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Old 01-27-2013, 09:06 AM   #21
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+1

However, I was a pretty well paid sr exec, but lived a relatively simple life in my working years, compared to my peers (i.e., L-way-BYM). Saved a load in the last 10-12 years.

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Old 01-27-2013, 09:25 AM   #22
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You are welcome. My posts tend to be short and concise for lack of time but they are always truthful about my personal situation.
I wasn't suggesting otherwise.
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Old 01-27-2013, 09:54 AM   #23
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No pension, paying the full private healthcare premium through my former employers BCBS plan, no inheritance, no SS. Was fortunate to have the opportunity to work for a small basically family owned business that grew rapidly by ten fold in 30 years, went public and gave many employees stock options, ESOPS, 401K matches retention bonuses and performance bonuses .
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Old 01-27-2013, 10:14 AM   #24
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I find these responses very encouraging. It's nice to see that people can make it with a bare bones, decent salary, LBYM approach. I also feel that there should be full disclosure when giving advice on this forum. I've read of some promoting rather aggressive investment strategies of 100% equities or all cash, only to realize later that they have a big pension and bennies. There's nothing at all wrong with that, except that it can be misleading.
Personally I'm looking at Er at 58. A very small pension, frozen years ago, and retiree health insurance - for now. 95% of my retirement planning centers around what I have saved and invested over the last 30+ years.
+1. I've always thought that responses to threads should indicate your current status and situation. As you point out there are big differences between people still working, those with pensions/healthcare and those who are retired and living off of assets alone.
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Old 01-27-2013, 11:12 AM   #25
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This is basically the case with me. I do have a small pension awaiting me at the age of 65, but did not include that in my plan for ER. I consider my small pension and Social Security as "reinforcements".
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Old 01-27-2013, 01:49 PM   #26
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No pension, no medical. "Retiring" from my last employer, as in much of the high-tech industry, is exactly like quitting the job. No benefits at all, aside from no longer having to go to work. Generally folks in the office are nicer about retirements than quitting, so there's that.
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Old 01-27-2013, 02:01 PM   #27
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No pension, no medical. "Retiring" from my last employer, as in much of the high-tech industry, is exactly like quitting the job. No benefits at all, aside from no longer having to go to work. Generally folks in the office are nicer about retirements than quitting, so there's that.
+1

Only difference in quitting vs. retiring at my employer was on the last day of work quitters didn't get free coffee, punch and cake in the cafeteria.
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Old 01-27-2013, 02:35 PM   #28
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I quit my job at megacorp (after 29 years) in 2008 at age 50. I've never considered myself FIREd since my DW was still working, but that is going to change next month since her company shut down the office in our town. And, I still work part-time during tax season to bring in a few extra bucks. But, starting in March, I guess we can say we're pretty much ER'd at 55.

So, no pension, no retiree healthcare, no inheritance, married w/3 kids - one in college, one 14. We had steady employment in good jobs, no layoffs. Basically 3 decades of 401Ks and other savings did the trick. No debt, college saved up for, paid off house. I can't really say we were overly LBYM, but we did mangage to save money and pay off debts. We're still spending way more than we should be - but that's going to end real soon.

Having said that, DW is already saying she might go back to work full time and she has the contacts to do so if she wants. Not me. I'll never go back to full time work - unless I have to.
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Old 01-27-2013, 02:49 PM   #29
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How many of you early retired without having owned a business, no pension, no health care benefits in retirement, no inheritence. Basically the new normal. A job, and LBYM. (And Children.....)
I have a professional corporation, no pension, have access to healthcare, had an inheritance about 7 years before RE, which was actually the catalyst that motivated me to get serious about it.
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Old 01-27-2013, 04:01 PM   #30
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No pension, no benefits here for either DW or myself. Left megacorp to become part-owner of a small business, and another start-up when I was 40.

The business initially generated enough revenue to pay everybody the same salary we could have gotten at megacorps, sans 401k matching and incentives like ESOP. Then, we fell in hard times when the tech world crumbled in 2000, and there were no money left after all business expenses, and we worked without pay for about 2 years before throwing in the towel.

The other start-up never got up to the point where it could generate positive cash flow, and when there was no fresh money coming in from investors, it folded.

So, I would have been a lot better staying with megacorp. DW retired at age of 50, while I did consulting for nearly 10 years before retiring for real last year. Children all grown, and college costs all paid for. Got 2 homes, and a 7-figure portfolio, all from savings, and investing.

