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Old 03-29-2015, 09:46 AM   #1
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Just realized that I never really introduced myself

I am a CPA who has worked for a family office for 22 years. I have helped the owners plan their estates, plan for their retirement, get through divorce, buy property and financially educate their children (as one client put it "He will give you 'THE TALK' (not THAT talk!)"). I was pushed by a former boss to set up a plan to be able to retire at 55. At that point, I will choose my terms for leaving. That point came last summer when a variety of health and other issues came together to say enough is enough!
I have lived well below my means for many years, but that didn't mean we skimped on the vacations. Coworkers think I should have bought new cars or bigger homes, but we are happy with what we have. I am married (28 years and very happy with each other) three sons. One is on his own (and starting to think about his early retirement at 55-60!!), one will graduate this summer and the youngest is completing his first year of college (the rest of his college $ is set aside to cover 4 years).

For about 10 years, I maintained a spreadsheet focused on the potential earnings during retirement, and compared that to my then current salary. Then I switched to using the Fidelity RIP with detailed expense #s. When the RIP success was consistently successful, I tried the FIRECALC. I am at 100%.

Question for the Forum: I was asked what I have done to my portfolio to protect it now that I am able to retire. I replied that if I am retiring at 56, I "protect the nut", but I have to plan for the next 35-40 years. Growth and income are necessary (though I am a firm believer in total return). Was I wrong? Should I go conservative in my AA to protect what I have, or plan for long term growth over the next 35-40 years?

I currently have:
401K $770K (22% ROTH)
Roth IRA $70K
Annuity (7% annual guarantee growth) $260K
Def Comp Plan (lump sum) $100K

DW has:
After tax portfolio $340K
IRA $66K
Savings bonds $80K

Joint funds $60K

The annuity and SSI will provide 95% of the projected expenses starting at 70 so the remaining portfolio needs to get me from now to then (14 years).

There are three inheritances that will come in over time (somewhere between now and 10 years), two are guaranteed, and the third only if there is $ left over and SIL doesn't take (long story, not relevant here).

Overall asset allocation is 69% equity/ 25% Fixed income / 6% cash The deferred comp plan will pay out in after tax cash which I plan to use to increase our cash balance. Monthly expenses are $7K which is higher than I have been spending for the past year, so there is plenty of cushion to cut back if needed.
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Old 03-29-2015, 09:53 AM   #2
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Annuity (7% annual guarantee growth)...
Where would I locate one of these?
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Old 03-29-2015, 09:59 AM   #3
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Where would I locate one of these?
+1...sign me up!
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Old 03-29-2015, 10:03 AM   #4
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Where would I locate one of these?
I got the annuity in 2009 (March 9th to be exact) with a guaranteed growth of 7% daily compound with an equity kicker. Since I invested at the bottom of the market, my return has been over 9%! The company reduced the guarantee to 6% then 5% then 4% then stopped offering it altogether. I got lucky!
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Old 03-29-2015, 10:13 AM   #5
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Excellent timing...
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Old 03-29-2015, 10:19 AM   #6
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Excellent timing...
Purely luck!!
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Old 04-13-2015, 03:33 PM   #7
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Today leaves me with only 10 Mondays to go before I RE!!!!!! This week is my last real 5 day w*rk week (I will go to a conference of our clients on the last full week of June, it will be more of a farewell tour than w*rk). It is getting harder to concentrate every day!!
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Old 05-14-2015, 01:08 PM   #8
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Update: I am down to 28 days of w*rk (calendar says 48 days, but vacation, weekends and holiday accounts for 20 days). Co-w*rkers are now accepting the fact that I am leaving. I have had more conversations on how I am doing it (retiring at 56) than I thought I would have. Some members of management are asking me what I see for the office and the other co-workers. It is refreshing that I can be totally candid. I am here for about 8 1/2 hours, but my mind has already checked out!! Meetings are intolerable as they are all about selling and compliance! UGH!! July 1st can't come too soon.
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Old 05-14-2015, 02:55 PM   #9
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I'm sure you're enjoying the countdown! Not too much longer now!
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Old 05-14-2015, 05:01 PM   #10
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Taxman59,


The time will pass quickly then you will be onto really living life on your terms!
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Old 05-18-2015, 07:19 PM   #11
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During the day, the time seems to stop. I am bored, and I have to attend meetings (including long range staff survey planning - like I care about the wording of the employee survey next spring!). Next step on my plan is to finish cleaning out my desk drawers and giving away the stuff in the office (my table is spoken for, and other furniture is being looked at by several people). In June, I will remove pictures from the walls and try to find places in our house for them.


