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Old 12-28-2014, 09:59 AM   #41
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Some times you need to ride the wild pony -- I retired in 2011 at age 56, with homes paid for, and completely FI with a more $$ then I will ever need. I worked overseas most of my life and made a very high income. In 2012, I was offer a position in the Middle East for an obscene amount of money - So I got back in the saddle, they paid for housing, car, 5 weeks vacation, 30 holidays and 20 PTO days per year -we really enjoyed it. I could not say NO. After the 2 years, decided to re-engage retirement all was good with the world - well I was then offered an even better engagement Asia for another 2 years. Well, sometime you need to ride the wild pony and will not be able to or should you turn down they great $$$$. Eventually it will all come the an end and the money will stop. Enjoy it while it is available.
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you've got to be kidding......
Old 12-28-2014, 10:32 AM   #42
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you've got to be kidding......

My CAREER never paid THAT well.........and after 55-60 hour, high stress weeks on salary for decades.......I'm more than ready to punch the retirement clock. I've always felt that I deserved every penny that I earned through my efforts. I watched others make tons of money from the hard work of my coworkers and myself.

I'm always glad (and somewhat jealous) of people that truly enjoy their jobs. Not that I don't like parts of my work. However, each and every day, it's getting harder and harder to do so.

Now, I'm more concerned about my health and making it through the last few years to enjoy a few decent retirement years. I hope it will be a good one.
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Old 12-28-2014, 10:37 AM   #43
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Some times you need to ride the wild pony -- I retired in 2011 at age 56, with homes paid for, and completely FI with a more $$ then I will ever need. I worked overseas most of my life and made a very high income. In 2012, I was offer a position in the Middle East for an obscene amount of money - So I got back in the saddle, they paid for housing, car, 5 weeks vacation, 30 holidays and 20 PTO days per year -we really enjoyed it. I could not say NO. After the 2 years, decided to re-engage retirement all was good with the world - well I was then offered an even better engagement Asia for another 2 years. Well, sometime you need to ride the wild pony and will not be able to or should you turn down they great $$$$. Eventually it will all come the an end and the money will stop. Enjoy it while it is available.

That is a great offer... and I would probably take it also...

You have 75 days off plus weekends... so another 104 days... that is almost half the year you do not work...

The reason I would do it is that I could travel around the area on weekends and some vacation for much cheaper than being retired... I mean, heck, they are paying for your living expenses... (mostly)....
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Old 12-28-2014, 10:56 AM   #44
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I am 45 and plan to retire at age 54. .....

Here is my question, what if you are in a career (I am in law), where it is a shame to let so much money go. I am not having second thoughts, but has cutting the cord been hard for some here? The answer may be that I make a good deal of money, but it's at the cost of having to deal with others headaches.
First, you've gotten great responses.

Our position is that we are about a decade ahead of you, OBGyn (DW) and commercial litigator. Not as much income as others we know, but easily a lot--particularly when compared to my sibs who have blue collar jobs. We wondered, 10 years ago, whether we'd be able to pull the cord, as we both (esp. DW) really enjoyed the work. Now, we are drawing up retirement travel plans with some detail, but haven't quit yet because, like you, the exit door can't be counted on to reopen at anywhere near the same income. Nonetheless, when we get a number that makes us comfy under a pretty conservative analysis, we won't look back. As noted by others, the BS buckets are nearing the top.

OTOH, I can't imagine my peers at our firm ever cutting out, even though they are LBYM, and likely already FI. They love their jobs, almost to the exclusion of all else, and are unlikely to conceive of ever doing without that joy. Me, not so much.....
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Old 06-15-2015, 09:38 AM   #45
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Reading back through these responses as the desire to retire early bubbles back up. I have been telling myself I plan to retire in ten years for a year now. Guess that means I retire in 9.

