Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 02-14-2015, 09:21 AM   #21
Dryer sheet aficionado
 
Join Date: Sep 2011
Posts: 44
Just an update...talked to my immediate supervisor and requested to work part time (2 and a half days - 2 days in the office and the half day at home) and she has agreed to it but requested if I can start the P/T schedule in April or May. I prepared a whole analysis on how much the company will save with me working P/T. (half salary/half benefits/increase in my health care contributions etc but with less responsibities). Did not care about the reduced income since I wanted to get out or minimized any interaction with the office. working P/T would be better than resigning which I almost did. My health is already getting affected just being in the office.

This should reduced my withdrawals and avoid paying for health care for now thru ACA till I do the ER next year. Currently have about $820T in taxable accts, $285T in a 401K plan and 100T in a roth IRAand about 50T in savings a/c. We also have about $150T for our son in 429, coverdell and a custodial 529 a/c. Quite modest compared to the assets of some of you here but I hope this would be enough to ER. current expenses around $4T but should be go down when we cut a few expenses. (2 car leases totals $750 a month. we plan to buy used but reliable cars once the leases end to lower expenses plus cut a few more here and there). Withdrawals should also be further reduced when I start taking SSS at 62 about $1,700/month. DW will still work and will increased her days from 2 days to 3-4 days a week to get more income.

Hope everything goes well and hoping I made a sound decision. This forum really helped me a lot, giving me confidence and lifting my spirits. I thank you all....
__________________

__________________
jesaco is offline   Reply With Quote
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!

Old 02-14-2015, 09:25 AM   #22
Full time employment: Posting here.
Accidental Retiree's Avatar
 
Join Date: Feb 2012
Posts: 975
Congratulations on getting approval for that part-time schedule.

Quote:
Originally Posted by jesaco View Post
Just an update...talked to my immediate supervisor and requested to work part time (2 and a half days - 2 days in the office and the half day at home) and she has agreed to it but requested if I can start the P/T schedule in April or May. I prepared a whole analysis on how much the company will save with me working P/T. (half salary/half benefits/increase in my health care contributions etc but with less responsibities). Did not care about the reduced income since I wanted to get out or minimized any interaction with the office. working P/T would be better than resigning which I almost did. My health is already getting affected just being in the office.

This should reduced my withdrawals and avoid paying for health care for now thru ACA till I do the ER next year. Currently have about $820T in taxable accts, $285T in a 401K plan and 100T in a roth IRAand about 50T in savings a/c. We also have about $150T for our son in 429, coverdell and a custodial 529 a/c. Quite modest compared to the assets of some of you here but I hope this would be enough to ER. current expenses around $4T but should be go down when we cut a few expenses. (2 car leases totals $750 a month. we plan to buy used but reliable cars once the leases end to lower expenses plus cut a few more here and there). Withdrawals should also be further reduced when I start taking SSS at 62 about $1,700/month. DW will still work and will increased her days from 2 days to 3-4 days a week to get more income.

Hope everything goes well and hoping I made a sound decision. This forum really helped me a lot, giving me confidence and lifting my spirits. I thank you all....
__________________

__________________
Chief Retirement Strategist
The AR Group
Accidental Retiree is offline   Reply With Quote
Old 02-14-2015, 09:37 AM   #23
Thinks s/he gets paid by the post
2B's Avatar
 
Join Date: Mar 2006
Location: Houston
Posts: 4,330
Quote:
Originally Posted by jesaco View Post
Currently have about $820T in taxable accts, $285T in a 401K plan and 100T in a roth IRAand about 50T in savings a/c. We also have about $150T for our son in 429, coverdell and a custodial 529 a/c. Quite modest compared to the assets of some of you here but I hope this would be enough to ER. current expenses around $4T but should be go down when we cut a few expenses. (2 car leases totals $750 a month. we plan to buy used but reliable cars once the leases end to lower expenses plus cut a few more here and there). Withdrawals should also be further reduced when I start taking SSS at 62 about $1,700/month. DW will still work and will increased her days from 2 days to 3-4 days a week to get more income.
Have you run FireCalc on your numbers? Ignoring the 429 (529-?), you have liquid assets of $1.255 MM. The 4% rule of thumb says you can take $4,200/mo. and have a 95% safe 30 year retirement (inflation adjusted). The SS for you and your DW adds to this cash flow. Cutting expenses that don't add to life enjoyment is always good. Spend money on what means something to you.

If your health is being negatively impacted, you are ready to go. Congratulations on getting your DW to increase her work load so you can cut your hours. I don't see this very often. Based on my quick analysis, her sacrifice is not needed unless I'm missing something.
__________________
The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane -- Marcus Aurelius
2B is offline   Reply With Quote
Old 02-14-2015, 03:02 PM   #24
Dryer sheet aficionado
 
Join Date: Sep 2011
Posts: 44
2B, Sorry. I meant 529 not 429. I also did my numbers in fireCalc and I basically got the same results as you said based on a 30 year time. Guess that gave me the courage to tell them about the part time hours. When we leased our cars we did not have any thoughts of ER yet but this has changed. Thanks again for the inputs. DW likes her job and is very near our house. She always had the option on how many days she can work but already told her employer she will be adding a day or two and her boss said they are "Thrilled" about it. Finding this site has been truly a blessing...Learned a lot.


Quote:
Originally Posted by 2B View Post
Have you run FireCalc on your numbers? Ignoring the 429 (529-?), you have liquid assets of $1.255 MM. The 4% rule of thumb says you can take $4,200/mo. and have a 95% safe 30 year retirement (inflation adjusted). The SS for you and your DW adds to this cash flow. Cutting expenses that don't add to life enjoyment is always good. Spend money on what means something to you.

If your health is being negatively impacted, you are ready to go. Congratulations on getting your DW to increase her work load so you can cut your hours. I don't see this very often. Based on my quick analysis, her sacrifice is not needed unless I'm missing something.
__________________
jesaco is offline   Reply With Quote
Old 02-16-2015, 12:15 PM   #25
Thinks s/he gets paid by the post
 
Join Date: Jun 2014
Posts: 1,466
I think working p.t. can be the best of both worlds for many people. Congrats! Here's hoping that the reduction will help your health. Office BS can really be toxic.
__________________

__________________
Teacher Terry is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
resting heartbeat an independent predictor of life span Khufu Health and Early Retirement 15 04-22-2013 12:18 PM
57 – job eliminated – would LOVE to RE, but nervous that I can’t afford it…. smurray5991 Hi, I am... 17 11-11-2012 04:33 PM
Saving would be nice, but... FIREd FIRE and Money 41 10-16-2007 05:02 PM
i posted ths on anther frum, but it mst b 2 hard zuki FIRE and Money 21 04-23-2004 04:50 AM
Re:  Yes, but. Nords Other topics 1 04-01-2004 12:19 PM

 

 
All times are GMT -6. The time now is 07:42 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.