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Old 06-03-2016, 12:04 PM   #41
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Thanks for the update and glad things are moving solidly in the direction of your goals.
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Old 06-03-2016, 12:07 PM   #42
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Nice update. If you spending dropped 40% just by watching (I had a similar experience) and your NW grows a year or two... you'll be set no problem!


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Old 06-03-2016, 12:26 PM   #43
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After reading this entire thread, I had one additional thought to add. How is your health? What is your family history on things like heart issues and other health issues that can cause sudden death? That should also be a significant factor is deciding when to chuck the stress and live a simpler life. Stress is the silent killer.

There is nothing better than taking your grandkids fishing.
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Old 06-03-2016, 12:52 PM   #44
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I now keep a running quarterly file of expenses and invested assets, calculating the "SWR as of today," and it has been exciting to see how small changes in run rate expenses dramatically change the overall picture. It's just math, but powerful math.
We do that, too. It has become kind of a game to us to see how low we can go on the expense front and yet live as well or even better than we did before.
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Old 06-05-2016, 09:42 AM   #45
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I just saw this thread. Really interesting read, for me. My situation has some things in common with the OP. The details differ (I'm older than he is, I have more saved, my kids are older, my income is a bit lower and without the same likely upward trajectory), but the general idea is, at least to some extent, similar. What I have concluded, for myself, is the decisions are more about psychology than finance: From where do I derive my sense of self-worth? To the extent the answer is "work", can I manage to change that? (I would like to; but it might be easier said than done). How will I adjust to the lack of external validation that comes from my career? Is whatever stress/anxiety I feel really due to work, or is it just a part of who I am or other things in my life? If I retire, would stress about work be replaced by stress about having enough money to live comfortably for the rest of my life (stress is not always a function of objective facts)? These days, while I am still making good money, things are not going so great in my work -- does that mean it's a good time to leave, or is it psychologically more important for me to "go out on a high"? (Think about the baseball player who bats 310, hits 38 HRs, and then retires; as opposed to the guy who has two crappy seasons and then leaves thinking "I better retire; I sort of suck these days, and it does not look like it will get better any time soon...") Will I enjoy being retired? What will I do every day? What will be the impact on my marriage of my retiring? If I am bored, will I regret retiring? If I don't retire, and then I get sick, will I regret not having retired sooner? And various other questions...

I might talk with a psychologist about all this. It seems like it might be worth ten hours of my time and a few thousand dollars to help me sort all this out, in my mind. Reading the thoughts of people on this forum is also helpful.

Is there anyone on this forum who made the decision to retire and now regrets it, for non-financial reasons? (I guess maybe those people would drop off this forum and/or go back to work)
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Very high income… but how long to keep this up?
Old 06-05-2016, 02:24 PM   #46
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Very high income… but how long to keep this up?

I had a friend who put life's tribulations and triumphs in perspective by saying, "Eh, nobody's going to remember that in 50 years anyway". I don't find that the least bit depressing but rather, highly logical and liberating.

A given work place is only a train that we're completely on for a while and then completely off, then we're usually forgotten soon enough. That's why they say "Welcome aboard" when you suddenly materialized in their midst. They also say "Happy Trails" when you leave, meaning "You're now cut from the work herd and so I won't have a reason to invest any further 'bandwidth' in you, but 'so long'." That's just the way it is because we were only really there to solve particular problems for a business in return for payment. Why would we let ourselves get too emotionally attached to what really is a commercial relationship, one that usually emphasizes its lack of commitment to you in the employee handbook in the section stating that is an At-Will Employer. I don't expect to have a hard time letting go and getting on with life when I have enough money saved in 5-7 years because I have learned the hard way twice to invest my emotional health in firmer stuff.
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Old 06-06-2016, 11:41 AM   #47
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After reading this entire thread, I had one additional thought to add. How is your health? What is your family history on things like heart issues and other health issues that can cause sudden death? That should also be a significant factor is deciding when to chuck the stress and live a simpler life. Stress is the silent killer.

