Join Early Retirement Today
Closed Thread
 
Thread Tools Search this Thread Display Modes
Re: Introduce yourself here!
Old 01-28-2006, 10:59 AM   #461
Recycles dryer sheets
poboy's Avatar
 
Join Date: Jan 2006
Posts: 362
Re: Introduce yourself here!

Hello from the new guy.* Been lurking here quite some time and have been impressed with the knowledge and help from posters.* Kids grown, gone and off the payroll.* Hope to contribute with some wit, probably lack wisdom, but I pretend.* Appropriately enough, groundhog day marks the start of my new adventure.* The only boss I will answer to has started her list of my assignments.* I * plan to do what I did summer of high school junior year. Stay up late, sleep late, bag groceries at A&P. On second thought, not the last part.
__________________

__________________
Fat, drunk, and stupid is no way to go through life, son.
poboy is offline  
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!

Re: Introduce yourself here!
Old 01-28-2006, 11:10 AM   #462
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,068
Re: Introduce yourself here!

Welcome to the forum, Po.

Quote:
Originally Posted by poboy
Appropriately enough, groundhog day marks the start of my new adventure. The only boss I will answer to has started her list of my assignments. I plan to do what I did summer of high school junior year. Stay up late, sleep late, bag groceries at A&P. On second thought, not the last part.
Speaking from my vast 8 months experience, there are a lot more interesting things to bag than groceries now that you will have lots of time to pursue your interests. And your comparison of new retirement to being out of school for the summer is "spot on".

Here's hoping your summer is a long and happy one.
__________________

__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline  
Re: Introduce yourself here!
Old 01-28-2006, 11:27 AM   #463
Confused about dryer sheets
 
Join Date: Jan 2006
Posts: 1
Re: Introduce yourself here!

I must be a little slow, but I cannot find the icon for "new post." Can anyone help? thanks. val
__________________
valred is offline  
Re: Introduce yourself here!
Old 01-28-2006, 11:42 AM   #464
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,068
Re: Introduce yourself here!

Quote:
Originally Posted by valred
I must be a little slow, but I cannot find the icon for "new post." Can anyone help? thanks. val
I think the icon you used is as close as the forum has for "new post". But since your next post won't be your first, why worry about it?

__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline  
Re: Introduce yourself here!
Old 01-28-2006, 06:47 PM   #465
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,616
Re: Introduce yourself here!

Welcome to the board and congratulations, poboy!

Quote:
Originally Posted by poboy
I * plan to do what I did summer of high school junior year.
That brings back some fond memories. I'd attempt to relive that summer but I'm already married with children...
__________________
*
*

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  
Re: Introduce yourself here!
Old 01-30-2006, 02:22 PM   #466
Confused about dryer sheets
 
Join Date: Jan 2006
Posts: 6
Re: Introduce yourself here!

Hey...K-man here. Long time lurker, decided to jump in. I'm 37, wife is 38 and we're looking to retire in our late 40s/early 50s. Lots of great advice here....happy to join in.
__________________
k-man is offline  
Re: Introduce yourself here!
Old 01-30-2006, 04:22 PM   #467
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,616
Re: Introduce yourself here!

Welcome to the board, K-man!
__________________
*
*

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  
Re: Introduce yourself here!
Old 02-02-2006, 11:25 AM   #468
Recycles dryer sheets
SC's Avatar
 
Join Date: Feb 2006
Posts: 212
Re: Introduce yourself here!

Hi, occasional lurker turned into a new member here...

I'm 37 and have been working towards ER ever since my first job, when I was talking with a buddy about not needing to spend half of what I was earning. He told me about a neighbor of his who basically did just that - he saved half of what he made and retired in his late 30's, and now fishes most every day and generally does what he wants. Wow, that made a huge impression on me.

Later I joined a startup company and probably focused on the ER goal too much, turning into something of a workaholic and forgetting to have fun along the way. When I burned out, my wife & I (no kids) came up with a bunch of different variations on ER, which we've creatively named:

"Plan A" - financially independent retirement, using a 4 or 5% withdrawal rate

"Plan B" - we don't have enough savings for plan A, so we try to do "fun" or part-time work to make up the difference.

