|
|
03-19-2017, 03:39 PM
|
#21
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,266
|
You are way overthinking it. Put in your notice tomorrow.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
|
|
|
|
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!
|
03-19-2017, 03:51 PM
|
#22
|
Thinks s/he gets paid by the post
Join Date: Jan 2013
Posts: 3,405
|
Ask for a package next time they are looking to cut headcount.
|
|
|
Think I'm OK, but not overly confident
03-19-2017, 04:22 PM
|
#23
|
Full time employment: Posting here.
Join Date: Apr 2014
Location: Houston
Posts: 957
|
Think I'm OK, but not overly confident
Financially, you have a slam dunk. Move on and quit over working it. Congrats!
Edit - if you want to continue over working it, rerun firecalc with the option in the last tab set to investigate what the maximum you can spend yearly with a 95% confidence. That will give you some idea of how much "fat" you have in your plan.
__________________
"Learn everyday, but especially from the experiences of others. It's cheaper! " - John Bogle
|
|
|
03-19-2017, 04:31 PM
|
#24
|
Recycles dryer sheets
Join Date: Feb 2005
Posts: 72
|
Once you start drawing SS, that along with your pensions and dividend yield alone (approx 2%) should cover your expenses.
I'm with the other guy - I can see somebody/s getting a good sized inheritance down the road unless you get busy and start trimming that pile down to size. Heck, they'll probably still get a big one anyway.
What is that saying that I've heard around here? - You won't hear too many people on their deathbed wishing they would have worked longer.
Now, if you don't have any hobbies / interests to pursue or don't know what you'll do with yourself after retiring, that's a different story. But as far as your finances go, you are in fine shape.
|
|
|
03-19-2017, 04:58 PM
|
#25
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2016
Posts: 9,422
|
With 3.8M at 4% WR you can spend 154000 per year for 25 years. This isn't including any return or SS etc.. I would say you are in better shape then many that retire at your age. Nice
|
|
|
03-19-2017, 05:25 PM
|
#26
|
Thinks s/he gets paid by the post
Join Date: Oct 2015
Posts: 2,307
|
Quote:
Originally Posted by pb4uski
You are way overthinking it. Put in your notice tomorrow.
|
What HE said! Only reason not to quit tomorrow is if you have a decent shot at tapping into a redundancy package in the next 6 months. Me, I would not even wait for that - you are not getting any younger
|
|
|
03-19-2017, 05:42 PM
|
#27
|
Full time employment: Posting here.
Join Date: May 2011
Posts: 873
|
Retire now. Life has a way of getting harder quickly. You have more than enough to last the rest of your lives. Go live the rest of your life and have a great time!
|
|
|
03-19-2017, 05:50 PM
|
#28
|
Full time employment: Posting here.
Join Date: Apr 2014
Location: Houston
Posts: 957
|
Quote:
Originally Posted by Whisper66
.....if you want to continue over working it, rerun firecalc with the option in the last tab set to investigate what the maximum you can spend yearly with a 95% confidence. That will give you some idea of how much "fat" you have in your plan.
|
Out of curiosity, I ran this calculation myself. I get that you could spend $182,000 per year for the rest of your life with 95% confidence that you would not run out of money. For 100% confidence, need to "limit yourself" to $171,000 / yr.
I don't know what you need to be confident but most here would be extrodinarily confident in your situation and wouldn't hesitate to retire (if finances were the only concern).
|
|
|
03-19-2017, 06:00 PM
|
#29
|
Recycles dryer sheets
Join Date: Mar 2012
Posts: 388
|
Picking 100% success rate in firecalc with your figures gives you a $233,000/year spend rate for 30 years.....more than enough cushion based on your $143k spend for the first few years. For me Firecalc says I can spend $205k for 40 years.....never spent more than $82k/y--been tracking the past 5 years....I'm 53 and pulling the plug this year. BTW I live about 7 miles west of Westfield....also an Engineer and overthinking things.
|
|
|
03-19-2017, 06:08 PM
|
#30
|
Thinks s/he gets paid by the post
Join Date: Dec 2010
Location: USA
Posts: 1,050
|
I think you were ok last year. You have $50k pension income at retirement and total of $105k pensions/ss within 2 years. This reduces your safe withdraw rate around 1.5% overall. (estimate only)
It seems like you need a push. Just take advantage of all your health care benefits now and research your healthcare options, but Cobra is easy option if you have any current issues. Start planning activities with your extra time!
|
|
|
03-19-2017, 07:06 PM
|
#31
|
Recycles dryer sheets
Join Date: Feb 2017
Posts: 180
|
Only you can make the decision to give your notice and retire. My dad retired at 62, my mother and he had twelve good years before my mother stated to fail, then he became a caregiver. She died in 2012 and he died last year. Think about the time you have left and how you want to spend it, working or with you wife and family.