There is nothing better than taking your grandkids fishing.
Fortunately, my health is very good and family history is favorable. But I'm not fooling myself that there aren't random events that could change all that (for me, or for a family member). Having seen a few friends / family members pass away or lose function much earlier than anyone would have expected is one of the factors that has me leaning towards calling it early.

...And I can't wait to take my grandkids fishing someday, but I think I've got a couple decades to wait for that!
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Old 06-06-2016, 11:47 AM   #48
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I had a friend who put life's tribulations and triumphs in perspective by saying, "Eh, nobody's going to remember that in 50 years anyway". I don't find that the least bit depressing but rather, highly logical and liberating.

A given work place is only a train that we're completely on for a while and then completely off, then we're usually forgotten soon enough. That's why they say "Welcome aboard" when you suddenly materialized in their midst. They also say "Happy Trails" when you leave, meaning "You're now cut from the work herd and so I won't have a reason to invest any further 'bandwidth' in you, but 'so long'." That's just the way it is because we were only really there to solve particular problems for a business in return for payment. Why would we let ourselves get too emotionally attached to what really is a commercial relationship, one that usually emphasizes its lack of commitment to you in the employee handbook in the section stating that is an At-Will Employer. I don't expect to have a hard time letting go and getting on with life when I have enough money saved in 5-7 years because I have learned the hard way twice to invest my emotional health in firmer stuff.
Yeah, it's easy to feel like a big shot when you have important responsibilities and are having an impact. But having seen other big shots leave, it is amazing how quickly the system adapts - like air filling a vacuum.
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Old 06-06-2016, 12:24 PM   #49
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I just saw this thread. Really interesting read, for me. My situation has some things in common with the OP. The details differ (I'm older than he is, I have more saved, my kids are older, my income is a bit lower and without the same likely upward trajectory), but the general idea is, at least to some extent, similar. What I have concluded, for myself, is the decisions are more about psychology than finance: From where do I derive my sense of self-worth? To the extent the answer is "work", can I manage to change that? (I would like to; but it might be easier said than done). How will I adjust to the lack of external validation that comes from my career? Is whatever stress/anxiety I feel really due to work, or is it just a part of who I am or other things in my life? If I retire, would stress about work be replaced by stress about having enough money to live comfortably for the rest of my life (stress is not always a function of objective facts)? These days, while I am still making good money, things are not going so great in my work -- does that mean it's a good time to leave, or is it psychologically more important for me to "go out on a high"? (Think about the baseball player who bats 310, hits 38 HRs, and then retires; as opposed to the guy who has two crappy seasons and then leaves thinking "I better retire; I sort of suck these days, and it does not look like it will get better any time soon...") Will I enjoy being retired? What will I do every day? What will be the impact on my marriage of my retiring? If I am bored, will I regret retiring? If I don't retire, and then I get sick, will I regret not having retired sooner? And various other questions...

I might talk with a psychologist about all this. It seems like it might be worth ten hours of my time and a few thousand dollars to help me sort all this out, in my mind. Reading the thoughts of people on this forum is also helpful.

Is there anyone on this forum who made the decision to retire and now regrets it, for non-financial reasons? (I guess maybe those people would drop off this forum and/or go back to work)
Sounds like we're ruminating (heh heh, my username) on the same subjects. For me, while I've always done very well professionally, I feel like I have never fully identified with my work. I have a number of outside interests (many of which I have not had time to really pursue), so I don't think I will have too hard a time reinventing myself.

One thought experiment I've found helpful: if (a) I'm happy living at my current level of expenditure and (b) don't need any more money to fund it (I'm not there yet on (b), but will be soon), then at some point the marginal utility of more savings approaches 0. At that point, I can only justify continuing to work if the intrinsic rewards alone warrant it. So let's pretend I quit my job. Would I "volunteer" to work for free back at my same job, in the exact same role, if it was structured in a way that it had all the same intrinsic rewards it has today? Hell no.