"Plan C" - we scale back our spending and live off our current savings. This might mean parking a trailer in the woods in a cheap part of the country, since we already live modestly.

I'm sure there were plans D, E, F, ... but those three are the only ones I remember.

That startup company was acquired and now I have a bunch of restricted stock that I can't sell for another four years. We have no idea what it'll be worth then, but we're both more than ready for a change, so we decided to start with plan B and see what happens. I've quit my job and am researching ideas for products I can design & sell on my own (I'm an engineer). If that fails, I'll probably try to get some contract work for a few months out of the year. My wife will probably leave her job in a few months and try her hand at art (she always wanted to be an artist, but went into computer science for the money).

This is a great forum and I'm looking forward to being part of it.

SC
__________________
SC is offline  
Re: Introduce yourself here!
Old 02-03-2006, 06:28 AM   #469
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,616
Re: Introduce yourself here!

Welcome to the board, SC!
Quote:
Originally Posted by sc
We have no idea what it'll be worth then, but we're both more than ready for a change, so we decided to start with plan B and see what happens. I've quit my job and am researching ideas for products I can design & sell on my own (I'm an engineer).
There must be something about Dory's leadership that attracts all the retired engineers. Or maybe it's his charisma.

Anyway have you read ESRBob's "Work Less, Live More"? It describes significant parts of your "Plan B" as well as spending & lifestyle issues.
__________________
*
*

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  
Re: Introduce yourself here!
Old 02-03-2006, 08:23 AM   #470
Recycles dryer sheets
SC's Avatar
 
Join Date: Feb 2006
Posts: 212
Re: Introduce yourself here!

Quote:
Originally Posted by Nords
There must be something about Dory's leadership that attracts all the retired engineers. Or maybe it's his charisma.
Must be. I always wondered why I rarely see engineers older than 40 in the places I've worked. Now I know - they're all here!

Quote:
Anyway have you read ESRBob's "Work Less, Live More"? It describes significant parts of your "Plan B" as well as spending & lifestyle issues.
No, but it looks like a great resource. I'll be sure to check it out. Thanks for the pointer.

SC
__________________
SC is offline  
Re: Newbie looking for advice!
Old 02-11-2006, 12:45 PM   #471
Thinks s/he gets paid by the post
 
Join Date: Dec 2002
Posts: 3,875
Re: Newbie looking for advice!

Quote:
Originally Posted by dawgster
Hello All, Dawster here.
I'm considering leaving my job with a bankrupt major airline to save my lump sum pension from being terminated and going to the PBGC.*
I just turned 50 and my wife is 52, her company was just sold and her job beenies will be cut in half. we're thinking(hoping) "to bag it" altogether and "ER"
we don't have any kids and we're debt free.

investments:
cash / cd's* * * * * * *220,000
lump sum pension 168,000
401k's* * * * * * * * * *282,000
IRA's* * * * * * * * * * * 200,000
total=* * * * * * * * * * 870,000

house is paid for in Tucson and expect annual living expensess to be 40-42k including health insurance
we live a simple life style and enjoy low cost activities(bicycling, hiking and golf at the local muni courses).
I will probably work a few short term contract jobs(i'm in the computer field) to supplement our income.

I guess my major concern or question is that "are we dreaming or should we slug it out a few more years"

the risk is losing the lump sum pension option and seeing my pension going to the Feds for possible cuts in the monthly annuity.

The upside is that we save 40k every year while working and we would be a lot more stable for ER in 2-3 years.

any thoughts

Dawgster

I did it at about the age you are now, with a 10 year old
at home, significant debt, no pension, little prep/plan
and a net worth about half of yours. Immediately went through a divorce. Fast forward 12 years. Worked out great. Personal net worth is up substantially and SS starts
in 7 months.

JG
__________________
MRGALT2U is offline  
Re: Introduce yourself here!
Old 02-11-2006, 01:11 PM   #472
Full time employment: Posting here.
 
Join Date: Jan 2006
Posts: 899
Re: Introduce yourself here!

