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Convincing myself that I have enough money to retire
Old 02-11-2019, 10:26 AM   #1
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Convincing myself that I have enough money to retire

My financial advisor says I have enough. FIRECalc gives me a 100% chance of success, using spending that is higher than what I would actually spend. A two percent withdrawal rate would give me more than enough spending. My wife says we have enough and I should retire whenever I want to. But somehow I am not sure I have really convinced myself. I guess I know it intellectually but I do not feel it. Iím not sure what to do about this. Maybe I should see a psychologist to talk through the issue? Itís like a mental block of some sort, I think. Thoughts?
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Old 02-11-2019, 10:36 AM   #2
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Looks like you've been around here long enough to realize that you're not the only one who feels this way when making the decision to retire. Perhaps acknowledging that you are FI and can make the decision when you want to could be a useful perspective. Also, doing some planning on what you will be retiring TO could help get you excited about what's next. Good luck!
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Old 02-11-2019, 10:37 AM   #3
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Originally Posted by medved View Post
My financial advisor says I have enough. FIRECalc gives me a 100% chance of success, using spending that is higher than what I would actually spend. A two percent withdrawal rate would give me more than enough spending. My wife says we have enough and I should retire whenever I want to. But somehow I am not sure I have really convinced myself. I guess I know it intellectually but I do not feel it. Iím not sure what to do about this. Maybe I should see a psychologist to talk through the issue? Itís like a mental block of some sort, I think. Thoughts?
I've seen dozens of posts similar to yours over the years. My advice is to keep working until something comes along to convince you it's the right time. Hopefully it will be something other than a health problem, but it often is.
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Old 02-11-2019, 10:37 AM   #4
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Maybe you really like your job and donít want to leave it. Nothing wrong with that.
Maybe you are unsure about the future but nobody can tell the future.

I know for sure, it is a powerful thing to do whatever you want everyday. Perhaps itís time to consider ďwhyĒ you saved and scrimped all those years. It may not have been the right plan for you.
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Old 02-11-2019, 10:40 AM   #5
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There's many emotions with leaving what we spent our life doing. In my case someone above me made my life he!! so it was easier.

Perhaps you should go talk to someone.
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Old 02-11-2019, 10:44 AM   #6
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Maybe you really like your job and donít want to leave it. Nothing wrong with that.
Maybe you are unsure about the future but nobody can tell the future.
.


I never really loved my job. I was pretty good at it, and it pays quite well, but it was also very stressful and exceptionally time-consuming. Every year, I like it a little bit less. But I am still making very good money, which maybe complicates the decision.

I am certainly unsure what the future will bring. But I do not want the future to involve working forever, or working until I have a health event.
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Old 02-11-2019, 10:55 AM   #7
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The tried and true answer that I have seen on here many times is you not only need the money, which you have, but you also need something to retire to. Maybe you need to work on that more.
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Old 02-11-2019, 11:07 AM   #8
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I recently went through the exact same mental calculus as you, Medved. Every financial model, advisor, etc. all told me I was “good to go” at a rate MUCH higher spending rate than I planned to spend. What pushed me out was looking at the issue from another perspective. I don’t know how old you are, but I was 56 when I was in the throwes of my decision. Then, I looked at my parents - and considered how long they lived, when their declines began (less travel, less active, etc.), then applied those numbers to my current place in life. Turns out, if I use them as a yardstick, I had about 20 years of active retirement left, followed by another 5-10 years of decline. I had worked since the age of 16, so I figured I’d put in 40 years work for 20 years reward. And, the reward part was shrinking every year. So I retired at age 57 (after OMY) and am now busy reaping the rewards of those 40 years working, saving, and denying myself. I made the right decision and have no regrets. I hope this shift in perspective helps...
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Old 02-11-2019, 11:18 AM   #9
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Think about what you'd do with that extra money. Decide if it's worth continue to work for that extra stuff. That's the best way I see it. If you can already cover all of your expenses, and have money to travel, dine well, etc., I think you may find that there's just no reason to keep working. Or maybe there will be for you.
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Old 02-11-2019, 11:18 AM   #10
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I am in a similar position and thought about just retiring. However, I have not yet. Instead I find myself working less and working smarter. I am down below 20 hours a week in office (but still check email when out), vacation more, and fire or turn down bad/annoying clients. It's hard to turn down good income so am going to try to keep working less and see what happens.
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Old 02-11-2019, 11:29 AM   #11
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Keep working.
Revisit the matter in a few years.
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Old 02-11-2019, 11:34 AM   #12
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We don't know your age, which can help assist in the thought process. Many posters here have spoken about seeing friends and family members pass on in their 50's and 60's without getting a chance to retire.
Just another aspect to dwell on a bit.
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Old 02-11-2019, 11:44 AM   #13
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We don't know your age, which can help assist in the thought process. Many posters here have spoken about seeing friends and family members pass on in their 50's and 60's without getting a chance to retire.
Just another aspect to dwell on a bit.


