Khan
Gone but not forgotten
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It's dangerous to feed squirrels, but many people in their 50s are riding motorcycles.
ER Worry Level
- Thread starter retire@40
- Start date
It's dangerous to feed squirrels, but many people in their 50s are riding motorcycles.
lazygood4nothinbum
Thinks s/he gets paid by the post
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i'll have to run those scenerios through the longevity calculator and see which draws more blood.
Lsbcal
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
My DW got bit by a rabbit we were rescuing. He got his head caught in our wide mesh fence while being chased by our Corgi, and DW got too close to his face with the rabbit screaming like a baby. The doc visit cost $69 but DW was OK. The rabbit was OK too.
SteveR
Moderator Emeritus
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Did I worry the year before ER? Heck no. I had been FI for a while and had worn out Excel doing every plan I could dream up. The numbers were sold if we could stay within our budget.
Well, this past year sort of blew the stuffing out of the budget but we can account for the overages and know that for the most part we are OK.
Do I worry after ER? Yes, I do worry but not obsessively. I could call it a calculated concern rather than true worry. We won't go hungry but some travel we planned might have to be put on the back burner for a while until we get back on track. That is what you do....cut back in one area to preverve the other more vital budget items. My concern is more directed at a long-term down market like in the mid-70's to mid-80's; but much longer and with worse inflation. Oil prices and the chain reaction of other prices related to it could push the market into a long dead zone with increasing inflation.
We are still pretty heavy in equities so long-term down markets are not a trivial matter. The nest egg has to last 30+ years (with any luck) so an extended down market would limit our budget more than we would like. Time will tell.
Well, this past year sort of blew the stuffing out of the budget but we can account for the overages and know that for the most part we are OK.
Do I worry after ER? Yes, I do worry but not obsessively. I could call it a calculated concern rather than true worry. We won't go hungry but some travel we planned might have to be put on the back burner for a while until we get back on track. That is what you do....cut back in one area to preverve the other more vital budget items. My concern is more directed at a long-term down market like in the mid-70's to mid-80's; but much longer and with worse inflation. Oil prices and the chain reaction of other prices related to it could push the market into a long dead zone with increasing inflation.
We are still pretty heavy in equities so long-term down markets are not a trivial matter. The nest egg has to last 30+ years (with any luck) so an extended down market would limit our budget more than we would like. Time will tell.
audreyh1
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
A couple of years ago, a titmouse (chickadee relative) decided that only the hair on my head would do! She pestered me all afternoon:
Audrey
Like blessed, DW and I are both ISTJs, planned to the last hair.
Crunched numbers for a full year. Went to see a FP (fee-only) we'd known for 20 years - "Is there anything coming that we don't know about that will bite us on the butt".
Nope.
This was the first time we'd bought a brand-new house. It didn't come with even ugly blinds or curtains. I got on a first-name basis with all the clerks at Lowes for a while there. Toured every furniture store within a radius of 80 miles.
Crunched numbers for a full year. Went to see a FP (fee-only) we'd known for 20 years - "Is there anything coming that we don't know about that will bite us on the butt".
Nope.
This was the first time we'd bought a brand-new house. It didn't come with even ugly blinds or curtains. I got on a first-name basis with all the clerks at Lowes for a while there. Toured every furniture store within a radius of 80 miles.
Moemg
Gone but not forgotten
I was concerned about that since work had always been a large part of my life .The first few months I just chilled out and then I started getting a nice routine of gym classes , regular classes ,reading ,traveling for longer periods of time ,chores and just enjoying life .
UncleHoney
Full time employment: Posting here.
Back to the OP about worrying. I did all my worrying before retiring but most of it wasn't about money. It was in the details about retirement that no one ever bothered to write down.
Simple things like; How do I get DW signed up for Medicare without paying a premium because she was past the 65 yo signup date. (If you delay Medicare past 65 and are not covered by another insurance when you start Medicare, you may pay more for your Medicare coverage.) The process was simple, have HR fill out and sign a form that you sent to Medicare verifying that she was covered under a current policy.
Most of the other worries were about the signout process at work and how it all worked. I had a list of about 20 things I had to get signed off before they would let me go.
Any long term library books signed out?
Any keys signed out in your name? I had 3, they said I had 8.
Any laboratory record books signed out? I had none, they said I had one.