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Old 06-02-2015, 12:57 PM   #12
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Question:

I have 29 days, (18 of w*rk) to go. I am only w*rking 4 days a week, and the long weekends are pure joy! The problem? The 4 days of w*rk are intolerable! I dislike 80% of what I do, I have a bunch of busy w*rk and otherwise I spend the day daydreaming! Co-w*rkers are still assuming that I will be available to help on projects, even though I won't be around next month when the project is due. They are hoping that "this project will make him want to stay!" How have others here handled this combination of boredom and hating what you're doing in the final days? I am close to just saying screw-it (Firecalc gives me 100% success for 45 years and I-ORP has the optimal spending for 40 years at 50% over what I am budgeting, so it isn't the money).
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Old 06-02-2015, 01:02 PM   #13
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How have others here handled this combination of boredom and hating what you're doing in the final days? I am close to just saying screw-it (Firecalc gives me 100% success for 45 years and I-ORP has the optimal spending for 40 years at 50% over what I am budgeting, so it isn't the money).
You've answered your own question. No need to punish yourself for another month, pull the plug now and get on with the rest of your life.
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Old 06-02-2015, 03:50 PM   #14
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Was there some reason you picked that date for your final one? Did you want to give the family office time to get a replacement or finish up a particular project? If there was a reason why you agreed to that date, then focus on that reason, and be aggressive about saying no to projects unrelated to that goal. Consider if you could accomplish the reason for sticking around by working more flexible hours or taking even more days off.

If there is no real reason you need to stick around till your final date, consider if you can move it up a bit since finances are obviously not the reason you're sticking around till then.
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Old 06-02-2015, 03:52 PM   #15
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Maybe you can work from home ... be available by phone, answer email, etc. on your own time/terms in the remaining days?

I think this happens alot when people give more than the traditional 2 week notice and then it gets out that someone is leaving; it's natural not to send them new work/projects and once the old stuff is tied up and no new stuff comes in, then boredom and resentment can creep in -- even in the best of circumstances.

Worst comes to worst you can surf the web all day, come in late and leave early; what's the worst that happens, they ask you to leave ?
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Old 06-02-2015, 04:48 PM   #16
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Luckily, I never ran into that. Can you just approach the powers that be and tell them that you don't have a lot keeping you busy and that you think it is in everyone's best interest that you leave earlier than planned and just be available for questions if needed?
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Old 06-02-2015, 04:58 PM   #17
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I just sucked it up. I'd been in a j*b I had no interest in for the last 18 months so it wasn't a big deal.

Why are you still there, commitment? Is it worth it?

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Old 06-02-2015, 05:19 PM   #18
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If you committed to staying until July 1, then that's the right thing to do.

The sale of my business closes on June 15. The buyer is paying me good money, so I'm still here every day, bringing in new clients and doing business as usual. I feel that I owe him that much right up to the last day, even though I won't see a dime of the new business I'm bringing in this month.

But, some minor annoyances I used to just shrug off are starting to really annoy me. Several times a day, I find myself thinking "That's one more thing I won't miss". And then I'm happy I won't have to deal with it soon!

So, just stay until July 1 and treat every annoyance as one more thing you'll be happy to leave behind.
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Old 06-02-2015, 05:32 PM   #19
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How have others here handled this combination of boredom and hating what you're doing in the final days?
-- Two things I kept in mind during my last weeks of work. First was that I had made an excellent living in this job for 30+ years so wanted to leave it on a positive note. This meant doing whatever I could in those last days to help make things go smoothly. Second was the realization that every time I did something I didn't really enjoy, it would be one of / or the last time I would ever do that. My last weeks went pretty fast with those things in mind. Good luck in your upcoming retirement!
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Old 06-02-2015, 07:57 PM   #20
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Thanks for the input.

I picked the date to match a vesting date on a deferred comp plan. I also wanted to give them time to find and bring on board a replacement hire. That has been a waste since they just recently had a series of interviews and are waiting another ten days to interview 3 more candidates. With a two,week notice, they won't be able to start until my last day!

I have a respect for my clients (a family office is just that, a Family), and didn't want to leave them hanging. More vacation time off isn't an option since I am using all of my vacation to have 4 day weeks. W*rking from home may be an option except my DW would have things for me to do while "I was waiting for the phone to ring"! I may broach it with my boss, but I am not sure how she will take it.

I guess I made it through the boss from h#ll for 4+ years, I guess I can make it through the last 18 days.


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