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Old 01-28-2015, 08:55 PM   #21
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Today's job market is not the job market of 2009. My friend's son tried for an internship and instead ended up working full time. He's going to finish his major on line.

The unemployment rate is about 5%.


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Old 01-28-2015, 09:22 PM   #22
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I saw this today on Fidelity, retire early with $2.8M and kids to raise?

https://www.fidelity.com/insights/re...ire-early-2015
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Old 01-29-2015, 09:39 AM   #23
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Thanks everyone for the great feedback as I am feeling much more confident about the prospect. I also went over all of this with my wife and showed her the FIRE calculator with 100% success rate so I think she is buying in, other than me being home 24/7:-).
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Old 01-29-2015, 09:54 AM   #24
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Don't think for a second funding stops once they leave college in today's job market. Factor in help for 2-4 more years if you are inclined to not cut them loose once they graduate. If they can't find a job keeping them on your health insurance helps expenses. Plus once they move off campus the cost goes up.

Sorry to be a Debbie downer but things to consider.


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+1

Not to start a debate, but the U2 unemployment data used by the government is somewhat deceptive. The majority of job gains since 2008 have been low paying part time positions. If you consider the eligible workers who have given up looking for a job, (I think that's the U6 data, but don't quote me), the unemployment rate is somewhere around 11%. We occasionally assist our son, who graduated 2.5 years ago. But he's going the starving artist route lol. So continued assistance is definitely something to consider when planning.


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Old 01-29-2015, 10:06 AM   #25
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With three kids to put through college, there are a lot of unknowns coming up. Will the amount in your 529s be be sufficient for three? Much depends on their choice of college, scholarships, performance in school, and whether or not they intend to be saddled with a lot of student loans after graduation.

With $3M in investments (not net worth) a $100k budget - assuming this includes support to college aged children and you can adhere to that budget - is about a 3.3% withdrawal rate. If you end up as siting children post graduation, how will that affect your budget?


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Still nervous
Old 01-29-2015, 10:11 AM   #26
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Still nervous

I think this is the one concern which can most affect your plans, along with unexpected major medical concerns.


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Old 01-29-2015, 10:24 AM   #27
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With three kids to put through college, there are a lot of unknowns coming up. Will the amount in your 529s be be sufficient for three? Much depends on their choice of college, scholarships, performance in school, and whether or not they intend to be saddled with a lot of student loans after graduation.

With $3M in investments (not net worth) a $100k budget - assuming this includes support to college aged children and you can adhere to that budget - is about a 3.3% withdrawal rate. If you end up as siting children post graduation, how will that affect your budget?


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My plans got a major road bump when DS didn't graduate in 4 years, or in 5 years. Definitely agree that education and medical costs are the hardest to estimate accurately. Give yourself a little wiggle room on those estimates and you will be fine.
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Reading with interest and the issue resonates
Old 01-29-2015, 10:37 AM   #28
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Reading with interest and the issue resonates

Yes, I know this is a true 1% (.5%) set of problems. But for those of us in this snack bracket, with very successful financial and life outcomes, making the break is a big deal and keeps us up at night.

I'm 51 and anticipating at about 53 a ledger consisting of approximately $4M in invested assets (mostly after tax balances), plus over $2.5M in high quality diversified real estate and another small income producing property which is cash flow positive. Then, a little later on in my fifties, a large pension-type payment from my business becomes available to me which is very secure and material.

Logic suggests that I am "well set" but I think high performers and analytical types who have made it through their own wits and hard work beat themselves up. They cannot help it.

That is why I enjoy this forum so much. At least there are some similar stories to mine, without many people yelling at them "are you kidding, what the hell are you worried about?". In running businesses and leading people for many years, I have spent years worrying the issues, creating plans, and taking responsibility, so it is hard to stop doing so.
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Old 01-29-2015, 10:41 PM   #29
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Even if worst case events happen, you have enough where you can make adjustments and get through it. Really you have no reason to worry.
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Old 01-30-2015, 12:22 AM   #30
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Our college costs have been pretty reasonable so far between community college credits, public schools and part-time jobs for the kids (internships and tutoring). Plus with us semi-retiring early we have qualified for financial aid and tax credits. Forbes has some very good online articles on how to qualify for financial aid. There are some amazing loopholes to work with.
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