Any instruments signed out from the instrument laboratory?
The list went on and on.
What I didn't know was that most of it was taken care of behind the scenes. A simple email from the department secretary to all the people involved in the signout process got me a barrage of return emails saying I was clear or what to do to fix the problem.
The key guy laughed when I went to see him about my missing keys. He looked at his list and signed me off. Then he said, "You been here a while haven't you", those missing keys are to doors that don't even exist anymore.
For me the sad part was my last morning at the old saltmine, they took my keys, they took my parking sticker, and they took my badge. After 35 years I was reduced to being a VISITOR. I couldn't even walk back to my office without an escort.
Of all the things I worried about before retirement, money was way down on the list. After running FireCalc about a thousand times I proved to myself that that part was well under control.
Simple things like; How do I get DW signed up for Medicare without paying a premium because she was past the 65 yo signup date. (If you delay Medicare past 65 and are not covered by another insurance when you start Medicare, you may pay more for your Medicare coverage.) The process was simple, have HR fill out and sign a form that you sent to Medicare verifying that she was covered under a current policy.
Most of the other worries were about the signout process at work and how it all worked. I had a list of about 20 things I had to get signed off before they would let me go.
Any long term library books signed out?
Any keys signed out in your name? I had 3, they said I had 8.
Any laboratory record books signed out? I had none, they said I had one.
Any instruments signed out from the instrument laboratory?
The list went on and on.
What I didn't know was that most of it was taken care of behind the scenes. A simple email from the department secretary to all the people involved in the signout process got me a barrage of return emails saying I was clear or what to do to fix the problem.
The key guy laughed when I went to see him about my missing keys. He looked at his list and signed me off. Then he said, "You been here a while haven't you", those missing keys are to doors that don't even exist anymore.
For me the sad part was my last morning at the old saltmine, they took my keys, they took my parking sticker, and they took my badge. After 35 years I was reduced to being a VISITOR. I couldn't even walk back to my office without an escort.
Of all the things I worried about before retirement, money was way down on the list. After running FireCalc about a thousand times I proved to myself that that part was well under control.
W2R
Moderator Emeritus
For me the sad part was my last morning at the old saltmine, they took my keys, they took my parking sticker, and they took my badge. After 35 years I was reduced to being a VISITOR. I couldn't even walk back to my office without an escort.
A retired friend came back to visit (after about 8 months) last week. Theoretically she was supposed to have an escort, but her escort just brought her in the space and then let her run free instead of staying with her as is the normal procedure. Made sense since she spent 25 years with us!
I did not realize it until reading this thread, but as of yesterday (for the first time) I am really not worried any more about ER in 18 months. Like you, I have beat Excel to death trying everything and there is no point in worrying further.
Disappointed
Recycles dryer sheets
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This is pretty much what I am afraid of. Currently with paycheck coming in every week, there is this sense of security regardless of how the market does. Even if you are diversified, in a down market, everybody gets hurt. I am afraid that I will regret if I pulled the trigger. My job does not allow for part time, nor does it allow for a leave of absence to try out the ER. I hope that we are not going to duplicate the Japanese market of the last 10 years.
mP
Disappointed
Recycles dryer sheets
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Thanks for addressing this issue. I never thought ER would be this complicated. Worries about running out of money, having to forgo things in a down stock market, finding things to do to occupy the time. I envy those that find plenty and more to do in their retirement. I have read "how to retire happy, wild, and free" and still am unable to come up with what I want to do. Looking at 25 to 30 years of retirement can be scary, at least to me.
mP
Jake46
Recycles dryer sheets
I worried a lot two years before ER but the more I planned and crunched the numbers, the less I worried. ER'd last May. Even though the market has been horrible for most of this first year, I am confident my plan will get us through -- so no worry.
UncleHoney
Full time employment: Posting here.
Before retiring I tracked all our accounts several times a month using Excel, watching every penny. I could give you a daily report of net worth and where every cent was going.
Now I'm doing good if I keep the check book updated once a month. I only use Excel to track the nest egg once a quarter and then it may take me a week or two to get it updated.
If I want up-to-date info, I check our checking account online and then it's back to retirement. Maybe next week I'll balance the check book, or maybe the week after.
Hey Khan, why the rolleyes? Canadian Railroad Trilogy is a great ballad!Swinging our hammers in the bright blazing sun...