My investments have been increasing nicely, but I know I need to be careful not to watch them too carefully, as there will be ups and downs, and the only time that really matters is 9 years from now when I retire early. I am happy that my kids' college funds are fully funded already, which is something I have witnessed as a problem with some of my older colleagues. One of whom is 58 and just now rebuilding his retirement accounts (he also leveraged all of the equity in his house and has to restart paying off his 30 year mortgage and HELOC) after sending his two kids to college, and having them move back in with him afterwards.
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Old 06-15-2015, 10:27 AM   #46
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Late to the party on this thread, but to the OP as a fellow lawyer who is also on the cusp of RE from a senior public co legal role (my last day July 3) ... it's worth bearing in mind that i you're in corp practice or a firm, you will have opptys to continue to do legal work on a less demanding schedule even when RE - if you want to. I've actually been surprised by the number of these sorts of things that have come my way since I announced I was leaving ... this despite being pretty clear that I wanted to take some time off.

You also have the ability to restrict or control the projects you take/hours you work or even clients you take .. all the way from joining a small(er) firm or even starting your own solo/virtual practice to taking the odd one-off assignment from your old colleagues, etc. Lots of ways to do it ... so if you're already FI and just worried about RE, there are pathways to stay involved!
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Old 06-15-2015, 11:24 AM   #47
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Late to the party on this thread, but to the OP as a fellow lawyer who is also on the cusp of RE from a senior public co legal role (my last day July 3) ... it's worth bearing in mind that i you're in corp practice or a firm, you will have opptys to continue to do legal work on a less demanding schedule even when RE - if you want to. I've actually been surprised by the number of these sorts of things that have come my way since I announced I was leaving ... this despite being pretty clear that I wanted to take some time off.

You also have the ability to restrict or control the projects you take/hours you work or even clients you take .. all the way from joining a small(er) firm or even starting your own solo/virtual practice to taking the odd one-off assignment from your old colleagues, etc. Lots of ways to do it ... so if you're already FI and just worried about RE, there are pathways to stay involved!
I've actually seen this as well, being a senior in-house counsel type. Several of my former colleagues decided to do some part-time legal work for their former employers. It was a win-win for the company - their comp & benefits package is off the books, the company gets to write off their billable time as an expense, and an opening exists for one of the remaining members of the department to move up a level.
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Old 06-15-2015, 12:08 PM   #48
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I am an attorney. 5 years ago I went from a very full-time practice to working very part-time. For awhile I went in a day or two a week to the office. The last couple of years I've worked solely from home and only for a very few hours a week. It has worked very well for me.
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Old 06-15-2015, 12:11 PM   #49
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Here is my question, what if you are in a career (I am in law), where it is a shame to let so much money go. I am not having second thoughts, but has cutting the cord been hard for some here? The answer may be that I make a good deal of money, but it's at the cost of having to deal with others headaches.
Actually, the answer is (IMO) that "you can't take it with you". Unless a ever increasing total number satisfies your life entirely in spite of the cost, go do some other things before it's too late.
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Old 06-15-2015, 12:17 PM   #50
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I am 45 and plan to retire at age 54. I have a dedicated amount per month going to my Roth 401(k), and a dedicated amount per month going to my non tax deferred bridge account (to carry me from 54 - 59.5), and my house is scheduled to be paid off at age 54, so everything is shaping up according to plan.

Here is my question, what if you are in a career (I am in law), where it is a shame to let so much money go. I am not having second thoughts, but has cutting the cord been hard for some here? The answer may be that I make a good deal of money, but it's at the cost of having to deal with others headaches.
50-55 is a sweet spot to retire.

You also have limited amount of healthy years. So if you continue working pass 55 you have to ask yourself if it is a shame to let so many healthy years go.
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Old 06-15-2015, 12:50 PM   #51
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Actually, the answer is (IMO) that "you can't take it with you". Unless a ever increasing total number satisfies your life entirely in spite of the cost, go do some other things before it's too late.
Well he could up his budget, first class flights, luxury hotels, more cars, etc.
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Old 06-15-2015, 02:02 PM   #52
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50-55 is a sweet spot to retire.

You also have limited amount of healthy years. So if you continue working pass 55 you have to ask yourself if it is a shame to let so many healthy years go.
This is the tipping point where time > money and why LBYM is so important.
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Old 06-15-2015, 04:30 PM   #53
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This is the tipping point where time > money and why LBYM is so important.
Agree. When the hassle of working is worse than the advantages of extra money saved, it's time to retire. I retired at 56 from a senior job paying 7 figures. But since I was LBYM'ing for many years, I had amassed quite a nice nest egg. Having a little extra is better than being close to the line in retirement, but only within reason.

