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Just retired at 49.95 years old
Old 06-06-2014, 09:37 PM   #1
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Just retired at 49.95 years old

My goal for a long time has been to retire before I was 50. I just did it a few weeks ago and my birthday is next week. As you can probably figure out from the title, I am an engineer and a numbers geek. I calculated our finances every which way that I could think of, and we should be OK. I just could not take living life on a never stopping treadmill and decided it was time to make a change.

DW is completely on board with the decision (she even pushed me to retire sooner, but I was not comfortable with it until now.) Our kids (7 of them ages 2 to 15) already love having me home more.

I will be working 2 days a week through the end of June and then 1 day a week from home for a while as I transition out of the technical side of my job. The really stressful (management side) parts have already disappeared.
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Old 06-07-2014, 12:13 AM   #2
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timmar,

Welcome aboard! Sounds like you're doing great.

omni
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Old 06-07-2014, 05:13 AM   #3
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Congratulations, I too made a similar choice recently. You will never regret having more time with your children. I missed too many important events with my older boys during my military career and now hope to make up for some of that with my 13 year old son.
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Old 06-07-2014, 06:46 AM   #4
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I also wanted to retire by 50 but two market crashes of 2000 and 2008 shattered all my plans. Recent recovery put me back on track for 2020. What will be your expenses like for a year? 7 kids and their college education…million dollars right there.
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Old 06-07-2014, 08:08 AM   #5
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Originally Posted by retire2020 View Post
I also wanted to retire by 50 but two market crashes of 2000 and 2008 shattered all my plans. Recent recovery put me back on track for 2020. What will be your expenses like for a year? 7 kids and their college education…million dollars right there.
Hope you get there sooner I listed my expenses, all based on about 11 years of tracking on a spreadsheet, in my introduction thread...I think you can link off of my profile. Best of luck.
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Old 06-07-2014, 10:04 AM   #6
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Originally Posted by retire2020 View Post
I also wanted to retire by 50 but two market crashes of 2000 and 2008 shattered all my plans. Recent recovery put me back on track for 2020. What will be your expenses like for a year? 7 kids and their college education…million dollars right there.
College is a concern. But DW and I each paid for all of our college expenses and we turned out OK. We have several good to excellent state schools within driving distance and we can cover those expenses. If they want to go out of state or private then they are on their own for the difference.

Our expenses are $60k per year and have been for the last 3 years. Our backup plan for income is that I have my professional engineering license and can pick up some contract work in the future.
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Old 06-07-2014, 04:52 PM   #7
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Congratulations! It sounds like you've got good backups. That should calm any nerves you may have about early retirement. Before 50 is really impressive!
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Old 06-07-2014, 09:59 PM   #8
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Congratulations, your time with the kids will be priceless. Enjoy the time and freedom. It sounds like you have a good idea on expenses and plans, with some fallback if needed. I am also an engr and PE, but still working at 50. No more than 2 more years for me, and looking forward to it!
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Old 06-08-2014, 07:57 AM   #9
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Very nice! I too had a plan to retire by 50 and my Megacorp held me to it by laying me off last year at 47. It's all good, though, and so far, even 14 months later, it's been one of the best things that has ever happened to me.
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Old 06-08-2014, 12:25 PM   #10
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I was freed at 49 also! Enjoy, time is now on your side!
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