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You helped me make the decision to be FIRE'd.
Old 02-25-2014, 03:53 PM   #1
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You helped me make the decision to be FIRE'd.

Hi, I've been lurking for 1-2 weeks but the forums here helped me decide to make the move. I am a 54 year old MD who has been in 5 different positions since finishing my training and only one came close to fulfilling my personal as well as professional goals, but it only lasted about 3 years. That position gave me the most time off, of course! Have invested extensively since 1993, before student loans were paid off, and acquired an inheritance 4 years ago, so between the two, DH and I are already FI. Just turned in my letter to our medical director--will go half time in a few months so the can hire a replacement, then done 6 months later. I credit all of you who seem so happy and helpful to one another for helping me decide that now is the time. Especially love the OMY syndrome threads.
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Old 02-25-2014, 03:58 PM   #2
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Congrats Doc! Welcome to the best club out there.
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Old 02-25-2014, 05:07 PM   #3
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Congratulations.
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Old 02-25-2014, 05:13 PM   #4
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Congrats and welcome aboard
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Old 02-25-2014, 05:17 PM   #5
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Congratulations and best of luck. Nice to add to the roster.
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Old 02-25-2014, 05:19 PM   #6
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What are you nuts? Get back to work

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Old 02-25-2014, 05:50 PM   #7
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Welcome EastWest Gal and big congratulations. Similar line of work at age 50...hope to be where you are in 4 years. Please tell us more.
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Old 02-25-2014, 07:18 PM   #8
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Old 02-25-2014, 11:36 PM   #9
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Congratulations on the start of your retirement!
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Old 02-26-2014, 04:55 AM   #10
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Well done. I wish I could say the same about my own FIRE.
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Old 02-26-2014, 05:29 AM   #11
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Woo-Hoo! Congratulations!
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Old 02-26-2014, 06:10 AM   #12
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Congratulations!. Now you'll have time to read all the posts in the What did you do today? thread.
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Old 02-26-2014, 06:46 AM   #13
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Congratulations!. Now you'll have time to read all the posts in the What did you do today? thread.
And add some of your own...
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Old 02-26-2014, 10:27 AM   #14
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Congratulations and welcome. This forum helped me come to terms with my decision to ER last July, so I was similarly grateful for the folks here.

I have to chuckle when I recall a moment at work last year. I was reading this forum and a younger colleague with whom I worked a lot walked into my office and noticed the "Early Retirement" website open on my computer. His jaw dropped open. He was flabbergasted at how I could possibly be contemplating, educating myself, about this move. I've thought about his reaction many times.

What we are doing is counter-cultural, even radical. It sure helps to have the support of this Forum.
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Old 02-26-2014, 11:13 AM   #15
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What we are doing is counter-cultural, even radical. It sure helps to have the support of this Forum.
LOL, I feel like such a rebel.

Wekkom to our world.
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Old 03-05-2014, 08:50 AM   #16
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I want to share some numbers and also have a question about FireCALC:

First the question--when you donate to FireCalc, is that how you get access to advanced features? It's not clear what you get by donating. I plan to donate but just curious what you get when you do.

Now, the numbers.

I'm 54, husband 55. DH a self-employed musician and stayed at home completely when our son was little. A few thousand a year income at most. Net worth: $3.6M. I have $250K in current 401K, $420K in IRA from previous 401Ks. $130K in treasuries (short term now, just a safe place to hold it), $78K in an inherited IRA (I have to take distributions already), $2.1M in taxable investment accounts, balanced, index funds through DFA and also cash enough for about 1 yr expenses. House ($310K) paid for, car and van paid for, will need a new van in about 5 years. Will need to do COBRA when I go half time then find health insurance, also for our son until he finds work after college. He graduates in 2015. His 529 plan will be depleted next semester, estimated out of pocket expenses for him to finish school about $25K. I estimate my expenditures this year to be $100K (excluded paying off the house from the treasury account) and next year about $70K including health insurance, long term care insurance, timeshare maintenance fees. Plus whatever for fun and travel.

Going 1/2 time in the fall ($70K/yr) but will lose benefits and will need to do COBRA then find another plan. Passive income about $40K from dividends and farm property. Tiny pension kicks in in 2024 ($6000/yr) and will take SS at age 67, about $22000/yr. Basic FireCALC says I'm at 100% chance of success. And we started a Roth IRA for our son last year as a way of gifting now to avoid estate taxes later. My inheritance helped me retire early and I would love for my son to experience the same freedom without waiting for me and DH to die.

Do you see any holes in the plan?
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Old 03-05-2014, 09:46 AM   #17
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It would seem that your assets should be more than sufficient if you work part time. Between your $70K PT salary and your passive income it just about covers your expenses. How many years of continued part time work are you modeling in Firecalc?

Have you tried running the investigate tab to see what expense level allows for 100% past historical success? I would try running different scenarios regarding the number of years in your plan, and a variety of different portfolio allocations just to see how things vary.

It's always good to know what SWR percentage gives you 100% success level in Firecalc. If it's around 4%, that might be a bit less conservative than some members would be comfortable with. If it's closer to 3%, I don't think anyone here would hesitate to move forward.
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Old 03-05-2014, 09:52 AM   #18
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Seems like you've planned out finances well-enough to weather the future (barring the 'asteroid strike' as they say on the forum ). Only "holes" in your ER plan might be personal/psychological issues. Like you & DH adjusting to having MUCH more together time, finding meaningful things to do after initial ER euphoria wears off, adjusting to yourself as "EastWest Gal" rather than "Dr Gal", etc. Since the other position you found fulfilling included more time off, the other "hole" in your plan might be that you enjoy half-time so much you want to keep doing that for a few years. Which is fine, too. Always great to have viable options.
Congrats!
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Old 03-07-2014, 11:21 AM   #19
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Don't know where else to post this...

This is the only site I've ever seen where people post their honest financial numbers and get advice. Kudos to all of you knowledgeable "been there done that" folks who share their perspective on how to get off the wheel in the hamster cage of the work environment. In our offline lives we are much more secretive.
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Old 03-07-2014, 11:42 AM   #20
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In our offline lives we are much more secretive.
Please don't be lulled into a false sense of security; we should all be somewhat circumspect as to what details we let out even here.

Just as an example, I doubt if there are more than a very few members here who know that I'm ... [ERROR: POSTING TRUNCATED DUE TO INDISCRETION.]
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