Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
I'm Ready to PULL THAT TRIGGER ... (I think!)
Old 07-31-2019, 04:17 PM   #1
Recycles dryer sheets
 
Join Date: Aug 2018
Location: Burlington
Posts: 83
I'm Ready to PULL THAT TRIGGER ... (I think!)

I introduced myself several months ago. But today I'm here to say, I'm trying to gather the courage to pull the trigger and tell the manager I'm gonna RETIRE at end of August--4 weeks away!!!

I turn 61 on Sunday. DH and I still have "only" $800K in our IRAs combined. Neither of us will get a pension. He's younger than me and will keep working at least 1 more year to keep us in health insurance. I currently plan to take SS starting at 62 (may revisit that when I get here). No mortgage, no kids, no debt.

We live simply and our monthly expenses are $2400 (non-discretionary--that's utilities, insurances, groceries, property taxes, etc.). I sold my beloved 2002 BMW convertible this morning for $6500, which gives me a little over 5 months of my half of the monthly expenses. I'll probably sell a few shares of some stock I'm holding that has NOT figured into my retirement planning--I consider it my personal "slush fund", ha ha--each month for the other 7 months to get me to SS age next year. Then I'll bring in enough from SS to cover my half. And if hubby stays working, then we still won't have to touch our IRAs until he's done.

FIRECalc has been telling me for a little while now that we're at 100%. But it's still SO SCARY to actually give up the golden handcuffs!!!! That's why I haven't done it yet. I came in yesterday DETERMINED to talk to my manager, but I chickened out.

Let's hope that within a week I'll have found the courage to give my notice and tell them that as of Labor Day weekend 2019, I'm a FREE WOMAN!



Holy crap--just typing this has given me a feeling in the pit of my stomach ... I need to get over my fear and just jump--right?
__________________

SoReadyToRetire 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!

... one more thing ...
Old 07-31-2019, 04:27 PM   #2
Recycles dryer sheets
 
Join Date: Aug 2018
Location: Burlington
Posts: 83
... one more thing ...

Oh, and one more cool thing--the guy who bought my Beamer retired at 58. We had a nice talk on our test drive. He told me he buys the ACA Gold plan through the Vermont health insurance marketplace and pays just $130/month! Holy moly--that's better than what we pay now for our health insurance! I was stunned. In a good way.
__________________

SoReadyToRetire is offline   Reply With Quote
Old 07-31-2019, 05:01 PM   #3
Thinks s/he gets paid by the post
 
Join Date: Jan 2018
Location: Tampa
Posts: 4,162
Quote:
Originally Posted by SoReadyToRetire View Post
Oh, and one more cool thing--the guy who bought my Beamer retired at 58. We had a nice talk on our test drive. He told me he buys the ACA Gold plan through the Vermont health insurance marketplace and pays just $130/month! Holy moly--that's better than what we pay now for our health insurance! I was stunned. In a good way.
Have you checked out the ACA costs as to management of income possibilities?
I didn't look up the past posts.
__________________
TGIM
Dtail is offline   Reply With Quote
Old 07-31-2019, 05:19 PM   #4
Thinks s/he gets paid by the post
HNL Bill's Avatar
 
Join Date: Dec 2017
Posts: 1,477
Quote:
Originally Posted by SoReadyToRetire View Post
Holy crap--just typing this has given me a feeling in the pit of my stomach ... I need to get over my fear and just jump--right?
At your age, spending, proximity to SS, and FIRECALC results, assuming you have some contingency plans and can weather a market downturn with a reasonable AA, then yes, just jump!

My only concern is that you talked about "my half" of the expenses. Have you determined the effect on your retirement if one of you died, you were to become divorced, or your husband had to unexpectedly stop working due to illness or injury?

Best wishes!
__________________
Balance in everything.
HNL Bill is offline   Reply With Quote
Old 07-31-2019, 05:34 PM   #5
Recycles dryer sheets
 
Join Date: Aug 2018
Location: Burlington
Posts: 83
Quote:
Originally Posted by Dtail View Post
Have you checked out the ACA costs as to management of income possibilities?
Not sure what you mean by "management of income possibilities"? Are you saying do I understand that I may or may not get that same rate based on how my income differs from his, and/or how it may vary in the future?

