Why am I still working?

[trapperjohn]

There are days, like today, when I wonder why I'm still working. I don't know if I'm struggling with OMY syndrome, if I truly am not financially ready yet. As others have done, I'd like your thoughts.

Investments:
Tira: $1,100,000 invested in 75% balanced mutual funds and 25% bonds.
Roth: $70K also invested 50% large cap fund and 50% small cap fund.

I plan to start SS at 62 because heredity is not on my side. I also have a $24/yr (after-tax) non-cola pension

Debts (including mortgage on main house): $200K

Saving: $6K/year in Roth.

I'm 60 and DW is 56. I hate my job. DW loves hers and will not retire until AT LEAST 62, but maybe later. We're covered by her employer health insurance which eats up a significant part of her after tax income.

I have significant chronic health issues, so long-term care insurance is my friend. Kids are all launched and college is behind us!

Firecalc gave us a 100% success rate for 40 years if I retire now and stop saving anything.

As I read thru what I just wrote, I tell myself, "Duh, what are you waiting for?", but I'd still like to hear what others think.

Thanks in advance.

 

[REWahoo]

I think you are nuts for continuing to work. Hey, you asked...

 

[MichaelB]

With chronic health issues, FIRECalc@100%, and you hate your job, why would you continue working? If you don't want to retire you still can quit and look for a job that you like.

 

[shotgunner]

There is a difference between financially ready and emotionally ready. I believe two major things can hold people back, fear of moving from accumulation to disbursment from one's nest egg and fear of change. Going to work has also been a 40 or so year habit, habits are hard to break.

I think you are financially ready according to your post.

 

[2B]

I liked my job and after 6 weeks of retirement I wish I had retired sooner. If you're financially able, go if that's what you want.

 

[jim584672]

Health issues, hate your job, 1MM. Seems like a simple decision.

 

[pb4uski]

I think you are nuts for continuing to work. Hey, you asked...

With chronic health issues, FIRECalc@100%, and you hate your job, why would you continue working? If you don't want to retire you still can quit and look for a job that you like.

+1 Change is hard and fear of the unknown is built into our DNA. You are a prime candidate to retire... you hate your job, you have health issues, and you are financially prepared. Life is short... stop working and enjoy it.

 

[Spanky]

As I read thru what I just wrote, I tell myself, "Duh, what are you waiting for?", but I'd still like to hear what others think.

As others have said - bite the bullet and start the retiring process. Life is too short. Enjoy it while you can. You deserve it. Why stay for a job that you hate when you are financial independent? Do something else you truly enjoy that may improve your health.

 

[travelover]

Are you concerned that you will be retired and your wife will continue to work?

I've been retired for 8 years and DW will retire next year. It has worked out great for us. The arrangement has resulted in much less stress on her and I get to mess around all day, everyday, with occasional outbreaks of housework and cooking.

And a nice surprise has been our low cost of living - fewer purchases to compensate for work stress and more time to bargain shop for what we really need.

 

[Andre1969]

The only suggestion I'd make is to re-run FireCalc a few times with shorter timeframes, say 20 and 30 years, as those will give you more data points. A 40 year timeframe gives you 104 data periods, with the most recent most likely being 1974-2014. A 30 year timeframe gives you 114 data points, with the most recent being around 1984-2014.

A 20 year timeframe gives you 124 data points, with the most recent being around 1994-2014. A 20 year period is probably short enough that it will show 100% success, if you're getting 100% with 40 years. However, if you look at the end of the graph, if some of the plots are getting down toward zero, it's a good bet they would ultimately fail a few years later.

My gut feeling, though, says it's time for you to retire!

 

[Independent]

You provided some numbers, but you didn't show your spending. Without that, nobody can provide any financial input.

Based on 100% Firecalc success, you hate your job, your health isn't good, the decision seems easy.

My dad's health improved noticeably after he quit a job he didn't like. I hope you have the same experience.