So what that tells me is at that point I would really only be doing it for a mushy and unsatisfactory set of reasons - because it is the most intrinsically rewarding thing I can think of doing (unlikely), out of habit, to achieve wealth for wealth's sake, in order to avoid the cognitive dissonance in my colleagues/friends when they see me leaving a big paycheck (at odds with their own choices), etc. I view this as primarily a mental challenge for me to get over ... not a legitimate challenge to my plans.

Regarding regrets, my own sense from this board is that very few seem to regret their decisions, but clearly we're dealing with a biased sample! I think a key consideration from your description is reversibility of your decision. For me, it would be quite irreversible with a 50%+ pay haircut if I tried to get back into my industry. That raises the bar for level of certainty required to pull the plug. You may find you have more room to experiment with part time or even leaving with an option to return (i.e. sabbatical, or quitting and potentially starting a new job later).

FWIW, I think having a sounding board for your personal decision is absolutely helpful. The boards and blogs are helpful, but your situation, mindset, alternatives, etc are surely unique. Luckily for me, I have had a very effective "psychiatry" services from my wife (and vice versa!)
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Old 06-06-2016, 01:41 PM   #50
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Sounds like we're ruminating (heh heh, my username) on the same subjects. For me, while I've always done very well professionally, I feel like I have never fully identified with my work. I have a number of outside interests (many of which I have not had time to really pursue), so I don't think I will have too hard a time reinventing myself.

One thought experiment I've found helpful: if (a) I'm happy living at my current level of expenditure and (b) don't need any more money to fund it (I'm not there yet on (b), but will be soon), then at some point the marginal utility of more savings approaches 0. At that point, I can only justify continuing to work if the intrinsic rewards alone warrant it. So let's pretend I quit my job. Would I "volunteer" to work for free back at my same job, in the exact same role, if it was structured in a way that it had all the same intrinsic rewards it has today? Hell no.

So what that tells me is at that point I would really only be doing it for a mushy and unsatisfactory set of reasons - because it is the most intrinsically rewarding thing I can think of doing (unlikely), out of habit, to achieve wealth for wealth's sake, in order to avoid the cognitive dissonance in my colleagues/friends when they see me leaving a big paycheck (at odds with their own choices), etc. I view this as primarily a mental challenge for me to get over ... not a legitimate challenge to my plans.

Regarding regrets, my own sense from this board is that very few seem to regret their decisions, but clearly we're dealing with a biased sample! I think a key consideration from your description is reversibility of your decision. For me, it would be quite irreversible with a 50%+ pay haircut if I tried to get back into my industry. That raises the bar for level of certainty required to pull the plug. You may find you have more room to experiment with part time or even leaving with an option to return (i.e. sabbatical, or quitting and potentially starting a new job later).

FWIW, I think having a sounding board for your personal decision is absolutely helpful. The boards and blogs are helpful, but your situation, mindset, alternatives, etc are surely unique. Luckily for me, I have had a very effective "psychiatry" services from my wife (and vice versa!)
You are correct -- I am a "Rumintator" too, even though you own the name!

Like you, I never thought that I identified much with my work or that my "sense of self" came from my work. I often told people "this is what I do; it is not who I am." Much of the time, I did not even really like what I was doing, though I was pretty successful at it. And I certainly have other interests, though they have been shoved aside by years of long hours at work (and by kids, etc.). But as it gets closer to the point at which I could actually pull the plug, I worry that maybe I am deriving more of my sense of self-worth from work than I would like to admit to myself. It seems the only way to test that is to leave and see how things go -- but that is a high-risk experiment.

