Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Ugh! How do I survive 3 more years?
Old 04-06-2017, 09:19 PM   #1
Recycles dryer sheets
 
Join Date: May 2014
Posts: 84
Ugh! How do I survive 3 more years?

I'm fried, burned out in my position. High pressure medical device sales. Just turned 62, 3 more years till Medicare, SS, and annuity. This will cover all my expenses. No touching my money! Now I'm thinking, sticking it out 2 years, taking a year off and paying for my own healthcare. Just don't think I can do 3 years without snapping and you reading about me in the paper...lol.

Any helpful hints?
__________________

__________________
Ohio/Florida
Floridatennisplayer 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 04-06-2017, 09:41 PM   #2
Recycles dryer sheets
 
Join Date: Oct 2010
Posts: 181
I'd be inclined to quit now, but I don't know your financial situation. Something to consider is working until you're 63.5, take COBRA for 18 months, then start Medicare.
__________________

__________________
jimbee is offline   Reply With Quote
Old 04-07-2017, 03:19 AM   #3
Recycles dryer sheets
 
Join Date: Dec 2010
Location: Greenwood
Posts: 493
Quote:
Originally Posted by jimbee View Post
I'd be inclined to quit now, but I don't know your financial situation. Something to consider is working until you're 63.5, take COBRA for 18 months, then start Medicare.
I agree. When my career crashed and burned at age 57, I wish I would have just known to hang in there and survive to age 62 for early SS. Sure would have taken the pressure off!

Why not look into something different/fun to do for 2-3 years? If you made some money, even if less than you now make, that could make a huge difference in your finances long term.

I have a "hobby job", and am fulfilled and happy working PT. And the money is OK for the effort expended. Reconsider early SS-it can be a pretty good deal.
__________________
brucethebroker is offline   Reply With Quote
Old 04-07-2017, 05:24 AM   #4
Dryer sheet aficionado
 
Join Date: Sep 2012
Location: Spring, Texas...but in Nigeria till ER !
Posts: 39
I understand your angst partner as I am in a similar spot.
I have 2 yrs & 8 months to go.....
For us, the additional discretionary monies we will gain by working to the target date is substantial.
I do believe that once we hit the 2 year mark that time will at least for me in my job - start to go by pretty fast......until then
Hang tuff
__________________
gamboolman is offline   Reply With Quote
Old 04-07-2017, 05:30 AM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
travelover's Avatar
 
Join Date: Mar 2007
Posts: 9,361
I'd reconsider the no touching my money thought. Money is there to ease the pain for what life throws at us. Can you pay your own way for a few years, then rely on SS, annuity and Medicare?
__________________
Yes, I have achieved work / life balance.
travelover is offline   Reply With Quote
Old 04-07-2017, 05:57 AM   #6
Recycles dryer sheets
 
Join Date: Oct 2016
Location: Pinetops
Posts: 65
Quality of Life is more important than money. I've got about 11 months to go.

I've made the decision to retire at 57 1/2. I'm planning to pay for healthcare via my wife's job. She works at a hospital and it would cost me $300 a month to go on her plan. Our house is paid off and my spending is very low - hence it will not cost much to get me to age 60.

Age 60 = State Pension (w/blended SS,) Free State Healthcare, & thanks to you guys, I'm planning to transfer $200K from my IRA to the Vanguard Managed payout fund. This will equate to approximately $3,350 per month. Way more than I spend in a typical month.

If inflation rears its ugly head or I encounter some unknown affect, then I'll do something part time to earn a few extra dollars.

Regarding Ugly, Stressful Jobs, - I think about the Rock Star, Meatloafs words - in one of his songs when he sings "But I won't do that!"

Life is supposed to be fun! God did not put us here to be miserable.