 

[pb4uski]

If your misgivings are financial, you might run you numbers using a number of different calculators. Generally, if you are at 100% with firecalc, then the other calculators will also give you a green light and you will be more comfortable making the decision.

 

[flyingaway]

I think FireCalc is just roughly the 4% withdraw rate with 95% success rate. I do not see any reason to run it again and again, and expect to see a 95.00001% success rate. You did not list your expected expenses, does it include your long term care expenses?
If my health is not good, or I do not feel that good, I will retire immediately and make my portfolio work for the situation, one way or another. However, you also need to compare the stress of retirement (if any) to the stress of work, if you have not figured out what to do in your retirement yet.

 

[REWahoo]

I think FireCalc is juts roughly the 4% withdraw rate with 95% success rate.

FIRECalc is far more than this. Take a look here: How it works

 

[trapperjohn]

Spending is approx $60k/yr. That's actually about 10% more than current spending. I used that number to account for future health and other expenses, and perhaps some travel while we can still take time off and travel.

 

[pb4uski]

So.....why are you still working? What are you waiting for?

 

[Dog]

Discuss with your wife. If she supports it....then it makes sense to retire while you still have some healthy years to enjoy it. And as others have said, your chronic health issues may improve.
I retired last summer and am a worry wart. Also a former workaholic that woke up one day and decided there had to be more to life. So far no regrets and am totally enjoying my freedom. DH will join me next summer. I have been able to take some chores/responsibilities off his plate and he really appreciates it.

Good luck with your decision.


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[ExFlyBoy5]

With chronic health issues, FIRECalc@100%, and you hate your job, why would you continue working? If you don't want to retire you still can quit and look for a job that you like.

+1 on this. The chronic health issue would certainly push ME to punch out NOW. No questions asked.

Just as a hypothetical...if your doc told you that you only have 5 years to live, would you keep w*rking? How about 10? Well, you probably don't have an answer to that, but time is a finite number and most of us have less than we would like.

Also, my DW continues to w*rk. I have asked over and over for her to join me in this FIRE adventure, but she won't. At least not yet. She doesn't seem to harbor any resentment, and she likes me being the "house husband".

 

[robnplunder]

As I read thru what I just wrote, I tell myself, "Duh, what are you waiting for?"

Go for it. You got this.

 

[Willers]

I'm still working only because:
1) I'm fortunate enough to be in great health so life expectancy is high
2) I don't love every day on the job but it's OK for now
3) I need just a little more to reasonably ensure the lifestyle I want

If I was in your shoes all three of these would be crossed out. #1 is especially important. Just my opinion, but I say enjoy the time you have. I'd be shocked if you regret it later.

 

[Katiek]

The only note I'd mention is that while your wife may love her job, things may change when you're retired. They may not, but see how the finances work if your wife also stopped working, and then make sure you're in sync on how she'll feel working after you retire.

 

[Big_Hitter]

I think you are nuts for continuing to work. Hey, you asked...

agreed - pull that chute bro!

 

[Niuatoputapu]

trapperjohn - as you see, many people are advising you to Just Do it! You do not say whether your DW supports your ER, nor do you say there are many things you want to do after ER. If you want to stay working for marital harmony or realize you will be less miserable working at a job you hate than staying at home all day, then by all means keep working. It is fantastic you have the choice to ER or not, but given it is not a financial decision, you have to do what makes you happy.

 

[6miths]

I would say go for it. It is no fun hating your job and it can really impact your health. Hopefully your DW is onside and it is a bonus that she is enjoying her work and will stay with it for awhile. Anything can happen but if on top of everything else, you think that you are not going to live until 90 then one must seriously look at opting out - Life is short. Good luck.

 

[MBAustin]

trapperjohn - you see there's a pretty solid consensus here that it's time for you to write that letter and have a talk with the boss. Keep us posted and remember there's nearly always someone here for moral support when you need it!