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Old 06-14-2017, 04:56 PM   #21
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Congrats on your upcoming retirement! I found myself smiling a lot more during my last month of work & you are way better off financially than me. Embrace it, make some plans & enjoy the count down
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Old 06-14-2017, 05:54 PM   #22
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167 K a year , cut that back to 150 K a year and you will be at 100% good
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Old 06-14-2017, 09:05 PM   #23
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Dusty, First congratulations on the position you've put yourself in, impressive.

I'm curious about your negotiated severance, was your company downsizing?

Like other posters have mentioned you negotiated great severance terms, especially around healthcare for the next year.

Good Luck and keep the forum posted as to how things go for you and your family.
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Old 06-15-2017, 04:37 AM   #24
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Thanks Sycamore. At the time I negotiated the severance, the company was not downsizing but it was (and has been) struggling and looking to cut costs. So, after years of being unhappy, earlier in the year during a meeting with my boss, on the spot and without any real planning, I indicated I was amenable to leaving, with a package, and that I would be willing to stay to transition my successor. I think I got up the courage to do so because I was close to landing another job and so I didn't care what the reaction would be to raising my hand and offering to leave. Coincidentally, I actually got the job offer from the other company later that day but eventually turned it down because I would have had to start too soon to get the severance.
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Old 06-15-2017, 08:15 AM   #25
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I have been avoiding the word "retirement" in discussions with friends, family. I don't want to seem like I'm bragging about having saved about enough to be able to stop. Do others have that feeling. And I may want to work, but only at something I will find satisfying. Unless, of course, I have to work again for financial reasons.
I think this is common and has been discussed before. I've been floating my end plan around "friends", cautiously for a couple of years now. I have sensed that none of them are in a position to consider the end plan. As a result I think I may just down play the retirement thing, and pretend to keep working.
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Old 06-15-2017, 12:46 PM   #26
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On the other hand, I live in a very affluent town where I would guess many (most?) earn a lot more than I do and many have more $ (and maybe a lot more?) saved. And some are also older. Yet they are still working. It sometimes leads me to ask myself if I am missing something in my calculations and thinking. But this earlyretirement.org community provides assurance and validation that I am not alone in thinking life is too short to work longer than you have to and that I can follow through with my plans to stop working earlier than the traditional retirement age and do so successfully. So I thank this community for the examples you have all set and, in particular, the responses to my post.
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Old 06-15-2017, 02:54 PM   #27
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On the other hand, I live in a very affluent town where I would guess many (most?) earn a lot more than I do and many have more $ (and maybe a lot more?) saved. And some are also older. Yet they are still working. It sometimes leads me to ask myself if I am missing something in my calculations and thinking. But this earlyretirement.org community provides assurance and validation that I am not alone in thinking life is too short to work longer than you have to and that I can follow through with my plans to stop working earlier than the traditional retirement age and do so successfully. So I thank this community for the examples you have all set and, in particular, the responses to my post.
My guess is that although many/most of the others earn more than you, a lot of them have saved a lot less than you have. I live in a fairly affluent area, and it's amazing what I see people spending money on; stuff that I would never consider spending a penny on.
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Old 06-15-2017, 02:59 PM   #28
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My guess is that although many/most of the others earn more than you, a lot of them have saved a lot less than you have. I live in a fairly affluent area, and it's amazing what I see people spending money on; stuff that I would never consider spending a penny on.
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Old 06-15-2017, 03:04 PM   #29
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DustyL
I can so relate to your comment "many earn a lot more than I do and many have more $ (and maybe a lot more?) saved. And some are also older. Yet they are still working. It sometimes leads me to ask myself if I am missing something in my calculations and thinking. But this earlyretirement.org community provides assurance and validation that I am not alone in thinking life is too short to work longer than you have to and that I can follow through with my plans to stop working earlier than the traditional retirement age and do so successfully. So I thank this community..."

I do think about this as well. I do love lurking and learning on this site.
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Old 06-17-2017, 08:41 AM   #30
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Thanks Dusty. The reason I asked my question is that my employer is close to concluding a major merger, and in my industry mergers usually initiate cost cutting. I think about raising my hand with my manager and letting him know I'm open to listen to a good offer.
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Old 06-17-2017, 09:18 AM   #31
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I'm a couple of years behind you. That look like a great heading out the door package! Congratulations!
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Old 06-17-2017, 02:58 PM   #32
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You look golden to me and we retired with much less than you have. Congratulations.
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Old 06-17-2017, 03:02 PM   #33
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many have more $ (and maybe a lot more?) saved. And some are also older. Yet they are still working. It sometimes leads me to ask myself if I am missing something in my calculations and thinking.
From my perspective of retiring 16 years ago at 55 and enjoying every day of it since, it seems very simple to me. Some people are able to retire early, others are not. Of those who can, some are cut out for it, others are not.
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Old 06-17-2017, 03:07 PM   #34
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Continuing thanks for the responses (whatnot, BlueCollarGuy, Sycamore, Spin Dr., Kimcdougc). Regarding spending and living in an affluent area, I think the best decisions we made were to stay in our same, relatively small house and not suffer from lifestyle creep as my income increased -- no move to a larger home, no fancy cars, no membership in country clubs (or multiple country clubs), no boat etc. Always lived below (and for the later years well below) our means and saved. This honestly was somewhat tiring at times -- a million small decisions in addition to the big ones -- but hopefully has paid off.
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Old 06-17-2017, 04:23 PM   #35
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My guess is that although many/most of the others earn more than you, a lot of them have saved a lot less than you have. I live in a fairly affluent area, and it's amazing what I see people spending money on; stuff that I would never consider spending a penny on.
One doesn't have to be well off to spend money foolishly.
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Old 05-02-2018, 09:32 AM   #36
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Another Update:

Still on severance with a few months to go.

Finances: $4.13M with about $2.755M in taxable and $1.375M in retirement. Approximate 55%/45% stock/bond AA.

House: Been making extra mortgage payments -- only $7500 left (will be 0 when severance ends). Small house but equity of about $925K. In HCOL town with high property taxes but not looking to move . . . for now.

Kids: Son out of college, working and supporting himself (although contemplating grad school); daughter: finishing sophomore year, 2 years fully paid, 2 to go. Bonus received earlier this year for 2017 banked to pay for year 3.

Work: Been doing freelance work that has fallen in my lap and banking the earnings in a designated account to fund health care when my coverage ends in the fall. So far, saved up slightly less than 2 years worth for family. Not a big time commitment -- only a few hours a week. I appreciate the $ but don't love the work. And it sometimes makes me feel like I am half in/half out. Probably why I haven't actively pursued work/clients.

SS: Me: 2076 (62), 2970 (67), 3696 (70)
DW: 782 (62), 1110 (67), 1377 (70) (although I think DW gets 1/2 mine, correct?)

Gov pension: Same as above.

To do:

1. Figure out health care. Cobra? Obamacare? Would it be cheaper to move kids to their own policies (son via work, daughter via school)? Been seriously procrastinating on this. Need to focus.

2. Firm up budget/expenses.

3. Firm up withdrawal strategy. Will start with Vanguard Money Market fund, which has more than one year of expenses.

4. Insurance I would like to get rid of our term insurance; my DW doesn't want to. It has a few years to run for each of us. Do we really need it anymore?

Have enjoyed being away from the corporate grind, commute etc. and the freedom. But sometimes nervous about what it will be like when the paychecks stop coming in.

Any suggestions on this? Appreciate the forum and the support it provides.
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Old 05-02-2018, 09:57 AM   #37
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Have enjoyed being away from the corporate grind, commute etc. and the freedom. But sometimes nervous about what it will be like when the paychecks stop coming in.

Any suggestions on this? Appreciate the forum and the support it provides.
It helps to have a good understanding of your budget/expenses (including health care and income taxes), and I see that figuring that out is part of your plan. Once you know that for sure, you will know how much you need. Hopefully, as a result of your hard work and planning, you will have sufficient income in retirement to cover it without paychecks.

As a retiree, getting a monthly deposit from a pension or SS feels a lot like getting a paycheck. Yesterday my pension was direct deposited! Payday.

As for money from investments, you know what you can withdraw so that can be automated to make it like a paycheck too, if that helps.

In retirement (as when working) sometimes a big, unusual expense comes along like needing a new roof, dental work, new car, or whatever. Just as when working, it helps to not spend one's entire monthly income and put some aside to use on these big expenses if/when they come along.
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Old 05-02-2018, 10:51 AM   #38
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Thanks W2R for your response. I have tracked my expenses in the past but need to do so again to get more firm and current numbers.

The pension and SS (and medicare) are still a number of years off.

I have stopped the reinvesting of dividends on my bond funds and have used some of the proceeds to pay down my mortgage. After the mortgage is done -- soon! -- I will continue to do so to fund some big ticket items like property taxes and health care.
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Old 05-02-2018, 11:27 AM   #39
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Another Update:


To do:

1. Figure out health care. Cobra? Obamacare? Would it be cheaper to move kids to their own policies (son via work, daughter via school)? Been seriously procrastinating on this. Need to focus.


Any suggestions on this? Appreciate the forum and the support it provides.
DustyL - with some years to go before Medicare, you need to check out the "Obamacare" rates for your county. The rates can be very different for each county within each state.
If you could manage down your MAGI which is used for ACA subsidy calculations, there could be substantial savings.

Usually for early retirees who don't have employer provided medical retiree coverage, the medical expenses before Medicare is one of the largest concerns.
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Old 05-02-2018, 11:51 AM   #40
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Thanks Dtail. I did some initial review but need to do so now in earnest. Due to my severance (even part from the money I have been earning freelancing), my 2018 MAGI will be much too high to qualify for a subsidy in 2018. 2019, however, could be a different story since the severance will be over.
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