How do you get the Courage?

[LitGal]

Two "Clinchers" for Me

My assets are NO WAY in your ball park. I retired on a modest income, but am hurting for nothing and do have a lot of fun!

Two Sources of the Courage You Mention:

1. Asking myself, "LitGal, if you died tomorrow, what would you wish you had done?"

The list was very long. Since no one knows how many years of health and mobility she will enjoy, I started looking for ways to expand the number of years I could work on that list. (The career had been great. But it could now be easily crossed off the list.) Eg., the "bucket list" syndrome.

2. The Broadway production of "You Can't Take It With You," starring Jason Robards, Colleen Dewhurst, George Rose, Maureen Anderman. Produced in 1984, available on-line for about $12.

Won the Pulitzer Prize in the late 1930's, HILARIOUS, and deeply inspiring.
DH and I watch it at least once a year, just for the pure joy of it. (We wore out the VHS recording of it we taped back in the '80's. Happily found a DVD on line last month; so now we can watch it forever.)

A favorite line: "Grandpa could have been a rich man.........but it took too much time."
******************************************

IMHO, it sounds like you have plenty of both, $ AND time. You are rich indeed. Enjoy your life!

 

[HFWR]

The question is "Why have you been working and saving?"

If the answer is FIRE, well then, hop to it!

 

[bob boag]

What makes a king out of a slave?
What makes the flag on the mast to wave?
What makes the elephant charge his tusk,
in the misty mist, or the dusky dusk?
What makes the muskrat guard his musk?
What makes the sphinx the seventh wonder?
What makes the dawn come up like thunder?
What makes the Hottentot so hot?
What puts the "ape" in apricot?
What have they got that I ain't got?

 

[brewer12345]

What makes a king out of a slave?
What makes the flag on the mast to wave?
What makes the elephant charge his tusk,
in the misty mist, or the dusky dusk?
What makes the muskrat guard his musk?
What makes the sphinx the seventh wonder?
What makes the dawn come up like thunder?
What makes the Hottentot so hot?
What puts the "ape" in apricot?
What have they got that I ain't got?

Something to do with the opposite sex, I believe.

 

[brewer12345]

One of the other reasons you would want to bail on at least the day job is all the ridiculous incentives you have to do so. Just off the top of my head for stuff I have already stumbled across:

- 0% tax rate on cap gains and qualified dividends
- Obamacare subsidies out the wazoo
- Any other taxable income being in the 10 or 15% bracket rather than 2x% or 3X%
- No Social Security or Medicare taxes to pay
- Roth conversions at favorable rates
- Lots of other silly little things. I just stumbled across the fact that in my state there is a grant that matches dollar for dollar 529 contributions up to $500 if your AGI is under a certain level (64k).

If you have accumulated enough capital to be a member of the idle rich there are massive disincentives to actually work for a living.

 

[rescueme]

An oldie, but it shows why I retired earlier than "normal".

Remember, you will never be younger than you are today ...

 

[Cobra9777]

Throughout my pre-retirement struggle with this question, I found that my similarly-situated coworkers fell into one of two camps:

1) Work defines them. They love their job and have no significant interests or purpose outside their work.
2) Work is a means to FI. They love their non-work endeavors and begin to resent the lack of time for these endeavors due to increasing job demands.

I fell in the second camp and thus pulled the trigger as soon as it was clear the finances would work. Many of my friends are still working, not because they have to, but because they don't know what else to do when they wake up every morning, and their job provides the sense-of-purpose they require.

So, to the OP's question, I agree with others... once you know the finances will work, it becomes a pretty simple decision process: What do you plan to do after retirement? Is your job preventing those things? Which is more important to your overall happiness, sense-of-purpose, and identity? If you are happy with the current situation, why change? Don't retire simply because you can. It should be because the next chapter is more compelling than the current one.

Anyway, those are the thoughts going through my head when I pulled the trigger.

 

[pletal]

Thank you for all of the responses.

I have been on the go for the past several years. I have been a landlord since 2000, but in 2008, I started buying additional properties. I was looking in 2006 - 2007, but no properties were cash flowing enough. In 2007 that changed.

So I purchased five 4-plexes, one each year. All were foreclosures. Most were purchased with creative buying strategies so I got excellent deals, buying for fifty cents on the dollar. I did a complete remodel on the units’ one at a time. New kitchens, bathrooms, remove walls, etc. I poured a lot of money back into them. Now that I am slowing down on the remodels, I realize that I have quite a bit of cash flow and profit. That’s especially true when I start to look at my taxes that I will have to pay this April.

So the concept of FI is still new to me. Slowing getting my head around the idea of being able to retire, but that’s another obstacle. In my head, retirement is for ‘old’ people, not people like myself. I would still continue to do the property thing, but at my own pace. Not working every minute of the days that I have off, and taking vacations to work on the properties. I may even start a new type of venture, some ideas I have had in my head for a while. So I will still be busy, and working, just not for a company.

I also grew up relatively poor, with a single mother, and we had a Coleman cooler we used for a cheap refrigerator. It was small, but it worked. So, I know I want to make sure of what I have, and not quit just before the finish line.