Just turned 55. I know a decent number of people who died in their 50s. So I agree with you.

I have not really scrimped or denied myself; I have lived pretty well. But long work hours and work stress have had a big impact on me and imposed a heavy cost.
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Old 02-11-2019, 11:45 AM   #14
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We don't know your age, which can help assist in the thought process. Many posters here have spoken about seeing friends and family members pass on in their 50's and 60's without getting a chance to retire.
Just another aspect to dwell on a bit.
+1

A guy I really liked left at 60, massive heart attack a month later.
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Old 02-11-2019, 12:10 PM   #15
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Just turned 55. I know a decent number of people who died in their 50s. So I agree with you.

I have not really scrimped or denied myself; I have lived pretty well. But long work hours and work stress have had a big impact on me and imposed a heavy cost.
I'm not a big fan of making life decisions on outlier events like knowing someone who died in their 50s. I wouldn't rush early retirement just in case that would happen to you, because I think people also have to make sure they are ready to NOT die early or even at a normal age and might have to fund a long retirement.

But in your case, you seem to be so set, you wouldn't be rushing anything. You may be thinking of various unlikely but possible things that could derail your retirement, but IMO by far the most likely thing to derail your long and prosperous retirement would be work related health issues or even dropping dead from them.
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Old 02-11-2019, 12:15 PM   #16
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Just turned 55. I know a decent number of people who died in their 50s. So I agree with you.

I have not really scrimped or denied myself; I have lived pretty well. But long work hours and work stress have had a big impact on me and imposed a heavy cost.
Every year that you continue working you are giving up what is likely the healthiest remaining year in your life.

As several people have commented on this site...even if you live into your 90's, you likely only have 20 or so "good" years left. If you work 5 more years, you will have lost 25% of those years. And they're gone forever.
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Old 02-11-2019, 12:21 PM   #17
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This question is asked in many forms around here. I think my answer would be do it, especially if the numbers work. Emotionally is a different topic, but I doubt anyone would ever say I regret not working longer.


Maybe.



There might be the rare few that take work to the grave, Bill Gates, Elon Musk, Bezos, etc. Me personally, I feel work is terribly overrated.



I had relative quiet stress free job past 42 months after a stressful contract gig and 4month layoff. Looks like more layoffs in the future as I report back to w*rk from a 11 day vacation. Hey, at this pace, I'll only need to find a new job 2 to 3 more times before FIRE lol.



The ironic thing is I build robots that creates value directly related to staff reductions. They wouldn't dare put out the robot builder who puts out the manual laborers... or would they?
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Old 02-11-2019, 12:28 PM   #18
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We were having dinner with a retired couple last night. He is/was an Engineer with the Army Corp. He knew I was considering retirement. He said to me, "It sounds like you have hobbies that you're interested in so I think you should go ahead and retire. You won't ever get that time back". Time > money.
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Old 02-11-2019, 12:29 PM   #19
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Do you have a plan on how you would spend your time in retirement? Once the richness and excitement for that plan outweighs the one more year syndrome, it will be time.
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Old 02-11-2019, 12:35 PM   #20
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+1 this: "Every year that you continue working you are giving up what is likely the healthiest remaining year in your life. "

DH and I noticed our jet lag lasted longer after last trip and that signaled an aging change. YMMV
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