Factors that helped: LBYM, buying a house which was a bit oversized initially then staying in it instead of upgrading (no cost associated with selling, moving, etc...), staying married, children going to local state university, staying gainfully employed up until we decided to leave megacorps on our own cognizance, two incomes (good but not outrageous), no loss of pay due to illness or unemployment periods early in our working life.

Factors that were less than favorable: investing too conservatively during the great bull market of 1980-2000, leaving the cushy job at megacorp which could have gotten me a pension and a fatter 401k due to matching, loss of pay for a couple of years, erratic income in the last 10 years (but the goof-off periods between intermittent work were so rewarding mentally, spiritually, physically, if not financially, I would not change a thing).
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Old 01-27-2013, 04:09 PM   #31
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Originally Posted by Rambler

+1

However, I was a pretty well paid sr exec, but lived a relatively simple life in my working years, compared to my peers (i.e., L-way-BYM). Saved a load in the last 10-12 years.

R
+1

Will be retiring this summer, that will be approximately 40 years of employment with this one company. Starting in 1973 as a part time job while attending college.


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Old 01-27-2013, 04:22 PM   #32
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I have no pension, DW will have one when she retires in 2013 unless she pulls a "one more year"
Had inheritance 20 years ago that I used to buy our vacant lot before building.
Was a part business owner (15% ownership max) for 20 years ending 12/31/2012
DW (58) and I (57) both have health insurance under DW's work policy until medicare.
Relying 60% on 401k's and IRA's, 20% on taxable investments/ real estate, and 20% on Dw's pension and our combined SS.
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Old 01-27-2013, 04:37 PM   #33
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Not retired yet, but will hopefully in a few years. Have worked all my life, no pension, hopefully a little social security. Have been investing in dividend stocks for years with an eye on retiring on dividends. Working diligently on paying off debt, credit cards nearly done, then just a mortgage. Have never made a lot of money, so I won't need a lot of money. I have incorporated the mortgage payment into the bills I will need to cover, so if I can get that done before I pull the plug, so much the better. I can't wait.
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Old 01-27-2013, 05:25 PM   #34
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Originally Posted by Shanky View Post
With many of the post, the are many folks who have retirement income or benefits that are no longer "normal" for most folks. This would include pensions, health care benefits in retirement, and inheritance.

How many of you early retired without having owned a business, no pension, no health care benefits in retirement, no inheritence. Basically the new normal. A job, and LBYM. (And Children.....)
Having just skimmed through the entire thread, it doesn't appear that the new "normal" has fully hit all that many of our retirees here. Most everyone has some sort of pension, employer retiree health care, stock options, inheritance, working spouse, etc. There seem to be few doing it exclusively on a FIRE portfolio and SS. I think most of those folks are still working.

Us? About 50/50 past employer retirement benefits / FIRE portfolio. We rely on our FIRE portfolio enough to probably get the feel for what it must be like for the folks who fully rely on it but understand that with 50% of our budget covered from pension/SS, we'll never completely "get it."
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Old 01-27-2013, 06:04 PM   #35
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Originally Posted by Shanky View Post
With many of the post, the are many folks who have retirement income or benefits that are no longer "normal" for most folks. This would include pensions, health care benefits in retirement, and inheritance.

How many of you early retired without having owned a business, no pension, no health care benefits in retirement, no inheritence. Basically the new normal. A job, and LBYM....
DW and I did it the way you describe with the additional bumpy road of many layoffs/job searches/relocations. Had good luck with DW and with our health. ERed at 53.
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Old 01-27-2013, 06:29 PM   #36
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77th year, 24th year of retirement at age 53.
Spent pension $ on my own business. Closed 3 years later upon retiring. A wash.
$8,000 inheritance from MIL.
Now, Medicare and Social Security and savings.

Life story:Sharing 23 years of Frugal Retirement
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Old 01-27-2013, 07:14 PM   #37
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Old 01-27-2013, 07:17 PM   #38
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No pension, no health care, no social security, never owned a business either (unless you count being a partner in a law firm). LBYM was important. Having two incomes for some years helped. Having DW 100% on the same page as me was absolutely essential.
+1... or at least darn close.
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Old 01-27-2013, 09:27 PM   #39
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Most of the respondents to this topic had a small pension, or owned a business, or had an inheritance, or had no kids. It still seems the numbers of folks with none of the above are under-represented.
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Old 01-27-2013, 09:33 PM   #40
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Most of the respondents to this topic had a small pension, or owned a business, or had an inheritance, or had no kids. It still seems the numbers of folks with none of the above are under-represented.
True. Not all of those things guarantee an advantage though. I own a business and would make more money as an employee. A 10k inheritance won't make you wealthy....
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