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Should I wrap it up?
Old 12-18-2018, 02:26 PM   #1
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Should I wrap it up?

My long term employment situation has changed and my current contract will expire in May. I would like input on how many of you would vote to call it quits based on the following data:

I turn 60 in May.
Wife is same age.
I own three houses and one of the houses is where we planned to retire.
If I sold two of the houses I would have about $4.5-4.7 Mil. $3.6 in the 401k and the rest outside the 401k
That would leave my wife and I with one house, no debt. Property taxes on the house are $1500/year. Figure I could withdraw $120k/year and get by fine.
One kid finishing up a masters. one kid done with college and working, one kid is a junior. May need to come up with $15k or so for the masters kid while the junior has plenty of 529 money to finish.
Health is good but continuing the job means immersing myself in a new group where I lose much of my previous autonomy. Don't much like the work anymore which involves getting up in the middle of the night about 1-2 x per week and being on the electronic leash 40% of my life. May get Social security of maybe $40k per year when I am 67. Firecalc is 100% on up to $176k/year for 30 years leaving some money for the kids.

Would you quit?
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Old 12-18-2018, 02:30 PM   #2
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Quote:
Originally Posted by CAVU View Post
continuing the job means immersing myself in a new group where I lose much of my previous autonomy. Don't much like the work anymore which involves getting up in the middle of the night about 1-2 x per week and being on the electronic leash 40% of my life.

Would you quit?
I already have.

More importantly, it sounds like you want to quit. You appear to have the financial means to do so.

Talk it over with your wife and make some plans.
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Old 12-18-2018, 02:51 PM   #3
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Welcome to our wonderful site.
Looks like you are definitely ready financially. Never know when the health can change.
You won't look back. Time to go.
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Old 12-18-2018, 02:55 PM   #4
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Wrap it up and stick a fork in it. You're done.
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Old 12-18-2018, 02:57 PM   #5
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Have you accounted for 5 years of HC for the two of you until Medicare kicks in...you should be fine but it would good to budget for that ahead of time.
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Old 12-18-2018, 03:00 PM   #6
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Yes.

Are the two extra houses second and third homes or rentals? Rentals I would look at how much income they contribute, whether the income is tax sheltered, and how much I would owe in taxes before I decided to sell. Second/third homes are an emotional decision and might be viewed as a sacrifice in lifestyle.
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Old 12-18-2018, 03:06 PM   #7
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Wrap it up!
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Old 12-18-2018, 03:22 PM   #8
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CAVU,

Nest egg wise, CONGRATS! I would be g-o-n-e.

Do you have a plan for health insurance? With your assets you could probably self insure for a few years but if that is not your plan how will you cover yourselves in a challenging health insurance environment?
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Old 12-18-2018, 03:25 PM   #9
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The time you took to write this post is the time you should have been writing your letter of resignation. You are good to retire. Enjoy the other side. I know we do.
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Old 12-18-2018, 03:52 PM   #10
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Decision made....

What's next?
What to do in the next 20 to 30 years? An extra 50 hours plus per week!

Dream time...
Bucket list
Social circle
Travel
Hobbies
Finish the house
Health plans
Management skills on volunteerism
Set aside some "Freedom" money for the first few years

And the cautionary reminder:
The 30 years spread sheet
Income, outgo
What if's
Health
The legal stuff - wills etc.

Good to go, but look ahead.
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Old 12-18-2018, 03:56 PM   #11
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Yup, no brainer.
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Old 12-18-2018, 03:57 PM   #12
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Wrap it up and stick a fork in it. You're done.
Exactamundo!

that's a wrap!
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Old 12-18-2018, 04:10 PM   #13
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Thanks you all so much for the replies. We plan to sell the primary and either sell the rental or move into it to be around for my junior in college half an hour away. Turns out it would take about ten years of living in that house to eliminate all the taxes from having rented it out for 18 years so that really isn't worth it to recover $125k. The house we plan to move into as an eventual primary is rented out on VRBO etc.. Healthcare wise we pay $1300/mo which will no doubt go up as we approach MCR age so that is another unknown but probably won't break the bank.
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Old 12-18-2018, 06:32 PM   #14
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I'd go. Agree you should plan on "freedom money". Have a few big splurges in the first few years.
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Old 12-18-2018, 06:53 PM   #15
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Will keep you all posted on how it goes.
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Old 12-18-2018, 10:51 PM   #16
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Would you quit?
In a hot second
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Old 12-18-2018, 11:31 PM   #17
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Seems like a good time for a second "wrap it up" video.
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Old 12-19-2018, 12:31 AM   #18
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OP - tell your wife you are quitting, and make some plans for a holiday/vacation trip.

Like everyone agrees, you are WELL set for $$$.

Now start spending and enjoying your time left...
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Old 12-19-2018, 01:58 AM   #19
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Yep, you sound ready. Enjoy!
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Old 12-19-2018, 05:34 AM   #20
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It sounds like the bulk of your assets are tax sheltered or real estate. You might think about the timing of selling one house.

If you have w 2 income next year and sell a home, you could set yourself up nicely for several years of subsidized HI...from 2020 until you go on Medicare. Is your insurance thru your job 1200 a month for 2 people in their 60s is on the low side IMO. Also the housing market is showing signs of rolling over so no time like the present Cali has had massive runups.
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