That gets to the issue of how easy it would be for me to return, if I were to leave and then subsequently change my mind. I could probably get back into it if I made the decision to do so within a couple of years after leaving, but I would likely take a big pay cut. And as time passed, it would become more difficult, even if I were willing to do the same work for much lower pay. I am operating under the assumption that "when I am done, I am done."

It would be very unusual, in my company, for me to leave in my mid 50s. I can recall only two other people who have done that, in the 25 years or so I have been here. You might say "what difference does it make how common it is; you should do what you want, not what others choose". I guess that is right. But the environment creates a certain "baseline" for one's thinking. If there's hundreds of people standing around the perimeter of the swimming pool, but nobody has jumped in, you will probably think twice before taking the leap. ("I think I fancy a swim, but all these other people are pretty much the same as me -- I wonder why none of them are in the pool").

I like your "thought experiment" (why am I working if I have enough money; would I do this for free). I guess I would say if I continue to work it would be to increase the margin of error (increase the likelihood that I will have enough money to meet my needs and wants for the rest of my life). Even if the odds are pretty high, they could be higher. Inflation could be higher than expected. I could live longer than anticipated. My kids could need more support than I anticipate. My wife or I might decide we would like to spend a lot more than we presently anticipate. I realize this risk-averse mindset could lead one to work forever. I don't want that. Really, there is zero chance I would work past age 60. It is just a question of how much before that I retire. (I am 52 now).

Besides being risk averse, why might I continue? Possible answers: it is the path of least resistance (an object in motion...); slight fear of the unknown (what if I don;t like it); everyone else is doing it (follow the crowd); the external validation thing; a desire to leave on a high point (things are not going as great for me right now; I hate to feel like I left at a low point); and ability to do more charitably. I realize these are not very good answers (with possible exception of the last one). But they are a part of what I am trying to sort through.

On the other hand, a motivator to leave is that I am really not enjoying work very much these days. I am frustrated and annoyed at it. Why should I live my life frustrated and annoyed, if I don't have to? Why not accept the benefit of the money I have earned and saved?

Regarding "wife as psychologist" -- yea, many of us have that, I guess (when we want it, and maybe even when we do not!). The problem is she's too close to the situation. I feel like I need a sounding board who is totally objective and has no skin in the game.
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Old 06-06-2016, 03:18 PM   #51
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Thanks again to all who contribute to this forum and to those who thoughtfully replied to my earlier posts... now 1.5 years ago!

That point in my life marked the beginning of some big changes, in part inspired by this board (which I continue to stalk daily . We sold our expensive home and paid cash for a home in a lower COL area. We cut our living expenses (with basically zero pain) by 40% by just paying better attention. And the income kept going up as expected.

...

Thank you all for your insight and encouragement.

That is awesome. It is awesome you provided an update since so many people never do. Also really awesome you were able to lower your cost of living so much. Though our income is not quite what yours is it is higher than average and I have found it so easy for the higher than average life to come with it. Each year our standard of living slowly creeps up. What you have done is really great. Good work!
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Old 06-07-2016, 05:35 AM   #52
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Outstanding work on lowering your current Cost of Living and Expenses! I think that is the best thing you could have done and it will add up to extra money in your pocket every month!
You don't need to live like a pauper, and you can afford not to, but we all know there are things we could cut that won't really impact our enjoyment of life at all.
Nice job!
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Old 06-07-2016, 03:50 PM   #53
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Medved and Ruminator;

I have conversed privately with both of you and procrastinated about the retirement decision for 3 years. I close on the sale of my business in three weeks. Then work three days per week until December 31 then done working (except for a 5 year consulting contract that does not require me to be in the office ever). I am 56 and as I remember further along concerning the age of my kids and other issues.

