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09-23-2014, 10:18 AM
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#41
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Recycles dryer sheets
Join Date: May 2014
Posts: 109
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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.
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09-23-2014, 10:21 AM
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#42
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Thinks s/he gets paid by the post
Join Date: Mar 2006
Location: Houston
Posts: 4,337
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Quote:
Originally Posted by Brat
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.
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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
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09-23-2014, 10:21 AM
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#43
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Thinks s/he gets paid by the post
Join Date: Feb 2012
Location: Tampa Bay Area
Posts: 1,866
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Quote:
Originally Posted by Travelwanted
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.
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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.
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09-23-2014, 10:28 AM
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#44
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Thinks s/he gets paid by the post
Join Date: Mar 2006
Location: Houston
Posts: 4,337
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Quote:
Originally Posted by bulbar
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.
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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
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09-23-2014, 11:29 AM
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#45
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2013
Posts: 9,358
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Quote:
Originally Posted by bulbar
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.
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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.
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10-07-2015, 05:11 PM
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#46
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Dryer sheet wannabe
Join Date: Nov 2013
Posts: 24
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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.
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10-07-2015, 05:26 PM
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#47
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Recycles dryer sheets
Join Date: Jan 2013
Posts: 73
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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.
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10-07-2015, 07:00 PM
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#48
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Full time employment: Posting here.
Join Date: Jul 2014
Posts: 930
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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.
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10-08-2015, 12:26 AM
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#49
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Thinks s/he gets paid by the post
Join Date: Oct 2004
Location: Portland
Posts: 2,038
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Thanks for the update. Stay healthy so you and your spouse can enjoy that hard earned money you've amassed.
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10-08-2015, 09:04 AM
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#50
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Thinks s/he gets paid by the post
Join Date: Jan 2005
Posts: 3,532
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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.
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10-08-2015, 10:37 AM
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#51
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Recycles dryer sheets
Join Date: Jan 2013
Posts: 198
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Thanks for the update. You are about 1 year out. Hopefully, it will go quick.
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10-08-2015, 11:41 AM
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#52
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Recycles dryer sheets
Join Date: Jul 2014
Posts: 153
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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.
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10-10-2015, 12:01 PM
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#53
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Thinks s/he gets paid by the post
Join Date: Feb 2012
Location: Tampa Bay Area
Posts: 1,866
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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.
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10-14-2015, 08:40 PM
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#54
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Recycles dryer sheets
Join Date: Oct 2015
Location: Fairfield
Posts: 206
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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.
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10-16-2015, 06:51 AM
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#55
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Thinks s/he gets paid by the post
Join Date: Dec 2009
Location: Alberta/Ontario/ Arizona
Posts: 3,393
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Quote:
Originally Posted by Texan1636
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.
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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.
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