Michael
__________________
Michaela is online now   Reply With Quote
Old 04-07-2017, 05:58 AM   #7
Recycles dryer sheets
Mdlerth's Avatar
 
Join Date: Oct 2016
Location: Richmond
Posts: 223
My megacorp goes through restructurings routinely with every new executive. It's the only page in their playbook. Could you proactively volunteer to "take one for the team"? You might walk with a severance package that could help bridge your gap, and you'd be preserving a job for someone who really needs it. Win-win!
__________________
Paying it forward is the best investment.
Mdlerth is offline   Reply With Quote
Old 04-07-2017, 06:15 AM   #8
Thinks s/he gets paid by the post
2017ish's Avatar
 
Join Date: Apr 2012
Posts: 1,638
Quote:
Originally Posted by travelover View Post
I'd reconsider the no touching my money thought. Money is there to ease the pain for what life throws at us. Can you pay your own way for a few years, then rely on SS, annuity and Medicare?
Agree with this. Why have money if you aren't going to touch it--especially if your job is that bad? If, for example, you have saved only 3X your annual spending level, including health stuff (but the annuity & SS cover all your spending after 65), just cash out everything, put it in savings account/CDs and quit today.

If you have considerably more than 3X your spending, it would be even sadder to keep working in the situation you describe. Usually, the only guarantee is that you won't have as many good retirement years in your horizon if you work to 65 rather than stopping today. Here, you have the additional guarantee of being miserable for those three years. Seems like an easy call.
__________________
OMY * 3 2ish
2017ish is offline   Reply With Quote
Old 04-07-2017, 06:46 AM   #9
Recycles dryer sheets
fosterscik's Avatar
 
Join Date: Jun 2013
Posts: 156
Quote:
Originally Posted by Michaela View Post
thanks to you guys, I'm planning to transfer $200K from my IRA to the Vanguard Managed payout fund. This will equate to approximately $3,350 per month. Way more than I spend in a typical month.

Michael
Double check your math on this one. The fund targets a 4% payout:
200k*0.04/12 = $667 per month.
__________________
fosterscik is offline   Reply With Quote
Old 04-07-2017, 06:47 AM   #10
Full time employment: Posting here.
 
Join Date: Dec 2010
Location: SoCal
Posts: 884
Sorry to read about the stressful situation.

It sounds like you have savings, but don't go into any details why you would not spend any of it. I would review the budget and see how you can fund the next 3 years, since expenses are covered once you hit 65.

If you are thinking you really need to work, take as much time off as possible (paid and unpaid), i.e. paid vacations, paid and unpaid leave of absence, etc.

Any internal transfer opportunities for less stress and pay?

If you are in high pressure sales, what happens when you miss several quarterly targets? Is it worth getting laid off? Unemployment provides some $$. Cobra will help bridge the gap for 18 months of healthcare with a cost.
__________________
Aiming_4_55 is offline   Reply With Quote
Old 04-07-2017, 07:25 AM   #11
Full time employment: Posting here.
exnavynuke's Avatar
 
Join Date: Sep 2016
Location: Acworth
Posts: 676
Quote:
Originally Posted by fosterscik View Post
Double check your math on this one. The fund targets a 4% payout:
200k*0.04/12 = $667 per month.
I think that was the total between the payout for the fund plus the state pension amount.
__________________
exnavynuke is offline   Reply With Quote
Old 04-07-2017, 07:35 AM   #12
Recycles dryer sheets
 
Join Date: Oct 2016
Location: Pinetops
Posts: 65
Quote:
Originally Posted by fosterscik View Post
Double check your math on this one. The fund targets a 4% payout:
200k*0.04/12 = $667 per month.
Got it - my Pension is expected to be around $2,700 a month. This, in addition to the $667 puts me at around $3,367 a month with a paid off house AND a very simple life..

M
__________________
Michaela is online now   Reply With Quote
Old 04-07-2017, 09:05 AM   #13
Recycles dryer sheets
 
Join Date: May 2014
Posts: 84
Hey guys..thanks for the replies. I really appreciate your thoughts.

As far as current financials...I am in very good shape. House and condo in Florida are paid for. I have a friend who rents my condo for 3 months each winter which actually covers all my condo fees and RE taxes. No debt. Expenses and I mean everything Fidelity could find are at 67k per year and that includes me paying for the condo fees and taxes. Have in the neighborhood 1.5 mill in 401k and savings combined.

