Join Early Retirement Today
View Poll Results: If you were in my situation when would you retire?
retire now, age 59 with $1.7 mil. 100 80.00%
retire 2013, age 60 with $1.8 mil. 11 8.80%
retire 2014, age 61 with $1.9 mil. 1 0.80%
retire 2015, age 62 with $2.0 mil. 11 8.80%
Work till full retirement at 66 1 0.80%
better work till you die or you’re gonna starve 1 0.80%
Voters: 125. You may not vote on this poll

Reply
 
Thread Tools Search this Thread Display Modes
Old 02-03-2012, 09:05 AM   #21
Recycles dryer sheets
 
Join Date: Jul 2010
Posts: 125
You're tired of w*rking. You said that youself. I think it has been proven you have more than enough. If I were you I wouldn't wait another day to give my 2 weeks notice (if you even want to do that). Enjoy life!
__________________

__________________
Money is freedom.
ATC Guy 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 02-03-2012, 09:17 AM   #22
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 13,290
Quote:
Originally Posted by Tom52 View Post
. We have tracked spending VERY closely for the last three years.
2009 spent $37,000
2010 spent $39,000
2011 spent $44,000, about $4,000 of the total was for one time landscaping
2012 Estimated spending $41,000
.

WOW... I wish I could get my spending down that low... well, I could if I get rid of my DW and the two kids We spend more than twice that amount... but it is everything, including cars, house, education etc. etc.


But, at your spending level and asset size, and you wanting to retire,.... I vote go for it now...
__________________

__________________
Texas Proud is online now   Reply With Quote
Old 02-03-2012, 10:21 AM   #23
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Lsbcal's Avatar
 
Join Date: May 2006
Location: west coast, hi there!
Posts: 5,695
I skimmed the fine print in your post. It looks like you may be an ideal candidate for Roth conversions between retirement and before taking SS.

There are many threads on this site discussing Roth conversions.
__________________
Lsbcal is online now   Reply With Quote
Old 02-03-2012, 10:29 AM   #24
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: Chicagoland
Posts: 11,979
It's all in what you're comfortable with, each of us have to decide that for ourselves. I didn't vote because I retired at 57, also without pension or subsidized health care, but with a larger nest egg than any of your poll options (and lower annual expenses, that include all the major expenses like cars, major home maintenance, etc.). But that doesn't mean anything to anyone else.

And each of us has to decide when the declining 'can't continue this work situation' line crosses the increasing 'I am comfortable that I/we are safely FI' line. For those rare individuals who enjoy their work and are getting paid to do something they enjoy, I don't know why they'd quit regardless of FI. But I realize most people sadly don't fall into that realm.

If FIRECALC says you have a 100% path, odds are you will be fine by definition. Best of luck, the only right answer is the one that let's you sleep at night - every night. Some of us can withdraw 5% plus, some strive for 2% - both can work.
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 60% equity funds / 35% bond funds / 5% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack is online now   Reply With Quote
All I can say is WOW !!
Old 02-03-2012, 10:34 AM   #25
Full time employment: Posting here.
 
Join Date: Oct 2006
Posts: 525
All I can say is WOW !!

I sure didn't expect so many would think I had enough now. I figured the majority would say at 62 with $2 million. I seem to think there was a recent poll that indicated the majority would feel comfortable at that level.

I really appreciate the encouragement as this has been a really tough week at w*rk and it sure made it easier to show up this morning.

Just a few clarifications. Our tiny pensions will only total $6000/yr, not $12,000. Also, as for children I have 1 daughter that is out on her own and doing quite nicely with a very secure j*b. So I don't really see any major issues down the road, but of course things can change.

I most definitely would not leave w*rk before mid year because I have a bonus coming then that will amount to 3 months salary.

I need to start investigating health insurance to get used to the shock.

After I finish my income taxes this weekend I will try to do a scenario to estimate my taxes in the gap years between now and SS.

Thanks for all the comments and please keep them coming. I did not tell my DW about this POLL, but I will show it to her after we get some more inputs.

Tom
__________________
***********
My motto is.... "a dollar saved is better than a dollar earned. I don't pay tax on the dollar I saved."
Tom52 is online now   Reply With Quote
Old 02-03-2012, 10:47 AM   #26
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,139
Quote:
Originally Posted by Tom52 View Post
Just a few clarifications. Our tiny pensions will only total $6000/yr, not $12,000.
FYI, $6,000 is what I used in the FIRECalc run I posted here.