I also just got the 10% disability rating from my time in the service, back in 1978-82. That capped one of my large expenses, health care. If the VA care isn't what it’s cracked up to be, I can just purchase a policy without worries about pre-existing conditions. I don’t have any now, but every day is different. I am healthy, but not as solid as I used to be.

Anyway, I have been scouring many retirement websites and looking for ideas to give more confidence. Intuitively I know I could do it, but feel like I am on the high-dive looking over the edge.

I think I know where you are. Growing up poor, you may be trying to get as much space as you can between being poor and doing well. I am having the same issues. Have saved and have rental properties. We have saved and have over 4 million saved. Still working like a fool. Courage may be the thing I am lacking. No debt, no mortgage. Hard to change habits after 30 years. Have a great paying job, making 400 plus, . The future is scary, if you are like me, I don't feel like I deserve to retire early. Looking over the edge with you. All the advice you get will mean nothing until you can wrap your head around it. Mentally getting ready for the next stage in life is something I am also struggling with. Don't know if I'm ready to just " watch the wheels go round" (good luck, and congratulations for setting yourself up with many options)

 

[Senator]

Thanks for all of the encouragement and advice!

 

[Midpack]

What I don't get much of a sense of from your post is whether you are enjoying your job, think it's just OK, or can't stand it. If you still enjoy it, I don't see any reason to leave. If it's wearing on you, I think you already know that you have enough to call it quits.

Do you hate your job or your workload? For me it was a case of get busy living or get busy dying. I was in a dull, astonishingly bureaucratic job with no upside. Tomorrow is promised to no man.

I still haven't seen the OP's answer to this.

Everyone should work toward FI, but reaching FI is not in itself a reason to retire, early or otherwise. If you still enjoy your work, or don't have something better to do with your time, it could be a mistake to retire. Some naturally flourish, some find themselves bored (even depressed) and returning to work can be difficult.

'It's not enough to retire from something, you need to have something to retire to also...'

 

[Ready]

'It's not enough to retire from something, you need to have something to retire to also...'

I remember seeing this comment in several posts when I was contemplating retiring from my position last year. It always concerned me because I can't say that I had anything specific that I was "retiring to", other than a lot of leisure time. I guess some people don't do well with too much unstructured leisure time, but I find myself as busy as I want to be and never wishing I had more to do. Yet if I had to answer the question "What did I retire to?", I wouldn't have a clue how to respond.

 

[steelyman]

I still haven't seen the OP's answer to this.

Everyone should work toward FI, but reaching FI is not in itself a reason to retire, early or otherwise. If you still enjoy your work, or don't have something better to do with your time, it could be a mistake to retire. Some naturally flourish, some find themselves bored (even depressed) and returning to work can be difficult.

'It's not enough to retire from something, you need to have something to retire to also...'

Will you be going back?

 

[brewer12345]

I remember seeing this comment in several posts when I was contemplating retiring from my position last year. It always concerned me because I can't say that I had anything specific that I was "retiring to", other than a lot of leisure time. I guess some people don't do well with too much unstructured leisure time, but I find myself as busy as I want to be and never wishing I had more to do. Yet if I had to answer the question "What did I retire to?", I wouldn't have a clue how to respond.

People keep asking me what I will do next and I don't really have an answer. Didn't really retire to anything in particular except getting to recover and figure out what I want out of life at this stage of things. Admittedly I am grappling with some confusing stuff as I make the transition, but I am not about to willingly go back to the cube.

 

[Buckeye]

I also just got the 10% disability rating from my time in the service, back in 1978-82. That capped one of my large expenses, health care. If the VA care isn't what it’s cracked up to be, I can just purchase a policy without worries about pre-existing conditions. I don’t have any now, but every day is different. I am healthy, but not as solid as I used to be.

Anyway, I have been scouring many retirement websites and looking for ideas to give more confidence. Intuitively I know I could do it, but feel like I am on the high-dive looking over the edge.

The 10% disability rating currently gives you Priority 3 access to the VA but be very careful because if you get seriously injured away from a VA hospital you could rack up $100,000 in medical bills that would be your responsibility before you could get transferred to a VA facility. I am eligible for VA but I have always purchased individual high deductible health insurance because of the issue with emergency care.

 

[Buckeye]

People keep asking me what I will do next and I don't really have an answer. Didn't really retire to anything in particular except getting to recover and figure out what I want out of life at this stage of things. Admittedly I am grappling with some confusing stuff as I make the transition, but I am not about to willingly go back to the cube.

I can't say I was retiring to anything in particular at 52 but I knew I had to get away from the fools. I decided no idiot was ever going to control my day again. I was on the edge of being FI but that was close enough for me. Life is too short. DH and I both grew up poor so we knew we could make it no matter what. We had 'been there, done that.' If Obamacare had been available back then, it would have been a slam dunk.

I am writing this on a Sunday night and I don't have Sunday-itis. Monday? Only another day of the week!

 

[Midpack]

Will you be going back?

