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Old 04-13-2013, 05:50 PM   #21
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Our weakest links have been extended unemployment for DH and the anticipated costs of health care. We live in a HCOL area and have managed to save quite a bit on mediocre incomes. However, DH has not worked at all in 2 1/2 years, so our amount of savings has taken an extreme hit. We still put away enough to be able to retire in ten years, but now the game is: what will the health exchanges do for our insurance costs and how much work can he get? If he works semi-steadily for the next five years, our retirement date moves closer. If not, it stays at the ten year mark. Plan A is that he doesn't work at all in the next ten years and then I call it quits. *shrug* Not such a bad deal!
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Old 04-13-2013, 05:56 PM   #22
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Originally Posted by HighRoller View Post
To be honest, my weakest links "were" greed and the OMY syndrome
I like your honesty. Some of the folks that I work with always have an explanation why they are not ready to retire but I knew deep down inside it's just greed.

It's take a real man to admit it.
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Old 04-13-2013, 06:08 PM   #23
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Same here.
I know it's a problem but I don't like seeing any balances going backwards. I know I have missed some great returns the last few years but it's hard to change a lifetime pattern.
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Old 04-13-2013, 07:58 PM   #24
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For me, it was health insurance. I worked two years longer than I otherwise might have, waiting to qualify for retiree medical coverage. Once it was in place, I retired.
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Old 04-13-2013, 08:10 PM   #25
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For me it was the lack of a pension. I needed to get all my ducks in a row and be quite certain that the numbers were very solid even in the face of a future repeat of 2008.
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Old 04-13-2013, 08:31 PM   #26
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Well, I meant is what causes you to unable to reach Early Retirement?
We might still retire early...a lot could change over the next 15 years that would affect our calculations for the better or worse. But right now the main impediments we have are:

- A stubborn insistence on sending our kids to private schools rather than the "free" (aka already paid for by our high property taxes), mediocre public schools. We project that uition will vary between 10%-30% of our after-tax income over the next 13 years or so.

- Single income household. This is unlikely to change substantially for a few years until DW goes back to work after our youngest kid is in school.

- A stubborn insistence on spending a lot of $$ on locally grown/organic meats and produce. Food currently vies with tuition for our highest non-mortgage expense.
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Old 04-13-2013, 09:03 PM   #27
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#2 & #5. Still digging out of the hole.
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Old 04-13-2013, 09:20 PM   #28
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my wife would not let me-but she retired 10 years earlier.
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Old 04-13-2013, 10:06 PM   #29
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8) Pension and 401k age of 55 (not quite there yet)
9) Parental care issues
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Old 04-13-2013, 10:47 PM   #30
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We still have one more kid to get through college, though he has chosen a relatively affordable college (for us) for which we have saved for. But the temptation is to work a little more just to pay some of it with "current" dollars and reduce the savings impact.

Health insurance remains the number one issue, as that will be by far our greatest retirement expense... I'm waiting to see what Megacorp does with its 2014 plans this fall. However I'm just realizing that medical insurance will go down once we are eligible for medicare in 10 years, so we may have to endure high premiums for just 10 years.

I do love most of my job content, I am just getting a little worn down by the workload. I'm no longer motivated by promotions or even salary increases, and just having time to plan for activities and not having to deal with crises caused by headcount reductions would be welcome. Odds of that changing are slim.
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Old 04-14-2013, 06:13 AM   #31
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Truthfully, I've got the money, I just don't have the guts. We're both 53. I've got a great job for our area. Imake good money, I don't kill myself, and get along well with my co-workers. I could get a reduced pension now, full pension at 58. When I think of ERing, I am haunted by dear departed grandfathers and uncles saying "you don't just walk away from a good job like that!". DW is a dedicated special education teacher. She just got her 30 years in, but has no intention of retiring for several years. A big thing that holds me back from retiring is the political unpredictability of the weasels in our state government. Teachers have been made out to be Public Enemy #1 in Michigan, and are taking the brunt of the "reforms" handed down from Lansing. I fear retirement because it has now been shown that the retirement benefits my DW earned and been promised over 30 years can be changed or eliminated on the whims of a bunch of clowns who wouldn't last 30 minutes in a classroom, let alone 30 years. Other reasons: what will Social Security look like in 9 years; when will the stock market take its next big drop; what will health care be like in a few years; can I trust my megacorp to pay me my pension as promised for the rest of my life? I'm sure these are all questions everybody on this forum faces. I'm generally not a pessimist, but for me, at this time, it's easier to just keep going to w*rk, and see how things pan out.
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Old 04-14-2013, 06:26 AM   #32
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OMY and fear of being on company provided health insurance for 10 years (that could be taken away at any moment).
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Old 04-14-2013, 06:28 AM   #33
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Truthfully, I've got the money, I just don't have the guts. .... I've got a great job for our area. Imake good money, I don't kill myself, and get along well with my co-workers.
+1.....but if I Verlyn Klinkenborg keeps writing those columns...who knows ..
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Old 04-14-2013, 06:41 AM   #34
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OMY and not enough motivation/imagination to find something else to do. That is changing this July though. The feds are reclassifying the position to change the income from "pretty good" to "subsistence" and since I have a choice I'm not going along with it. I feel for a lot of the guys there who don't have that choice. One said his wife, a beautician, ran up $40k in credit card bills after they'd taken out a consolidation loan to pay them off previously. Yikes!

Another issue was that everyone else was still working ten years ago. That has changed too.