I think taking a few months to get your health insurance squared away and to wrap your head around the fact you're truly FI (really!) and can retire now is a good move. Just don't get sucked into the "just one more year" syndrome as your numbers clearly indicate that would be a waste of precious retirement time!
__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 02-03-2012, 11:11 AM   #27
Moderator
MBAustin's Avatar
 
Join Date: Jul 2010
Posts: 4,162
Quote:
Originally Posted by REWahoo View Post

I think taking a few months to get your health insurance squared away and to wrap your head around the fact you're truly FI (really!) and can retire now is a good move. Just don't get sucked into the "just one more year" syndrome as your numbers clearly indicate that would be a waste of precious retirement time!
+1

That's exactly what I did - took a couple of months once I realized we were FI to get my head around it and test in my mind that I was really as fed up with w*rk as I thought I was. After that, I gave 6 weeks notice and enjoyed the countdown. Best decision I could have made.
__________________
"One of the funny things about the stock market is that every time one person buys, another sells, and both think they are astute." William Feather
----------------------------------
ER'd Oct. 2010 at 53. Life is good.
MBAustin is offline   Reply With Quote
Old 02-03-2012, 12:48 PM   #28
gone traveling
 
Join Date: Apr 2009
Location: Eastern PA
Posts: 3,851
So, how much is a year of your life worth?

This cartoon is what helped me come up with a decision (believe it or not), and yes, I retired in 2007 (at age 59) with no regrets:
Attached Images
File Type: gif WhyRetire.gif (60.0 KB, 213 views)
__________________
rescueme is offline   Reply With Quote
Old 02-03-2012, 01:31 PM   #29
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Mulligan's Avatar
 
Join Date: May 2009
Posts: 7,384
Quote:
Originally Posted by rescueme
So, how much is a year of your life worth?

This cartoon is what helped me come up with a decision (believe it or not), and yes, I retired in 2007 (at age 59) with no regrets:
That picture resonated with me a few years back. That picture is the classic example of the word "succinct".
__________________
Mulligan is offline   Reply With Quote
Old 02-03-2012, 01:33 PM   #30
Thinks s/he gets paid by the post
73ss454's Avatar
 
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,378
Quote:
Originally Posted by Tom52 View Post
I sure didn't expect so many would think I had enough now. I figured the majority would say at 62 with $2 million. I seem to think there was a recent poll that indicated the majority would feel comfortable at that level.Tom

Tom, what did you expect, this is an early retirement forum after all.
__________________
Work is something you do to get enough $ so you don't have to....Me.
73ss454 is offline   Reply With Quote
Old 02-03-2012, 02:11 PM   #31
Thinks s/he gets paid by the post
 
Join Date: Nov 2009
Posts: 3,872
Tom, it looks to me you are doing many of the same things I did as I was preparing to ER back in 2008 at age 45.

You do need to investigate the health insurance issue, as many others here have suggested. For me, lining that up was the last piece which fell into place for my ER. I used COBRA as a bridge when I cut my weekly work hours to 12 in my last few months of working so I would not be without coverage before or after I ERed. [My dad used COBRA when he retired at 63.5 so he could get to 65 while maintaining continuous HI coverage.]

You have recognized how your "reinforcements," as I have so often described them, will fit into your ER plan once you have access to them. For me, they are my frozen company pension, Social Security, and unfettered access to your IRAs. This means my main ER challenge is to get to age ~60 when the first of those reinforcements kick in. You are already a lot closer to gaiing access to them so that challenge for you is a lot smaller than it will be for me.

You are also preparing to have a cushion or surplus built into your ER budget so any relatively small and unforeseen expenses will not cause any great angst if and when they occur. The surplus will simply cover them.

I also had a spreadsheet which projected my taxes in ER, taking into account my greater HI premiums (mostly tax-deductible) and the elimination of FICA taxes. You should do that, too.

I basically agree with what the others here have written.
__________________
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.

"I want my money working for me instead of me working for my money!"
scrabbler1 is online now   Reply With Quote
Old 02-03-2012, 03:17 PM   #32
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 15,613
Quote:
Originally Posted by Sambuca View Post
Heck, I pay SS, Medicare indefinately, I don't know why I don't get at least a little love on this forum.
Probably because it's an "early retirement" forum, so people generally are a little put off by suggestions that "keep working" should be the answer.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
ziggy29 is offline   Reply With Quote
Old 02-03-2012, 03:29 PM   #33
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,139
Quote:
Originally Posted by Sambuca View Post
Myabe the world comes back to historical growth rates and everyone sings kum-bay-ah as this forum likes to project.

OK, so, maybe I've been a little dismissive of the idea of retirement from an overly young perspective, given that it is essentially the most experienced wise sucking assets off of the inexperienced vulnerable....
Ah to be young again and looking to the future, certain I'll be able to say "I told you so" when the self-fulfilling prediction of my own financial insufficiency comes true...

Sam, buy some shares in a company that manufactures black paint. You'll make a killing.
__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 02-03-2012, 04:16 PM   #34
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Mulligan's Avatar
 