Khan
Gone but not forgotten
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Crap, hit the wrong smiley; supposed to be sunglasses guy.
Khan
Gone but not forgotten
- Joined
- Aug 23, 2006
- Messages
- 6,924
Cool.
**********
Hey, I just noticed you're in the Dayton area.
"Mr. Tanner was a cleaner, from a town in the Midwest..."
The late great Chapin:
I'm in the danceband on the Titanic...
OP
OP
retire@40
Thinks s/he gets paid by the post
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- 2,670
Interesting that by a 2 to 1 ratio, people worry more pre-retirement than post-retirement.
I guess it's the fear of the unknown. Once you're there, it's not as bad as you may have thought.
I guess it's the fear of the unknown. Once you're there, it's not as bad as you may have thought.
I ER'd at 50 July 2001....I had different concerns during each phase....
before: Did I have enough money How family, etc. would handle it...What would it be like jumping ship and the security of the corporation safety net...would taking money out of IRA's early work...would I get into some kind of jam with the IRS, etc....could I get Health insurance...wasn't worried about having things to do I had a laundry list of things I wanted to do that were postponed because of work & family obligations - I'm still "working" through that list!
after: as I actually went through the experience I found that I was going to be OK...learned to adapt to the post bubble investment landscape..health insurance at first was Cobra but when I got my own I sweated it out for a few months to get approved by Blue Cross's underwriter - ended up getting high deductible - that eased their concerns...was concerned about committing myself to early 72t withdraws so for the first 2 years paid the 10% penalty - thankfully by waiting the balances went up and by being older the formula's results increased...also split up the IRA's so I could have one in reserve just in case...struggled for a while with how to handle the people that weren't cool with ER and I found there are plenty (you learn who the true blue friends are - I learned how to dodge and weave or just learned to not care finally).... also began to become concerned that when I woke up with nothing to do each morning that I would attempt to do too much of nothing at once and not just pace myself..soon realized that it would be ok to leave half of it for the next day
There was a certain low level of concern/worry of being on a tightrope at first, but that soon eased as I worked through things and discovered I would survive...
There is also an indescribable exhilaration that I'm still experiencing. I feel very fortunate happy and fulfilled that I took the great leap ...
before: Did I have enough money How family, etc. would handle it...What would it be like jumping ship and the security of the corporation safety net...would taking money out of IRA's early work...would I get into some kind of jam with the IRS, etc....could I get Health insurance...wasn't worried about having things to do I had a laundry list of things I wanted to do that were postponed because of work & family obligations - I'm still "working" through that list!
after: as I actually went through the experience I found that I was going to be OK...learned to adapt to the post bubble investment landscape..health insurance at first was Cobra but when I got my own I sweated it out for a few months to get approved by Blue Cross's underwriter - ended up getting high deductible - that eased their concerns...was concerned about committing myself to early 72t withdraws so for the first 2 years paid the 10% penalty - thankfully by waiting the balances went up and by being older the formula's results increased...also split up the IRA's so I could have one in reserve just in case...struggled for a while with how to handle the people that weren't cool with ER and I found there are plenty (you learn who the true blue friends are - I learned how to dodge and weave or just learned to not care finally).... also began to become concerned that when I woke up with nothing to do each morning that I would attempt to do too much of nothing at once and not just pace myself..soon realized that it would be ok to leave half of it for the next day
There was a certain low level of concern/worry of being on a tightrope at first, but that soon eased as I worked through things and discovered I would survive...
There is also an indescribable exhilaration that I'm still experiencing. I feel very fortunate happy and fulfilled that I took the great leap ...
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walkinwood
Thinks s/he gets paid by the post
I voted for "The same", but I wouldn't call it "worry". I have been paying the same amount of attention to research & study and my finances before and after ER.
Full disclosure: I'm only 22 days into ER & it still feels like a vacation.
Full disclosure: I'm only 22 days into ER & it still feels like a vacation.
It's a little over a year since I retired (at age 59).
Observations:
- The current impact to the economy (gas prices / house values / unemployment) mean little to me these days.
Although I do volunteer 1-2 days a week (for a few hours) I use much less gas than I did when I worked. In fact, when I took my "summer car" in for it's annual state inspection, I was surprised to hear that I only put on 950 miles since last inspection. When I worked, and it was a "Sunday" (any day the sun was out ) I always took the vert to work. These days it mostly sets in the garage (I won't sell it - if I "get the itch" to get another one, it would cost me more in the long run).