|
|
|
03-19-2017, 07:12 PM
|
#32
|
Thinks s/he gets paid by the post
Join Date: Mar 2013
Location: Southern California
Posts: 3,995
|
Perhaps the OP has other reasons for not having retired by now than just financial. Loss of routine, loss of social interactions at work, loss of purpose...all of these can cause people to be reluctant to quit even if they are financially ready to do so.
|
|
|
03-19-2017, 07:35 PM
|
#33
|
Thinks s/he gets paid by the post
Join Date: Mar 2014
Location: Southern Cal
Posts: 4,032
|
I accept the fact that some people will never retire but they never admit to it.
|
|
|
03-19-2017, 07:44 PM
|
#34
|
Dryer sheet wannabe
Join Date: Mar 2016
Location: Westfield
Posts: 19
|
Thanks to everyone for your responses. All of the feedback makes total sense to me. I think my hesitancy is largely an emotional issue. After working for 38 1/2 years, I do feel some anxiety about closing that chapter of my life. The finality of it spooks me a bit. Many of those 38 1/2 years were very good years and my career overall was very good to me and my family. The last few years have definitely gone downhill and I really am ready for a change.
I have to believe that what I am feeling is not unique. I will not miss the routine or the relationships. Many of my truly valued relationships have moved on (i.e. retired) already. I have plenty of meaningful activities waiting for me when I finally leave.
The financial implications still linger in my head a bit I must admit, but that is not the real issue. Why is this so difficult, when it should really be a happy and fulfilling time in my life?
Thanks again for all of your comments. It helps put things into the prop[er perspective.
All the best,
ready53
|
|
|
03-19-2017, 09:11 PM
|
#35
|
Recycles dryer sheets
Join Date: Apr 2013
Posts: 201
|
Quote:
Originally Posted by ready53
Why is this so difficult, when it should really be a happy and fulfilling time in my life?
|
It's human nature to be anxious about big changes to life situations. Sometimes you just need to take the leap and throw yourself in wholeheartedly. Get excited about all the things you will be able to do in retirement and try not to worry about small margins of having "just that little bit more" in your stash. You are more than ready -- I have a few years to go still (early 40's) but even at my age if I had your numbers, I'd FIRE today! Congrats and best wishes!
|
|
|
03-20-2017, 12:04 AM
|
#36
|
Thinks s/he gets paid by the post
Join Date: Apr 2005
Location: Duesseldorf, Germany
Posts: 1,202
|
You and DW might not have enough ideas and plans what to do in retirement and how to structure your new life.
Start talking about that with DW. Start reading books like Ernie Zelinski 'How to retire happy wild and free' ( the get-a-life-tree exercise is great!) or Ralph Warner 'Get a life - you do not need a million to retire well'.
You will be ready to leave when the axe goes around at work next time. Then volunteer...
Or do you secretly plan to buy houses for all your kids or to have them retire immediately on their parents' passing away
|
|
|
03-20-2017, 04:45 AM
|
#37
|
Thinks s/he gets paid by the post
Join Date: Sep 2016
Location: Acworth
Posts: 1,214
|
Two suggestions.
1. Retire now.
2. Spend more than you currently plan. Your current estimated spending can be increased noticeably without anticipating any financial problems. Go take more trips or something .
|
|
|
03-20-2017, 05:11 AM
|
#38
|
Thinks s/he gets paid by the post
Join Date: Sep 2014
Location: The Great Wide Open
Posts: 3,789
|
In any good book, one good chapter finishes and leaves you yearning for the next chapter.
Start yearning.
|
|
|
03-20-2017, 05:30 AM
|
#39
|
Thinks s/he gets paid by the post
Join Date: Dec 2015
Location: Michigan
Posts: 4,962
|
Quote:
Originally Posted by ready53
I think my hesitancy is largely an emotional issue. After working for 38 1/2 years, I do feel some anxiety about closing that chapter of my life. The finality of it spooks me a bit. Many of those 38 1/2 years were very good years and my career overall was very good to me and my family. The last few years have definitely gone downhill and I really am ready for a change.
I have to believe that what I am feeling is not unique. I will not miss the routine or the relationships. Many of my truly valued relationships have moved on (i.e. retired) already. I have plenty of meaningful activities waiting for me when I finally leave.
The financial implications still linger in my head a bit I must admit, but that is not the real issue. Why is this so difficult, when it should really be a happy and fulfilling time in my life?
|
My situation is very close to yours in many respects. I have 8 DAYS LEFT to RE!, and I feel like a school kid waiting for summer break! We have earned it. Try to relax and enjoy. Good luck.
__________________
"The mountains are calling, and I must go." John Muir
|
|
|
03-20-2017, 05:56 AM
|
#40
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 9,067
|
Quote:
Originally Posted by travelover
You are one year closer to dead. You have more than enough money to walk and start enjoying a stress free life.
Do it.
|
+1.
__________________
Retired 3/31/2007@52
Investing style: Full time wuss.
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Thread Tools |
|
Display Modes |
Linear Mode
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|