Join Early Retirement Today
View Poll Results: How long after FI did you retire?
Less than 1 year 27 26.21%
More than 1 year, but less than 3 35 33.98%
More than 3 years, but less than 5 20 19.42%
More than 5 years, but less than 10 18 17.48%
More than 10 years 3 2.91%
Voters: 103. You may not vote on this poll

Reply
 
Thread Tools Search this Thread Display Modes
Old 05-22-2013, 06:22 AM   #21
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
donheff's Avatar
 
Join Date: Feb 2006
Location: Washington, DC
Posts: 8,633
I chose within 1 year. We had enough saved to live well with my pension several years before I retired but in those years I was not eligible for an unreduced pension. I pulled the plug a bit less than 6 months after I became eligible.
__________________

__________________
Every man is, or hopes to be, an Idler. -- Samuel Johnson
donheff is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 05-22-2013, 06:44 AM   #22
Thinks s/he gets paid by the post
jollystomper's Avatar
 
Join Date: Apr 2012
Posts: 1,351
Quote:
Originally Posted by photoguy View Post
How are you defining financially independent? I think I am FI right now but not entirely sure because of the uncertainty of future portfolio returns.
I agree. Firecalc, Quicken planner, and a financial planner have both indicated a high (>98%) success rate for me since the middle of last year. If the market has another year at least as good as 2012 (I'm not taking the returns so far this year for granted) it will put me at a comfortable position above my "number". What makes me unsure is the Obamacare impact, since health insurance premiums will be far and away our biggest expense.
__________________

__________________
Current target FIRE date: Under negotiation, can happen anytime.
jollystomper is offline   Reply With Quote
Old 05-22-2013, 07:55 AM   #23
Thinks s/he gets paid by the post
Helen's Avatar
 
Join Date: Oct 2004
Location: Portland
Posts: 1,338
Quote:
Originally Posted by W2R View Post
I worked for about 2 years after FI, because I was waiting for eligibility for federal retiree medical. I did not know what would happen with private insurance costs, so had to keep working until I got that locked in.

Edited to add: But then once eligible, I didn't let any grass grown under my feet. I became eligible for federal retiree medical on a Saturday, and retired the following Monday, two days later. The only reason I waited the two days was to make sure there was no question about my eligibility.
I could have written this post. I also waited to retire until I became eligible for Federal Health care. I was eligible on Monday, 5/13/13. I took 5/13 and 5/14 as vacation days and officially retired on COB 5/14. I too wanted to make sure it was clear to OPM that I had the required number of years of service in so I waited until the 14th.

I have postponed my pension and health care until I am 60 (in 4 years) to avoid the 30% reduction in my pension.
__________________
Helen is offline   Reply With Quote
Old 05-22-2013, 07:59 AM   #24
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
RunningBum's Avatar
 
Join Date: Jun 2007
Posts: 5,160
Quote:
Originally Posted by Hamachi View Post
I hit FI in my mid 30's, but ER wasn't even on my mind at that time. Then the financial crisis hit, my portfolio plummeted, and I decided to work hard to try to cover my living expenses with ordinary working income so my portfolio could recover. Now the portfolio is back in great shape and I'm 41. I think I'll call it quits on my 45th birthday, and then hopefully enjoy a peaceful 50 year retirement.
Similar story here. I thought I was FI in my late 30s and nearly ER'd. Then the bubble burst and I was poorly diversified and I was no longer FI. Round 2 8-10 years later I was FI again but gun-shy about ER. Went part time for a couple years to ease into the lifestyle while not drawing down retirement funds, before finally retiring. Should be good this time. Not sure how to answer the poll. I didn't really feel FI until I had enough padding to feel more safe, and who knows, I may find out at 90 that I was never quite FI. Or I could find out that I'd been FI for longer than I'd thought. I guess I'll say about 2 years.
__________________
RunningBum is offline   Reply With Quote
Old 05-22-2013, 08:33 AM   #25
Thinks s/he gets paid by the post
 
Join Date: Aug 2005
Posts: 2,056
Quote:
Originally Posted by Katsmeow View Post
I realize I have difficulty with pinpointing FI.

