I'm obsessed

[vl4226]

Hello all, yes I am obsessed about retiring early. I think about it morning, noon and night. I've checked out every retirement calculator, I've built my own calculators. I've done dozens of different budgets. They all say I can retire but I am suffering from the “just one more year” syndrome which thanks to this forum I realized I am not alone. That thread was the biggest help to my decision process. I have been quoting lines from many of the responses to my wife, family and anyone else that cares to talk to me about early retirement.


Anyway, I'm not cured yet but thanks to this site I am much further than last week.


I look forward to your responses when I post my neurotic thoughts.

[dex]

Good luck - the last year is one of the toughest for just what you mention.

[Ed_The_Gypsy]

I am beyond 'early'. Still, as an independent contractor, when to quit is up to me. If absolutely necessary, I could pull the plug today, but there are benefits to keep on keeping on.

When the decision is on your own head, it can be agonizing.

[Geoffrey]

This is a topic I can relate to. Had I stuck to my original plan I would have been retired 2 years ago. However, I just couldn't resist "adding a little more" to my nest egg. My current plan is to retire next July when my eldest daughter finishes high school. I'm beginning to believe that I will ALWAYS discover a "perfectly sensible" reason for working "one more year." Perhaps I need to just stop listening to reason and start listening to my heart -- which says its time to quit. Bottom Line: I know how difficult it is walk away from a steady pay check . . . I'm bracing for that last day now, but I know I'll think of a dozen good reasons to put in a little more time. I hope I ignore all of them.

[Dawg54]

Welcome! We all went through that. You just have to be confident your numbers are correct and go for it! You will be glad you did.

[SteveR]

Welcome to the forums. Glad you found the site and as you have already seen there is a wealth of information and opinions here to keep you busy for a long time.

The last year, month, and week are tough to get through but each day is one day closer to retirement. Start now on determining how you will generate the cash you will need to fund your expenses each year. Many have a 2+ year stash for both living expenses and for emergency funds. The next few years is in a "safe" investment that continues to make some money but is both liquid and "safe" from market swings so you don't loose the balance in these accounts. The rest is in a variety of funds or where ever else you want it put it to continue to grow.

Good luck and welcome to the forums.

[chinaco]

Welcome... You will have a lot of company here.

[vl4226]

Originally Posted by Geoffrey

This is a topic I can relate to. Had I stuck to my original plan I would have been retired 2 years ago. However, I just couldn't resist "adding a little more" to my nest egg. My current plan is to retire next July when my eldest daughter finishes high school. I'm beginning to believe that I will ALWAYS discover a "perfectly sensible" reason for working "one more year." Perhaps I need to just stop listening to reason and start listening to my heart -- which says its time to quit. Bottom Line: I know how difficult it is walk away from a steady pay check . . . I'm bracing for that last day now, but I know I'll think of a dozen good reasons to put in a little more time. I hope I ignore all of them.

It's like that line in the Godfather. " every time I try to get out they pull me back in" I'm 54 and my wife is 55 We've been married for 34 years. We had two children our son when we were 21 and our daughter at 23. We Paid for college, We paid for the big wedding, we paid our house off and loaded up the IRA's and 401ks and were "this Close" to getting the 10 years back that when our friends were out partying in their 20's were were raising our family and then (and this is not a bad thing) my daughter has told us that we are going to be grand parents something that we've been looking forward to very much. So we will postpone retirement for just one more year and stay close to our daughter and when he's born in February our new grandson.

[vl4226]

Originally Posted by SteveR

Welcome to the forums. Glad you found the site and as you have already seen there is a wealth of information and opinions here to keep you busy for a long time.

The last year, month, and week are tough to get through but each day is one day closer to retirement. Start now on determining how you will generate the cash you will need to fund your expenses each year. Many have a 2+ year stash for both living expenses and for emergency funds. The next few years is in a "safe" investment that continues to make some money but is both liquid and "safe" from market swings so you don't loose the balance in these accounts. The rest is in a variety of funds or where ever else you want it put it to continue to grow.

Good luck and welcome to the forums.

Thanks Steve for the Reply. The biggest hurdle for me is the first 7 years. I'm more than fine from 62 to whenever. It's 55 to 62 that really is tough to figure. During that period I will have to take out more than the 4% rule. It will be more like 6% but after 62 it comes down to less than 4%. With the market the way it is my biggest fear is a major down turn the day after I pull the plug. I wish there was some financial caculator that takes into account early retirement (before ss and pensions) and then after.

Good luck and thanks for the info

[brewer12345]

Originally Posted by vl4226

Thanks Steve for the Reply. The biggest hurdle for me is the first 7 years. I'm more than fine from 62 to whenever. It's 55 to 62 that really is tough to figure. During that period I will have to take out more than the 4% rule. It will be more like 6% but after 62 it comes down to less than 4%. With the market the way it is my biggest fear is a major down turn the day after I pull the plug. I wish there was some financial caculator that takes into account early retirement (before ss and pensions) and then after.

Good luck and thanks for the info

There is an easy portfolio solution: take wha you need to live on for each of the next 7 years and put it in a bond, CD or TIPS that matures in each of the next 7 yeats. Put the rest in a diversified, equity heavy portfolio and get on with life. Your next 7 years are assured.

But I suspect that the block here has more to do with what's in your head than whats in your portfolio.

[vl4226]

Originally Posted by brewer12345

There is an easy portfolio solution: take wha you need to live on for each of the next 7 years and put it in a bond, CD or TIPS that matures in each of the next 7 yeats. Put the rest in a diversified, equity heavy portfolio and get on with life. Your next 7 years are assured.

But I suspect that the block here has more to do with what's in your head than whats in your portfolio.

Your absolutely right. I've been a responsible person since I was 15 it's time to welcome the unknown.

Laddered cds and using the 72t plan to withdraw money from my ira's and 401ks in equal yearly payments without penalty is what I was thinking. Now if I can only have a labotomy and get my head to make the decision.

I appreciate the reply and the advise. best of luck to you.

[mountaintosea]

Like everyone else here, I say welcome to the club! I too am sticking it out $ONE$ more year because of the extra incentive involved in staying 31 years as opposed to quitting at 30. HOWEVER I'm starting to think it's not worth it. The big concern, of course, is the cost of health care. I, like you, am in constant turmoil!!! Good Luck!

[vl4226]

Originally Posted by mountaintosea

Like everyone else here, I say welcome to the club! I too am sticking it out $ONE$ more year because of the extra incentive involved in staying 31 years as opposed to quitting at 30. HOWEVER I'm starting to think it's not worth it. The big concern, of course, is the cost of health care. I, like you, am in constant turmoil!!! Good Luck!

I think the decision would be much easier for all of us if we were in a differnt place in market cycle. Knocking on the door of a recession is never a good time to retire.

The only good thing about this time is Hey maybe I'll get fired and the decision will be made for me.

Thanks for the reply. Good luck.