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Can I retire now?
Old 08-12-2012, 10:34 AM   #1
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Can I retire now?

I am very stressed out at work and I want to retire NOW. I am 49 years old. My investments will bring in about $1000 a month. My rent is $500 a month, and I am willing to get a part time job. I think think early retirement is feasible. What do you think?
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Old 08-12-2012, 11:13 AM   #2
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No, you cannot retire now. Get another job.
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Old 08-12-2012, 11:55 AM   #3
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No, you cannot retire now. Get another job.
+1 You will be living in poverty. Also, is health insurance included in your budget? No disrespect, but the taxpayers are supporting too many people as it is without adding another to the rolls.

If you don't like your job, find another one. A good friend of mine changed jobs in his mid 50s and went from being miserable to loving his work.
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Old 08-12-2012, 02:02 PM   #4
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If you're living on $1000/month already you may be good to go, depending on what type of investments you have, health care plans, and if you have Social Security or a pension coming on line later. But I agree with the others, that leaves you very vulnerable to any unplanned expenses.
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Old 08-12-2012, 06:14 PM   #5
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We are very similar situations and same age. I am also struggling with a very stressful job and like you I have been seriously considering semi-retirement or even full retirement in the near future.

I personally feel like my health has seriously declined over the past few years including high blood pressure due to stress on the job and working 55-60 hours per week. I find it difficult to find time to work out on a regular basis and really relax during my off time due to constant deadline worries.

I feel like I could walkaway any day and I could make it fine since I have a small paid off homestead and no debt. However I still have that lingering doubt due to healthcare. I am considering a HDHP with HSA since Megacorp switched everyone over to one this year.

I personally struggle with the same thing every day when I get handed a new last minute project with unrealistic expectations. I am inclined to tell you to go for it but without more details about all expenses it is difficult. Good luck in your decision.
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Old 08-13-2012, 07:56 AM   #6
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I would say that if the only reason you are looking to ER is to get out of a bad job situation then you owe it to yourself to find another job and THEN decide if you still want to ER. I've been saving for ER since I was 25 years old. I'm nearly at the point where I can do it, and my job makes me want to do it NOW .... but the smarter side of me knows that I dont have enough saved for many "wants" and that a major medical problem would make me shudder financially.

$1,000 a month is not alot to live on. I have $850 per person per month budgeted for medical (insurance, copays, etc).

You need to weigh the stress of work vs the stress of worrying about money.
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Old 08-13-2012, 09:18 AM   #7
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I would say that if the only reason you are looking to ER is to get out of a bad job situation then you owe it to yourself to find another job and THEN decide if you still want to ER. I've been saving for ER since I was 25 years old. I'm nearly at the point where I can do it, and my job makes me want to do it NOW .... but the smarter side of me knows that I dont have enough saved for many "wants" and that a major medical problem would make me shudder financially.

$1,000 a month is not alot to live on. I have $850 per person per month budgeted for medical (insurance, copays, etc).

You need to weigh the stress of work vs the stress of worrying about money.
+1. Pretty much what I planned to post in reply, so I'll just go with this.

I don't get people who consider retirement the best option to deal with a bad job/situation. Most people aren't entirely (or at all) happy in their jobs...
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Old 08-13-2012, 09:38 AM   #8
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I would say that if the only reason you are looking to ER is to get out of a bad job situation then you owe it to yourself to find another job and THEN decide if you still want to ER. I've been saving for ER since I was 25 years old. I'm nearly at the point where I can do it, and my job makes me want to do it NOW .... but the smarter side of me knows that I dont have enough saved for many "wants" and that a major medical problem would make me shudder financially.

$1,000 a month is not alot to live on. I have $850 per person per month budgeted for medical (insurance, copays, etc).

You need to weigh the stress of work vs the stress of worrying about money.
I also strongly agree with this.

5-6 years ago I was in a really bad place at work due to conflict with a supervisor (who is pretty much a psycho). Left that job without knowing where I would end up, but in the end landed another where I have been very happy and well compensated. Our net worth has SKYROCKETED in that five years, due to dollar cost averaging during the downturn and a great property investment, but I'm still not quite ready to say we are FI. I look back at what I had then, when I thought ER or semi-ER might have been just around the corner, and am astounded at how naive I was. Maybe we could have made it work, but I'm glad I found the job I did when I did.

If you really want to try to make it on a bare bones budget and see how it goes for awhile, check out books like "Making a Living Without a Job" and others that advocate living a very low-cost, low consumption lifestyle. You might find some useful inspiration.

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Old 08-14-2012, 03:26 PM   #9
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Make sure you do a detailed budget to see if you can actually live on 1,000. Also, you may want to think about how you will invest since you can't afford to have the portfolio plunge at this point.

But good luck with your decision.
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Old 08-14-2012, 03:50 PM   #10
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Half of the income is generated by a fixed immediate annuity, and the other half will be invested in a T. Rowe Price GNMA fund. I think this should provide a relatively safe, steady income. What do you think?
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Old 08-14-2012, 04:08 PM   #11
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Half of the income is generated by a fixed immediate annuity, and the other half will be invested in a T. Rowe Price GNMA fund. I think this should provide a relatively safe, steady income. What do you think?
Inflation will consume the purchasing power of the income stream. In just 10 years it will have fallen by 1/4, and you're still not eligible for Social Security.
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Old 08-14-2012, 04:28 PM   #12
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This is true, but I think I could pick up the slack by periodically working part time jobs.
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Old 08-14-2012, 07:43 PM   #13
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This is true, but I think I could pick up the slack by periodically working part time jobs.
While this is true - if you have a craft/skill set that will make you more substantial income now at 49 - I say bite the bullet and build your portfolio. It gets harder to find work after 50 esp. if you are out of the field for awhile.
Personally, the thought of getting by on $1000. per month makes my BP rise - truly poverty. Take some time and really think about your future and living situation. A bad job can be escaped - but you can still staying in a field where you can pad the budget for a more comfortable retirement.
Take your time and decide while looking for other opportunities. Thats my 2 cents and it may be worth less - you are in a tough spot. don't make it tougher.
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