If so, the answer is yes, I have. I was just surprised to see that it's possible to even get a rate that low for ACA plans--esp. the gold one.
SoReadyToRetire is offline   Reply With Quote
Old 07-31-2019, 05:39 PM   #6
Recycles dryer sheets
 
Join Date: Aug 2018
Location: Burlington
Posts: 83
Quote:
Originally Posted by HNL Bill View Post
At your age, spending, proximity to SS, and FIRECALC results, assuming you have some contingency plans and can weather a market downturn with a reasonable AA, then yes, just jump!
Thank you. :-)

Quote:
Originally Posted by HNL Bill View Post
My only concern is that you talked about "my half" of the expenses. Have you determined the effect on your retirement if one of you died, you were to become divorced, or your husband had to unexpectedly stop working due to illness or injury?
Yup--in the case of his death, my expenses would go down but my assets will be the same and there would be life insurance proceeds, so I'm ok. If he has to stop working in the next year, that's ok--we'll just have to start drawing out of our retirement funds sooner than planned--but FIRECalc says we're ok in that case too. And we have a little bit of money that I haven't included in our retirement planning, just for a cushion. I've tried to cover all the bases--been working on this for a long time. But thank you for bringing that up, just in case I hadn't thought of it.
SoReadyToRetire is offline   Reply With Quote
Old 07-31-2019, 05:43 PM   #7
Recycles dryer sheets
 
Join Date: May 2013
Posts: 281
Congrats and welcome to those of us who retire on "only" $800k or so in investable assets.

WOO HOO - don't fear giving notice. RELISH IT.
footenote is offline   Reply With Quote
Old 07-31-2019, 05:44 PM   #8
Thinks s/he gets paid by the post
 
Join Date: Jan 2018
Location: Tampa
Posts: 4,162
Quote:
Originally Posted by SoReadyToRetire View Post
Not sure what you mean by "management of income possibilities"? Are you saying do I understand that I may or may not get that same rate based on how my income differs from his, and/or how it may vary in the future?

If so, the answer is yes, I have. I was just surprised to see that it's possible to even get a rate that low for ACA plans--esp. the gold one.
My reference was to potentially keeping your MAGI to lower levels, in order to receive large tax subsidies using an ACA plan.
My MAGI is 20k with a full Silver plan in Fla and I pay $64 monthly premium with a max yearly OOP of $1,440.
__________________
TGIM
Dtail is offline   Reply With Quote
Old 08-01-2019, 06:22 AM   #9
Full time employment: Posting here.
 
Join Date: Jan 2019
Location: fostoria
Posts: 510
Your situation/numbers sounds very much like ours, right down to my wife holding onto her silver 2003 BMW 325CI convertible as a viable 3rd vehicle if needed.
I don't think we (both 54 years old) will have any trouble with making a go of it, even with 2 kids, and I will have a small pension, so I don't see a problem with your numbers. Frugal living is easier in retirement, when all the expenses of commuting/working will be eliminated.

I think the next month will be the best one of your career so far with the knowledge that you will walk away from all the stress, and MegaCorp B.S.
ckelly78z is offline   Reply With Quote
Old 08-01-2019, 09:57 AM   #10
Moderator
MBAustin's Avatar
 
Join Date: Jul 2010
Posts: 5,417
You are not alone to be SoReadyToRetire but still apprehensive about actually doing it. It sounds as though you've got everything planned out with options so you just have to tell yourself "it's time" and JUST DO IT! Good luck and keep us posted!
__________________
"One of the funny things about the stock market is that every time one person buys, another sells, and both think they are astute." William Feather
----------------------------------
ER'd Oct. 2010 at 53. Life is good.
MBAustin is offline   Reply With Quote
Old 08-01-2019, 10:08 AM   #11
Full time employment: Posting here.
 
