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Old 03-19-2017, 03:39 PM   #21
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You are way overthinking it. Put in your notice tomorrow.
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Old 03-19-2017, 03:51 PM   #22
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Ask for a package next time they are looking to cut headcount.
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Think I'm OK, but not overly confident
Old 03-19-2017, 04:22 PM   #23
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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.
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Old 03-19-2017, 04:31 PM   #24
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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.
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Old 03-19-2017, 04:58 PM   #25
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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
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Old 03-19-2017, 05:25 PM   #26
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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
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Old 03-19-2017, 05:42 PM   #27
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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!
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Old 03-19-2017, 05:50 PM   #28
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.....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).
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Old 03-19-2017, 06:00 PM   #29
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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.
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Old 03-19-2017, 06:08 PM   #30
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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!
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Old 03-19-2017, 07:06 PM   #31
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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.
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Old 03-19-2017, 07:12 PM   #32
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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.
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Old 03-19-2017, 07:35 PM   #33
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I accept the fact that some people will never retire but they never admit to it.
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Old 03-19-2017, 07:44 PM   #34
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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,

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Old 03-19-2017, 09:11 PM   #35
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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!
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Old 03-20-2017, 12:04 AM   #36
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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
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Old 03-20-2017, 04:45 AM   #37
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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 .
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Old 03-20-2017, 05:11 AM   #38
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In any good book, one good chapter finishes and leaves you yearning for the next chapter.

Start yearning.
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Old 03-20-2017, 05:30 AM   #39
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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.
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Old 03-20-2017, 05:56 AM   #40
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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.
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