Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 05-14-2012, 01:15 PM   #21
Thinks s/he gets paid by the post
2B's Avatar
 
Join Date: Mar 2006
Location: Houston
Posts: 4,330
Quote:
Originally Posted by TOPDAWG View Post
However, what I am reading indicates that 3.2mm is not enough at age 46 to retire and be free wheeling. I will continue to move forward with my original 52-54 range and see how things progress. I appreciate everyone's advice on this forum.
I suspect that when you reach 52 - 54 you will still not have enough to retire, the stress will still be a problem but you'll see how things look when you're 58 - 60. Good luck.
__________________

__________________
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
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 05-14-2012, 01:20 PM   #22
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 15,612
Quote:
Originally Posted by 2B View Post
I suspect that when you reach 52 - 54 you will still not have enough to retire, the stress will still be a problem but you'll see how things look when you're 58 - 60. Good luck.
Yep. Do a forum search on "One More Year Syndrome" for plenty of examples of this.
__________________

__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
ziggy29 is offline   Reply With Quote
Old 05-14-2012, 01:39 PM   #23
Recycles dryer sheets
 
Join Date: Dec 2010
Posts: 63
TD -

I just retired at the end of February (at age 45) under very similar circumstances financially and otherwise. See below. Before I retired, I spent a great deal of time running FIRECalc and clearing my retirement budget past my financial advisors (and convincing my DW that this was the right thing for us). Therefore, I would recommend running FIRECalc and doing some heavy budgetary lifting to determine whether you are comfortable financially. You can then figure out whether 46, 50 or 54 is the right age.

I am happy to serve as a resource as you try to figure this out.

Quote:
I am currently 46 years old, and would like to retire in the next 12 months. I am married with two kids 18 & 16. 45, married, 14 & 12

I continue to be burned out from work. While I am currently making 6 figures, coupled with 4 weeks of vacation, and a wonderful place to work, I feel like I need to re-evaluate myself, and my direction in life. I am simply tired of what I do. My job is so customer service oriented, and stressful that I cannot take 1 day off without getting hammered with phone calls. I need peace. I'm tired of high demanding customers. I currently work 5:30am to 4:30pm 5 days a week. Most days my lunch is 30 minutes or less. I am really worried as I get older that I will stroke out, or have a heart issue and miss out on life. I take things seriously at work, and take things to heart. I had a very similar experience.

Liquid assets - $3.20mm+ (assumes no 2011 investment return), of which $2.20mm in non-retirement accounts and $1mm in retirement accounts. Approximately the same amounts and allocations.

Other assets/debts - $400,000 House, Cars, etc.. No Debt, Zero Approximately the same (although house is net of debt).

Kids (ages 18 and 16) assets set aside for college - $125k, each (250k total not included in the above 3.20 Approximately the same (getting a little scary).

Budget - We currently spend 150k pre-tax dollars. This will not change in the next 10 years. We are slightly higher but less on a net basis (see "Income" below.)

Portfolio - Our portfolio is professionally managed. I am pretty confident the portfolio will average 4.5%. We have been transitioning our portfolio from professional management to self-management over a 2-3 year period. This is an area you will need to consider. Expenses will be an issue in retirement and paying 1.5% in management fees on $3mm is a lot of money.

Income - My wife is 42, and will work at least until she is 52. We have a great health plan via her work. Her income is only $15k, but the health insurance is valuable. My DW also works but makes more than your wife, so our net expense nut is 2.9% over the next 10 years.

Health - We are fortunate to have great health. Same.

I currently have no plan on what I will do. I know I will volunteer and help in the community. I would like to get in better shape (I'm not overweight). I want to be in the best physical condition in my life when I turn 50. I used the 18 months before my retirement to get into great shape (I lost 30 pounds and totally changed my diet) and did not retire until I passed two consecutive quarterly physicals. I am in the third month of my retirement and still figuring out what to do next. Kids, home responsibilities, working out, volunteering, reading and self-investing have filled a good chunk of that time. Still a work in progress.
__________________
amfox1 is offline   Reply With Quote
Old 05-14-2012, 02:47 PM   #24
Thinks s/he gets paid by the post
2B's Avatar
 
Join Date: Mar 2006
Location: Houston
Posts: 4,330
Quote:
Originally Posted by ziggy29 View Post
Yep. Do a forum search on "One More Year Syndrome" for plenty of examples of this.
I'm somewhat in that mode myself. I'm definitely FI and FireCalc says my 95% SWR are almost double my "comfortable" living expenses. "Comfortable" has my "basic" living expenses covered with enough for a little traveling. I would have to ratchet my lifestyle way up to spend it all which I have no interest in doing. My heirs are probably happy with this.

My FI finally passed away after almost a decade of Alzheimer's which frees DW from her emotional fretting and making me just happy to go somewhere other than to visit him in the nursing home.

Oh well, I have absolutely no work related stress other than having to get out of bed four days a week while getting cheap heath insurance and a good income. I have a SERP plan that I screwed up when I set it up. Right now it has about a 1-1/2 years salary that will pay out immediately when I leave the company. If I retire anytime but January, I'll pay over 1/3 of it to the government. Leaving in January will give me a nominal 15% loss to income tax. So, I'm telling myself I'm hanging in untill then. I'll see what I do come December.
__________________
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 05-14-2012, 02:58 PM   #25
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,616
Quote:
Originally Posted by TOPDAWG View Post
I think I will struggle with not being able to buy whatever I want, whenever I want.
You don't have to struggle with that. You just have to be willing to work long enough to do it.

