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anyone retiring on a specific date regardless of $
Old 01-19-2015, 07:31 PM   #1
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anyone retiring on a specific date regardless of $

I see frequent post regarding a certain "number" or SWR. I'm fully committed to retiring at age 50 regardless of what I have saved. Is there anyone else planning for an age or benefit based retirement as opposed to a dollar amount? In my case, age 50 brings good retiree health care benefits. The market will dictate my income; probably between $50,000 and 70,000/yr. This is significantly less than my current expenses but i live in a high cost city and will for sure move to a less expensive area. i will have no debt so i'm essentially forcing myself to live with this new budget. I can't be the only one doing this. Any one else?
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Old 01-19-2015, 07:51 PM   #2
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Not me, but I think you're describing the opposite of OMY - No More Years!
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Old 01-19-2015, 08:23 PM   #3
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I love the idea. Ballsy! Good luck.
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Old 01-19-2015, 08:26 PM   #4
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Originally Posted by MatatuPuncher View Post
I see frequent post regarding a certain "number" or SWR. I'm fully committed to retiring at age 50 regardless of what I have saved. Is there anyone else planning for an age or benefit based retirement as opposed to a dollar amount? In my case, age 50 brings good retiree health care benefits. The market will dictate my income; probably between $50,000 and 70,000/yr. This is significantly less than my current expenses but i live in a high cost city and will for sure move to a less expensive area. i will have no debt so i'm essentially forcing myself to live with this new budget. I can't be the only one doing this. Any one else?
One day we just added up what we had between pensions, SS and investment income and realized it was more than enough if we optimized our expenses better. We printed out the Consumer Expenditure Survey side by side with our budget and realized, even factoring in residing in a high cost of living area, we were needlessly spending way too much on areas like groceries, insurance, utilities, eating out and hair salons, and we'd rather spend less and not have to work full-time.

We cut a lot and still live in the same house, actually drive nicer cars and even eat out more than we did before. We just went through the budget and optimized every expense down to brand of toilet paper, and it all added up enough to be FI.

Added: We have a very conservative portfolio and will try to live mainly on SS + pensions, so not much market risk for us. We just optimized expenses to live on a very conservative AA (0 - 1%) real.
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Old 01-19-2015, 08:43 PM   #5
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Yes - The absolute latest time I plan to ER coincides with my 55th birthday.
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Old 01-19-2015, 09:30 PM   #6
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Here's the problem with that question: there really is no "right" answer as it almost entirely rests on your tolerance for risk. There was a fiery if not highly educational debate recently at the BH forum regarding the 4% SWR debate. Yes, that debate is (very) old, but in that thread it essentially amounted to a stand off between those that would risk retiring early and running out of money and those who couldn't or wouldn't take that risk.

The whole MMM controversy on an earlier thread on this site included much criticism of the MM's approach to risk. Personally my (tennis) balls get smaller by the day so I could never make the leap to retire regardless of how much I'd saved. Yes I worked more/saved more and yes it did just about kill me but I consider having bought peace of mind with it now that I am retiring in just a few weeks.

OTOH, your (tennis) balls may be much larger than mine.
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Old 01-20-2015, 12:29 AM   #7
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As long as you will have no debt. and/or kids in college, you should be ok . The worst that could happen is having to work temporarily or part time. Not a show stopper.

I set my original departure at the minimum years to be vested for partial retiree medical subsidy. I stayed 2 years longer and regret it . I should have gone then.

If you can afford to go , and don't enjoy work , take the opportunity . Very few have the choice.
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Old 01-20-2015, 06:05 AM   #8
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I appreciate everyones input. I'm planning on a 3% SWR at age 50 which i feel is fairly conservative. I'm also not planning on any social security at all so whatever benefits are available to me at age 70 will be icing on the cake. I've had widely varying income throughout my life and i've always managed to live below my means and save at least 10%. $50,000 and a paid for small house should be doable in many areas of the country I think. We shall see!
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April 1st 2017
Old 01-20-2015, 09:53 AM   #9
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April 1st 2017

DW is retiring 4-1-17, 30 years + 1 week govt service, pension and retiree HC then avail. Firecalc has us at 99%+. That's good enough for me, as well.

Plus, we appreciate the symmetry of April Fools Day and our so called careers.................in my best 60's hippie accent,......the final three years have been a real drag, man.
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Old 01-20-2015, 10:01 AM   #10
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My goal is 4/2/20, which is my 50th birthday. Give or take, depending on how well the stock market does, and how quickly the BS buckets fill up at work.
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Old 01-20-2015, 10:16 AM   #11
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I would have if I was single. Since I was not I ended up with a few OMY. I could delay now only if another Black Monday happened...that might give me pause to recalculate things (note I've done that scenario after retirement but not just before when I could hit the pause button)

No pension/HC so it's all on me
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anyone retiring on a specific date regardless of $
Old 01-20-2015, 10:27 AM   #12
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anyone retiring on a specific date regardless of $

I retired on the first day when I was eligible to officially retire back in 2009. I had a backup plan of retiring on my 62nd birthday, seven months later, but did not have to do that. Being a worrier by nature, I worked at LBYM and planning to the point of overkill and beyond. The 2008-2009 recession was SO unnerving but I bought instead of selling, kept working at LBYM, and managed to retire just as planned.

There's nothing better than seeing a long term plan unfolding as it should, despite obstacles.


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Old 01-20-2015, 11:51 AM   #13
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Yes. Age 50 for us too. Income will be whatever it is and adjusted each year based on market conditions.
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Old 01-20-2015, 02:46 PM   #14
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Yeah, my latest calculations for me working until 50 looks really really good. similar income and withdrawal rate that you are looking at as well. So, yeah, I'll throw my hat in the 2020 ring, and I really like April fools day to retire!
So, here's to retiring on April 1st, 2020!
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Old 01-20-2015, 03:21 PM   #15
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Yes - The absolute latest time I plan to ER coincides with my 55th birthday.
+1 I plan to retire exactly on 55th birthday.
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Old 01-20-2015, 03:51 PM   #16
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Yes. Age 50 for us too. Income will be whatever it is and adjusted each year based on market conditions.
Very appropriate considering your user name
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Old 01-20-2015, 04:55 PM   #17
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Our SWR goal is 2.5%, which has been reached already. Age is TBD as OMY is in effect. We have no debts except for one kid is still in college but feel that we need more if we ended up moving to the Bay Area to be closer to DD. My thought is to live about 60 miles north of Silicon Valley (e.g., Concord, Vallejo, Brettwood) where housing is somewhat affordable.
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Old 01-20-2015, 05:14 PM   #18
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I had a specific date. April 30. I didn't have a specific year but once we got well past the number it just became a Clint Eastwood mash-up, 'A man's got to know his limitations' and 'Go ahead, make my day'. One day the buckets wound up full and that was it, the next April 30 on the calendar was the day. And yes Harry, I do feel lucky. Thanks for all the words of wisdom through the years.
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Old 01-20-2015, 06:37 PM   #19
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Yes - The absolute latest time I plan to ER coincides with my 55th birthday.
I have you beat by a couple years. The absolute latest time I plan to ER coincides with my 53rd birthday. Oh, wait. That was 2 years ago. I'm now in 3xOMY.
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Old 01-20-2015, 07:03 PM   #20
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We did that at ages 53 & 58. We did it based on what we had-making it work. However, we both consult in our fields p.t. because we want to. Some day we will get sick of it & quit but right now we love it. We can live on our pensions alone.
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