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06-28-2017, 01:06 PM
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#21
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Recycles dryer sheets
Join Date: May 2017
Location: Dubuque
Posts: 70
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Update: I planned to retire on June 9th, but they are having trouble replacing me. I gave 3 months notice and they have conducted several interviews but weren't happy. So....I have agreed to stay on part-time for a while. I set my own hours/days and essentially come and go as I want. I have planned vacations and am taking them. I'm OK with part-time for now or I wouldn't have agreed to it. But, I won't let it go on too long. I'm still over analyzing my numbers and just find it hard to believe that we can retire. According to Firecalc and my own spreadsheets, I could up my spending to $70K per year and still be all right. I'm doing a lot of reading here.....all very helpful! Major
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06-28-2017, 01:45 PM
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#22
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Moderator
Join Date: Feb 2010
Location: Flyover country
Posts: 25,199
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Are they trying hard to replace you, or are they just taking advantage of you? That's what I would be asking myself.
__________________
I thought growing old would take longer.
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06-28-2017, 06:18 PM
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#23
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Thinks s/he gets paid by the post
Join Date: Dec 2010
Location: Midwest
Posts: 1,789
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Push the envelope. Now that you have a nicer gig, ask for more. Can paid vacation be increased? Private parking spot? Expense acct? The sky is the limit!!!
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06-28-2017, 07:56 PM
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#24
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Location: Leeward Oahu
Posts: 17,794
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It looks to me that you are golden. I typically advise folks contemplating retirement to have back-ups to their retirement plans. In our case, we know we could ditch one car or even both since we have such good bus service. If it got really bad, we could move from Paradise to the mainland. Nothing right now suggests that will be necessary, but having a proposed back-up (with at least some general ideas of how much it would save) gives a certain comfort level when you are getting ready to pull the plug.
By the way, thanks for your service, Major.
__________________
Ko'olau's Law -
Anything which can be used can be misused. Anything which can be misused will be.
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06-28-2017, 08:13 PM
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#25
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2012
Posts: 6,134
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I think this is a good deal. I am hoping to get something similar, I will know for sure within a month. Working part time is a good way to test your transition to living at your planned retirement income level. In fact, maybe start living at that income level now, it will give you more comfort.
__________________
FIREd date: June 26, 2018 - "This Happy Feeling, Going Round and Round!" (GQ)
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06-29-2017, 08:23 AM
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#26
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Recycles dryer sheets
Join Date: May 2017
Location: Dubuque
Posts: 70
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Thanks for all your feedback. It's not a bad deal, but I certainly don't feel "retired"! We're on a cruise in July, so July will fly by pretty quickly. About mid August, I'll let them know that I WILL be done soon and I'll pick a date. By the way, is there some other tool as good as Firecalc that I can use? I'm not finding anything as comprehensive out there. AND....I seem to have this overwhelming need to check my numbers over and over!!!
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06-29-2017, 08:50 AM
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#27
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Thinks s/he gets paid by the post
Join Date: Oct 2006
Posts: 4,629
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There's a list of standard questions somewhere on this forum - I couldn't find it this morning.
So I'll try to remember:
- Does your $4,500 include taxes?
- Replacing a roof or a car?
- Do you have children, and if so, any chance of boomerang children?
- Would you continue your hobby job if one of you had a serious health problem, and if not, would that be a problem?
- You'd like to travel, is travel expense in the $4,500?
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06-29-2017, 08:52 AM
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#28
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Thinks s/he gets paid by the post
Join Date: Oct 2006
Posts: 4,629
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Quote:
Originally Posted by Retiredmajor
Update: I planned to retire on June 9th, but they are having trouble replacing me. I gave 3 months notice and they have conducted several interviews but weren't happy. So....I have agreed to stay on part-time for a while. I set my own hours/days and essentially come and go as I want. I have planned vacations and am taking them.
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I had the same experienc. It was surprisingly enjoyable.
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06-29-2017, 09:44 AM
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#29
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Recycles dryer sheets
Join Date: May 2017
Location: Dubuque
Posts: 70
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Quote:
Originally Posted by Independent
There's a list of standard questions somewhere on this forum - I couldn't find it this morning.
So I'll try to remember:
- Does your $4,500 include taxes?