Yes, my crazy issue is giving up a substantial income, at least for me (165k salary, bonuses and also get a car allowance) for a few years vs. dealing with it. I could take a low stress job, but hate the thought of giving us money for my, the kids, grandkids future.
Some of my buddies say..why let it bother you? I guess I shouldn't, but for me it's hard not to. I'm sure others would be glad to trade places with me. Wish I had that care free worry free attitude.

Perfect example, got an email last night from my hyper type A manager. Here's the quote. "Rod, I'm going to come into town next Wednesday afternoon and spend the day with you Thursday. Let's get some people out to dinner Wednesday night. I look forward to a productive few days." Ugh, thanks for the short notice, and a few days before Easter. Why don't we just make calls on Easter morning!

Thanks for listening. Verbalizing on here has actually helped ...kind of like therapy I guess.
__________________
Ohio/Florida
Floridatennisplayer is offline   Reply With Quote
Old 04-07-2017, 09:25 AM   #14
Thinks s/he gets paid by the post
2017ish's Avatar
 
Join Date: Apr 2012
Posts: 1,638
Quote:
Originally Posted by Floridatennisplayer View Post
...

Yes, my crazy issue is giving up a substantial income, at least for me (165k salary, bonuses and also get a car allowance) for a few years vs. dealing with it. I could take a low stress job, but hate the thought of giving [up] money for my, the kids, grandkids future.
....
A theme/temptation experienced by many on this forum.

For us, we really weren't tempted by continuing to save more each year than we plan to spend in retirement. Retiring while still relatively fit/able to do adventure travel was more important than stacking up more $$ just to add another digit to the left hand side of the decimal point. BUT, that was our call and may not be yours. Good luck!
__________________
OMY * 3 2ish
2017ish is offline   Reply With Quote
Old 04-07-2017, 09:40 AM   #15
Full time employment: Posting here.
 
Join Date: Aug 2013
Location: North
Posts: 572
Quote:
Originally Posted by Floridatennisplayer View Post
I'm fried, burned out in my position. High pressure medical device sales. Just turned 62, 3 more years till Medicare, SS, and annuity. This will cover all my expenses. No touching my money! Now I'm thinking, sticking it out 2 years, taking a year off and paying for my own healthcare. Just don't think I can do 3 years without snapping and you reading about me in the paper...lol.

Any helpful hints?
dive into a hobby you plan on doing in retirement early...doing this hobby 2x a week to take the mind off how bad work is. try to reconnect or build stronger bonds with those you love in the next couple years...start planning retirement trips to visit interesting places and old friends. You can do it.
__________________
AA (Stock/Bond/Cash ): 99/0/1% MIX (Small/Mid/Large): X/Y/Z% BLEND(US/Foreign): 100/0%, (Value/Growth/Blend): X/X/X% REIT (Real Estate Equity): 50% of Assets

FIRE in 2031 @ 50yrs old (+/- 2yrs) w/ a hypothetical $2.5mil portfolio, 3 appreciated homes worth $1.0mil and rental income to fund my gap years until RMD. Assets will go to an inherited IRA where I plan on watching the investments grow until I die or the trust gets executed.
kgtest is offline   Reply With Quote
Old 04-07-2017, 11:05 AM   #16
Thinks s/he gets paid by the post
Spanky's Avatar
 
Join Date: Dec 2004
Location: Minneapolis
Posts: 3,989
Quote:
Originally Posted by kgtest View Post
dive into a hobby you plan on doing in retirement early...doing this hobby 2x a week to take the mind off how bad work is. try to reconnect or build stronger bonds with those you love in the next couple years...start planning retirement trips to visit interesting places and old friends. You can do it.
Sounds like a good advice. Focus on living to the fullest extent as opposed to acquiring wealth.
__________________
May we live in peace and harmony and be free from all human sufferings.
Spanky is offline   Reply With Quote
Old 04-07-2017, 11:10 AM   #17
Recycles dryer sheets
 
