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Old 11-19-2014, 08:06 AM   #21
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Fact is that I have enough resources for a small modest retirement, won’t be able to buy lots of toys but can make ends meat according to a 80% chance with FireCalc is that high enough? I am just having allot of mixed feelings. Seems many here are younger, don’t know exactly what qualifies as “EARLY” Retirement, as I am 56 going on 57, which according to many of the financial news sites is “early” as they seem to be saying people are working till 65-67 now. When I was a kid the life expectancy for a male was 72!
Most people here won't cheer you on with only 80% but you've not provided any details on what you entered. How many years did you put in? Did you include SS and any pensions? Did you include the cost of medical care pre-Medicare? Can you reduce expenses?

A default 30 year run in FIRECalc has you almost covered until 87. Could you get by on your SS after that if you've managed to live that long? There is a certain illogical tendency here to want a 95+% probablility for something that has a 30% chance of happening (long lifespan).

"EARLY" is different for different people. We have posters here that have retired in their 30's. There may even be some retirees in their 20s but I can't think of any. There are also people here over 65 still employed or semi-employed. I'm 63 and will retire in January 2015 even though I decided I was FI back in 2006. Since then, I've taken what would have been a modest retirement to the point that money should not be an issue unless we have a real financial collapse. I don't dislike my employment. I get paid a pile of money for doing very little and being subjected to no real stress.
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Old 11-19-2014, 08:45 AM   #22
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Personally, I'd only do 80% if there were discretionary expenses that you could cut back enough to get by if the other 20% comes to pass. There are also lots of things you could explore that might bring in some income that you'd find enjoyable. PT job, buying/selling stuff, writing, consulting ...
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Old 11-19-2014, 08:46 AM   #23
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Originally Posted by I_m_Pi_my_friend View Post
Fact is that I have enough resources for a small modest retirement, won’t be able to buy lots of toys but can make ends meat according to a 80% chance with FireCalc is that high enough? I am just having allot of mixed feelings. Seems many here are younger, don’t know exactly what qualifies as “EARLY” Retirement, as I am 56 going on 57, which according to many of the financial news sites is “early” as they seem to be saying people are working till 65-67 now. When I was a kid the life expectancy for a male was 72!
I was worried about relying on a radical change in lifestyle and/or a lower percentage of success. In part because I still have minor kids at home and felt that it would be super selfish for me to put their college at risk just because I wanted to quit.

My plan involved trimming my budget while still working - which helped me figure out what I could reduce with little impact on lifestyle. Amazing how little things like cancelling/reducing the cable bill, switching the landline to magic jack, switching the cells from verizon to ting.... The bonus of doing this while still working is all good since any cost savings got diverted to nest egg investments.
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Old 11-19-2014, 10:52 AM   #24
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My plan involved trimming my budget while still working - which helped me figure out what I could reduce with little impact on lifestyle. Amazing how little things like cancelling/reducing the cable bill, switching the landline to magic jack, switching the cells from verizon to ting.... The bonus of doing this while still working is all good since any cost savings got diverted to nest egg investments.
Little recurring costs really add up. We have a fifty year plan, so cutting our energy bills $2K a year meant needing $100K less in retirement funding just from energy savings alone. There all sorts of little tips on the Internet I never thought of before - like I now have a rice cooker that steams meat and veggies on the top while the rice cooks below. It saves time and money.

We got rid of business bank fees just by switching accounts, we switched to Ooma from the landline, dumped the cell phone contracts, bought our own cable modems instead of renting, started comparison shopping on groceries more, I make our own cleaning supplies these days from natural ingredients, and a hundred or so other things that all added up.

We would have ended up like Ted if we hadn't done all that. When the last kiddo is out, if not before, we're going to move to a condo or townhouse, and that will cut expenses quite a bit more as well as create more free time.

We also work part-time from home and I do a lot of little side gig / freebie type stuff that gets posted on forums like slickdeals and fatwallet. Last month the side gig stuff came to almost $2K alone in cash and merchandise.
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Old 11-20-2014, 12:18 AM   #25
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I'm the same age as you. We had someone a few years older die Friday. He came to work but never went home.


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Old 11-21-2014, 05:53 PM   #26
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To be safe, if you think your at risk and with 80% you likely are.. you need to re-think full retirement. I hate my job so much I go home often and want to just cry in frustration. I make 6 figures plus and on retention bonus, so walking away is like throwing money into the furnace...but in January Im' doing it.. I'm walking away. We are going to move, downsize, move back to an apartment to fix our expenses the next 5 years.. and find stuff that makes us happy and just make ends meet. That gives us at least 5 years to allow my nest egg to grow to the point I'll be at 95% or better on Firecalc. So instead drawing down the nest egg, I only need to take out 1/2 and 1/2 will come from income.. maybe something like that will work for you too.. that way the money can still snowball, but you can use some of it now to cushion a job change and potential decrease in pay.
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Old 11-22-2014, 08:51 AM   #27
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I know I personally wouldn't feel safe with a 80% firecalc chance of success. However it is not healthy to stay at a job you hate. Look at your expenses I was pleasantly surprised with what I was able to save when I took the time to think about ways to save. I wish you the best I know how much it s*cks to go to a job you hate. I'm there with you right now. I feel blessed that I have enough resources to get out soon while I still have my health. Good luck!!!
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Old 11-22-2014, 10:03 AM   #28
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There is no way, I'd retire with FireCala showing only 80%. I waited until FireCala said 100% and my own spreadsheets agreed with that plus 20%. I didn't hate my job but it was "work" and I worked a few years longer than planned to give me a comfortable surplus. But everyone has to find their own balance.
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Old 11-22-2014, 12:16 PM   #29
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Since you are approaching 60, you need to ask yourself why you don't have more saved ?
Are you maxing to the limit 401K ? plus sticking $6,500 into Roth each year for yourself and spouse(?).
Write down all your expenses in a spreadsheet, track them, see where the money is going and cut back.
Then you will be able to retire earlier, otherwise you will probably be working until 65.
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