FI verus RE - a Poll

[megacorp-firee]

Quote:

Originally Posted by cardude I'm still not RE, but have been FI for about 3 years now. The bad thing is, the longer I work the more my expenses seem to go up. Just bought a new house, taking more vacations to try to get the attitude better, etc. I really want a simplier lifestyle, and I used to have one, but lately I'm going in the wrong direction it seems. Like the treadmill is speeding up on me.........

hmmm seems like you have met the enemy and he is YOU.
IMO, easy or hard to fix ... it's up to you.

[megacorp-firee]

Quote:

Originally Posted by Meadbh I became FI after an inheritance but continue to work. Without the inheritance, I would not have been FI for at least another decade. It took a while to get it into my head that I now had options. Psychologically, I was not ready to RE at that time so I began some long term planning. I'm glad I did, because the gyrations in the markets would otherwise make me feel a bit queasy, given that I will not have a pension. I have actually become more LBYM since receiving the inheritance, because I now have a goal and don't want to jeopardize it. All told, the time between receiving the inheritance and RE is estimated to be 7-8 years.

Would taking the inheritance and purchasing your own pension (the A word) help take the volitility worries out of your life? I have found that my pension is a huge help in easing my pain.

[cardude]

Quote:

hmmm seems like you have met the enemy and he is YOU. IMO, easy or hard to fix ... it's up to you.

LOL. Good point. I'm pretty sure it's fixable..........

[Rich_by_the_Bay]

As of the moment, over 60% of respondents waited more than a year after FI to RE, of whom 2/3 waited over 2 years.

Sometimes we seem like a real "take this job and shove it" group, but the poll suggests that most of us have been more than cautious.

[REWahoo]

Quote:

Originally Posted by Rich_in_Tampa As of the moment, over 60% of respondents waited more than a year after FI to RE, of whom 2/3 waited over 2 years. Sometimes we seem like a real "take this job and shove it" group, but the poll suggests that most of us have been more than cautious.

Let me guess - your logic goes something like this: Since a majority waited one to two years after FI to R, I'll be conservative and double it. Once I get there I'll see if I'm ready...or if I need to wait just one more year.

[Notmuchlonger]

Quote:

Originally Posted by Rich_in_Tampa As of the moment, over 60% of respondents waited more than a year after FI to RE, of whom 2/3 waited over 2 years. Sometimes we seem like a real "take this job and shove it" group, but the poll suggests that most of us have been more than cautious.

My guess for some people its hard to give up something you have been doing for a good deal of your life. My wife does patient care and she loves it. I have never meet someone who truly loved going to her job every day. I have a feeling she will not retire the day we are FI which is getting fairly close now.

[Rich_by_the_Bay]

Quote:

Originally Posted by REWahoo Let me guess - your logic goes something like this: Since a majority waited one to two years after FI to R, I'll be conservative and double it. Once I get there I'll see if I'm ready...or if I need to wait just one more year.

Thank you for caring so consistently and so often .

I'm glad the issues which make it a non-straightforward decision for me (and apparently lots of others) are by and large positive. I've heard from some who FIREd abruptly for reasons beyond their control - even when it works out well in the end, that can't be fun.

[REWahoo]

Quote:

Originally Posted by Rich_in_Tampa Thank you for caring so consistently and so often .

Mia culpa.

Of course I'm hoping my harassment reverse psychology will goad influence you in making the move to your next life sooner rather than later...

[chinaco]

Quote:

Originally Posted by REWahoo Let me guess - your logic goes something like this: Since a majority waited one to two years after FI to R, I'll be conservative and double it. Once I get there I'll see if I'm ready...or if I need to wait just one more year.

It makes sense to wait a bit or ease into it for some people.

The last piece of FI fell into place when DW took a buyout and got retirement health care. But I am waiting a few more years.

Why am I waiting? Because I can officially ER at 55 and take the pension and qualify for retirement health insurance. Plus waiting a couple more years increase my pension amount. Those are financial reasons. One the emotional side, I have been planning 55 for quite awhile and I am not prepared to take the leap yet.

As an alternative, I could quit and just get my pension at 65. But waiting till 55 makes my financial position for ER much more solid (chances of going bust and back to work because of money need is practically non-existent).

Of course, I have my short-timers calendar to keep me sane. The way I look at it is: If I hang in there for a couple more years I get a big bonus bonus. It make sense to me.

[Meadbh]

Quote:

Originally Posted by megacorp-firee Would taking the inheritance and purchasing your own pension (the A word) help take the volitility worries out of your life? I have found that my pension is a huge help in easing my pain.

That's an interesting idea which I hadn't seriously considered but will look into. It would mean losing control of ~50% of my NW and annuity fees for 40 years might not be my cup of tea. All in all, I don't think it fits my risk profile and need for total domination control.



However, as outlined in the article beginning on page 23 http://mdm.ca/content/Strategy/PDF/strategy.pdf I could establish an Individual Pension Plan through my corporation rather than through the inheritance. This may be worth considering: thank you MCF for the idea!

[Moemg]

Quote:

Originally Posted by Rich_in_Tampa As of the moment, over 60% of respondents waited more than a year after FI to RE, of whom 2/3 waited over 2 years. Sometimes we seem like a real "take this job and shove it" group, but the poll suggests that most of us have been more than cautious.

Besides being cautious most of us that waited were not mentally ready to retire . It's interesting that people who work in the health field take longer to be mentally ready . Our jobs are stressful but so rewarding .

[Rich_by_the_Bay]

Quote:

Originally Posted by REWahoo Mia culpa. Of course I'm hoping my harassment reverse psychology will goad influence you in making the move to your next life sooner rather than later...

I understand where you're coming from, buddy.

Hey - you're my hero. You've got both a house and a class A. If it weren't for you I'd have retired years ago.

