Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Why am I still working?
Old 04-16-2015, 05:26 AM   #1
Recycles dryer sheets
 
Join Date: Jun 2012
Posts: 72
Why am I still working?

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.
__________________

__________________
trapperjohn 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 04-16-2015, 06:05 AM   #2
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,069
I think you are nuts for continuing to work. Hey, you asked...
__________________

__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 04-16-2015, 06:20 AM   #3
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,407
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.
__________________
MichaelB is online now   Reply With Quote
Old 04-16-2015, 07:20 AM   #4
Recycles dryer sheets
shotgunner's Avatar
 
Join Date: Jun 2008
Posts: 454
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.
__________________
Never surrender what you really want for what you want right now.
shotgunner is offline   Reply With Quote
Old 04-16-2015, 07:21 AM   #5
Thinks s/he gets paid by the post
2B's Avatar
 
Join Date: Mar 2006
Location: Houston
Posts: 4,330
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.
__________________
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
2B is offline   Reply With Quote
Old 04-16-2015, 07:25 AM   #6
Thinks s/he gets paid by the post
 
Join Date: Feb 2014
Posts: 1,044
Health issues, hate your job, 1MM. Seems like a simple decision.
__________________
jim584672 is offline   Reply With Quote
Old 04-16-2015, 07:25 AM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 16,398
Quote:
Originally Posted by REWahoo View Post
I think you are nuts for continuing to work. Hey, you asked...
Quote:
Originally Posted by MichaelB View Post
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.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
pb4uski is online now   Reply With Quote
Old 04-16-2015, 08:04 AM   #8
Thinks s/he gets paid by the post
Spanky's Avatar
 
Join Date: Dec 2004
Location: Minneapolis
Posts: 4,046
Quote:
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.
__________________
May we live in peace and harmony and be free from all human sufferings.
Spanky is offline   Reply With Quote
Old 04-16-2015, 08:30 AM   #9
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
travelover's Avatar
 
Join Date: Mar 2007
Posts: 9,871
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.
__________________
Yes, I have achieved work / life balance.
travelover is offline   Reply With Quote
Old 04-16-2015, 08:32 AM   #10
Thinks s/he gets paid by the post
 
Join Date: Aug 2005
Posts: 2,056
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!
__________________
Andre1969 is offline   Reply With Quote
Old 04-16-2015, 08:38 AM   #11
Thinks s/he gets paid by the post
 
Join Date: Oct 2006
Posts: 3,811
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.
__________________
Independent is offline   Reply With Quote
Old 04-16-2015, 08:44 AM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 16,398
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.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
pb4uski is online now   Reply With Quote
Old 04-16-2015, 08:45 AM   #13
Recycles dryer sheets
 
Join Date: May 2014
Posts: 342
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.
__________________
flyingaway is offline   Reply With Quote
Old 04-16-2015, 08:51 AM   #14
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,069
Quote:
Originally Posted by flyingaway View Post
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
__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 04-16-2015, 09:07 AM   #15
Recycles dryer sheets
 
Join Date: Jun 2012
Posts: 72
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.
__________________
trapperjohn is offline   Reply With Quote
Old 04-16-2015, 09:27 AM   #16
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 16,398
So.....why are you still working? What are you waiting for?
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
pb4uski is online now   Reply With Quote
Why am I still working?
Old 04-16-2015, 09:30 AM   #17
Full time employment: Posting here.
Dog's Avatar
 
Join Date: Apr 2006
Posts: 781
Why am I still working?

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.


Sent from my iPhone using Early Retirement Forum
__________________
"Tell me, what is it you plan to do with your one wild and precious life?" - Mary Oliver
Dog is offline   Reply With Quote
Old 04-16-2015, 11:37 AM   #18
Thinks s/he gets paid by the post
ExFlyBoy5's Avatar
 
Join Date: May 2013
Posts: 1,977
Quote:
Originally Posted by MichaelB View Post
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".
__________________
Founder and Head Lounger @ The Life of Leisure Institute
Retired in 2014 at the Ripe Age of 40.
ExFlyBoy5 is offline   Reply With Quote
Old 04-16-2015, 11:41 AM   #19
Thinks s/he gets paid by the post
robnplunder's Avatar
 
Join Date: Nov 2013
Location: Bay Area
Posts: 2,123
Quote:
Originally Posted by trapperjohn View Post
As I read thru what I just wrote, I tell myself, "Duh, what are you waiting for?"
Go for it. You got this.
__________________
Pura Vida
robnplunder is offline   Reply With Quote
Old 04-16-2015, 12:25 PM   #20
Recycles dryer sheets
Willers's Avatar
 
Join Date: May 2013
Posts: 480
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.
__________________

__________________
“If you don't do it this year, you will be one year older when you do.” - Warren Miller
Willers is offline   Reply With Quote
Reply

Tags
omy


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
for those still wo*king, are you still putting $ in your 401K? ER_Hopeful Young Dreamers 58 01-14-2009 01:12 PM
Almost 50 ... Still Working jayp465 Hi, I am... 10 10-02-2007 11:23 AM
How many are still working eventhough you're FI? why? Enuff2Eat Young Dreamers 19 04-10-2007 07:13 PM
Everyone still working...your path to retirement! cute fuzzy bunny Other topics 16 03-29-2006 08:49 AM
Get this if you're still working dory36 Other topics 2 02-09-2004 03:23 AM

 

 
All times are GMT -6. The time now is 09:28 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.