- Replacing a roof or a car?
- Do you have children, and if so, any chance of boomerang children?
- Would you continue your hobby job if one of you had a serious health problem, and if not, would that be a problem?
- You'd like to travel, is travel expense in the $4,500?
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Hey Independent...thanks for the questions.
- The $4500 does not include taxes, but I have a tax guy and i've explored what taxes will be roughly. They are not a problem.
House is new and cars are late model and paid for! No major expenses that I can foresee.
-Kids are married and successful - doubt any issues there!
- I can do the hobby job easily next year and the year after, in fact it might go on for 2, 3, 4 or 5 years. This year I'll earn @ $50K at it and next year could be about the same. Obviously, a catastrophic illness would change that, but we are both in very good health, run, work out, bike, hike, etc. The job is a teaching job, not physical.
- Travel is not in the $4500 monthly budget, but I estimate that we will spend @ $5K - $7K on travel each year. Even with that, it pushes me to just over 60K spend per year.
So, hobby job, plus pension, plus SS at age 62 plus Tricare Healthcare, plus $700K in nest egg is my plan! Major
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06-29-2017, 10:02 AM
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#30
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Full time employment: Posting here.
Join Date: Apr 2014
Location: Houston
Posts: 957
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Quote:
Originally Posted by Retiredmajor
......By the way, is there some other tool as good as Firecalc that I can use? I'm not finding anything as comprehensive out there. AND....I seem to have this overwhelming need to check my numbers over and over!!!
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I used www.i-orp.com to double check using a different tool. This tool is also discussed often here and used by many. Has good help screens and author answers questions emailed to him.
__________________
"Learn everyday, but especially from the experiences of others. It's cheaper! " - John Bogle
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06-29-2017, 10:03 AM
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#31
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Thinks s/he gets paid by the post
Join Date: Jul 2006
Location: Denver
Posts: 3,505
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The tax interactions between SS payments, RMDs, earnings etc. are complex, so you may benefit from running your situation through a program like ESR Planner. I don't know if iORP will help, but it doesn't take much to fill in your data there too.
Your hesitation to ER isn't surprising. I think most of us here have felt it when we quit our full time jobs. I think it is the very characteristic that makes us capable of ER that gives us the jitters too. But ER is glorious!
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06-29-2017, 02:13 PM
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#32
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Thinks s/he gets paid by the post
Join Date: Oct 2006
Posts: 4,629
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Quote:
Originally Posted by Retiredmajor
Hey Independent...thanks for the questions.
- The $4500 does not include taxes, but I have a tax guy and i've explored what taxes will be roughly. They are not a problem.
House is new and cars are late model and paid for! No major expenses that I can foresee.
-Kids are married and successful - doubt any issues there!
- I can do the hobby job easily next year and the year after, in fact it might go on for 2, 3, 4 or 5 years. This year I'll earn @ $50K at it and next year could be about the same. Obviously, a catastrophic illness would change that, but we are both in very good health, run, work out, bike, hike, etc. The job is a teaching job, not physical.
- Travel is not in the $4500 monthly budget, but I estimate that we will spend @ $5K - $7K on travel each year. Even with that, it pushes me to just over 60K spend per year.
So, hobby job, plus pension, plus SS at age 62 plus Tricare Healthcare, plus $700K in nest egg is my plan! Major
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Thanks. Having self-supporting kids is a big deal these days.
I'm assuming that TriCare is a pretty good deal.
I look at the long term and say that after you quit working, and start SS, and pay off the house, you'll have about $47,400 of COLA'd income to cover about $32,400 of basic spending. (I'm assuming $400 of your mortgage payment is taxes and insurance.)
Taxes on the $47,400 should be minimal. No telling how long you'll want to travel. The $10,000 cushion in your plan should cover it.
Your newer house will eventually need repairs, and your newer cars will eventually need to be replaced. But, again, the travel doesn't continue forever.
In the short term, it looks like your job and military pension cover spending including mortgage. Even if you didn't have the job as long as you expect, it seems that you could cover your shortfall before SS with "modest" withdrawals.
Long term care insurance might cost $5,000 per year *. But, you've got a $700k nest egg and a house. I think most people would consider that plenty for LTC.
As long as you're happy with your lifestyle, it looks like you're good to go.