I will let you know how the phase-out during the next 6 months progresses and thereafter. As we have discussed I never identified with my job or position and honestly did it in large measure for the money. I have plans to keep busy and my wife and I plan to spend 2-3 months per year traveling for the first few years. Given the amount I have worked over the past 30 years I am curious how this new lifestyle will go. My son is just beginning his career and adjusting to that change. I think my adjustment (and my wife's who has been stay at home since 1997) will be greater. But boy, am I looking forward to doing some adjusting......
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Old 06-07-2016, 06:26 PM   #54
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Phil - best of luck with it. I will be interested to hear how it goes. I imagine you will have a great time and that whatever "adjustment" there is will be a positive. And the consulting arrangement sounds like good "downside" protection -- if you miss work it will give you something work-like to do. But you probably won't miss work....
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Old 06-07-2016, 06:42 PM   #55
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You are correct -- I am a "Rumintator" too, even though you own the name!

Like you, I never thought that I identified much with my work or that my "sense of self" came from my work. I often told people "this is what I do; it is not who I am." Much of the time, I did not even really like what I was doing, though I was pretty successful at it. And I certainly have other interests, though they have been shoved aside by years of long hours at work (and by kids, etc.). But as it gets closer to the point at which I could actually pull the plug, I worry that maybe I am deriving more of my sense of self-worth from work than I would like to admit to myself. It seems the only way to test that is to leave and see how things go -- but that is a high-risk experiment.

That gets to the issue of how easy it would be for me to return, if I were to leave and then subsequently change my mind. I could probably get back into it if I made the decision to do so within a couple of years after leaving, but I would likely take a big pay cut. And as time passed, it would become more difficult, even if I were willing to do the same work for much lower pay. I am operating under the assumption that "when I am done, I am done."

It would be very unusual, in my company, for me to leave in my mid 50s. I can recall only two other people who have done that, in the 25 years or so I have been here. You might say "what difference does it make how common it is; you should do what you want, not what others choose". I guess that is right. But the environment creates a certain "baseline" for one's thinking. If there's hundreds of people standing around the perimeter of the swimming pool, but nobody has jumped in, you will probably think twice before taking the leap. ("I think I fancy a swim, but all these other people are pretty much the same as me -- I wonder why none of them are in the pool").

I like your "thought experiment" (why am I working if I have enough money; would I do this for free). I guess I would say if I continue to work it would be to increase the margin of error (increase the likelihood that I will have enough money to meet my needs and wants for the rest of my life). Even if the odds are pretty high, they could be higher. Inflation could be higher than expected. I could live longer than anticipated. My kids could need more support than I anticipate. My wife or I might decide we would like to spend a lot more than we presently anticipate. I realize this risk-averse mindset could lead one to work forever. I don't want that. Really, there is zero chance I would work past age 60. It is just a question of how much before that I retire. (I am 52 now).

Besides being risk averse, why might I continue? Possible answers: it is the path of least resistance (an object in motion...); slight fear of the unknown (what if I don;t like it); everyone else is doing it (follow the crowd); the external validation thing; a desire to leave on a high point (things are not going as great for me right now; I hate to feel like I left at a low point); and ability to do more charitably. I realize these are not very good answers (with possible exception of the last one). But they are a part of what I am trying to sort through.

On the other hand, a motivator to leave is that I am really not enjoying work very much these days. I am frustrated and annoyed at it. Why should I live my life frustrated and annoyed, if I don't have to? Why not accept the benefit of the money I have earned and saved?

Regarding "wife as psychologist" -- yea, many of us have that, I guess (when we want it, and maybe even when we do not!). The problem is she's too close to the situation. I feel like I need a sounding board who is totally objective and has no skin in the game.
There are others in this similar situation. As a now former very high income earner (7 figures/year) I can share my very recent feelings about ER - particularly as it relates to a career very tied to one's identity.

I think I might have just ER'd from medicine. I was hoping to stay part-time for the "intrinsic reward" of taking care of my patients and enjoying my specific "craft". Issues at the new gig caused me to pull the plug earlier than I anticipated as I could not operate at the very high level I am used to doing.