If you think to yourself it would be nice to have $1,500,000 but you decide to quit at $1,000,000 and reduce the lifestyle then where was the point you became FI? Or what if you keep your number of $1,500,000 but know you could retire on $1,000,000 if you changed your lifestyle? Are you FI or not? Are you FI only if you decide to retire on $1,000,000?
I'm having a problem really pinpointing FI, as well. According to the numbers, I actually hit FI this year, but that's living my current lifestyle. So, if I was to quit work or get fired, I wouldn't have to seek out another job. According to Firecalc, I'd be able to make all the bills, for a fairly basic lifestyle. So in that respect, yeah I am FI.

However, I do want more than just a basic, bare-bones existence. My target used to be $40,000 per year, and that allows some wiggle room. I figured I could make it on $30,000 if I really wanted to. Right now, Firecalc gives me a 100% chance of success at $30K per year. 92.9% at $35K per year. And only 78.6% chance of making it at $40K per year, but if I push out my retirement date to 2015, I have a 92.9% chance of making it on $40K.

However, the closer I get to that, I start to question more and more, am I going to be happy with $40K per year? Guess I'll know when I get there! I think the main thing that keeps me working right now is the mortgage. I'm trying to concentrate on getting it paid down early. I do think I'd be happy living on $40K per year, with no mortgage. But again, I won't know for sure until I get there!
__________________
Andre1969 is offline   Reply With Quote
Old 05-22-2013, 08:38 AM   #26
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2006
Posts: 11,014
Quote:
Originally Posted by Andre1969 View Post
I'm having a problem really pinpointing FI, as well. According to the numbers, I actually hit FI this year, but that's living my current lifestyle. So, if I was to quit work or get fired, I wouldn't have to seek out another job.

However, the closer I get to that, I start to question more and more, am I going to be happy with $40K per year? Guess I'll know when I get there!
Scope creep! Ask yourself whether you would be OK if the sh*t hit the fan. If the answer is yes, you are FI. Beyond that, it's discretionary.
__________________
Meadbh is offline   Reply With Quote
Old 05-22-2013, 09:03 AM   #27
Full time employment: Posting here.
 
Join Date: Apr 2006
Posts: 944
I had always planned on retiring at 55 to get bennies - also knew I would have enough by then. I was on auto pilot and saving as much as I could.

Then we had some top tier management changes, stress and BS/travel increased significantly. I found this site/FIRECAL, crunched numbers found I was FI and jumped ship within 6 months at age 49. I am so glad I had saved for so long and was able to jump - the job would have killed me or driven me mad....
__________________
Freed at 49. You only live once - live it
Donzo is offline   Reply With Quote
Old 05-22-2013, 10:17 AM   #28
Thinks s/he gets paid by the post
 
Join Date: Aug 2005
Posts: 2,056
Quote:
Originally Posted by Meadbh View Post
Scope creep! Ask yourself whether you would be OK if the sh*t hit the fan. If the answer is yes, you are FI. Beyond that, it's discretionary.
I think I'd be okay, unless too much hit the fan all at once. For instance, if I lost my job, AND both of the roommates moved out, AND the economy tanked and all my stocks started slashing dividends, AND something major happened to the house that wasn't covered by insurance, AND someone killed my father, got my sister pregnant, shot my dog, and stole my bible!

So, the right combination of things could tank me, but I'm sure the same would hold true for anybody.
__________________
Andre1969 is offline   Reply With Quote
Old 05-22-2013, 10:24 AM   #29
Recycles dryer sheets
 
Join Date: May 2007
Posts: 371
I reached FI 2 years ago, but I still love my job and my 2 daughters are still in high school, so I see no reason to stop working. This may change once The girls are out of the house.
__________________
novaman is offline   Reply With Quote
Old 05-22-2013, 11:02 AM   #30
Thinks s/he gets paid by the post
imoldernu's Avatar
 
Join Date: Jul 2012
Location: Peru
Posts: 4,616
As we use calculators such as FIRECALC to predict success in the future it is sometimes interesting to look back and see the effects of inflation through the years on a specific dollar amount, rather than a percent.

