Join Early Retirement Today
Thread Tools Search this Thread Display Modes
So, I think this is it
Old 08-23-2012, 12:07 PM   #1
Dryer sheet aficionado
Join Date: Feb 2010
Location: Westchester County
Posts: 30
So, I think this is it

Hi all --

I just found out that I'm being let go from my job at a New York PR agency. I've been there almost 2.5 years and the growth just isn't what it needs to be, so oh well.

Anyway, some of you may remember my posts a few years ago when I was debating whether to go back into "corporate life" or to try teaching or something that would be more fulfilling for me. (I have been passionate about reading and writing my entire life, and completed my MFA in creative writing last summer, which makes me eligible to teach at the college level.) However, in 2010, I was offered this big job (300k salary) so decided to take it to save more money for a couple more years, which I was able to do.

So, now I am 42 years old, I have $2,000,000 in a diversified taxable portolio, $200k in a 401k, a house in Westchester county, NY, which is worth $1,000,000 and totally paid off, and a $100,000 cabin on a lake which also has no mortgage. My partner is 53 and is retiring in June and will have a full-salary pension and excellent healthcare insurance for the rest of his life.

So, I think I know the answer to this, but AM I READY to bite the bullet and consider this the first day of my retirement or at least retirement from corporate life? I don't want to spend months debating what to do this time, and need to either call a few headhunters or just enjoy what I have accomplished and pursue my passions. I think i would love teaching one or two college adjunt courses per semester at a nearby school (lots in the NY metro area) while getting serious about my own writing and trying to get published more regularly. My partner is planning to start a dog care business (his passion) when he retires in the spring, and we've been talking about leaving the NYC area.

I guess what I'm looking for is either a reality check or a pep talk from you all - is this the time?

midlifeguy 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 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 08-23-2012, 12:32 PM   #2
MichaelB's Avatar
Join Date: Jan 2008
Location: lumpen slums of cyberspace
Posts: 30,181
midlifeguy, sorry about your job loss, but good that you saved what you earned. It's difficult to answer without knowing what your budget needs are, but I am tempted to say "no" just based where you live. Once upon a time I lived there and the cost of living is just too high, especially property and state taxes.

You do probably have enough to pursue your dream of writing and teaching class if you can relocate to a lower cost of living area. A little more detail on your spending needs will help answer.

I still miss that area, especially the Jacob Burns center and a little independent coffee shop around the corner. Sigh...

MichaelB is offline   Reply With Quote
Old 08-23-2012, 12:36 PM   #3
rodi's Avatar
Join Date: Apr 2012
Location: San Diego
Posts: 10,243
So... doing a conservative withdrawal rate - 3% - you'd draw down $66k from your 2.2M nest egg.
Can you live on that?
I like the idea of pursuing teaching... that provides income, but gives you summers off.
I have a number of teachers in my family (elementary to graduate school level). They seem to like the challenge. My step mom is in her 80's and still teaches graduate level nursing because she likes it too much to quit. She's part time... but she says it keeps her brain sharp and engaged.
rodi is offline   Reply With Quote
Old 08-23-2012, 12:42 PM   #4
Moderator Emeritus
Bestwifeever's Avatar
Join Date: Sep 2007
Posts: 17,571
I think it shouldn't be too hard to live off the combination of your nest egg's earnings (awesome nest egg!!!) and your partner's retirement benefits. How nice if you're ready mentally/emotionally/spirtually/etc. (fill in random new-age emotion here) to retire at the same time as your partner. And this:

I think i would love teaching one or two college adjunt courses per semester at a nearby school (lots in the NY metro area) while getting serious about my own writing and trying to get published more regularly. My partner is planning to start a dog care business (his passion) when he retires in the spring, and we've been talking about leaving the NYC area.
sounds like a wonderfully full life.
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
Bestwifeever is offline   Reply With Quote
Old 08-23-2012, 12:49 PM   #5
Moderator Emeritus
W2R's Avatar
Join Date: Jan 2007
Location: New Orleans
Posts: 42,666
It may be a little unsettling at present, but I suspect that before long, being let go by that PR agency will seem like the luckiest thing that ever happened to you.

Congratulations! Whatever you choose to do, you are entering a new, and probably happier and less stressful period of your life.
I have drunken deep of joy,
And I will taste no other wine tonight.

― Percy Bysshe Shelley
W2R is online now   Reply With Quote
Old 08-23-2012, 01:13 PM   #6
Thinks s/he gets paid by the post
David1961's Avatar
Join Date: Jul 2007
Posts: 1,081
As others have said, it depends on what your living expenses are. Awesome job of building up that nest egg!! Keep in mind that since you are only 42, your portfolio may have to last 50 or more years.
David1961 is offline   Reply With Quote
Old 08-23-2012, 01:19 PM   #7
Dryer sheet aficionado
Join Date: Feb 2010
Location: Westchester County
Posts: 30
Thanks for the comments so far. In terms of my budget, I was already trying to live off $5k per month automatically withdrawn from my portfolio, and had most of my paycheck automatically deposited in my portfolio. Kind of like a trial run at retirement. That worked out okay, although now and then i would pause the paycheck deposit for a given month if we had an extra big expense or wanted to do something to the house, etc. So, I'm not too worried about the financials (although we'd have to live more simply - thankfully my partner is VERY fiscally conservative). By the way, we have no kids, just three dogs. I think what worries me right now is the uncertainty - am I ready to totally give up a lucrative career? What if I have regrets? What if teaching doesn't work out? Etc. etc.
midlifeguy is offline   Reply With Quote
Old 08-23-2012, 01:50 PM   #8
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Mulligan's Avatar
Join Date: May 2009
Posts: 8,261
Congratulations on an outstanding portfolio! Your situation is one that is answered best by yourself, because of its relative uniqueness, concerning a strong desire to pursue your passion and possibly incorporate it into a future career, along with your young age. I retired from something, not to something which is a big difference. This is why I continue to take part time work to build up the nest egg, though I probably don't need it. But it nice on days like today when my a/c went out and I can just write a check for a new unit instead of dipping into my reserves!
Its a good thing you are not me, as the choice would be simple. Play the old gunslinger, and go back for one last big kill. I am sure you know this but some of those type of teaching positions don't pay much if you were counting on it for income. I have 2 friends who teach graduate classes and get around $1500 per class per semester.
Of course you also have another financial weapon at your disposal, that being your house. You mentioned a desire to possibly move. If it is to a lower cost living area, you could add a lot of money into your portfolio. Good luck in your decision making process!

Mulligan is online now   Reply With Quote

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

» Quick Links

All times are GMT -6. The time now is 05:59 PM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2019, vBulletin Solutions, Inc.