While I am only 2 weeks in I can share that I have had a roller coaster of emotions about this. One minute I start considering new opportunities that are being presented. The next I am grateful my next day is completely open and I don't have to deal with all the hassles, politics, etc. Financially I know we are good but given I am 44 with a younger wife and two young kids I can't help but second guess it as well. Surely this is normal, right?!

I often felt different than most physicians. In our field one's identity and self-worth is very tied to the profession. The egos are generally huge to the point of arrogance. The docs I know live, breath, eat medicine. I was never this way.

I graduated near the top of my class, entered a highly competitive field and practiced a speciality not many do. I enjoyed the "craft" I performed each day very much. Yet I was always excited to walk out the door at the end of the day.

It is rare for anyone under 60 to retire, unheard of anyone in their 40s.

In spite of that fact I felt I didn't let medicine become my identity, undeniably I have felt a strange reluctance to not be known as such. I am a bit surprised by these feelings. It's quite early so perhaps they shall pass with time.

Don't want to hijack the thread but hopefully sharing my experiences so far will help you.
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Old 06-07-2016, 07:33 PM   #56
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Don't want to hijack the thread but hopefully sharing my experiences so far will help you.[/QUOTE]

As the one who started the thread, I assure you that you are not hijacking it! It is supremely valuable (for me at least) to hear the experience of someone who so recently made such a similar transition. I hope you'll continue to post about your experience.

I hear you on your point that you "often felt different than most physicians". My field is somewhat similar - very competitive to get in, and fairly prestigious + financially rewarding once you do (esp at higher ranks), leading to a mentality of keeping the gravy train rolling at senior levels. In our organization, ER at 45 or so - my current plan - would be extraordinarily unusual, though not unprecedented. In talking with a couple people who have ER'd that young, we share our disbelief at how long most colleagues continue work for material gains beyond what they could possibly need. So there is a cohort of us who think alike...

P.S. I hope now that you are ER, you will soon be able to change your username to "Travelgotten"!!
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Old 06-07-2016, 08:52 PM   #57
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Interesting to hear your perspective, Travelwanted. And I will look forward to hearing how things go for you.

You had the "helping patients" benefit to your job. My job, by contrast, is not very socially useful. Nobody who truly needs help is helped by my work. Maybe if I were helping people, that would be a motivator to keep doing it. I don't know. I would have liked to be a doctor, but I could barely pass high school chemistry.
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Old 06-08-2016, 06:14 AM   #58
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You are correct -- I am a "Rumintator" too, even though you own the name!

Like you, I never thought that I identified much with my work or that my "sense of self" came from my work. I often told people "this is what I do; it is not who I am." Much of the time, I did not even really like what I was doing, though I was pretty successful at it. And I certainly have other interests, though they have been shoved aside by years of long hours at work (and by kids, etc.). But as it gets closer to the point at which I could actually pull the plug, I worry that maybe I am deriving more of my sense of self-worth from work than I would like to admit to myself. It seems the only way to test that is to leave and see how things go -- but that is a high-risk experiment.

That gets to the issue of how easy it would be for me to return, if I were to leave and then subsequently change my mind. I could probably get back into it if I made the decision to do so within a couple of years after leaving, but I would likely take a big pay cut. And as time passed, it would become more difficult, even if I were willing to do the same work for much lower pay. I am operating under the assumption that "when I am done, I am done."

It would be very unusual, in my company, for me to leave in my mid 50s. I can recall only two other people who have done that, in the 25 years or so I have been here. You might say "what difference does it make how common it is; you should do what you want, not what others choose". I guess that is right. But the environment creates a certain "baseline" for one's thinking. If there's hundreds of people standing around the perimeter of the swimming pool, but nobody has jumped in, you will probably think twice before taking the leap. ("I think I fancy a swim, but all these other people are pretty much the same as me -- I wonder why none of them are in the pool").

