Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Scared.....have the money but afraid to leap
Old 03-30-2013, 02:39 PM   #1
Recycles dryer sheets
 
Join Date: Mar 2013
Posts: 91
Scared.....have the money but afraid to leap

Where to start...we have saved and lived frugslly to retire by 50. We have 2m and own our house...how do you get the nerve to leap with the economy like it is? Fears include....what will healthcare cost? What will happen with taxes? Will the government ever raid our savings? Will the government force me to convert my savings into some sort of annuity?
__________________

__________________
NoOneGetsIt is offline   Reply With Quote
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!

Old 03-30-2013, 02:46 PM   #2
Moderator Emeritus
aja8888's Avatar
 
Join Date: Apr 2011
Location: The Woodlands, TX
Posts: 7,166
Quote:
Originally Posted by NoOneGetsIt View Post
Where to start...we have saved and lived frugslly to retire by 50. We have 2m and own our house...how do you get the nerve to leap with the economy like it is? Fears include....what will healthcare cost? What will happen with taxes? Will the government ever raid our savings? Will the government force me to convert my savings into some sort of annuity?
Welcome aboard...

How in the world did you save that much money and pay off a house worrying so much?

Most of what you are worrying about you have no control over, so retire for goodness sakes.
__________________

__________________
......."Everybody has a plan until they get punched in the face." -- philosopher Mike Tyson.
aja8888 is offline   Reply With Quote
Old 03-30-2013, 02:47 PM   #3
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: 42,120
Let me help:

Will your health fail before you can retire?
Will you die the day after you finally work up the nerve to quit work?
Will an asteroid...

OK, enough help from me.

Check out this thread, plus do a search on "one more year".
__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 03-30-2013, 02:48 PM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
travelover's Avatar
 
Join Date: Mar 2007
Posts: 9,896
Here is something else to worry about. What if you or your spouse's health goes south (or dies) and you never get to retire?

We all know someone like that, too.
__________________
Yes, I have achieved work / life balance.
travelover is offline   Reply With Quote
Old 03-30-2013, 03:00 PM   #5
Recycles dryer sheets
 
Join Date: Mar 2013
Posts: 91
I know i KNOW! Damn just need to leap! My mom died at 57 when i was just 23.. That is when i decided to save to reitre early...thank you to all...i am going to love this forum!
__________________
NoOneGetsIt is offline   Reply With Quote
Old 03-30-2013, 03:03 PM   #6
gone traveling
 
Join Date: Mar 2007
Posts: 559
Quote:
Originally Posted by NoOneGetsIt View Post
Where to start...we have saved and lived frugslly to retire by 50. We have 2m and own our house...how do you get the nerve to leap with the economy like it is? Fears include....what will healthcare cost? What will happen with taxes? Will the government ever raid our savings? Will the government force me to convert my savings into some sort of annuity?
i would be more worried about being able to buy medical insurance. since it will be guaranteed issue just budget accordingly for it and retire.
__________________
gerrym51 is offline   Reply With Quote
Old 03-30-2013, 03:27 PM   #7
Recycles dryer sheets
 
Join Date: Jan 2013
Posts: 144
I worried about the healthcare and tax issues too. My financial advisor asked me how much I needed to live on told me how much more I could spend per year (double that amount) and said " do you really think taxes and healthcare will cost more than that?" I decided to retire a few weeks after that conversation!
Life is really too short and if you have some family history as you do and I do as well ask yourself if this is really how you want to spend the rest of your life.
Good luck
__________________
Sarah S is offline   Reply With Quote
Old 03-30-2013, 08:15 PM   #8
Thinks s/he gets paid by the post
sengsational's Avatar
 
Join Date: Oct 2010
Posts: 3,840
Quote:
Originally Posted by NoOneGetsIt View Post
Where to start...we have saved and lived frugslly to retire by 50. We have 2m and own our house...how do you get the nerve to leap with the economy like it is? Fears include....what will healthcare cost? What will happen with taxes? Will the government ever raid our savings? Will the government force me to convert my savings into some sort of annuity?
Figure out what your "burn rate" is for your lifestyle and plug it into FIREcalc. If you're ok there, but still feel uncomfortable with your finances, you might find a fee-only planner (but RUN from anyone who want's to sell you anything on commission).