For example, when I enter $1 million for the year 2013, and look back at my retirement year of 1989, it equates to $526,000. While this is in no way predictive, it does allow us to see a "real dollar" relationship.

It allows me to look back and relate my salary in the working years, to the salaries that I see here... (and marvel at!), so that it doesn't seem so bad.

Inflation Calculator
__________________
Today is the oldest you've ever been, and the youngest you'll ever be again. - Eleanor Roosevelt
imoldernu is offline   Reply With Quote
Old 05-22-2013, 02:21 PM   #31
Thinks s/he gets paid by the post
 
Join Date: Aug 2005
Posts: 2,056
Quote:
Originally Posted by imoldernu View Post
For example, when I enter $1 million for the year 2013, and look back at my retirement year of 1989, it equates to $526,000. While this is in no way predictive, it does allow us to see a "real dollar" relationship.
I think I first came across this site back in 2005, and at that time, I was pretty much fixated on $1 million as my goal to retire. Or, at least a good starting point until I got a better idea of how things would play out.

Well, just since then, even though inflation has been low these past years, $1M in 2005 equates to something like $1.2M today.

It's amazing how quickly inflation can change things, even when rates seem really low. For instance, way back in late 1999 I bought a new car for $22,389, out the door. Oddly, it didn't seem like a lot of money back then. And, adjusting for inflation, that's about $31,000 today! Yet, today, I don't want to pay $22K for a new car, let alone $31K! Although, I did recently buy a new truck that ended up being around $20,700, out the door.

The current mortgage on my house is around $122,000, and I don't like having it. Yet, back in 1994 I bought a condo, and had to finance $79,800. That $79.8K comes out to around $125K, adjusting for inflation! So, technically I'm better off today than I was back in '94!

Funny, how your perspective on money and how much things cost, and what feels like "expensive" can change over time.
__________________
Andre1969 is offline   Reply With Quote
Old 05-22-2013, 03:36 PM   #32
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2006
Posts: 11,014
Quote:
Originally Posted by imoldernu View Post
As we use calculators such as FIRECALC to predict success in the future it is sometimes interesting to look back and see the effects of inflation through the years on a specific dollar amount, rather than a percent.

For example, when I enter $1 million for the year 2013, and look back at my retirement year of 1989, it equates to $526,000. While this is in no way predictive, it does allow us to see a "real dollar" relationship.

It allows me to look back and relate my salary in the working years, to the salaries that I see here... (and marvel at!), so that it doesn't seem so bad.

Inflation Calculator
Interesting! It tells me that I paid approximately the same in today's dollars for my 1995 Honda Accord and my 2012 Honda CRV, which is a bigger vehicle.
__________________
Meadbh is offline   Reply With Quote
Old 05-22-2013, 04:48 PM   #33
Thinks s/he gets paid by the post
Rambler's Avatar
 
Join Date: Jul 2007
Posts: 2,243
I voted 3-5 years. 5-6 years back, I may have had to sell the bigger home and keep the smaller one, or sell both and find a cheaper location. However, if the proverbial $h!+ hit the fan, we would have made it ok from about 6-7 years back. We waited due to succession issues as well as the recession (which we would have survived just fine in the proverbial instance) and that really helped to pad the coffers. Every once in a while I wonder why we waited so long and if we can actually find things to spend it on...and DW just does this: , and says, "don't worry, I'll help you figure out how!"



R
__________________
Find Joy in the Journey...
Rambler is offline   Reply With Quote
Old 05-23-2013, 11:25 AM   #34
Thinks s/he gets paid by the post
Spanky's Avatar
 
Join Date: Dec 2004
Location: Minneapolis
Posts: 4,046
I did not vote as I have not ER'ed. FI, defined as 2.5% safe-withdrawal rate to support living expenses, was reached about 5 years ago. I was RIF'ed about a month ago and contemplated on calling it quits. However, I am not totally ready for ER for a variety of reasons, such as doing stimulating work, having one kid still in college, and waiting for eligibility for federal medical care. Fortunately, I received an attractive offer to start work in June. If work becomes unbearable or another RIF occurs, ER will definitely be a reality.
__________________
May we live in peace and harmony and be free from all human sufferings.
Spanky is offline   Reply With Quote
Old 05-23-2013, 06:28 PM   #35
Confused about dryer sheets
 
