wyecrabber1
Recycles dryer sheets
- Joined
- May 20, 2015
- Messages
- 148
Leaving the rat race is in the crosshairs, having a hard time pulling the trigger.
Background: 15 years ago, I was on target to retire at 58, or at least work part time and enjoy the good life. Course was set and everything looked good... except for a couple unplanned events. My wife was diagnosed with stage III breast cancer and ended up receiving SSDI in 2005. I still had a good job/income, so was able to stay on target. In 2008, the economy tanked. I was laid off and unemployed for several years. The housing market collapsed. I was underwater on two rental properties and unable to sell. Had to tap my retirement to pay for health insurance/care, to keep the roof over our heads and provide the best life I could for my wife. I mortgaged my future to do this -- I don't regret this at all. In 2011, I found employment making a decent salary within the VA medical system.
After 8 years of too many surgeries and constant chemo, my wife died in 2012. I fought a very difficult battle towards recovery, both financially and emotionally. In 2014, I fell in love again and married a wonderful lady. I tell her she is my gift and extremely thankful for the blessings in my life.
My gift [new wife] retired last year after being a nurse for 44 years, she receives $50K annually between her SS and pension. I will turn 62 in September and if I take SS and my pensions, I will bring in $42K for a combined annual income of $95K. Investments are $700K [60/40] and $50K in cash. Annual expenses are $70K, not including taxes and healthcare. SS and retirement will cover all expenses. I'm vested within the VA system and can take healthcare with me when I retire at cost. My wife will start Medicare this year. Her mom left a nice inheritance and she will receive $100K (this is not included in the $750K).
No mortgage, no debt. Not planning on withdraws from investments until RMDs kick in. I have run firecalc and other retirement calculators - with 0 failure rate. Met with a FA from Wells Fargo just to confirm our projections - he felt everything was on target.
We do plan to relocate to the Ponte Vedra area in Florida in the next two years - which will reduce our tax burden. There is a considerable amount of discretionary spending in the $70K expense budget - could live very comfortably on $50K - so we could tighten the draw strings. If needed, we could withdrawal 1% to 1.5% from the investments.
I do not like my job - I'm middle management and the bullshit/culture at the VA is unbelievable. I'm thankful for the opportunity the VA gave me at a time when nothing was available. My guestimate is upward of 30% of the employees could not survive outside the walls of the VA. Employees have a greater chance of dying then being fired from their jobs due to poor performance. In many ways it's a welfare state.
My hesitation to retiring is due to my life imploding previously. I feel my first wife and I did everything right - except a perfect storm capsized our dreams. I've been given a new life and a beautiful lady to spend it with. Part time work is always a possibility. I have enough interest outside of work that I'll have no problem staying busy.
I realize tomorrow is promised to no one. At some point, you have to say enough is enough and I think have enough.
If you've read this entire note - thank you. Appreciate any and all comments. The reality is OMY or two, does not change the financial landscape.
Background: 15 years ago, I was on target to retire at 58, or at least work part time and enjoy the good life. Course was set and everything looked good... except for a couple unplanned events. My wife was diagnosed with stage III breast cancer and ended up receiving SSDI in 2005. I still had a good job/income, so was able to stay on target. In 2008, the economy tanked. I was laid off and unemployed for several years. The housing market collapsed. I was underwater on two rental properties and unable to sell. Had to tap my retirement to pay for health insurance/care, to keep the roof over our heads and provide the best life I could for my wife. I mortgaged my future to do this -- I don't regret this at all. In 2011, I found employment making a decent salary within the VA medical system.
After 8 years of too many surgeries and constant chemo, my wife died in 2012. I fought a very difficult battle towards recovery, both financially and emotionally. In 2014, I fell in love again and married a wonderful lady. I tell her she is my gift and extremely thankful for the blessings in my life.
My gift [new wife] retired last year after being a nurse for 44 years, she receives $50K annually between her SS and pension. I will turn 62 in September and if I take SS and my pensions, I will bring in $42K for a combined annual income of $95K. Investments are $700K [60/40] and $50K in cash. Annual expenses are $70K, not including taxes and healthcare. SS and retirement will cover all expenses. I'm vested within the VA system and can take healthcare with me when I retire at cost. My wife will start Medicare this year. Her mom left a nice inheritance and she will receive $100K (this is not included in the $750K).
No mortgage, no debt. Not planning on withdraws from investments until RMDs kick in. I have run firecalc and other retirement calculators - with 0 failure rate. Met with a FA from Wells Fargo just to confirm our projections - he felt everything was on target.
We do plan to relocate to the Ponte Vedra area in Florida in the next two years - which will reduce our tax burden. There is a considerable amount of discretionary spending in the $70K expense budget - could live very comfortably on $50K - so we could tighten the draw strings. If needed, we could withdrawal 1% to 1.5% from the investments.
I do not like my job - I'm middle management and the bullshit/culture at the VA is unbelievable. I'm thankful for the opportunity the VA gave me at a time when nothing was available. My guestimate is upward of 30% of the employees could not survive outside the walls of the VA. Employees have a greater chance of dying then being fired from their jobs due to poor performance. In many ways it's a welfare state.
My hesitation to retiring is due to my life imploding previously. I feel my first wife and I did everything right - except a perfect storm capsized our dreams. I've been given a new life and a beautiful lady to spend it with. Part time work is always a possibility. I have enough interest outside of work that I'll have no problem staying busy.
I realize tomorrow is promised to no one. At some point, you have to say enough is enough and I think have enough.
If you've read this entire note - thank you. Appreciate any and all comments. The reality is OMY or two, does not change the financial landscape.