These retirement decisions for high earners are usually taken in conjunction with your employer. It took about 3 years of planning and training my successor to effect my retirement on good terms with my employer. That made things work out a lot better.
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Old 06-15-2015, 04:56 PM   #54
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Great responses. I do corporate law, so the idea of part time work is certainly an option. I have friends who tell me I can hang a shingle at their firm because they think my name will draw business to them (I also hold elected office).

Other options might be part time judge (my wife does this part time currently), or adjunct at the local university.
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Old 06-15-2015, 08:44 PM   #55
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No matter what one's income, money is going to get 'left on the table'. Unless the plan is to fall down on the job one day and I'm not getting that feel from this group. Many of my colleagues are bound by the golden handcuffs and were shocked when I packed it in just shy of my 53rd birthday. LBYM is the key. Having some quality years to live at the end was my goal. So far so good!
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Old 06-16-2015, 06:55 AM   #56
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I'd like to throw this out, does this really have anything to do with income from the job? If you've done your planning and the numbers work out... what would the job's income matter. Now if you say... I can work longer, pick up some good cash, and then spend more in retirement. Then maybe you did not estimate your spending in ER very well.

Or maybe you associate your value (self esteem) with what you do or how much you make. Your position at work may be your identity.

None of these are wrong, just understand your reasons. Understanding these will help you plan.
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Old 06-16-2015, 07:20 AM   #57
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50-55 is a sweet spot to retire.

You also have limited amount of healthy years. So if you continue working pass 55 you have to ask yourself if it is a shame to let so many healthy years go.
IMO, a legal career is a different animal - it's a lifestyle to most big law firm partners I've known - they work forever
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Old 06-16-2015, 12:00 PM   #58
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There is a lot of time between now and then. You may want to make some tentative plans but my guess is that events could take over. Too early to say.

But, I retired at 58. I was highly paid but under lots of pressure and stress...the fun had left the business for me. Four years later not one regret. Lots of travel, do what we want when we want. I was reluctant to step away from the business and from the income. We decided that we had enough financial resources to have a comfortable retirement.

A former colleague waited until he was sixty five. He could have gone earlier. He was in good health. He dropped dead six months ago, less than a year after his retirement. I know that he had many retirement plans.

Play it by ear, see how you feel in five years.
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Old 06-16-2015, 03:02 PM   #59
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Somewhat different story here. Retired at 51 in 2009 (started when I was 20) from a good job in the IT industry. Took a year off, then did some consulting, then started teaching (college level) part time, now working full time teaching.

Do I regret retiring in 2009 and giving up the $? Not for a second. Do I regret now working...for a lot less money? (Only during grading final grades ). While I make a lot less $ now, I don't need to work financially. I love what I'm doing,like the mental stimulation, and I love having the summers off.

For me, this works. I also have a child who just became a teenager, so I am somewhat fixed to the area while he is in school. Doing this is pretty ideal in terms of having time with him. When he is old enough for college, I might end up retiring again (in order to do a lot more travel.)
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Old 06-16-2015, 05:15 PM   #60
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I'd like to throw this out, does this really have anything to do with income from the job? If you've done your planning and the numbers work out... what would the job's income matter. Now if you say... I can work longer, pick up some good cash, and then spend more in retirement. Then maybe you did not estimate your spending in ER very well.

Or maybe you associate your value (self esteem) with what you do or how much you make. Your position at work may be your identity.

None of these are wrong, just understand your reasons. Understanding these will help you plan.
This is completely in line with our approach/thoughts. Our combined income our last decade in the work force was closer to seven figures than six, but since we lived on just 20% or so of the net, with the other 80% being directed into savings/investments, it was not the hugh stumbling block some might think when making the decision to FIRE. We never lived a closer-to-seven-figure-than-six lifestyle, so there were no lifestyle adjustments when we pulled the plug. Hence, at the end of the day the size of the paychecks simply wasn't relevant, other than getting us to FIRE much more quickly than we might have otherwise. That we continue to appreciate!
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