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Old 02-12-2009, 08:18 PM   #41
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I was reading Dex post above. How bad is prison life? That sounds like a possible plan b instead of going back to work?
Nah, you don't want to do that. Trust me.
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Old 02-12-2009, 08:23 PM   #42
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Originally Posted by Frugalityisthenewblack View Post
My "Plan A", to retire comfortably on the portfolio I was accumulating (and foolishly leveraged) in a few years is a plan I have had to abandon.
My mother and aunt both died young, a few years older than I am now, so I am becoming increasingly conscious of my mortality.
I have to delay retirement. For how long I don't know, one would be a fool to try to predict anything in this global financial upheaval.

So....it is time for Plan B

And here it is: I have taken most of my money out of the market and have purchased my retirement condo. A block away from the ocean, you can see the water at the building's entrance. Premature and foolish? Maybe. But I have my reasons. I hope to live there 6 weeks this summer and various times throughout the year.

My DH and I still live in our home close to our work, but we will be using the second residence as often as possible. It is a two bedroom and my neice rents the one room as it is close to her university. Her rent covers the taxes/heat and modest condo fee.
I have someone to take care of the place when I am not there. I have arranged a self-funded sabbatical in three years time and will have at least one year to savour the FIRE lifestyle. After that I will see about perhaps working less (job share?).

Regretting my previous financial missteps does not do any good. I have paid off my debts and mortgage and I will continue to set aside 50% of my take home pay to buy ETF stocks or low MER mutual funds regularly over the next few years to build back my investment portfolio. Anyone else have a "Plan B"?

Frugal,
I've read em all and as good as some are I think your plan "B" is definately the best. Your great attitude is evident. You obviously realize none of us are promised another day and you've found a way to invest that allows you to enjoy the investment .. I hope you live to be 100 but at the same time we need to live for today...Enjoy your lemonade...Thanks for the reminder... Good luck...
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Old 02-12-2009, 08:27 PM   #43
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Nah, you don't want to do that. Trust me.
The job I am taking is in Riyadh but may moved to Baghdad in July of this year. If I agree to take the job tomorrow I would be obligated to move with it for 20 months. That and I found out today I have to take the Anthrax shots. I would normally turn it down for that reason alone. Can you make the market jump 15% tomorrow before 2pm EST (when I have to tell them if I will accept)?
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Old 02-12-2009, 08:40 PM   #44
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Can you make the market jump 15% tomorrow before 2pm EST (when I have to tell them if I will accept)?

This is the best I can do....
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Old 02-12-2009, 11:59 PM   #45
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Plan B: Wait at least 6 more years until the youngest graduate from college. Meanwhile, work and save as much as possible.
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Old 02-13-2009, 06:23 AM   #46
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Plan A - ER when DD graduates HS in June (was the plan 2 yrs ago, after I was released from one set of megacorp's golden handcuffs as of end '08), this plan is already inoperable, but I'm still working...

Plan B - Dutifully place hands behind my back while megacorp places new set of shiny handcuffs on me, will require another 3 years or so, but still working out details

Plan C - Don't accept the handcuffs, stay with megacorp anyway until things stabilize in the market and hope I don't get canned for not accepting the handcuffs, live a little more frugally in ER

Plan D - ER anyway (or get canned), live just above barebones budget for 2-3 years (from portfolio) until RE market stabilizes, sell McMansion, buy something for $200-250k (saving/investing the remaining 700-750k), increase budget in line with 3.5% SWR from excess proceeds from McMansion.

However it ends up, I hope to...
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Old 02-13-2009, 08:47 AM   #47
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After a long talk with my FA here is his Plan B for me.



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Old 02-13-2009, 08:48 AM   #48
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His Plan C has already been discussed.



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Old 02-13-2009, 02:44 PM   #49
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Plan A: Work another 5 years. Retire in Bellingham.
Plan B: Go back to Bellingham, do odd jobs. Wife continues to work. We both take SS as late as possible. (We are close to being forced to do this right now.)
Plan C: Sell everything. Move to Mexico.
Plan D: Rob a bank in Canada. Worst case: I get away with it. Actually, they might deport me. Bad idea.
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Old 02-13-2009, 02:54 PM   #50
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There's no plan W! (w*rk)
Why not:

Plan J - a J*b that requires no W*rk

I have
Plan S - Smith & Wesson
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Old 02-13-2009, 02:56 PM   #51
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If you'd go to Mexico, might as well keep going a bit further until you arrive in San Ignacio, Belize.
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Old 01-12-2012, 08:47 AM   #52
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Well, its been awhile...so far my Plan B is going well. I go on a years sabbatical soon and I will be able to experience the joy-of-not-working for a full 12 months to see what it is like.
I've got two concerns. One- I want to do a lot of travel, but stay "on-budget" and not spend anything over and above what I anticipate will be my yearly retirement income in 6 years time, when I will be able to leave work permanently.
Two- I'm worried about filling my days. After a lifetime of rising early and always working I find big voids in my "free" time. I am used to leaving home before 6am for work and going to bed early. Now I will be able to sleep in ...but then what?
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Old 01-12-2012, 08:55 AM   #53
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Hi frugality, thanks for the update. Your plan sounds great. I have read lots of ideas on low cost travel, so that should not be an impediment. As for sleeping in, well I got so used to rising early for work that it stuck with me. Of course, now one of the greatest pleasures is lazy and leisurely coffee and newspaper in the morning. Not doing anything in the morning is not the same as not having anything to do...
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Old 01-12-2012, 09:12 AM   #54
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Plan A is to early semi-retire (ESR) sometime during my late 40s. Living half off of my taxable investments and half off of my part-time work. Then when I am 60+ I will tap my 401k/Roth and so on, and fully retire.