Then, with the finance question put to bed, you want to get excited about the life ahead of you. You might consider reading "The Joy of Not Working". I just read it, and it revved me up enough to set a date. I especially liked the "get a life tree" excercise.

--Dale--
__________________
sengsational is online now   Reply With Quote
Old 03-30-2013, 09:42 PM   #9
Thinks s/he gets paid by the post
 
Join Date: Feb 2011
Posts: 1,629
Life is all about uncertainties. No guarantees. IMHO- In the pursuit of an important goal, all any of us can do is analyze our personal situation, formulate a reasonable plan based upon the best available data, then execute that plan.
You might look at your total living expenses (inc HI & deductibles, svg for major home/auto repairs, etc.) vs a conservative annual sustained withdrawal rate (SWR) of perhaps 3% of your investment nest egg. If that comparo looks favorable, then your goal of ER is within reach for whenever you choose to grab it.
__________________
ERhoosier is offline   Reply With Quote
Old 03-30-2013, 09:48 PM   #10
Recycles dryer sheets
 
Join Date: Mar 2013
Posts: 91
With seek out that book!
Hubby just looked and that guy has several book at our library..ordered them all up!
__________________
NoOneGetsIt is offline   Reply With Quote
Old 03-31-2013, 12:21 AM   #11
Full time employment: Posting here.
 
Join Date: Jun 2006
Posts: 926
Among your list of fears I see none that can be effected much by working more. The bigger and to me much more credible fear is that you keep working till you die and never get to enjoy retirement.
__________________
CW4, USA-(ret)
RN, BSN-(ret)
jclarksnakes is offline   Reply With Quote
Old 03-31-2013, 02:56 AM   #12
Thinks s/he gets paid by the post
obgyn65's Avatar
 
Join Date: Sep 2010
Location: midwestern city
Posts: 4,061
Many here, including myself, can afford to FIRE now but are afraid to make the jump. I guess we will need to make the jump at some point and enjoy life without worrying too much about macro economics. Welcome to the forum.
Quote:
Originally Posted by NoOneGetsIt View Post
Where to start...we have saved and lived frugslly to retire by 50. We have 2m and own our house...how do you get the nerve to leap with the economy like it is? Fears include....what will healthcare cost? What will happen with taxes? Will the government ever raid our savings? Will the government force me to convert my savings into some sort of annuity?
__________________
Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
obgyn65 is offline   Reply With Quote
Old 03-31-2013, 03:20 AM   #13
Recycles dryer sheets
ChainsBeGone's Avatar
 
Join Date: Apr 2011
Location: Front Range
Posts: 150
Quote:
Originally Posted by REWahoo View Post
Let me help:

Will your health fail before you can retire?
Will you die the day after you finally work up the nerve to quit work?
Will an asteroid...

OK, enough help from me.

Check out this thread, plus do a search on "one more year".
A dear friend of our family retired at age 65, and died the next day. None of us know how many tomorrows we have left. There's always a reason to wait one more year, but at some point, we run out of years.
__________________
"Our lives are what our thoughts make them" - Marcus Aurellius
FIRE'd on 1 June, 2013 at age 48, DW FIRE'd with me on same day at age 47.
ChainsBeGone is offline   Reply With Quote
Old 03-31-2013, 12:38 PM   #14
Recycles dryer sheets
 
Join Date: Mar 2013
Posts: 91
Ok the last one hit home...died right after retiring....gunna read the Joy Of Not Working and will set things in motion...need to find our retirement spot and cut the cord! A good paying job is like and addiction that needs to be broken if you are FI. Thanks to all...i hope to learn more at your feet over the next few months!
__________________
NoOneGetsIt is offline   Reply With Quote
Old 03-31-2013, 01:15 PM   #15
Recycles dryer sheets
comicbookgujy's Avatar
 
Join Date: Jan 2013
Posts: 178
I know a few co-workers died from heart attack or cancer within 1 year of retirement.