Join Date: Dec 2010
Posts: 5
I waited an additional year to ensure a margin of safety, especially should my COLA'd pension be constrained in the future (e.g., chained CPI)
__________________
emkute is offline   Reply With Quote
Old 05-23-2013, 06:40 PM   #36
Dryer sheet aficionado
 
Join Date: Jan 2013
Location: bryn mawr
Posts: 47
I qualified to retire at 55, but I still had kids in college. I just hit the point where it just repulsed me walk in the door of my own job. Beside missing some of my old colleagues, I have not looked back.
__________________
johnrlawjr is offline   Reply With Quote
Old 05-23-2013, 06:55 PM   #37
Thinks s/he gets paid by the post
seraphim's Avatar
 
Join Date: Mar 2012
Posts: 1,492
I had a target date in mind, not a target wealth. When I hit the point it was no longer as financially profitable to continue working, I left.
__________________
"Growing old is no excuse for growing up."
seraphim is offline   Reply With Quote
Old 05-23-2013, 07:58 PM   #38
Full time employment: Posting here.
dessert's Avatar
 
Join Date: Jan 2007
Location: Southern Louisiana
Posts: 517
I was probably FI about 8 years before I retired. I had a target date and I hit it right on the head. Never looked back.
Setting that goal and planning was the key. If I had lost my job before then I could have retired earlier. I have to mention that I enjoyed my job right up to the day I retired. Never looked back.
__________________
Officially retired........Class of 2011
dessert is offline   Reply With Quote
Old 05-24-2013, 09:17 AM   #39
Full time employment: Posting here.
 
Join Date: Jan 2013
Posts: 660
I said 1-3 years. I came extremely close to retiring in June, 2010. I went into the office on the Tuesday after Memorial Day in 2010 with the intention of submitting my two weeks notice. I changed my mind for a number of reasons, but none of them had anything to do with worries about running out of money in retirement. That was when I realized I was financially independent and could plan my retirement for whenever it felt right, which turned out to be this past February.

I could have said I was FI for three years before retirement. (By the way, what's with these polls that allow one to anwer "less than three" or "more than three", but not "exactly three"?) The way my pension is structured, it increased rapidly until three years before I retired, but then increased only slowly thereafter. I would never have volutarily walked away before reaching that inflection point three years ago, so that was when I first felt FI, regardless of what the numbers might have said, had I done some Firecalc runs back then.
__________________
karluk is offline   Reply With Quote
Old 05-24-2013, 09:58 AM   #40
Thinks s/he gets paid by the post
 
Join Date: Jul 2002
Posts: 1,037
Less than two weeks!

Seriously, the agency where I worked was offering an early retirement pension incentive but had to be gone by a certain date. After several evenings with spreadsheets studying our spending patterns, decided we had enough between pension and investments that I could take the offer and maintain our standard of living, but not raise it. Was still nervous if I had calculated correctly for a couple of years (and way before I found this site). Just went by the 4% rule plus pension. When offered a consulting agreement, grabbed it for an extra year of padding but when that started to turn into 40+ hours with travel, gave it up.

That was 13 years ago. Still a bit frugal as have two boys in high school with college coming and two 8 year old vehicles, but net worth has more than doubled since RE decision made and withdrawal rate has never exceeded 3% of each years investments, majority of years it is under 2%.
__________________

__________________
RE2Boys is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Society of Actuaries Whitepaper on Drawing Down Retirement Financial Savings chinaco FIRE and Money 5 10-14-2011 05:32 AM
Are we are LONG on Short Term thinking? Chuckanut FIRE and Money 5 08-15-2011 01:50 PM
Instead of seeing a Financial Advisor SJ1_ FIRE and Money 10 08-12-2011 08:00 AM

 

 
All times are GMT -6. The time now is 03:40 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.