Plan B would be for me to work full time until age 55 when I will be able to retire off of my pension. I have a little over 10 years vested in the pension now. If I work until 55 I will have 30 years vested.
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Old 01-12-2012, 09:14 AM   #55
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Originally Posted by Frugalityisthenewblack View Post
Well, its been awhile...so far my Plan B is going well. I go on a years sabbatical soon and I will be able to experience the joy-of-not-working for a full 12 months to see what it is like.
I've got two concerns. One- I want to do a lot of travel, but stay "on-budget" and not spend anything over and above what I anticipate will be my yearly retirement income in 6 years time, when I will be able to leave work permanently.
Two- I'm worried about filling my days. After a lifetime of rising early and always working I find big voids in my "free" time. I am used to leaving home before 6am for work and going to bed early. Now I will be able to sleep in ...but then what?
Glad the B plan is working for you! Keep us posted on the sabbatical and what you find to do (I have a feeling it won't be too difficult to find something to fill that free time).

Why not do all the travel you want and just break out those costs vs. your retirement budget to see if you stay on budget otherwise? Who knows if you would have those opportunities again.

And sleeping in? Since re'ing, I pop out of bed at 6:30 almost every morning without an alarm--you might be surprised at what your natural wake up time turns out to be.
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Old 01-12-2012, 12:13 PM   #56
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Originally Posted by Frugalityisthenewblack View Post
Well, its been awhile...so far my Plan B is going well. I go on a years sabbatical soon and I will be able to experience the joy-of-not-working for a full 12 months to see what it is like.
I've got two concerns. One- I want to do a lot of travel, but stay "on-budget" and not spend anything over and above what I anticipate will be my yearly retirement income in 6 years time, when I will be able to leave work permanently.
Two- I'm worried about filling my days. After a lifetime of rising early and always working I find big voids in my "free" time. I am used to leaving home before 6am for work and going to bed early. Now I will be able to sleep in ...but then what?
I would strongly urge you to develop some non-work interests. They could be things like:
1) Exercise program -- walking, cycling, running, gym
2) Art -- I've gotten decent at landscape painting outdoors
3) Reading, fiction and non-fiction
4) Bird watching
5) ...etc. etc. etc.

Perhaps think back to what you enjoyed as a young person. Try out various things and be patient with yourself. Many activities require you to move up a learning curve to get to some satisfactory level that you determine.
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Old 01-12-2012, 12:42 PM   #57
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My plan B is as follows -- instead of planning a full ER at (say) 50 or 55, I may plan a career change doing something I find a bit more enjoyable until (say) age 60 or so.

I can pull the plug on the Megacorp rat race sooner if I'm willing to work longer and for lower pay doing something different and somewhat fulfilling.

And the more I watch my retirement portfolio melt down, the more I'm thinking I may need a plan C...
I essentially followed that path. I initially retired at 54, but found I was not quite ready for RE lifestyle, so went back to work at a lower pay and more enjoyable type job. With 2 kids going through college, one still there, I've hung on a bit longer than I originally anticipated (will be 63 in June), but it is a little more comforting to have an extra $ cushion as a result. No plans to go back after this year is done.
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Old 01-12-2012, 12:43 PM   #58
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FRUGAL: I love the idea you have a condo with an ocean view. Hubby and I were watching Americas Home Auction for the last year and "talk" about purchasing. He wants a home and I want a condo, but I'm afraid of the monthly fees and how much they may go up when my pension will remain flat. Congrats!!

W2R: Cramer just talked today on CNBC how real estate is definfately rising in Florida. He's right, because we can't touch homes now for what they went for last year. As a matter of fact, he is on his way down there this week to look at homes. Melissa accidently mentioned the area. Here in Pittsburgh, our assessments are skyrocketing! As a matter of fact, the mayor told everyone not to pay taxes on the newly accessed prices, pay last years. He is going to the state legislature to fight the assessments. They showed some of the homes and how much the new accessed value was, ridiculous! A home from the 30's is accessed for more than some of the newer homes. I think Pittsburgh is trying to tax people out of the area so they sell properties to businesses.
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Old 01-12-2012, 01:48 PM   #59
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I've been slowly evolving my plans over the past few years. Intially, my "Plan A" was to retire at 45, which would be 2015. But, the great recession helped bring me back to reality. Plus, I've gotten a few fairly good raises over the years, and if I ever quit and then had to go back to work, it would hard to get a new job paying as well as the current one.

So, I pushed back my goal just a bit, to 2016, and instead of total ER, figured I might just try to start taking more vacation time, and perhaps cut back my employment to the bare minimum to still be considered full-time.

So, I guess Plan A, rev 1, is now Semi-FIRE in 2016, at age 46.

Plan B is simply to push it back a bit, and keep working until I feel financially comfortable.
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Old 01-12-2012, 02:38 PM   #60
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My Plan A was to retire at 45. That should have happened two years ago.

Plan B - moved to a slightly lower cost area, retire at 47 or 48. Depends on the market, but fingers are still crossed. If that doesn't work...

Plan C1 - Semi retire in new area, with part time low stress job, or
Plan C2 - work at current job until 50.


Plans D-Z mostly involve different ways of cutting back on lifestyle to live on less.
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