If you're not willing to stop doing it then you're not mentally or emotionally ready to retire, and you might even want to cruise back through a library copy of "Your Money Or Your Life".

But by the time you retire, you'll have made enough progress in your thinking to no longer struggle with consumerism. It's a self-fulfilling prophecy.
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Old 05-14-2012, 03:32 PM   #26
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 16,393
Quote:
Originally Posted by 2B View Post
... I have a SERP plan that I screwed up when I set it up. Right now it has about a 1-1/2 years salary that will pay out immediately when I leave the company. If I retire anytime but January, I'll pay over 1/3 of it to the government. Leaving in January will give me a nominal 15% loss to income tax. So, I'm telling myself I'm hanging in untill then. I'll see what I do come December.
2B, I had a similar but not nearly as significant situation in that I had about 7 weeks of vacation when I RE'd. What I did was have my last day of work be in December and then went on vacation for January and February 2012 and increased my 401k deductions to 100%, which reduced my reportable income for 2012 by $22k and topped up the nestegg by the same amount.
__________________
pb4uski is offline   Reply With Quote
Old 05-14-2012, 03:41 PM   #27
Thinks s/he gets paid by the post
2B's Avatar
 
Join Date: Mar 2006
Location: Houston
Posts: 4,330
Quote:
Originally Posted by pb4uski View Post
2B, I had a similar but not nearly as significant situation in that I had about 7 weeks of vacation when I RE'd. What I did was have my last day of work be in December and then went on vacation for January and February 2012 and increased my 401k deductions to 100%, which reduced my reportable income for 2012 by $22k and topped up the nestegg by the same amount.
I am carrying 12 weeks which will let me actually have my last day in late October based on my vacation plans this year. If I stay past then, your approach would let me go to 100% into my 401k for about 6 or 7 weeks. I'd get the 5% salary match but that would be less than the SS and medicare deductions.
__________________
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 05-14-2012, 03:45 PM   #28
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 16,393
Not a bad problem to have, eh..
__________________
pb4uski is offline   Reply With Quote
Old 05-14-2012, 03:47 PM   #29
Thinks s/he gets paid by the post
2B's Avatar
 
Join Date: Mar 2006
Location: Houston
Posts: 4,330
Quote:
Originally Posted by pb4uski View Post
Not a bad problem to have, eh..
The problem is that if I don't check out near the end of this year I have effectively signed on until the following fall.
__________________
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 05-14-2012, 09:26 PM   #30
Dryer sheet aficionado
 
Join Date: May 2012
Posts: 40
Quote:
Originally Posted by TOPDAWG View Post
I think I will struggle with not being able to buy whatever I want, whenever I want. I can live on a budget, but right now I am pretty free wheeling. I enjoy the lifestyle (away from work) that I live now. I do however feel I will enjoy the retirement lifestyle too. What retirement means is less eating out and more eating at home, less changing smartphones every 6 months, less buying a new car every 2 to 3 years, etc..


However, what I am reading indicates that 3.2mm is not enough at age 46 to retire and be free wheeling. I will continue to move forward with my original 52-54 range and see how things progress. I appreciate everyone's advice on this forum.
You hit the nail on the head of what I am also dealing with. Some of this is more psychological then it is calculator based. Like you, I have the great fortune of not looking at price tags, eating out whenever and wherever I want, going to Maui on a whim, being part of a very nice country club that I will all have to give up to do ER.

But I think I am getting better at just recognizing that none of that stuff really made me happy and that time is the most important commodity any of us have. I am actually thinking about going to counseling using the medical benefits I have left to help me really priortize my life and what is important be get some help to put the toys and the "things" behind me and not let them own me...

Good luck...
__________________
Seattle is offline   Reply With Quote
Old 05-15-2012, 09:04 AM   #31
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: Chicagoland
Posts: 11,970
Quote:
Originally Posted by Seattle View Post
But I think I am getting better at just recognizing that none of that stuff really made me happy and that time is the most important commodity any of us have. I am actually thinking about going to counseling using the medical benefits I have left to help me really priortize my life and what is important be get some help to put the toys and the "things" behind me and not let them own me...
I could have written this. You really can't buy happiness, but it took me more than 40 years to fully understand that, and it's turned out to be one of the most important life lessons for me. "The most important things in life aren't things" contrary to Western culture.
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 60% equity funds / 35% bond funds / 5% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack is offline   Reply With Quote
Old 05-15-2012, 03:16 PM   #32
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 16,393
It seems to me that when you are young and have all the time in the world, money seems more important than time. Once I accumulated some wealth, I came to realize that time is more important than money.

And while nice "things" (house, car, boat, etc) once seemed important, I have come to realize that it is really friends, family and relationships that have lasting importance.

I guess the grass does always seem greener on the other side of the fence.
__________________
pb4uski is offline   Reply With Quote
Old 05-16-2012, 02:03 AM   #33
Thinks s/he gets paid by the post
obgyn65's Avatar
 
Join Date: Sep 2010
Location: midwestern city
Posts: 4,061
IMO you are doing well. I am 47, with same ballpark numbers including a (small) pension. Firecalc is ok but I prefer this free online tool :
http://www.merrilledge.com/M/Pages/r...nt-number.aspx
Quote:
Originally Posted by TOPDAWG View Post
Any advice is appreciated. Can I make it?

Thanks in advance TD
__________________

__________________
Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
obgyn65 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


 

 
All times are GMT -6. The time now is 12:50 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.