A lot of people on this board use the 4% rule as a starting point. There are a lot of posts on it that you can read about.

But it is only a starting point. $42k is 4.8% of $870k so you are a little above 4%. Do some FIREcalc runs or use the TRP Monte Carlo calculator and look at the sensitivity to withdrawal rate and other factors that affect your personal situation. I would recommend looking at both tools actually.

4.8% would be fine if your investments do well but if there is a down market you could run into trouble. You seem to have the flexibility to get part time work or go back full time if needed so that mitigates the risk of the "worst case" market scenarios.

It seems that the probability that you will lose the pension is the biggest factor in the decision. If the probability is high you might want to take it while you can and look elsewhere for work if you need to supplement you retirement income.

One way to look at it is that the pension is equal to four years of your living expenses in retirement so that is what you risk by staying put.

MB
__________________
mb is offline  
Re: Newbie looking for advice!
Old 02-11-2006, 03:34 PM   #473
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,616
Re: Newbie looking for advice!

Quote:
Originally Posted by dawgster
I'm considering leaving my job with a bankrupt major airline to save my lump sum pension from being terminated and going to the PBGC.*

I guess my major concern or question is that "are we dreaming or should we slug it out a few more years"

the risk is losing the lump sum pension option and seeing my pension going to the Feds for possible cuts in the monthly annuity.

The upside is that we save 40k every year while working and we would be a lot more stable for ER in 2-3 years.
Welcome to the board, Dawgster!

Sounds like the choices are in your hands. You seem to have health insurance covered. If you're willing to work part-time for a few years that'd make up for the "loss" of income while protecting the lump sum. And from the way the media describes it, you have a very real risk of losing that pension (or getting it cut way back).

Lump sums tend to be bigger when interest rates are lower so yours is probably a pretty good deal. You'd want to see which is better-- the lump sum now or the prospect of a pension later. Can you compare the size of the lump sum today vs the size of the PBGC-guaranteed payments? Which one is bigger?

4.8% is on the ragged edge of risk/failure but again, your simpler lifestyle, a keen eye on expenses, and your willingness to go back to work should swing it.

If you haven't already, read Bob Clyatt's "Work Less, Live More". It pretty much describes what you're doing and adds detailed financial withdrawal planning to your intentions.
__________________
*
*

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  
Re: Second Career
Old 02-21-2006, 08:53 AM   #474
Confused about dryer sheets
 
Join Date: Feb 2006
Posts: 3
Re: Second Career

Quote:
Originally Posted by Oberst_One
Retired from the US Air Force in 98 after 26 years. New career in telecom since. Would like to retire as early as possible and thanks for having this forum. Spouse and I have two active paychecks and one from USAF retirement, and of course, living well beyond our means. Goal: Move to the coast and downsize in 3-5 years. Interested if any ret-mil folks are in the forum.
I retired from the AF in 87' after 20 yrs and have been working for the FAA since then. In two years at age 60, I'll be elible to retire from FAA and intend to. I don't have many outside interests/hobbies other than building computers but I'm sure to figure something out. I really don't like my FAA job so the timing couldn't be better.
Good luck!
__________________
retgi is offline  
Re: Introduce yourself here - a Contrarian View?
Old 02-22-2006, 04:52 PM   #475
Dryer sheet wannabe
Curly's Avatar
 
Join Date: Feb 2006
Posts: 19
Re: Introduce yourself here - a Contrarian View?

Hi, I'm new to this board - my compliments to all, very professional, informative and entertaining! I've been searching for a constructive conversation about this thing called "retirement", and you folks have it.

I'd like to share some of my hard earned thoughts about what you'all are calling retirement. For me it goes like this, at age 62:

- I've run my own single owner consulting company since 1983, a sucessful venture that has provided income from $75 to more than $300k / year, say an average of $120-150/yr.

- I am fully exposed to my own ability to generate revenue, AND fully exposed to my expenses, namely insurances (medical, disability, life and business). Simply stated, what I kill is what I eat. In lean years we "eat" less, some years we "eat" a bit more and save more.

