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I think I did it
Old 07-14-2013, 02:25 PM   #1
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I think I did it

I'm 59 years old and was planning to retire next spring. However, my work situation added an additional amount of stress to my life and I decided why wait? I can go now and enjoy the summer. So I gave notice. I didn't tell my boss that I'm retiring and he is baffled even after I said that I was burned out and quitting to sort things out. He can't imagine anyone leaving that doesn't have another job lined up or is 65 years old and retiring.

FireCalc has been telling me that I'm good to go and a couple of other retirement calculators have said the same thing. I have myself in a no debt situaion - mortgage paid on condo, car paid off, etc. and I completed all that this year. I have 401Ks, IRAs, taxable investments, cash, small pension ($600/month) coming in 2018, and small annuity ($650/month) starting in 2025. My investments and cash total $1.1 million. Right now, the plan is to wait until 66 to starting drawing SS. I've been living below my means for my whole working life.

I think I'll pay COBRA for a while. It's been recommended that I see a health insurance broker to see what my options are between now and ACA.

My last day of work is July 23rd. I'm a little stunned but excited.
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Old 07-14-2013, 02:35 PM   #2
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Congratulations, it's great to leave the rat race and all the insanity behind. Folks that don't "get it" are generally so far from FI. they can't understand.

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Old 07-14-2013, 02:35 PM   #3
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Congratulations!
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Old 07-14-2013, 02:38 PM   #4
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Congratulations! How exciting for you!

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Old 07-14-2013, 03:03 PM   #5
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Good for you, making the decision to enjoy your summer.
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Old 07-14-2013, 03:55 PM   #6
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Congratulations!!

Now you need to change your retirement year in your profile.
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Old 07-14-2013, 04:07 PM   #7
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Done!
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Old 07-14-2013, 04:41 PM   #8
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Congratulations! You will never look back. I'm pulling the plug next month. To deal with the "you're too young to retire" comments, I plan on saying that it's a midlife sabbatical, so people will think that I'm just taking a break from work.
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Old 07-14-2013, 04:49 PM   #9
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Way to go. You will never regret it.
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Old 07-14-2013, 05:37 PM   #10
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Congratulations! You earned it!
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Old 07-14-2013, 05:56 PM   #11
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Congrats in anticipation of July 23rd! Keep us posted.
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Old 07-14-2013, 09:46 PM   #12
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Quote:
Originally Posted by JasmineJ View Post
....I think I'll pay COBRA for a while. It's been recommended that I see a health insurance broker to see what my options are between now and ACA. ....
Congratulations on your decision. Exciting.

FWIW, I found that buying an individual health insurance plan was less expensive than COBRA, os you might want to check it out, even if it is just for the rest of 2013.
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Old 07-14-2013, 10:34 PM   #13
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Congratulations! Well done!
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Old 07-15-2013, 01:55 AM   #14
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Congratulations! You have successfully avoided the One More Year Syndrome.
Now go out and enjoy summer.
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Old 07-15-2013, 05:59 AM   #15
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CONGRATS!!!

Quote:
Originally Posted by pb4uski View Post
FWIW, I found that buying an individual health insurance plan was less expensive than COBRA, os you might want to check it out, even if it is just for the rest of 2013.
Make sure you can even get a decent individual plan before turning down COBRA. Some people with pre-existing conditions, whether real or imagined by the HCP, will be denied coverage in the open market.
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Old 07-15-2013, 07:55 AM   #16
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Woohoo! Love reading these stories of people pulling the plug. Hope you enjoy it.
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Old 07-15-2013, 08:57 AM   #17
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One reason I switched to COBRA (I was still working at the time but had reduced my hours to the point at which I could not remain in my company's group health plan) was so I could keep my good dental coverage, something I could not do with an indiividual HI policy. And I knew I would be facing some costly dental work in the next 18 months. If you (JasmineJ, the OP) have dental coverage and wish to keep it for another 18 months, consider COBRA.
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