Join Date: Nov 2015
Posts: 56
I am, or rather was in same situation as you, including your salary and type of manager. The difference is I was several years younger, only 54. Finally had enough, gave my notice and just completed my first year of retirement. Haven't had any regrets and doing well financially. Life is wayyyyyy​ to short, enjoy it!
__________________
bobandsherry is offline   Reply With Quote
Old 04-07-2017, 12:14 PM   #18
Recycles dryer sheets
 
Join Date: Aug 2016
Posts: 173
Quote:
Originally Posted by Floridatennisplayer View Post
Perfect example, got an email last night from my hyper type A manager. Here's the quote. "Rod, I'm going to come into town next Wednesday afternoon and spend the day with you Thursday. Let's get some people out to dinner Wednesday night. I look forward to a productive few days." Ugh, thanks for the short notice, and a few days before Easter. Why don't we just make calls on Easter morning!
That email (and attitude) make my skin crawl. I've been in a similar life-sucking situation and I still get angry when I think about it. Fortunately, my wonderful megacorp decided to "cut" my job and set me free. It was at that point I made the decision to give up the 6-figure salary and return to individual contributor role. I took a $25k+ cut in pay but I was so much happier. And because I was happier I did a great job for my new employer and returned to 6-figures within 3-4 years.

As others have stated, life is way too short to put up with that B.S. no matter what the salary is. You can't take it with you so start enjoying your new life as soon as possible. (Just make sure you are prepared for healthcare costs.)
__________________
Carpediem is offline   Reply With Quote
Old 04-07-2017, 01:33 PM   #19
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
travelover's Avatar
 
Join Date: Mar 2007
Posts: 9,361
Here is a dash of cold water - actuarial life expectancy at age 62 is just under 20 years. The days of having seemingly infinite years ahead to do the things you've been putting off are gone and now you have maybe 10 good, healthy years left. After that, travel and strenuous activities will be much harder. Do you really want to suffer through the 3 youngest years you have left so you can leave a little more to your kids or enjoy the status of a high salary and a car?

I know it is a paradigm shift after a life of working hard and saving, but it is the stark reality - time is finite and money is useless when you are dead.
__________________
Yes, I have achieved work / life balance.
travelover is offline   Reply With Quote
Old 04-07-2017, 01:52 PM   #20
Recycles dryer sheets
Red Badger's Avatar
 
Join Date: Jan 2017
Posts: 89
Quote:
Originally Posted by travelover View Post
Here is a dash of cold water - actuarial life expectancy at age 62 is just under 20 years. The days of having seemingly infinite years ahead to do the things you've been putting off are gone and now you have maybe 10 good, healthy years left. After that, travel and strenuous activities will be much harder. Do you really want to suffer through the 3 youngest years you have left so you can leave a little more to your kids or enjoy the status of a high salary and a car?

I know it is a paradigm shift after a life of working hard and saving, but it is the stark reality - time is finite and money is useless when you are dead.
This is EXACTLY why I am pulling the plug in ~3 months at 60 YO. I decided that my DW and I needed to spend our remaining healthy years doing what we love. We'll burn through perhaps 12-15% of our portfolio until both start SS in 2 years. After that, our burn rate will drop below 4%. Also some pension $$ to assist. I would like to leave something behind, but it is not a huge priority.
__________________

__________________
Trees bending make the wind blow
Red Badger 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
Annuities - ugh BellBarbara FIRE and Money 33 10-20-2011 10:08 AM
ugh almost ready to give in to panic wallygator69 FIRE and Money 277 07-04-2008 01:23 PM
ugh, this is just wonderful. newguy88 Other topics 1 02-09-2008 02:24 AM
UGH applied for Health Insurance and now an INJURY wallygator69 Health and Early Retirement 6 12-29-2007 10:07 PM

 

 
All times are GMT -6. The time now is 02:35 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.