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Pulled the plug
Old 03-15-2017, 09:36 AM   #1
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Pulled the plug

I told my boss I am retiring (from MegaCorp, who recently bought the small company I worked for) - still need to set the exact date - somewhere between 3 and 6 weeks from last friday. Signed up for an Obamacare health care plan. We will receive a modest subsidy for a high deductible plan with BC/BS. We may have to give it all back based on my 2017 AGI. My wife will be on Medicare in a year, I have 4 years till Medicare. We have a bit over $5M tucked away but no pensions. The house is paid for, no debt, no health significant health issues. We expect to start collecting SS after age 66 but probably before age 70. Past family histories would suggest we will make it past 80 (I will probably now get hit by a bus). I am having some regrets about leaving money on the table - I am hoping to get over it soon. My wife has been retired for 3 years. Looking forward to the next chapter.
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Old 03-15-2017, 09:47 AM   #2
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Welcome. sounds like you have a good plan, have fun in your last few weeks at work, then relax and enjoy retirement!
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Old 03-15-2017, 10:03 AM   #3
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Congrats!
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Old 03-15-2017, 10:05 AM   #4
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OP, we are right with you! DH retires 31 March. There is always money left on the table; I pretty much asked him " when would there not be?"
We only have so much sand left in the hourglass. I think we are both excited to get on to the next chapter.
Congratulations and good luck!
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Old 03-15-2017, 10:21 AM   #5
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We are almost exactly in your situation but closer to 3 than 5, but it will do. Ages about the same as well. I am doing Cobra for me and then whatever the current flavor of ACA is, she will go on Medicare.

Last day is July 1. Good luck.
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Old 03-15-2017, 02:00 PM   #6
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Congratulations on your decision. You can't take it with you so why keep saving.
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Old 03-15-2017, 05:31 PM   #7
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I'm liking what I'm reading here. To what extent do you folks feel you are advantaged or disadvantaged by your expected retirement location?
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Old 03-15-2017, 05:41 PM   #8
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Good for you, welcome to the club!
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Old 03-15-2017, 07:31 PM   #9
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With your portfolio why not! I can't believe you will be disappointed and you will be able to do just about anything you want with your funds.

Have fun!
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Old 03-16-2017, 01:52 AM   #10
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I'm liking what I'm reading here. To what extent do you folks feel you are advantaged or disadvantaged by your expected retirement location?
Depends on what you want for your future. Can you afford your current (paid for by working) lifestyle staying where you are and not working? Can you afford your dream lifestyle by not working? Deciding how you want to live in "retirement" can be a key.

For example, I have read about a number of people who cashed in on the California real estate boom and moved to Nevada, AZ, or another lower less expensive locale. The cash out and downsize allowed them to retire early and follow their dreams. Apparently, they felt they could not afford to do that in CA.

Downsizing our home (same area) and getting rid of one auto allowed us to semi-retire and follow the sun in winter. We could not have afforded that when working full time and staying in the (large) former house. The freedom was more important than the "things".
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Old 03-16-2017, 06:58 AM   #11
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Congrats! You're in great shape, don't worry about money left on the table. Enjoy life....
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Old 03-16-2017, 08:01 AM   #12
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Originally Posted by 1-31-18 View Post
I'm liking what I'm reading here. To what extent do you folks feel you are advantaged or disadvantaged by your expected retirement location?
I feel "advantaged" by my location both for now (working towards retirement) as well as for how it will be in retirement. I'm routinely exposed to the jobs that people with some similar backgrounds are looking at (via job hunt groups, friends with similar backgrounds, etc) and see that jobs in some of the most expensive areas of California etc paying 10-15% more than the same job in an area that costs 1/3-1/2 the amount based on cost of living calculators. Make $100k here so I can save $50k/year or make $115k around silicon valley etc and save $50/year to have the same quality of life isn't much of a decision in my book, but I see people take those jobs anyway. There's no way I'd be able to consider early retirement in such a situation without a massive stroke of luck.

As a bonus, I won't have to move and thus won't spend any equity I have selling a home and buying another place (which can eat up 10% of equity buying equivalent priced homes using realtors).
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Old 03-16-2017, 08:05 AM   #13
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Congrats! You are set. Enjoy life on your terms.
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Old 03-16-2017, 08:24 AM   #14
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Originally Posted by leyland View Post
I told my boss I am retiring (from MegaCorp, who recently bought the small company I worked for) - still need to set the exact date - somewhere between 3 and 6 weeks from last friday. Signed up for an Obamacare health care plan. We will receive a modest subsidy for a high deductible plan with BC/BS. We may have to give it all back based on my 2017 AGI. My wife will be on Medicare in a year, I have 4 years till Medicare. We have a bit over $5M tucked away but no pensions. The house is paid for, no debt, no health significant health issues. We expect to start collecting SS after age 66 but probably before age 70. Past family histories would suggest we will make it past 80 (I will probably now get hit by a bus). I am having some regrets about leaving money on the table - I am hoping to get over it soon. My wife has been retired for 3 years. Looking forward to the next chapter.
Congrats! Sounds like you have accumulated a very serious stash, BUT, of,course, the size of the stash has to be relative to your expected expenditures. If you need 350k per year to live on, then your stash is actually small. If you need 50k, you would have been able to quit a long time ago
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