* The only source of online premium info I can find is here: https://www.ltcfeds.com/ltcWeb/do/as...token=mDq833Cy and those rates a probably lower than non-federal workers can get.
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06-29-2017, 02:22 PM
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#33
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Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 25,300
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Quote:
Originally Posted by Independent
There's a list of standard questions somewhere on this forum - I couldn't find it this morning.
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I think this is the one you're referring to:
http://www.early-retirement.org/foru...ml#post1399715
Retiredmajor, it is not at all uncommon to get a bit anal about checking the numbers. Retirement is a big life-changing event and since it is usually irreversible, wanting to make sure you get it right is perfectly normal.
__________________
When I was a kid I wanted to be older. This is not what I expected.
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06-29-2017, 07:22 PM
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#34
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Thinks s/he gets paid by the post
Join Date: Jun 2016
Posts: 4,661
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I like the Fidelity Retirement Income Planning tool. Used it many times to validate our ER. Also ran our numbers by a professional FA to get another opinion.
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06-30-2017, 12:48 PM
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#35
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Thinks s/he gets paid by the post
Join Date: Oct 2006
Posts: 4,629
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Quote:
Originally Posted by Walt34
I think this is the one you're referring to:
http://www.early-retirement.org/foru...ml#post1399715
Retiredmajor, it is not at all uncommon to get a bit anal about checking the numbers. Retirement is a big life-changing event and since it is usually irreversible, wanting to make sure you get it right is perfectly normal.
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Thanks. I couldn't remember the title and didn't expect it on page 2.
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07-01-2017, 08:16 AM
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#36
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Thinks s/he gets paid by the post
Join Date: Dec 2004
Location: Minneapolis
Posts: 4,455
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Quote:
Originally Posted by Retiredmajor
The thought of not working full time is making my head spin!!
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Don't you think that working right before you drop is more troublesome? Your financials are sound for RE.
__________________
May we live in peace and harmony and be free from all human sufferings.
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11-07-2017, 11:39 AM
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#37
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Recycles dryer sheets
Join Date: May 2017
Location: Dubuque
Posts: 70
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Here's an update on our situation.....and thanks for all the advice!
I was working part-time while they looked for my replacement and they have now found someone. I officially retired last Friday, Nov. 3rd. However, another department hired me to lead a Lean Project for them that will have me working maybe 2 days a week for a total of 15 hours a week or so through January. I enjoyed working part time for the last 5 months, so this will be nice.
I'll turn 61 in December. Our nest egg has grown and our savings are the same. Next year we plan to live off my Army pension, savings and my hobby job, which earned $50K this year. Next year, hobby job earnings should be the same or even better now that I have more time. My hobby job keeps me busy about 6 days a month and is something I really enjoy.
I may take SS at 62, but more than likely I'll just hold off year to year until I feel I need to take it.
Feels weird to not work full time, but I'm on the journey!
This is a great site and I've learned a lot from all of you! Major
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11-07-2017, 03:04 PM
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#38
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Thinks s/he gets paid by the post
Join Date: Mar 2008
Location: Atlanta Suburb
Posts: 1,499
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Congratulations and thank you for your service.
FN
__________________
"Oh, twice as much ain't twice as good
And can't sustain like one half could
It's wanting more that's gonna send me to my knees" - John Mayer
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11-08-2017, 08:25 AM
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#39
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Full time employment: Posting here.
Join Date: Nov 2008
Location: Jacksonville
Posts: 637
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Something just doesn't seem right to me. Not trying to pry. You're a retired O4 and your pension is ONLY $15,000 a year?
Mike
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11-08-2017, 08:33 AM
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#40
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Recycles dryer sheets
Join Date: May 2017
Location: Dubuque
Posts: 70
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[QUOTE=wrigley;1961725]Something just doesn't seem right to me. Not trying to pry. You're a retired O4 and your pension is ONLY $15,000 a year?
Mike,
I was active duty Army as an enlisted soldier and after I was discharged I joined the National Guard, attended OCS and became an Officer. Retirement from the National Guard is based on a point system and kicks in when you reach age 60. I wish it was more but I'm grateful for it, and the fact that it's tied to a COLA, and the Tricare Healthcare that my wife and I now enjoy.
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