So now I have a much better idea of what to do and where to go from this point forward.
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Old 04-14-2013, 06:50 AM   #35
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Truthfully, I've got the money, I just don't have the guts. We're both 53. I've got a great job for our area. Imake good money, I don't kill myself, and get along well with my co-workers. I could get a reduced pension now, full pension at 58. When I think of ERing, I am haunted by dear departed grandfathers and uncles saying "you don't just walk away from a good job like that!". DW is a dedicated special education teacher. She just got her 30 years in, but has no intention of retiring for several years. A big thing that holds me back from retiring is the political unpredictability of the weasels in our state government. Teachers have been made out to be Public Enemy #1 in Michigan, and are taking the brunt of the "reforms" handed down from Lansing. I fear retirement because it has now been shown that the retirement benefits my DW earned and been promised over 30 years can be changed or eliminated on the whims of a bunch of clowns who wouldn't last 30 minutes in a classroom, let alone 30 years. Other reasons: what will Social Security look like in 9 years; when will the stock market take its next big drop; what will health care be like in a few years; can I trust my megacorp to pay me my pension as promised for the rest of my life? I'm sure these are all questions everybody on this forum faces. I'm generally not a pessimist, but for me, at this time, it's easier to just keep going to w*rk, and see how things pan out.
Truthfully, I don't think you I don't see you retire anytime soon and I am even more surprise that you are a member here since this is ER forum NOT Work Until You Die forum. (Just kidding CoadDuck ) I know how you feel. It's a zillion of "what if" before you can pull the trigger and eventhough I am not there but I am sure it's pretty scary decision.
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Old 04-14-2013, 06:59 AM   #36
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Truthfully, I don't think you I don't see you retire anytime soon and I am even more surprise that you are a member here since this is ER forum NOT Work Until You Die forum. (Just kidding CoadDuck ) I know how you feel. It's a zillion of "what if" before you can pull the trigger and eventhough I am not there but I am sure it's pretty scary decision.
E2E, thanks for the well-deserved scolding! 😁 This forum really pushed me into getting my ducks in a row, and I thought I might pull the pin this spring, but when push came to shove.....well, you know. 🐔
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Old 04-14-2013, 08:27 AM   #37
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To be honest, my weakest links "were" greed and the OMY syndrome

Greed yes. I just got a 38% bonus - it's tempting see if I get another in OMY even though I most likely don't need it ! My 57 year old body says to stop the over - W*RK, and enjoy the fruits of labor.

Obamacare is another one.
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Old 04-14-2013, 09:14 AM   #38
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For me (3) pushed me toward ER, it made me realize I could have done this a decade ago if I had found this site and learned about financial projections. When I resigned a few weeks ago my company offered a pretty generous retention incentive for OMY. Took a long vacation to think it over, and since I didn't find anything better to do with my time, I accepted the deal.

This might have been a mistake because my job changed to transition training which is much less fun than I expected, and I'm now out of the loop on the crises that used to make my workday fly by. The team I'm supposed to be training is busy doing their own work most of the time so I'm probably as bored as I would be if I had retired.
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Old 04-14-2013, 10:29 AM   #39
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When I think of ERing, I am haunted by dear departed grandfathers and uncles saying "you don't just walk away from a good job like that!".
In addition to my main reason of not ERing yet, your reason is another slight additional factor....I mentioned to my father last week of what I could pull from my portfolio for the rest of my life (adjusting for inflation), and he just simply said "but what about continuing to do something with your life and make more money?" With him, it's part 'hoarding money/trying to accumulate as much as possible', and part 'not having much passion for anything but his job' and spending time at their place in Florida (which is sad...but if that's what floats his boat, then so be it)

Quote:
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A big thing that holds me back from retiring is the political unpredictability of the weasels in our state government. Teachers have been made out to be Public Enemy #1 in Michigan, and are taking the brunt of the "reforms" handed down from Lansing. I fear retirement because it has now been shown that the retirement benefits my DW earned and been promised over 30 years can be changed or eliminated on the whims of a bunch of clowns who wouldn't last 30 minutes in a classroom, let alone 30 years. Other reasons: what will Social Security look like in 9 years; when will the stock market take its next big drop; what will health care be like in a few years; can I trust my megacorp to pay me my pension as promised for the rest of my life?
Sorry to hear about the vagaries of the legislature regarding unpredictability of your DW's pension!

Has there been any legislation so far (either simply proposed or even passed) which would give you a hint as to what the effect might be to form a "worst-case", "probable case" and "best case" scenario? If so, run those numbers and see where the dust settles. I have no knowledge of this issue in MI, but, can you reasonably say that at least half of DW's pension amount is safe? There's no way they would completely eliminate it to zero. How would that come out in the numbers, adding in SS, your portfolio, etc.

Is it possible for DW to get a job in private industry, even though she loves her position, or does her 30 year tenure give her a good position that would be tough to match (ignoring her pension which she qualifies for now, but which might not give her much more benefit if she stays in). A higher salary for DW in private/other settings might help boost the portfolio a bit more and let both of you RE sooner rather than hinging on the uncertainty of pension changes.

Regarding SS - pretty much everyone is confident that given your current age, SS benefits likely won't change. The only possible 'gotcha' may be that they become 100% taxable instead of up to 85% taxable, so perhaps try factoring that into your forecasting and see.

Does your employer offer you the option of taking a cash balance transfer out, or are you stuck with the pension?
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Old 04-14-2013, 02:45 PM   #40
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"Bronze handcuffs" kept me working until 55. Thanks for the term RE Eddie
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