Belt and Suspenders Regret

[traineeinvestor]

My FIRE date was a few years after FI was achieved - with a very long retirement period, I took the view that I would rather reduce risk by front loading a few years of high income work than end up scrambling for a low paying job and/or cutting our lifestyle when I'm in my seventies.

The absence of any form of financial stress tells me I did the right thing.

 

[sengsational]

I am not sorry because I couldn't really retire until ACA since COBRA was too expensive. I considered 63.5 my earliest age but worked until almost 66. My job was easy with huge bonues and profit sharing. The markets recovered so my savings grew like crazy then my mom died when I was 65 so I inherited some. Now over a million when I had planned to need 400K. It is very freeing knowing even a huge unexpected expense isn't a problem.

ACA was the thing that kept me out of OMY syndrome. That, and for a long while, I was entertaining the idea of an extended hiatus, but when I ran the numbers, realized I'd not need to go back.

 

[fishndad42]

Seems like I'll be the odd man out. No belt, no suspenders, just a rope and an old boy scout that knows his knots. 65 days until I ER at 60. My FA's model is 89%, my Firecalc puts it a bit higher. I modeled 30 years, my FA did 35 years. 3 times fighting cancer myself, DW also fought the beast and is on chemo every 3 weeks for the rest of her life. Signed the papers, taking a lump sum instead of regular pension. Fortunately health ins. is part of my package, and we can easily LBYM . A former boss told me when he retired, there is a simple question to ask yourself. What would you do with more money, what would you do with more time. For us, time is the precious commodity now.

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[ABQ2015]

It is reassuring to know that few regretted their decision to wait. I'm in the middle of delaying retirement two years to get a large bump in pension at age 62. If I could have gotten half the money after one year, I would have taken it but it is an all or nothing thing. The extra time has also allowed me to increase my 401k and cash reserves, especially as I paid off my mortgage in 2014. I worry about developing health issues but only because I am a natural born worrier, not because of any symptoms or test results. And I'm now much less anxious about future retirement expenses. If it would have been a matter of giving up more than 2-3 years of retirement or going beyond age 62, I would not delay but would just down scale my retirement plans.

 

[mamadogmamacat]

I arrived at no frills FI at 50. A comfortable, although i suppose still modest to some, FI at 53. But still wanted to wait to pick up a significantly better set of pension options at 55. It helped that I really enjoyed those last two years with a bit of mentoring newer employees, being completely honest about office silliness, in a congenial way of course, and sharing FIRE planning and advice with colleagues i cared about, of whom there were many. The decision at 55 was made so much more easy and pleasant because of this. And, to your question, it helps a lot to have a cushion so that the several unexpected expenses so far in my first year of ER have caused no financial anxiety at all. Nor has the high medical ins premiums (I do not qualify fro subsidy) to get the plan I want, as there was pad in the budget fro that too.

 

[Bestwifeever]

DH could have joined me in retirement a few years before he did but he wanted to be positive we could maintain our lifestyle (which would seem to be meager to some and luxurious to others). He actually did still enjoy his job and the people he worked with and for, and had even planned on working another three years than he did, but then a pretty nice buyout came along. But without his extra years in the job to get us past the pennypinching budget in retirement, there wouldn't be the trips in retirement now.

 

[Aiming_4_55]

We each have our reasons. Belts, suspenders, etc. depend on our (conservative) personality. For me, I'm a few years out before FIRE. I believe I'm FI, but waiting to be at least age 50 (47 now), a few more years/budget under my belt in a new location (LA area with high cost of living), elementary age kids, solo earner, and enjoy job, etc. all factor into my decision/direction. If anything changes, I'll have to decide but for now, it's adding padding for the unknown future. No regrets!