Join Date: Apr 2015
Posts: 901
Firecalc has you at 100%, you have no debt, and you have a planned budget.
Congratulations, I say go for it!
__________________
Give me a fish, I will eat for a day. Teach me to fish, I will eat for a lifetime.
pacergal is offline   Reply With Quote
Old 08-01-2019, 12:53 PM   #12
Thinks s/he gets paid by the post
 
Join Date: Jun 2003
Location: Historic Florida
Posts: 3,536
Quote:
Originally Posted by SoReadyToRetire View Post
I turn 61 on Sunday. DH and I still have "only" $800K in our IRAs combined. Neither of us will get a pension. He's younger than me and will keep working at least 1 more year to keep us in health insurance. I currently plan to take SS starting at 62 (may revisit that when I get here). No mortgage, no kids, no debt.
Bolded my me.

This is the key right there, go for it! DH should too.
__________________
"Arguing with an Engineer is like rolling in the mud with a pig. Just remember that the pig likes it."
ShokWaveRider is offline   Reply With Quote
Old 08-01-2019, 03:16 PM   #13
Thinks s/he gets paid by the post
 
Join Date: Dec 2014
Location: Florence, AL/Helen, GA
Posts: 3,620
You have had a plan, and you have executed it well. The ace in the hole is not having any mortgage and debt.

Have a great retirement life.
Bamaman is offline   Reply With Quote
Old 08-01-2019, 03:45 PM   #14
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
travelover's Avatar
 
Join Date: Mar 2007
Posts: 11,536
I would not retire right now if I needed ACA subsidies, as the current administration is working to invalidate the ACA.


https://www.axios.com/justice-trump-...3f65818d6.html
__________________
Yes, I have achieved work / life balance.
travelover is offline   Reply With Quote
Old 08-01-2019, 05:25 PM   #15
Thinks s/he gets paid by the post
HNL Bill's Avatar
 
Join Date: Dec 2017
Posts: 1,477
Quote:
Originally Posted by travelover View Post
I would not retire right now if I needed ACA subsidies, as the current administration is working to invalidate the ACA.
+1. Given the unknowns regarding the future of the ACA, I'd ensure that you can afford to pay double the current retail price for health insurance.

For example, in Hawaii, a Kaiser Permanente plan for a couple is about $850 per month, without the subsidy. If the ACA goes away, I'd expect so see that double, IMHO.
__________________
Balance in everything.
HNL Bill is offline   Reply With Quote
Old 08-01-2019, 07:39 PM   #16
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: 22,741
You might sit down and noodle out what your MAGI income would be once you are both retired and then check out healthsherpa.com to see what your subsidized health insurance costs would be.

We live in VT and buy unsubsidized catastrophic coverage (essentially bronze) from BCBS VT for $250/month each.

Finally, are you totally sure of your expenses? $2,400/month for two sounds really low for Chittenden County to me... we're in the NEK and I don't think that we could get by on $2,400/month... our property tax bill alone is $7k.

Does your $2,400/month include income taxes? periodic car replacements? periodic home improvements/replacements like replacing a roof, furnace, or whatever?
__________________

__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.

Retired Jan 2012 at age 56...60/35/5 AA
pb4uski 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


Similar Threads
Thread Thread Starter Forum Replies Last Post
Ready to pull the trigger, I think coveredbridge Hi, I am... 33 06-15-2016 11:10 AM
When Were You Ready To Pull The Trigger? Sycamore Hi, I am... 27 02-09-2016 07:07 AM
Hi - I am financially ready but can't pull the trigger OnTheBeach Hi, I am... 36 06-15-2015 05:25 PM
Am I ready to pull the trigger? sickNtired Hi, I am... 12 04-25-2012 08:53 AM
Getting ready to pull the trigger dm FIRE and Money 15 12-13-2006 12:32 PM

» Quick Links

 
All times are GMT -6. The time now is 01:19 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2019, vBulletin Solutions, Inc.