- I have consistently funded my tax deferred IRA/SEP account to the maximum each year, and now have about $600k in this account. A note: during the past two decades I decided to NOT invest these pension funds myself, but rather hire portfolio managers to do this specialized work (a matter of available time and recognizing what I'm not good at).

- Since 1983, the portfolio managers have made and LOST more than a million dollars for me (in excess of the current pension fund balance) - until 2001 when I pulled the plug on this crazy activity called "investing". I now have approximately what I've put into the accounts - without any return on assets. So much for hiring someone else to manage my affairs!

My conclusions from two decades of trying to make money in the "market":

- The stock market is a fools game - it is nothing more than legalized gambling. But it is even worse than gambling - there are no rules (or the rules are broken) and there are multiple levels of unscruplous people between your money and the actual "investment". At least at the crap table you know the rules, see the money and watch the dice.

- I'm sure there are those individuals who claim to beat the S&P/DJ, etc. Good for them. But for the average guy & gal trying to play the market in any form is, in my opinion, very risky. In fact I'll argue that the upside benefit of playing the market is far less rewarding than the potential to suffer the downside losses. Compared to fixed income instruments the equity markets frequently (not always, and not predictably) present a substantial non-symetrical investment position, i.e. you can loose much more than you have the potential to gain.

- Luckily (not smart, just pure luck), I purchased real estate in the 80's and will shortly have over $2 million available for income producing purposes (in addition to retained real estate assets of about $3 million).

So here are my thoughts as I now shift into a new phase of life (I suppose this is what you'all are calling "retirement"). First, I don't know how to define retirement. It seems to be a worn out term from a past generations. I look at life in stages, and now see an opportunity to "work" at life in a different, perhaps wiser, way. I plan on retaining some revenue generating business activities (only those projects that are fun and include interesting people). My non-revenue activities will include public service, charitable services and traveling the globe with my wife to explore other interesting ventures... all to be discovered as each day comes.

The other thought I have is that, at age 62, I have about 18 - 20 years of likely good active days ahead of me. After that, even with reasonable health, I'll likely want to slow down a bit. So, I need more funds for the next two decades than I need in the 3rd and, potentially, 4th decade.

So, I'm considering turning the "retirement" equation on its head and front end load my withdrawl rate in the early years, using the money while I can enjoy it - and only use fixed income (insured) investments. Sure, I'll "loose" money some years, BUT, I'll have a guaranteed return ON my money and not have to suffer the risk of not getting a return OF my money - and, I'll be able to sleep at night.

Regarding erosion of funds due to inflation, in my opinion that's simply "noise" in the forecasting analysis. The greater, and more prominent, risk is major market "corrections" (read manipulation), that can literally take all your money overnight. I'll never again will I let some so-called investment advisor get between me and my money.

... and I wonder... am I "retiring" too late in life? I don't think so, since I've defined my life as a journey with each stage (education, profession, family, wealth buidling, etc) being an endeavor in itself. This thing called "retirement" is simply one of the latter stages of life that offers a new set of opportunities to be invented by each of us in our own way.

It is really helpful to read the well written commentaries on this Forum, I've learned a lot. I'm interested in hearing any comments you'all may have about my thoughts.

Curly

__________________
Curly is offline  
Re: Introduce yourself here!
Old 02-22-2006, 05:08 PM   #476
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,068
Re: Introduce yourself here!

Welcome to the board, Curley.

First, I'm going to resist the urge to ask about Larry and Moe...

Second, your market aversion, burned by trusting others to invest your money, "safe" fixed income and real estate investing, gonna keep working but only on what I enjoy, spend more now when I'm healthy and can enjoy it, worry about it later strategy (whew.....) isn't new. You may hold the record for combining them all under one roof, but all of your views on "retirement" have been discussed here, or at least portions of them.

Sounds like you have a nice nest egg to draw from, and with reasonable work income and thoughful draw-down, you may be in better shape than many of us.

I look forward to hearing the input you'll get from the forum. Should be interesting.