I have known WAY too many that died ON THE JOB in their 40's and 50's and never retired.

With the amount you have saved, you are more likely to died on the job than outlive your spending(unless you're spending $100k a year!).

Do you still enjoy your job and is your job a reflection of your life? IF so, keep working. Otherwise, time to leave and enjoy life.
__________________
comicbookgujy is offline   Reply With Quote
Old 03-31-2013, 02:41 PM   #16
Recycles dryer sheets
 
Join Date: Mar 2013
Posts: 91
Our spending will be in the 30-38k range. Certainly don't want to die before we take the leap....am going to set a date
__________________
NoOneGetsIt is offline   Reply With Quote
Old 03-31-2013, 02:51 PM   #17
Full time employment: Posting here.
 
Join Date: Jan 2005
Location: northern Michigan
Posts: 732
Quote:
Originally Posted by ERhoosier View Post
Life is all about uncertainties. No guarantees. IMHO- In the pursuit of an important goal, all any of us can do is analyze our personal situation, formulate a reasonable plan based upon the best available data, then execute that plan.
+1. You can worry yourself sick about any number of things, but the advice provided above is worth heeding. As others have said, health is an important consideration also, and your good health won't last forever. Consider yourself fortunate that you can retire at a relatively early age and in good health.........that is priceless.
__________________
RAE is offline   Reply With Quote
Old 03-31-2013, 03:04 PM   #18
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: Chicagoland
Posts: 11,977
Quote:
Originally Posted by ChainsBeGone View Post
A dear friend of our family retired at age 65, and died the next day. None of us know how many tomorrows we have left. There's always a reason to wait one more year, but at some point, we run out of years.
Quote:
Originally Posted by NoOneGetsIt View Post
Ok the last one hit home...died right after retiring....gunna read the Joy Of Not Working and will set things in motion...need to find our retirement spot and cut the cord! A good paying job is like and addiction that needs to be broken if you are FI. Thanks to all...i hope to learn more at your feet over the next few months!
I wish I knew why this "possibility" comes up so often WRT deciding to retire, it really doesn't make much sense. The odds of running out of years at age 65 or any age are well documented. There are lots of good reasons to retire, but exceptional examples are not likely good reasons.

By that logic you probably shouldn't cross the street or especially drive your car again either among all the many ways our lives can be cut short...
Quote:
The 32,367 traffic fatalities in 2011 were the lowest in 62 years (1949). Equal to a fatality every 16 minutes.
Quote:
Pedestrian-vehicle crashes are a major problem in the United States. In 2003, the National Highway Traffic Safety Administration reported that approximately 4,700 pedestrians were killed and another 70,000 injured due to pedestrian-vehicle crashes. 1 On average, a pedestrian is killed in a traffic collision every 113 minutes and injured every eight minutes. 2 Although only 8.6 percent of all trips are made on foot, 11.4 percent of all traffic deaths are pedestrians
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 60% equity funds / 35% bond funds / 5% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack is online now   Reply With Quote
Old 03-31-2013, 03:07 PM   #19
Thinks s/he gets paid by the post
John Galt III's Avatar
 
Join Date: Oct 2008
Posts: 1,285
Are you sure you will like being retired? You sound like you are panicking. If you like your job, why not stay there a bit longer until you are sure you will like retirement. Not everyone likes retirement after they try it. Will they let you return to work once you quit? If you are addicted to your high paying job maybe its because you like it..... which is OK.
__________________
John Galt III is online now   Reply With Quote
Old 03-31-2013, 05:00 PM   #20
Recycles dryer sheets
 
Join Date: Mar 2013
Posts: 91
Great question...but YES i will love retirement! I want to live where i can have a BIG garden, growing most of our food (we don't eat meat and dairy) and jump in the car and be at a lake within a half hour...don't have either right now just a good job...no life. Good prompt tho!
__________________

__________________
NoOneGetsIt is offline   Reply With Quote
Reply


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


 

 
All times are GMT -6. The time now is 09:07 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.