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Old 02-15-2016, 08:00 PM   #21
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Welcome MoPops,

You'll find lots of useful information on e-r.org and a great community to boot!

+1 for FIRECalc - it changed my life for the better. Most other calculators I found were either much too basic and resulted in telling me I needed 90% or 110% of my current income or some such nonsense, or they were way too involved and wanted me to enter all kinds of expenses into all sorts of categories and then they were much to difficult to update when parameters changed.

FIRECalc is so much better for me and DW. We already have a good handle on expenses and know which categories can be altered if we need to adjust our spending. I don't need a calculator to tell me that. Instead, I want data indicating how long my money will last with various investment scenarios and spending amounts.

Best wishes for your future. The OMY syndrome can be quite difficult to break.
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Old 02-17-2016, 07:36 AM   #22
Confused about dryer sheets
 
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I've been dwelling on this quite a bit lately. I need a new roof on our primary residence, and the wife wants to redo the kitchen. Going to move the target date back a little bit. I'm still looking at next March, but I'll work some wiggle room into that date. If I go for next August, I'll be 63, not sure if that would still be considered "early retirement".
I can see the biggest hurdle will be me.. Ha
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Old 02-17-2016, 07:59 AM   #23
Recycles dryer sheets
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Originally Posted by MoPops View Post
I've been dwelling on this quite a bit lately. I need a new roof on our primary residence, and the wife wants to redo the kitchen. Going to move the target date back a little bit. I'm still looking at next March, but I'll work some wiggle room into that date. If I go for next August, I'll be 63, not sure if that would still be considered "early retirement".
I can see the biggest hurdle will be me.. Ha
Periodic large expenses seem to be a part of life. DW and I retired over 4 years ago and we "plan" for a big expense every year. We don't know what the big expense will be for any given year but we consider there will be something in the $5k - $15k each every year. Some years it will be less and some years it may be more. This year it's basement waterproofing. Last year it was new windows. In a few years it will be a newer (used) vehicle.

I don't think you can wait for FIRE until everything is done. There will always be a new roof, a remodeled kitchen or something. So consider your life and your periodic "big ticket" expenses so you can get a handle on that. Come up with an average and put that into your annual spending.

You may need to delay retirement to feather your nest but don't think the big expenses will disappear.
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Old 02-17-2016, 08:10 AM   #24
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I've been dwelling on this quite a bit lately. I need a new roof on our primary residence, and the wife wants to redo the kitchen. Going to move the target date back a little bit. I'm still looking at next March, but I'll work some wiggle room into that date. ....
Nvestysly is right, there will always be big expenses--not that there is anything wrong with getting these two out of the way before quitting.... (On the other hand, if I were running the numbers, I'd consider how much I could save by making the cabinets and doing the kitchen myself; might even think about doing the roof on my own again....)

The question still comes down to what your spending will be in retirement. After you go through the numbers, you may find that 5-15K for a new roof and 10K-"infinity and beyond" for a new kitchen don't require pushing the date back. I.e., if you deduct those amounts from your savings, you still have enough money to support your comfortable withdrawal rate/plan.

You only can know after you determine the numbers though.
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Old 02-17-2016, 08:16 AM   #25
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I have created a budget item for large expenses - so (hopefully) I won't get any unpleasant surprises I can't afford.
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Old 02-17-2016, 09:16 AM   #26
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Hey guys. I wouldn't be here, if I wasn't interested in doing it myself. I don't have $$ to burn, that's for sure. Thanks again for all the answers so far. I've ordered the Boglehead book. Will get a system in place to track spending. I think I can do quite a bit of it in a retrospective analysis. We don't pay cash for that much. Just using credit card bills (all with 0 balance) and the check book will give us a good idea of expenditures.
Daniel Solin's books are straightforward, with short, easily read chapters. The two I recommend are The Smartest Retirement Book You'll Ever Read and The Smartest Investment Book You'll Ever Read.
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Old 02-17-2016, 11:59 AM   #27
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MoPops

I'm all about planning (and over-planning). You certainly can't go into this phase of your life unprepared. As several have mentioned before, try as you may, there are some future expenses that you won't be able to put to bed prior to pulling the plug. You can anticipate them, but not eliminate them altogether.

I learned last evening of a dear uncle, 64, who found out only Monday that he has cancer in 4 areas. He was told, completely out of the blue, that he has 3 months. He retired at 57 extremely well prepared, having mapped out virtually to the dollar every conceivable expense he may encounter over a 40 year retirement. If the news is correct-and I sure hope it isn't-he'll only live to see 7 of those 40 years.

Seems we feel we can never have enough advance planning. In some cases though, we can never have enough time either.

Good luck to you and thanks for sharing your story!
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Old 02-17-2016, 12:07 PM   #28
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...

I learned last evening of a dear uncle, 64, who found out only Monday that he has cancer in 4 areas. He was told, completely out of the blue, that he has 3 months. He retired at 57 extremely well prepared, having mapped out virtually to the dollar every conceivable expense he may encounter over a 40 year retirement. If the news is correct-and I sure hope it isn't-he'll only live to see 7 of those 40 years.

...
Ouch. Sorry for him if that diagnosis is confirmed. Hopefully he took full advantage of the 7 years.
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Old 02-17-2016, 01:04 PM   #29
Confused about dryer sheets
 
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More good information. I will check out, and more than likely order, Solin's books. I received my 1st Boglehead book this morning.
Having lost four friends in the last two years has impacted me tremendously. We were all prepping for retirement, one guy had accomplished it, all passed way too young.
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Old 02-17-2016, 02:32 PM   #30
Recycles dryer sheets
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I did my own roof, half 5 years ago, the other half last summer. Came out ok. However I also painted the exterior of the house. It's done, but looks like Earl Scheib did it. Still learning

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