__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline  
Re: Introduce yourself here!
Old 02-23-2006, 08:22 AM   #477
Dryer sheet wannabe
Curly's Avatar
 
Join Date: Feb 2006
Posts: 19
Re: Introduce yourself here!

My alter egos, Larry & Moe, are fine - thanks for asking. Actually my Forum name is a moniker reflecting my folliclly challenged head.

I guess I can take some comfort in having a view of investing or outlook on life styles that may not be all that contrary to others in this forum.

While I have not yet heard from anyone else, it's really impressive to see the magnitude of postings some of you have. In some cases it looks like responding to this Forum IS their retirement activity.

Regards,
Curly
__________________
Curly is offline  
Re: Introduce yourself here!
Old 02-23-2006, 01:35 PM   #478
Thinks s/he gets paid by the post
SteveR's Avatar
 
Join Date: Jul 2005
Posts: 2,803
Re: Introduce yourself here!

Welcome Curly,

I can identify with the moniker myself. I like to think of it as God made a few perfect heads....the rest he covered with hair.

Retirement if whatever you define it for yourself. Some here no longer work for a paycheck but have a working spouse. Some have left the workforce as an employee but have a business they run which creates an income stream. Some have left any kind of "work" and have no income stream except what they create though their savings, investments, retirement plans, pensions etc. And some have been self-employed in their own business or profession and have sold it or no longer actively run it but live off of whatever income it generated be it investments from the sale or a cash flow from some aspect of the business. There are other combinations too and I am sure if I missed one someone will add it.

There are folks here that have done very well in the various markets for investments and there are others that have lost as much as they have made. The sentiment here relative to Financial Planners is generally negative. If someone's income is based on buying and selling stuff with your money then their motivation will be for them to make more money for them buy "using" you to do so. There are some good ones out there that can truly help you without screwing you in the process and if you feel better about letting someone else invest for you then OK but realize that everything has a price that will in some way lower you total investment balance. For some it is worth it. For others, it is not and the "game" of investing becomes a challange that they like. To some investing in the stock market is like legal gambling. Do what works for you but educate yourself as much as you can so you at least know what you should expect for your FP dollar. Search around on the site, there are lots of books noted here. NORDs can give you a list off the top of his head.

Sorry about the long post.
Looking forward to seeing your posts here.
__________________
Work? I don't have time to work....I'm retired.
SteveR is offline  
Re: Introduce yourself here!
Old 02-23-2006, 03:44 PM   #479
Dryer sheet wannabe
Curly's Avatar
 
Join Date: Feb 2006
Posts: 19
Re: Introduce yourself here!

SteveR, thanks for the thoughtful comments and advice, well said.

Your comments point out that all of us in our 5 or 6th decade arrive with a basket of experiences - all of which shape our collective outlook on various subjects, some good, some not so good. Of particular interest to me is participating in one of the most profound revolutions in our planet's history - transparency of information spawned by the internet. Even more interesting and curious is the effects that this information age has on our world-wide societies. Ten years ago, who would have thought that I could / should / would annomously correspond with who knows how many people about retirement, finances and who knows what else? What an amazing time, truly remarkable.

Thanks for your commnents, I look forward to participating in this Forum.

Curly
__________________
Curly is offline  
Re: Introduce yourself here!
Old 02-25-2006, 07:26 AM   #480
 
Posts: n/a
Re: Introduce yourself here!

hi there..

I am mike-1.

I am not Howard or Maximillion.

Hope eveyone here, including Lawrence, has enough brainpower to grasp that simple concept

__________________
 
Closed Thread


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
Re: Introduce yourself here! choices1945 Hi, I am... 3 05-04-2007 07:14 PM
Time to introduce myself... bugs8 Hi, I am... 5 04-22-2007 07:45 PM
Allow me to introduce myself eyenitnoy Hi, I am... 10 06-14-2006 07:01 PM
Finally Going to Introduce Myself TromboneAl Hi, I am... 14 05-03-2005 10:49 AM
Introduce yourself here GoulashBrother Hi, I am... 17 10-28-2004 03:21 PM

 

 
All times are GMT -6. The time now is 10:00 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.