When I had a j*b, I worried about loosing it (through layoff). Since it was related to automotive manufacturing, you can imaging the "stress level" that I could have these days
....
As far as the value of our home, it is paid for (one of my DW's pre-retirement goals). We don't use it as a "piggy bank", nor do we expect to move from where we were both born/raised. You may think we're crazy to stay in the Northeast (less than 100 miles from NYC) but it has too much to offer. Additionally, we "lived" in Florida (when I was in the military), and both still enjoy the change in seasons. Even more now that I can just sit in front of the fireplace, with a glass of wine rather than try to get to w*rk on a rainy/snowy day....
There's a lot more (such as health wise - losing weight, eating "better" and keeping my T2 diabetes in check much easier) that I did not forsee before retirement. Now that I'm here, "life is good".
Oh yes, as far as financials go, changing my AA in preperation for retirement from 90/10 to 60/40 and including 3-4 years in MM's for income (in addition to a SPIA, but we won't speak of that here!) makes this current market "challange" easier to take.
All in all, retirement is better than planned, and better than expected...
- Ron
Observations:
- The current impact to the economy (gas prices / house values / unemployment) mean little to me these days.
Although I do volunteer 1-2 days a week (for a few hours) I use much less gas than I did when I worked. In fact, when I took my "summer car" in for it's annual state inspection, I was surprised to hear that I only put on 950 miles since last inspection. When I worked, and it was a "Sunday" (any day the sun was out
) I always took the vert to work. These days it mostly sets in the garage (I won't sell it - if I "get the itch" to get another one, it would cost me more in the long run).When I had a j*b, I worried about loosing it (through layoff). Since it was related to automotive manufacturing, you can imaging the "stress level" that I could have these days
....As far as the value of our home, it is paid for (one of my DW's pre-retirement goals). We don't use it as a "piggy bank", nor do we expect to move from where we were both born/raised. You may think we're crazy to stay in the Northeast (less than 100 miles from NYC) but it has too much to offer. Additionally, we "lived" in Florida (when I was in the military), and both still enjoy the change in seasons. Even more now that I can just sit in front of the fireplace, with a glass of wine rather than try to get to w*rk
on a rainy/snowy day....There's a lot more (such as health wise - losing weight, eating "better" and keeping my T2 diabetes in check much easier) that I did not forsee before retirement. Now that I'm here, "life is good".
Oh yes, as far as financials go, changing my AA in preperation for retirement from 90/10 to 60/40 and including 3-4 years in MM's for income (in addition to a SPIA, but we won't speak of that
here!) makes this current market "challange" easier to take.All in all, retirement is better than planned, and better than expected...
- Ron
Even more now that I can just sit in front of the fireplace, with a glass of wine rather than try to get to w*rk
The first year after ER we had a 2.5 foot snowfall and one of the neat things was not going out of the house for a week except getting the mail & newspaper and watching everyone else struggle to leave for work. We were still in the "novelty/vacation" stage then.
DW still laughs at the traffic jams on the AM & PM TV news shows and says "I am SO glad we left that area!"
yakers
Thinks s/he gets paid by the post
Been retired for all of 2 1/2 months now (when does one stop counting 1/2 months; or even months?) Thought about and planned retirement for about 4 years and jumped in after DW retired and youngest son chose a state college (he just finished his first year, picked him up from the dorm yesterday). Do not plan to tap our tax deferred funds for at least another year. Who knows how it will go? I can't say I am worried now, but I wasn't worried then; I'm just not a worrier.
I'm the exact opposite. I worry about a lot of issues, especially when it comes to money. We have a relatively conservative/moderate (50/50) portfolio in our 401(k)s, and it has been killing me watching it the past week. Many would say not to watch. So long as our money is invested, I watch and worry.
Which probably explains why I can't commit the money we have in our savings/MM, which is more than we have in our 401(k)s. I understand that we are getting screwed by inflation this way, but I just can't stomach losing 2-3% of our portfolio in one week (realizing that there are much worse weeks than that in the market).
Is is probably because of this that I will end up working longer than I want. I'm 49, hoping to retire at 55, but planning on 60. Ugh ...
