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05-23-2017, 12:40 PM
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#1
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Recycles dryer sheets
Join Date: May 2017
Location: Dubuque
Posts: 70
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New Guy Here
Hi, I'm Tim. I just joined this site and am looking forward to learning and eventually maybe contributing. I'm 60 and my wife is 59. We are retiring later this year. Actually, she's retiring and I'm semi-retiring because I have a little hobby job that keeps me minimally busy but brings in some nice income each month. I'm nervous as heck! Like most everyone, I've worked all my life and the thought of losing that structure is throwing me a little. But, we feel it's time and we've got plans to keep us both reasonably busy. I ran my numbers through Firecalc and it has excellent results (no failures) and my investment advisor assures us that we are fine, but it's hard imagining living with no full time income. I keep looking for some tool to prove my numbers wrong, but I can't find one. Anyway, I'll be around....Take care! Tim
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05-23-2017, 12:45 PM
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#2
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Thinks s/he gets paid by the post
Join Date: Mar 2017
Location: New York City
Posts: 2,838
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welcome, i was scared to death to retire, i chickened out the first time, enjoy every minute of it
__________________
Withdrawal Rate currently zero, Pension 137 % of our spending, Wasted 5 years of my prime working extra for a safe withdrawal rate. I can live like a King for a year, or a Prince for the rest of my life. I will stay on topic, I will stay on topic, I will stay on topic
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05-23-2017, 01:02 PM
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#3
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Full time employment: Posting here.
Join Date: May 2017
Posts: 797
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Congrats on getting there. Can't wait 'til I make it.
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05-23-2017, 01:25 PM
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#4
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Full time employment: Posting here.
Join Date: Apr 2014
Location: Houston
Posts: 957
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New Guy Here
Welcome. If you are like many here, the nervousness will last only a very, very, very short time. The second day of retirement will be much better. LOL [emoji4]
__________________
"Learn everyday, but especially from the experiences of others. It's cheaper! " - John Bogle
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05-23-2017, 01:28 PM
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#5
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Recycles dryer sheets
Join Date: May 2017
Location: Dubuque
Posts: 70
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I have a question: I've used Fireclac and it seems very good. I also tried ORP, but it doesn't seem to have the level of detail and flexibility that Firecalc has. Fireclac has me solid, my investment advisor has me solid but ORP has me as sketchy. One example is that we currently have a house payment which ends in a few years. Firecalc allows me to account for that, but ORP doesn't let me drop my expenses after a defined year. Does that make sense? Any thoughts?
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05-23-2017, 01:37 PM
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#6
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Full time employment: Posting here.
Join Date: Oct 2016
Location: Pinetops
Posts: 521
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Quote:
Originally Posted by Whisper66
Welcome. If you are like many here, the nervousness will last only a very, very, very short time. The second day of retirement will be much better. LOL [emoji4]
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25 years ago I was fired from a job that I absolutely hated, I had the same insecurities about losing the steady structure and paycheck. By day 3, I was happier than I had been in the previous 5 or 6 years.
Sometimes you just need to rely on faith. I'm looking forward to stepping away in early 2018.
Michael
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05-23-2017, 01:38 PM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2013
Location: Texas
Posts: 10,866
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Welcome.
You'll find many of us here were nervous about retiring "at first". A term you'll learn here pretty quick is the "OMY syndrome". (One More Year syndrome) I suffered though it twice (worked two more years longer than planned). Looking back now, I wish I had those two years back for retirement. Anyway, "so far" after five+ years, my pre-retirement/concerns/worries/etc, have all proven to have been false fears.
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05-23-2017, 02:06 PM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2013
Posts: 11,078
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I was a nervous wreck. I couldn't eat properly. Staying at a k*b that was killing me or a leap of faith that the numbers work. Four years later, it's a great time.
The old PM sayings true. Plan the work, then work the plan. Go enjoy your life.
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05-23-2017, 03:16 PM
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#9
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Moderator
Join Date: Apr 2012
Location: San Diego
Posts: 14,171
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Welcome Retiredmajor.
If you haven't read it - you might want to read this thread:
http://www.early-retirement.org/foru...ire-69999.html
__________________
Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 6%, rental income 20%
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05-23-2017, 03:28 PM
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#10
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Full time employment: Posting here.
Join Date: Apr 2014
Location: Houston
Posts: 957
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Quote:
Originally Posted by Retiredmajor
I have a question: I've used Fireclac and it seems very good. I also tried ORP, but it doesn't seem to have the level of detail and flexibility that Firecalc has. Fireclac has me solid, my investment advisor has me solid but ORP has me as sketchy. One example is that we currently have a house payment which ends in a few years. Firecalc allows me to account for that, but ORP doesn't let me drop my expenses after a defined year. Does that make sense? Any thoughts?
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Here's two ways one could handle a few remaining house payments.....
(1) Pretend you've paid off the home in full with existing assets and just decrease the assets you have available today for retirement.
(2) Input up to 6 yrs of payments into the "Extraordinary Non occurring Events" blocks included in the "full ORP" form here https://www.i-orp.com/ORPparms.html
Edit: Another thing to keep in mind, the results of the two programs are different in how they include/exclude federal income taxes in the results.
Firecalc: If you run the investigate capability to tell you how much you can spend each year......the resulting number is total expenses including federal income taxes.
I-ORP: If you run it to calculate the maximum "annual after tax spending"....the resulting number excludes Federal Income taxes. Those taxes are included in the analysis and can be found on one of the supporting output pages.
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