I like your "thought experiment" (why am I working if I have enough money; would I do this for free). I guess I would say if I continue to work it would be to increase the margin of error (increase the likelihood that I will have enough money to meet my needs and wants for the rest of my life). Even if the odds are pretty high, they could be higher. Inflation could be higher than expected. I could live longer than anticipated. My kids could need more support than I anticipate. My wife or I might decide we would like to spend a lot more than we presently anticipate. I realize this risk-averse mindset could lead one to work forever. I don't want that. Really, there is zero chance I would work past age 60. It is just a question of how much before that I retire. (I am 52 now).

Besides being risk averse, why might I continue? Possible answers: it is the path of least resistance (an object in motion...); slight fear of the unknown (what if I don;t like it); everyone else is doing it (follow the crowd); the external validation thing; a desire to leave on a high point (things are not going as great for me right now; I hate to feel like I left at a low point); and ability to do more charitably. I realize these are not very good answers (with possible exception of the last one). But they are a part of what I am trying to sort through.

On the other hand, a motivator to leave is that I am really not enjoying work very much these days. I am frustrated and annoyed at it. Why should I live my life frustrated and annoyed, if I don't have to? Why not accept the benefit of the money I have earned and saved?

Regarding "wife as psychologist" -- yea, many of us have that, I guess (when we want it, and maybe even when we do not!). The problem is she's too close to the situation. I feel like I need a sounding board who is totally objective and has no skin in the game.
+1
I feel like you are in my head. I am the same age and had/continue to have the same internal debates. FI plan is 55 when last kid graduates from college and all the math looks good, but for all the reasons you mentioned, I continue to have pause. My plan at this point (most coming from advice from others on this site) is to use the next 3 yrs exploring/doing test runs of what FIRE life may look like, including doing a 12 month financial test seeing if I can/want to live in my projected FIRE budget ($200K+) before I turn the hose off cold turkey. Also, the law of averages says our health only continues to be at risk as we continue to age. This is giving me some pause as my plan (which has already started) is to do certain things now/sooner that 1) cost more, 2) require more physical challenges. This means I think I will be spending more in the first say 10 - 15 yrs of RE than say the later years (barring some excessive medical expenses).

Great thread
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Old 06-08-2016, 09:46 AM   #59
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I continue to have pause.
It is certainly understandable that DawgMan continues of have pause.

The financial test you suggest is probably worthwhile, and others have suggested something similar, but for us I am afraid it would not work because: (1) our expenses post retirement would be very different than our current expenses (we still have a kid at home and one in college), including in some ways that I would find difficult to quantify or even estimate; and (2) we have never done any sort of budgeting at all (wife is resistant to it -- she just says "we have enough money so we should just buy whatever we want.")

For me, the psychological issues predominate over the financial ones. I guess I find some comfort in knowing that others are working through the same issues, and I gain some insights from what others write about their thought process.
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Old 06-08-2016, 10:28 AM   #60
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Originally Posted by medved View Post
It is certainly understandable that DawgMan continues of have pause.

The financial test you suggest is probably worthwhile, and others have suggested something similar, but for us I am afraid it would not work because: (1) our expenses post retirement would be very different than our current expenses (we still have a kid at home and one in college), including in some ways that I would find difficult to quantify or even estimate; and (2) we have never done any sort of budgeting at all (wife is resistant to it -- she just says "we have enough money so we should just buy whatever we want.")

For me, the psychological issues predominate over the financial ones. I guess I find some comfort in knowing that others are working through the same issues, and I gain some insights from what others write about their thought process.
A brief comment only on the financial aspect referenced above, Mint is a lifesaver. With minimum effort on your part, you will find out what you are actually spending and bring a level of insight and confidence to the topic you could not otherwise imagine having. I am starting my second year and I consider it a mandatory part of FIRE planning on any budget . I am in exactly the same snack bracket being discussed in this thread (age, kids, income, net worth) and it is proving hugely helpful.
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