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Old 12-20-2014, 09:52 AM   #61
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Originally Posted by NW-Bound View Post
Maybe you need to help them, by creating some reasons for them to fire you, so that you can FIRE.
I plan on going in Monday, 5 Jan and resigning. After a reasonable transition period of a few weeks, I'm finally retired.

Our business is slowing considerably with the drop in oil prices. None of my group have been let go but everyone isn't on an active project. I've had the evil thought cross my mind that maybe I should wait a short period of time and see if I can get laid off. There's no severance so all I'd get would be unemployment. I've decided the nominal $20k isn't worth screwing with my original plan.
Originally Posted by Floridatennisplayer View Post
Wow, you sound like me! I met with my Fidelity Retirement planner last Friday. Like you I upped my expenses and downplayed my income to make myself fail. Nope. He just smiled and are fine...just enjoy your life! I'm 59. So I'll quit at 62. Play more tennis, golf, and my guitars.
I did the same with the Vanguard CFP. I gave him a number about 30% over what I think I could actually spend and 100% over what I would be comfortable living on. I have a 93% probability of having my high spending plan be successful.

To a certain extent, this type of behavior shows an unwillingness to make ER a priority.

The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane -- Marcus Aurelius
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Old 12-20-2014, 09:53 AM   #62
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Originally Posted by pb4uski View Post
One of the biggest surprises of retirement is much lower taxes since we are currently living off taxable accounts. If I didn't do capital gain harvesting or Roth conversions my federal tax rate would be 0%. Overestimating taxes in retirement, particularly early in retirement is a common issue. You can get a reasonable idea of your taxes in retirement by taking last year's tax return, stripping out your work earnings and making other appropriate adjustments.
so the question is if you are spending taxable money first and i assume leaving the deferred money does that come back to bite you later in rmd's?

we will hit ira money first dwindling down whatever we can pull at tax rates we will never see again once ss kicks in for me at fra and certainly not once rmd's kick in too.

i will pull as much ira money as i can up to 42k or so and pay just 1500 bucks or so . i will then liquidate some taxable account stuff at very low capital gain rates .
once ss and rmds happen we will be 2.5x that

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Old 12-20-2014, 10:33 AM   #63
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Originally Posted by Senator View Post
I have use Fidelity Retirement Income Planner, FireCalc, Flexible Retirement Planner, Quicken Lifetime Planner, AARP calculator, MarketWatch planner, my own spreadsheets, you name it. I have used literally 100’s of them in the past year. All seem to be 100% success.
I used a bunch of them too and didn't retire until all of them (and my own spreadsheets) indicated I was "good to go" or >100%

Originally Posted by Senator View Post
Of course I am not calculating into the picture “what if my expiration date is closer than I think” .
The older I get, the more I realize I'm not going to live to be anywhere near 100, as I had financially planned for.

Originally Posted by Senator View Post
So, when you did your retirement budgeting and planning exercises, what success rate in the planners did you feel was good enough?
I wanted 100% success rate out to 100 years old and at the same spend rate every year. I figured that was plenty of padding. (age and dollars) I now realize I won't live that long and probably won't be spending in my mid to late 80's anywhere near what I'm spending now, even if I'm in a nice long term care facility.

Originally Posted by Senator View Post
Did you ever wish you would have worked longer as you did not have enough income in retirement? (Not those of you who go back for fun). Or actually had to pick up a minimal wage job because you needed the money?
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Old 12-20-2014, 11:06 AM   #64
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Originally Posted by T-Minus View Post
Long time reader of ER forums - first post here, but this is the thread that finally pulled me in. Between OP's (Senator) original question and Travelwanted's follow-up response, you've characterized my questions almost exactly. At this point, the various publicly-available tools and self-built spreadsheets tell me I'm good-to-go now...but that doesn't fully quell my fears about the "what-if" possibilities. So I continue to plan, save and obsess.
Welcome, T-Minus! Nice first post. How about introducing yourself here Hi, I am... - Early Retirement & Financial Independence Community so we can get to know you. We look forward to hearing more from you - and as you probably know already, feel free to ask questions as nearly everyone here has an opinion on something!
"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.
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Old 12-20-2014, 03:05 PM   #65
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I started a spreadsheet and it showed that about 56-59 would be comfortable (110%of then current spending). Then I started with a cash flow program at work (I have access to planning software that we use for our clients), and it showed 99.8% chance of success through 95/92 and retiring at 56. Fidelity RIP showed between 56 and 57 was 99% successful, and EMoney software showed a 100% success with a start date of 55. Part of that has been an inheritance that my wife received this year. The interesting thing is that the most likely result is my NW will increase by 250% and I am increasing the spending. I could have gone out this year, but I wanted to stay OMY because I wanted to help my clients and some co-workers (looking back, I think my DW is nervous about anything less than the interest income off of savings which I explain that today's rates mean a net worth in excess of $8.4 million with no cushion!). OMY was my way of dealing with her insecurities. I also check my plan about 10 times a day!

I Think that the FI is he easy part, just set a goal and stick to it. The actual RE is the mental part. My sister is hiking the Appalachian Trail next spring, and she said that the six months of hiking is less than 50% physical, it is when the weather is crappy and tomorrow is a big climb and your feet hurt so you just want to quit that the mental toughness kicks in and you have to decide to stick to the plan. I see the RE as a leap of faith that the plan works, and just accept that the market will rise and fall (remember the projection is wrong, what actually happens will be different) and over time you will adjust to the actual results.

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Old 12-20-2014, 03:20 PM   #66
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This is certainly the key psychological barrier to overcome. I was "helped" by having the decision made for me - accompanied by a huge check. But honestly, I was ready and I just didn't know it. The key is data. And data on the known and not the unknown. I've used quicken and now ibank religiously for years and my greatest comfort is knowing that we currently spend 8% under our five year moving average of annual expenses. And honestly, I don't notice the difference - I don't feel like I am missing anything. I did and I do my planning based on a gross up of the five year average. So I feel like I am continuing to "save" and that helps me psychologically as well as financially. Two years into it, I feel blessed.

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