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Old 10-10-2007, 09:58 AM   #1
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What this forum really needs ...

Is another engineer from Texas who was a Navy Veteran (ASW; mostly S2-E with some P3; "Mr. Nords, Please activate the noise makers."), so here I am!

Only began to target RE in the past year or so as for the first 28 years of my career I just liked it. Management changes have created what is now a "toxic" environment that I'm anxious to remove myself from. I've been on a crash course of: this forum, Boglehead forum, Boglehead book, 4 Pillars, ESRBob book, Zelinsky book, and have at least two others to go on my reading table.

Will have been with MegaTech for 30 years in January 2008 (will give me 90% paid medical insurance; and is the last milestone I'm targeting). Current thoughts are to retire in 2008 as soon as I've put my $20.5K into my 401K. (Also quiet on my plans for possible bonus (10K last year) and will collect company profit sharing.)

Stats:
Myself and DW both 56. DW is a teacher (who still loves her work but may retire next year) and is currently eligible for 80% of her salary as pension.

FireCalc says we're FI (again; my divorce 10 years ago and my Enronesque approach to the Tech bubble with Company stock in 2000/2001 made for a couple of "do-overs"; think 401K became a 101K). Biggest risk remains too much exposure to company stock (stock options).

Stats:
- No debt (includng mortgage); Should I have paid it off??
- We're poor budgeters, but clearly LBYMers; I've put together a $70K post-retirement budget that has lots of pad.
- DWs pension = ~52K
- 401K plus my pension (assuming lump sum right now) = $900K
- Stock options (10 year options that will continue to vest/run after I retire) = ~$400K
- MegaTech stock from ESPP = $140K
- Vanguard mix of mutual funds, MM, and Junk Bonds = $112K (This is post tax money and is where my stock option money goes when I have to sell. Currenty let options run all the way to 10 year point and then sell; I'm in the second year of having to sell each year.

Well, this is too long; sorry. Glad to formally come aboard as I've enjoyed the info, humor, and spirit of this board. (I read the rules and will have to watch for a tendancy to "over-use" sarcasm.) Oh, and I'm not a financial advisor, don't want to buy your life insurance, and believe variable annuities are bad.

T.R.
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Old 10-10-2007, 10:35 AM   #2
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Let me be the first to say welcome .
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Old 10-10-2007, 10:40 AM   #3
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Old 10-10-2007, 12:18 PM   #4
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Welcome, fellow squid!
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Old 10-10-2007, 01:59 PM   #5
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Quote:
Originally Posted by TeeRuh View Post
...another engineer from Texas who was a Navy Veteran..
All that stacked against you and you're FI and planning to RE next year? Wow, I am impressed!

Welcome to the mosh pit forum.
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Old 10-10-2007, 02:22 PM   #6
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Quote:
Originally Posted by TeeRuh View Post
Is another engineer from Texas who was a Navy Veteran

T.R.
Welcome from another engineer who is retired from Hooligan's Navy.
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Old 10-10-2007, 02:30 PM   #7
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Wahoo, another Texan! Welcome to the forum!

TG
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Old 10-10-2007, 02:41 PM   #8
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Howdy!

Sound like a very welcome addition! However, just thought I would let you know that with the recent rationing in effect, I have already used up all the extra sarcasm credits though, so until you get some stripes 'round here, you can't have any. he he he
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Thanks y'all!
Old 10-10-2007, 03:29 PM   #9
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Thanks y'all!

Quote:
Originally Posted by Fireup2025 View Post
Welcome, fellow squid!
Quote:
Originally Posted by REWahoo View Post
All that stacked against you and you're FI and planning to RE next year? Wow, I am impressed!

Welcome to the mosh pit forum.
Quote:
Originally Posted by DRiP Guy View Post
Howdy!

so until you get some stripes 'round here, you can't have any. he he he
Thanks for the welcome. (I'm actually attempting to figure out this "quote" thingy; seems to be a lot of bells and whistles on this board, but then I've really not done much but "lurk" before.) Also trying to "up" my post count. Is that getting stripes?

T.R.
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Old 10-10-2007, 03:41 PM   #10
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TR,
Welcome to the forums. Glad you found us and appear to be well on your way to being FIRE(d). There are several other ex-military types and engineer types on the board. You are in good company in all respects. Enjoy your stay on the board and good luck in your FIRE plans.
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Old 10-10-2007, 03:52 PM   #11
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Welcome from yet another engineer from Texas. We need some ER-logo'd cowboy hats or something.
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Old 10-10-2007, 10:12 PM   #12
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Welcome aboard TeeRuh.

During my Navy days, I was constantly searching for the SUAM (Submarine to Air Missile). Who knows? Maybe now they have one.
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Old 10-10-2007, 10:22 PM   #13
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Welcome to the board, TeeRuh!

Quote:
Originally Posted by TeeRuh View Post
Is another engineer from Texas who was a Navy Veteran (ASW; mostly S2-E with some P3; "Mr. Nords, Please activate the noise makers."), so here I am!
I wish I had a nickel for every time my XO told me "Now, Nords, we're here to give these guys good training. Play stupid nice and be fair." But our noise augmenter was always on and I have the logs to prove it. That's my story and I'm stickin' to it.

Quote:
Originally Posted by Gumby View Post
During my Navy days, I was constantly searching for the SUAM (Submarine to Air Missile). Who knows? Maybe now they have one.
Gumby, did you ever hear about the aborted attempt in the 1990s to equip submarines with bridge-launched STINGER missiles? The program was canceled after a few trial runs with the torpedomen... and we had to go back to launching green flares at the bridges of the other ships.

Back on topic, TeeRuh, are you saying that you're a two-digit midget again? Congratulations!

Have you looked at the NUA treatment of your stock options?
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Does NUA apply?
Old 10-11-2007, 07:58 AM   #14
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Does NUA apply?

Nords, I really hate to admit how outmanned we were against the nukes, but then the Stoof wasn't exactly state of the art in 1975 ...

Gumby, Having worked some "black programs" during the early days of my career I can only say one doesn't always know what one knows and/or one doesn't always know what one thinks one knows ... (and just how fast can those damn boats go anyway??)

Quote:
Have you looked at the NUA treatment of your stock options?
Most (99+%)of my options are Non-Qualified Options. Excercising them results in the profit being taxed as regular income. Does any sort of NUA approach apply since it's not really stock in a tax defferred account? (Asking out of ignorance here.)

T.R.
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Old 10-12-2007, 09:34 PM   #15
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Most (99+%)of my options are Non-Qualified Options. Excercising them results in the profit being taxed as regular income.
IRS 83b election?
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Old 10-15-2007, 10:34 AM   #16
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IRS 83b election?
Well I hadn't heard of this so I "googled away". I could use this for a very tiny amount of recently granted "restricted stock", but it is the one small piece that also will not continue to vest when I pull the cord.

What I found:

Quote:
Many option holders, seeing the beneficial effect the election can have, wonder if they can make the election when they receive nonqualified options. Unfortunately, the answer is no.
Appreciate the different approaches being thrown out. Lots of info and learning opportunities; that's why I've enjoyed this forum.

T.R.
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