[REWahoo]

Geezee. Now you're using me as your excuse for not retiring. Have you no shame?

[Marquette]

Quote:

Originally Posted by REWahoo Geezee. Now you're using me as your excuse for not retiring. Have you no shame?

Well, it is a class A.

[twaddle]

Quote:

Originally Posted by Rich_in_Tampa As of the moment, over 60% of respondents waited more than a year after FI to RE, of whom 2/3 waited over 2 years. Sometimes we seem like a real "take this job and shove it" group, but the poll suggests that most of us have been more than cautious.

I was FI for at least 3 years before RE, but it had nothing to do with being cautious. Pure greed. I believe the technical term is "vesting in peace."

[MichaelB]

Hi Rich

I left within 6 months – even though I occasionally wonder if I would have stayed longer if I knew then what know now.

Definitely not! Same conclusion every time.

My motivation for leaving was not financial independence; it was I couldn’t stand my job or the people I worked with. It wasn’t the money. If you really want to go, you can’t convince yourself to stay one day more than necessary. If you really don’t want to, it will be easy to talk yourself into a future date. Another 6 months or year – just to be safe.

This is not about money, it’s about lifestyle.

Michael

[Rich_by_the_Bay]

Quote:

Originally Posted by MichaelB Hi Rich I left within 6 months – even though I occasionally wonder if I would have stayed longer if I knew then what know now. Definitely not! Same conclusion every time. My motivation for leaving was not financial independence; it was I couldn’t stand my job or the people I worked with. It wasn’t the money. If you really want to go, you can’t convince yourself to stay one day more than necessary. Michael

Right, for sure. I never had a job I hated, but I have had a few jobs where we went through periods I could barely stand (though I knew they were short term so it's not a completely fair comparison).

I don't think I could stay in a toxic job. Either you find another job or you FIRE if you're ready. I realize how fortunate I am to still enjoy my job after 33 years.

[SteveR]

Some j*bs are just too toxic to keep for any longer than necessary. I have had more than my share of them. I "retired" at age 50 but made a financial choice of "allowing" a new employer pay to sell my house, move all our stuff 2000 miles and pay closing costs on a new house all while paying me to work fewer hours in a far less toxic environment in a place I was planning on moving to after retirement anyway. I was only going to stay the required year but things change and one turned into 4 before I retired again.

I stayed on the additional 3 years because:
1) Year one my DW passed away suddenly and w*rk kept my mind and body going and doing something productive while I got my head around what had happened.

2) Shortly after DW passed away my boss left and they fired my only peer in the department. That left a HUGE hole in the organization and I was more than able to do the job so I agreed to do so until they found replacements thinking it would only be a couple of months.
Two turned into 8 and by then I was doing much better in life and found the j*b was filling a need both for me and the folks that worked for me. I had almost a free hand at what I did and best of all I was appreciated. That was a first in my 33 year career so I became drunk on appreciation and being a mentor to many younger "kids" in the workplace.

3) I got remarried and DW was not able to leave work unti she reached 55 and would leave paid med. insuance and a small pension on the table. The money was OK and the personal satisfaction was just enough to keep me invested in the j*b.

4) I was going to "punch out" at the end of 2006 but again my boss left, the GM left and several other key folks were on the verge of leaving so top mgt. asked me to fill in for a "couple of months while they found a replacement"...sound familiar? I agreed as DW was by then in deep medical trouble and the extra money was a good thing.

5) After 5 months of doing two jobs I had had enough. I gave them 6 weeks notice and then left. Of course they did not find replacements until after I left.

So now you know the rest of the story. I stayed for personal reasons that eventually evaporated to a point that the lure of not working far outweighed the desire for work-related psychological (Maslovian?) needs.

My advice is to get out when you feel you are carrying an empty bucket of work-related self-satisfaction (if you are lucky enough to have any).

[audreyh1]

Quote:

Originally Posted by Rich_in_Tampa As of the moment, over 60% of respondents waited more than a year after FI to RE, of whom 2/3 waited over 2 years. Sometimes we seem like a real "take this job and shove it" group, but the poll suggests that most of us have been more than cautious.

It's a really major life transition, so I am not surprised that most folks took at least a year to do it.

Also, if you are retiring at a relatively young age, you don't feel in such a rush.

Older retirees whose posts I've read indicate that they feel considerable time pressure upon retirement - they've been waiting so long for the opportunity that when it finally arrives they rush out to do "everything" quickly before their health fails.

Audrey

[SteveR]

Quote:

Originally Posted by audreyh1 It's a really major life transition, so I am not surprised that most folks took at least a year to do it. Also, if you are retiring at a relatively young age, you don't feel in such a rush. Older retirees whose posts I've read indicate that they feel considerable time pressure upon retirement - they've been waiting so long for the opportunity that when it finally arrives they rush out to do "everything" quickly before their health fails. Audrey

The problem with death is you don't know when it will happen to you. We all live out our daily lives with the belief that tommorrow will come followed by another day and so forth until someday...we die...way way in the future.

My slant on this is colored by real life experiences with friends and family who were alive and happy one day and then gone the next. Some were as young as 4. Some were young mothers or young fathers. Car accidents, disease, home accidents, wrong place at the wrong time, etc.

I don't have a negative view of life or death. I have a realistic one. I spent many hours with fellow widows and widowers discussing life and death and what it means to lose a spouse, a child, a parent or a close friend. Each are different events yet each one become part of who we are and how we view the future. I am more interested in seeing and doing now rather than 10 or 20 years from now. I plan on spending a good deal of my early retirement years being busy but not in a frantic sense. I don't have a morbid fear of death, I have been too close to it to fear it; but I do know that tommorrow is not promised to any of us so each day is a gift.