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50 and less than a million
02-13-2009, 05:02 AM
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#1
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Recycles dryer sheets
Join Date: Sep 2004
Posts: 224
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Is there any one who has ER'd in the last year who is age 50 or less with 1 million or less in the coffers? Did the plan pay off ? Would you do it that way again? What have been the up-sides?
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02-13-2009, 08:23 AM
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#2
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Recycles dryer sheets
Join Date: Jan 2009
Posts: 158
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Are you asking how much in liquid assets. I plan on going this year at 50 and only have a 1/2 million in savings. However my net worth is about 1.2 million and I will have a pension. If the pension is drawn out over 20-25 years and I'm not dead by then ,we can add another million or so.
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02-13-2009, 08:24 AM
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#3
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Moderator
Join Date: Oct 2005
Location: Texas Hill Country
Posts: 7,254
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Without a pension and retiree health insurance, this is a virtual impossibility without either an austere lifestyle or at least a part-time j*b...
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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02-13-2009, 08:50 AM
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#4
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Thinks s/he gets paid by the post
Join Date: Jan 2007
Location: Sarasota,fl.
Posts: 4,735
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 Quote:
Originally Posted by ziggy29
Without a pension and retiree health insurance, this is a virtual impossibility without either an austere lifestyle or at least a part-time j*b...
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Didn't the Kaderli's do it on $500,000 ?
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02-13-2009, 08:57 AM
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#5
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Moderator
Join Date: Oct 2005
Location: Texas Hill Country
Posts: 7,254
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Quote:
Originally Posted by Moemg
Didn't the Kaderli's do it on $500,000 ?
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They still have earned income from the sale of stuff on their web site, so that doesn't completely count. 
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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02-13-2009, 09:17 AM
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#6
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Recycles dryer sheets
Join Date: Jun 2008
Posts: 170
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Whether a plan works or not takes time to see. I left the workforce full time last April with just over 1M in liquid assets and another $300K in real estate and other real property.
I thought I needed about 40K a year income to continue my lifestyle. It's more like 36K looking at first year results.
I have HDHP health insurance running about $300 a month at age 52 and no health issues.
I ended up working P/T but it was more of an accident than a plan. This cut my first year draw in half.
Figure out what your annual expenses are, add a 10% fudge/fun factor to that and run the numbers through FIRECALC.
What has been the upside? More time to go hunting, shooting and fishing. Much less stress, lost some weight, eat better and taking more time to prepare meals, taking more naps, more visiting friends, getting more projects accomplsihed around my house. Cut down on the use and cost of fossil fuels to heat my house as I have the time to tend a wood stove.
I decided to take the plunge because some day I am going to be be dead and that is a guarantee. Ihave lost the entire generation above me in my family.
__________________
"If you don't think too good, don't think too much" - Ted Williams
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02-13-2009, 02:11 PM
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#7
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Thinks s/he gets paid by the post
Join Date: May 2006
Posts: 1,037
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Quote:
Originally Posted by ziggy29
Without a pension and retiree health insurance, this is a virtual impossibility without either an austere lifestyle or at least a part-time j*b...
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Or perhaps an income stream from something like, oh I don't know, uh..real estate with a property manager so it's passive!
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02-13-2009, 04:20 PM
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#8
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Moderator
Join Date: Oct 2005
Location: Texas Hill Country
Posts: 7,254
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Quote:
Originally Posted by honobob
Or perhaps an income stream from something like, oh I don't know, uh..real estate with a property manager so it's passive!
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Silly me. I forgot the One True Way....
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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02-13-2009, 04:29 PM
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#9
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Recycles dryer sheets
Join Date: Aug 2004
Posts: 55
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I retired from fulltime w*rk last year at age 49 with less than 800k portfolio plus about 325k set aside to build a house. I do work at H&R Block (during tax season only) to pull in $4-5k per year.
Low budget tastes and moving to Canada where health insurance is $96/month for two people makes it possible. I have reduced spending by about 500 per month to lessen the initial hit to the portfolio (currently 650k) during these early years of retirement. No pension awaits, just Social Security. Not panicking yet...
Last edited by Red_y; 02-13-2009 at 08:13 PM.
Reason: wrong word
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02-13-2009, 09:43 PM
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#10
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Recycles dryer sheets
Join Date: Jan 2007
Posts: 185
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Quote:
Originally Posted by Red_y
Low budget tastes and moving to Canada where health insurance is $96/month for two people makes it possible.
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Could you say more about this? Can anyone just move there and buy into the Canadian health insurance? Puzzled by this comment.
Thanks,
spncity
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02-14-2009, 09:50 AM
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#11
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Thinks s/he gets paid by the post
Join Date: Jul 2005
Location: Baton Rouge
Posts: 2,073
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Quote:
Originally Posted by Red_y
Low budget tastes and moving to Canada where health insurance is $96/month for two people makes it possible.