I gave a lot of thought to what I was retiring to. I couldn't have retired without reconciling same. It comes easily to some, but not everyone, why not give it some thought before pulling the plug? Is leaping and hoping for the best a better plan?

 

[gerntz]

Issue to me would be do I like the job or not. I retired when the job wasn't enough fun anymore. Could have retired several years earlier, but the job was still fine/fun then.

 

[Ready]

People keep asking me what I will do next and I don't really have an answer.

We live in a world where people think you always have to be "doing" something. And the "doing" is generally expected to be something for pay. I almost did not retire simply because my brain was programmed to think that retiring was for people at least 65 years old, and it was only something you did when you were not able to work any more.

This forum has many members who have learned that life doesn't have to be that way, but the group here is clearly a minority. All be it, a minority I'm really glad to be a part of.

 

[brewer12345]

We live in a world where people think you always have to be "doing" something. And the "doing" is generally expected to be something for pay. I almost did not retire simply because my brain was programmed to think that retiring was for people at least 65 years old, and it was only something you did when you were not able to work any more.

This forum has many members who have learned that life doesn't have to be that way, but the group here is clearly a minority. All be it, a minority I'm really glad to be a part of.

DW insisted that I have a cover story, so people's expectations have apparently been set. This annoys me to no end, as I wanted no part of a cover story. The foolish things I do for domestic harmony... I suppose all of these gullible fools will figure it out eventually when I am persistently unemployed.

 

[Senator]

I have always purchased individual high deductible health insurance because of the issue with emergency care.

Thanks, that is excellent advice. I always figured that I could get a policy in the ambulance ride, but it may be $100K later when I wake up... I had not thought about it all that much.

Do you hate your job or your workload?

I don't hate it, but it is less enjoyable. It's almost boring. Easy money, but boring. Work gets in the way of too many things these days. And I pay so much in taxes it's crazy. I just done doing taxes and will have to pay. Even after claiming 0 and paying extra for the year. But I guess I am fortunate to be in that position.

I prefer to be on my own more now. I think one more year, and we will see what happens. This is still a relatively new thing, seeing the income, so I want to make sure it's 'real'. If I can save over $100K in 2014, it's real.

 

[Sarpy]

We live in a world where people think you always have to be "doing" something. And the "doing" is generally expected to be something for pay. I almost did not retire simply because my brain was programmed to think that retiring was for people at least 65 years old, and it was only something you did when you were not able to work any more.

This forum has many members who have learned that life doesn't have to be that way, but the group here is clearly a minority. All be it, a minority I'm really glad to be a part of.

Met a new friend the other night who retired 4 mos. ago. Knowing I had retired over a year ago, she mentioned that she still hadn't adjusted and wanted to know if it was normal to just want to veg and not do too much so-called 'productive' work.

I told her I totally understood, and have felt guilty in the past for just goofing off and not being 'productive.' In fact, I still feel guilty if I take a nap every now and then. Another friend, who's been retired a couple of years now, just laughed and said she feels absolutely no guilt at goofing off and napping every day if she wants.

I think it may take adjustment for some.

 

[steelyman]

I gave a lot of thought to what I was retiring to. I couldn't have retired without reconciling same. It comes easily to some, but not everyone, why not give it some thought before pulling the plug? Is leaping and hoping for the best a better plan?

Good comment. I could not go back (or at least I'm not going to).

 

[Midpack]

Good comment. I could not go back (or at least I'm not going to).

Same to you. I suspect most people sail into or quickly adjust to enjoying retirement with or without a plan. Just not a given.

 

[gardenfun]

We live in a world where people think you always have to be "doing" something. And the "doing" is generally expected to be something for pay. I almost did not retire simply because my brain was programmed to think that retiring was for people at least 65 years old, and it was only something you did when you were not able to work any more.

This forum has many members who have learned that life doesn't have to be that way, but the group here is clearly a minority. All be it, a minority I'm really glad to be a part of.

I'm with you in that minority, Ready!

When I lost my job without warning at age 56 (4 years ago), I started interviewing for corporate jobs, because the thought that I could retire hadn't occurred to me.

From reading early retirement books, I slowly realized that I didn't have to conform to the traditional definition of retirement. I learned that I didn't need "80% of pre-retirement income" to survive. Once I figured out the financial side, I was ecstatic to be able to leave the corporate world. I really didn't want to do it anymore.

BUT, I didn't have a clear picture of what my new life would be like either. It has slowly evolved over the past 4 years. For example, I have been working very parttime at a bookstore for 2 1/2 years, and that was fun for a while. But recently I've decided that it is too much drama and hassle and I am going to quit. It's great to be able to think through what you want to do with your everyday life and not worry about the financial side.

I for one absolutely love not having anything to do each day!

 

[semi55]

jump!

Just my take on the courage thing. Ease into it. You have 3 income sources, Investments, apartments, job. You can get by on any 2.
I quit ft work and consult. Between investments and hi commission jobs it works.

My epiphany came after mom died, having not really done any of the things she's was going to do "in retirement" that and my job got to the point where it was "keep killing myself working for people I don't t like, or hav e some fun"