Join Date: May 2009
Posts: 7,384
Quote:
Originally Posted by Sambuca
Simple answer. If you are willing to live on a strict budget, that might adjust downward, then you are in RE Valhalla. Myabe the world comes back to historical growth rates and everyone sings kum-bay-ah as this forum likes to project. But I think these frugal folks will be fine and I am probably overly acerbic toward them. I don't want to retire because income covers over many flaws that I can easily avoid, but I have this luxury and seem to be at liabitlity for it. Heck, I pay SS, Medicare indefinately, I don't know why I don't get at least a little love on this forum. OK, so, maybe I've been a little dismissive of the idea of retirement from an overly young perspective, given that it is essentially the most experienced wise sucking assets off of the inexperienced vulnerable....
My sneaky little GF. Switched my bookmarks on my computer and sent me to the "Die Working on the Job" forum.... Wait til I see her tonight.
Just scanning some of your posts, even a man of my limited intelligence understands why you recieve " little love". Many of your few posts you have written are on the negative if not insulting side. I wouldnt spend much time on the weight watchers forum if I was espousing the benefits of gluttony.
__________________
Mulligan is offline   Reply With Quote
Old 02-03-2012, 04:53 PM   #35
Recycles dryer sheets
 
Join Date: Oct 2007
Location: San Diego
Posts: 283
Quote:
Originally Posted by Tom52 View Post
I sure didn't expect so many would think I had enough now. I figured the majority would say at 62 with $2 million. I seem to think there was a recent poll that indicated the majority would feel comfortable at that level.
As one of the $2mil people, I think you're in awfully good shape since you've got what looks like really good control of your spending.

That bonus sounds worth waiting for, as does having more time to investigate insurance, but the class of 2012 sure sounds possible!
__________________
meekie is offline   Reply With Quote
Old 02-03-2012, 06:56 PM   #36
Recycles dryer sheets
WB52's Avatar
 
Join Date: Sep 2008
Posts: 169
Tom,
I would just like to add my congratulations on achieving Financial Independance. I am almost 52 and I think about reaching that FI milestone every day. Well done!
Have you considered how to enjoy your new FIRE freedom? There is a plethora of books on ER. Many focus only on the financial side, but a few, like Ernie Zelinski's "Work Less, Live More", also give a lot of tips about building interests before taking the plunge. Many folks say that retiring to something is better than retiring to escape something. Perhaps some of the Retired forum members can comment on that.
Anyway, Congrats!
__________________
WB52 is offline   Reply With Quote
Old 02-03-2012, 08:30 PM   #37
Recycles dryer sheets
 
Join Date: May 2005
Posts: 189
I think this is kind of loaded question of ER world. With this kind of data most on this board will choose answer one. Health Insurance is only thing which is uncertain at this point.
__________________
landover is offline   Reply With Quote
Old 02-03-2012, 09:06 PM   #38
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,492
Quote:
Originally Posted by REWahoo View Post
FYI, $6,000 is what I used in the FIRECalc run I posted here.

I think taking a few months to get your health insurance squared away and to wrap your head around the fact you're truly FI (really!) and can retire now is a good move. Just don't get sucked into the "just one more year" syndrome as your numbers clearly indicate that would be a waste of precious retirement time!
+1
Don't underestimate the challenges you might face regarding health care insurance. Everything else looks great.
__________________
MichaelB is offline   Reply With Quote
Old 02-04-2012, 01:04 PM   #39
Full time employment: Posting here.
 
Join Date: Oct 2006
Posts: 525
I was originally a bit hesitant making this poll but am really glad I did. DW did not know about it till I showed it to her last night. I was hoping she would not be too upset laying it all out there for all to see. She was relieved and happy to read all your comments. It is reassuring to both of us to know that if we are not quite there financially or emotionally we are very close.

While we are still going to get some quotes for health insurance we have basically formulated the following plan:

1. We are going to work and save as much as possible in 2012 to reach that goal of $1.8 Mil. by the end of year. If the market doesn't help us, we sure hope it doesn't hurt us either.

2. During 2013 we will try to finish off our stash by accumulating about $75,000 that will be earmarked for a.) either future home improvements or relocation expenses if we decide to make the move to a warmer climate, (estimate $30,000) b.) $25,000 for a new auto c.) $20,000 for my long delayed hobby that has been sitting in my garage for the last 10 years.

3. If we accomplish 1. and 2. during 2013 I will approach my employer about the possibility to shift from full time management to part time (less stess and responsibility) if I can keep HI benefits. If they are difficult I will just turn in my resignation. If they can accommodate my request, well, I would just have to see how it goes. I can't see myself working part time for too long as we want to take some extended vacations.

We have a plan and we will work the plan. If things go as hoped we expect to RE by the end of 2013.

We thank you again for all your comments and the inspiration we get from reading and learning from you very kind and sharing people. We are hoping to be walking in your RE shoes before the end of next year.
__________________
***********
My motto is.... "a dollar saved is better than a dollar earned. I don't pay tax on the dollar I saved."
Tom52 is online now   Reply With Quote
Old 02-04-2012, 05:03 PM   #40
Dryer sheet wannabe
 
Join Date: Oct 2009
Posts: 18
Quit now, while you're still healthy and can enjoy yourself. Health is more valuable than money.
__________________

__________________
edsahara 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
Confident About Your Ability to be Financially Independent or Retire Early? nico08 FIRE and Money 23 02-04-2012 06:34 AM
Your Age, Race/Ethnicity, Plan to retire? Retired? Etc. ER Man Other topics 111 10-04-2011 10:19 AM

 

 
All times are GMT -6. The time now is 11:40 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.