as frugal.

My biggest issue was adapting to retirement. It was tough going from "100 MPH" to a more leisurely pace in retirement. Probably took me 3 years to settle down. During that period I think I was hard to be around and was generally a bit of an A-hole. (Some might think I still am). There isn't much you can do to prepare for this although I worked 4 day weeks during my last year. If you can stick it out as long as possible you will probably be happy you did, after all you are quite young. Any chance of agreeing to a transitioning out period? Many law firms want their senior guys to stick around for a while mentoring? Anyways, good luck.
__________________

__________________
Danmar 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
$500k college loans, retirements to fund, still want to retire in 2016 in my 50's!!! tiredofworking2 Hi, I am... 5 09-23-2013 12:43 PM
Hoping to join the class of 2016 Mango1956 FIRE and Money 3 08-08-2013 09:25 PM
Job eliminated Hoping to retire. gbstack Hi, I am... 25 05-09-2013 08:37 PM
High HIC cost may derail 2016 retirement Lisa99 Health and Early Retirement 12 06-14-2011 02:21 AM

 

 
All times are GMT -6. The time now is 11:10 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.