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We are fortunate that we are able to move to the UK should the need arise. After 6 months residency we would be covered by the NHS, plus private insurance is also available as a supplement.
It is not something we want to do - we love it here and our children have grown up and live here - but it is a safety net that is nice to have.
__________________
Age and treachery will usually overcome youth and ability
Countown clock is at 9 weeks to be SIRE'd
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02-13-2009, 10:40 PM
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#12
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Thinks s/he gets paid by the post
Join Date: Jan 2004
Posts: 1,327
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Quote:
Originally Posted by ziggy29
Silly me. I forgot the One True Way....
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It is one thing to know The One True Way but another to walk it. Wait, I heard that somewhere. Must have been a religious revelation.
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02-13-2009, 02:27 PM
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#13
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Full time employment: Posting here.
Join Date: Jan 2006
Posts: 702
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Quote:
Originally Posted by ziggy29
Without a pension and retiree health insurance, this is a virtual impossibility without either an austere lifestyle or at least a part-time j*b...
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It's not even close to an impossibility. Most people retire with far less. If I were 49 with $500,000 or more in after tax savings i'd retire. I live in a low cost area where most live on $1xxx/mo. I've never had a continuous outflow that topped $1200/mo.
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02-13-2009, 02:29 PM
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#14
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Recycles dryer sheets
Join Date: Feb 2008
Posts: 499
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Quote:
Originally Posted by aaronc879
It's not even close to an impossibility. Most people retire with far less. If I were 49 with $500,000 or more in after tax savings i'd retire. I live in a low cost area where most live on $1xxx/mo. I've never had a continuous outflow that topped $1200/mo.
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I suspect you might be considered a reasonable fit for ziggy's "austere" clause.
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02-13-2009, 02:34 PM
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#15
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Full time employment: Posting here.
Join Date: Jan 2006
Posts: 702
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Quote:
Originally Posted by tiuxiu
I suspect you might be considered a reasonable fit for ziggy's "austere" clause.
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Compared to people on here, yes. However, millions of people live on as little or less than I do. Although most of them do it out of necessity. I do it out of a strong desire to not have to work any longer than possible.
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02-13-2009, 08:30 AM
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#16
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Recycles dryer sheets
Join Date: Sep 2004
Posts: 224
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A couple of years ago Barron's ran an article about a guy who did it with 600k; I wonder how he's doing?
My original question inplied 1 million or less w/o fancy pensions, COLA products/add ons etc.
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02-13-2009, 08:35 AM
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#17
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Moderator
Join Date: Oct 2005
Location: Texas Hill Country
Posts: 7,254
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Quote:
Originally Posted by ferco
A couple of years ago Barron's ran an article about a guy who did it with 600k; I wonder how he's doing?
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My guess: working again. I'm surprised he hasn't been featured somewhere if so; these fearmongering "I have to go back to work because this market/economy have busted my retirement" articles are quite common these days.
Quote:
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My original question inplied 1 million or less w/o fancy pensions, COLA products/add ons etc.
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Well, I guess "virtually impossible" might have been a bit strong. I guess I'd rephrase that as simply "way too risky." Sure, if you had the inflation-adjusted equivalent at that age and started retirement in 1982, you probably would have done just fine (assuming you went more conservative as you aged into the late 1990s). But I think without pensions or health insurance provided, you either have to live as a borderline pauper or get lucky in the timing of your retirement in order to have this be survivable.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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02-13-2009, 06:21 PM
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#18
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Moderator
Join Date: Sep 2007
Posts: 3,437
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Quote:
Originally Posted by ferco
A couple of years ago Barron's ran an article about a guy who did it with 600k; I wonder how he's doing?
My original question inplied 1 million or less w/o fancy pensions, COLA products/add ons etc.
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A little less than a million without a pension at age 50--that's 12 years til SS, 15 til medicare--is a little scary imho. The smaller the nest egg, the scarier it would get for me.
That's a lot of years in retirement to cover, a lot of health insurance to buy.
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02-13-2009, 06:28 PM
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#19
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Thinks s/he gets paid by the post
Join Date: Jan 2007
Location: Sarasota,fl.
Posts: 4,735
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Quote:
Originally Posted by Bestwifeever
A little less than a million without a pension at age 50--that's 12 years til SS, 15 til medicare--is a little scary imho. The smaller the nest egg, the scarier it would get for me.
That's a lot of years in retirement to cover, a lot of health insurance to buy.
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I think it would be a lot less scarey for a single person with no debt then a couple .
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02-13-2009, 08:35 AM
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#20
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Recycles dryer sheets
Join Date: Apr 2005
Posts: 496
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I ER'd at 45, less than a million liquid assets, but with plans that should survive.
Not too much changed in my plans, except my budget. I also decided to keep my law license current. My plan includes things not affected by the current economy, including selling property some distant day in the future.
I put some new carrots in my planning, like buying a used Class B camper van if I find a great deal.
I think it's all doable with paid off property and autos and knowing the life you want to live. I'm very happy.
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