Anxiety re:RE

[ikubak]

I think there are a lot of people facing the same dilemma. I vest in my pension in 35 days. Two years ago, I thought there was no way I would work past that date. I changed jobs a year and a half ago to do something less stressful and here I am thinking...ha..I could work through the end of the year, make a few tax saving moves and things wouldn't be so bad. I am torn between taking it easy at work another 9 months (not quite OMY syndrome ) or enjoying the spring and summer without working. What I have decided to do is to start taking more days off during the week so I can reconnect with some friends that are already retired or semi-retired. I'm going to dip my toe in the water and see how it feels.

[AndyS]

Quote:

Originally Posted by sadsak Hi Folks, Well I never thought it would happen to me, but I am having a huge bout of doubts and OMY syndrome. All the tools say we are good to go, withdrawal rate will average 2.3% (assuming 1% real growth, 66% social security) and I have us living to 100 (har har). I am 47 and DW is 49. Basically I am freaking out over do we have enough, and what if <blah blah>, and will I get bored. I know my skills are going to get rusty fast and although I despise my job, it pays well and most days it is quite tolerable. So, I struggle with working a few more years to add to the stockpile versus getting out now. If I get out now, I have projects and hobbies to keep me busy. But in the back of my mind, I am scared that I might get bored. I am a teleworker, and any employment I could find locally is going to be for a small fraction of what I currently make. So, there is this tug-of-war going on in my head between being free & seeing what happens, versus the safety of the current situation. But if I don't go now, when will I go? I doubt my BS bucket will ever get full. I am a black-belt in ignoring BS. This is really driving me nuts. Has anyone else gone through this? If so, any tips?

I retired at age 49. What I did was take my expected retirement income & matched it up against how much would be needed for self & spouse to live comfortably to a life-expectancy of 100.

Then I just kept backing that life-expectancy figure up until it matched how much retirement income potential we had already accumulated. The numbers matched & I had 3 bad days in a row at work & I retired.

Hope that helps.

[Bikechuck]

Quote:

Originally Posted by ikubak I think there are a lot of people facing the same dilemma. I vest in my pension in 35 days. Two years ago, I thought there was no way I would work past that date. I changed jobs a year and a half ago to do something less stressful and here I am thinking...ha..I could work through the end of the year, make a few tax saving moves and things wouldn't be so bad. I am torn between taking it easy at work another 9 months (not quite OMY syndrome ) or enjoying the spring and summer without working. What I have decided to do is to start taking more days off during the week so I can reconnect with some friends that are already retired or semi-retired. I'm going to dip my toe in the water and see how it feels.

I am ready emotionally and I know that my current job is not so good for me anymore. It is stressful, requires too much overtime and I have gained a ton of weight. I think if I stick with it much longer it could kill me.

However, I have a ton of anxiety about retiring in this low interest rate environment with what could be an inflated stock market.

No pension for me or my wife but we do have $2.0 million saved

[travelover]

My 8th anniversary of retirement was March 1st. Doing a quick back of envelope calculation, I realized that I had foregone a million dollars in salary, even if I'd never gotten a raise in that time period.

I asked myself, "Was it worth it"? Heck yes! This is my one and only life and I still have more money than time.

[GTFan]

Quote:

Originally Posted by nash031 Not much to add except my pilfered question I think about when I wonder if I'll get bored: When you get bored now, do you think, "I'll go to work!"?

That's a good one and I'll add another - at some point in your life you're going to retire, so what difference does it make whether you ask the questions now or later?

The questions won't change no matter when you do it, so do it when you are able.

[Daniel J]

Thanks so much for starting this thread. Lots of good advice and experience here.

I am in a similar place, currently in my second OMY with plans in place to try and sell my business and then liquidate some real estate in the years following. These things take time. Every day I face an internal battle of whether to stick with the plan or just walk away and retire NOW. Just finished my 2014 taxes yesterday and we had our most profitable year ever, money is not the issue. Letting go is.

Thanks everyone for the encouragement.

[LaVieQ]

Yes, being out of the work place and doing things I want to do is definitely more energizing than dragging on and on at megac**p . But, depending on the work situation, staying on need not be all bad if one can actively manage/shape one's work.

I was in the OMY mode for 2+ years before I finally got out. Here's what helped me weather the additional years at work without hating it, or, getting palpitations by worrying whether I was doing the right thing by staying on:

• Less emphasis on career - didn't care about promotions, raises, etc.
• Stopped worrying about reviews and performing to others' expectations
• Did the essential required of me on the job, but, also learned to say no to stuff I didn't want to do, or, which felt like too much time commitment
• Persuaded newer employees to do as much of the work as I could off load and made sure they were recognized for their work. Lots of help.
• Took more time to exercise, travel, read, and pursue hobbies

If you can pull it off, it's not so bad to be working a bit longer, particularly if you were located in an interesting part of the world as I was.

Either way, you are positioned to do well OP. All the best.

[papadad111]

Me too !!! My Last working Monday today. Decided to take vacation anyway. FIRE Timeline has been pulled in unexpectedly. Original plan was summer or end of year.

Nervous as hell. High anxiety. Burned some vacation days but couldn't relax. Felt I was wasting time not "doing" something.

Have not slept well in a month.

Daily 2 hour spreadsheet bonanza calculating and recalculating - Worried about Money. Making budgets. At age 45 am spending time Exploring plan b and c.

I Worry about Impact of FIRE to kids/work ethic.

I Worry of Boredom risk. Whether or not to launch an encore career. Social disconnection.

DW now being a little unsure - showing her usual supportiveness but I sense she is a little skeptical...

Totally surprised after 24 years of planning this and 30 years of almost solid work, that the anxiety of FIRE is almost as bad as the megacorp BS machine.

I am a natural worrier. Maybe that's part of the problem. I pulled the trigger and walked the plank anyway. No turning back with megacorp now. Sometimes a decision is better than no decision.

Your comments here are both encouraging and insightful. Of course I thought before reading this thread that anxiety is just me. Glad I am not alone and in an enviable and very fortunate position to be 45 and retire.

[irishgal]

I'm going to pitch a theory- untested but...
I would think that those of us who find ourselves able to RE tend to lean toward the anxious type as a core characteristic- if we did not have a fair baseline of anxiety to begin with weight not have planned and saved like we did.
So it makes sense that you would have some anxiety about the decision to RE. Just don't let it ruin the fun 😄


Sent from my iPhone using Early Retirement Forum

[Asher Aion]

I support that theory.

[Ally]

I agree with Irishgal.


Sent from my iPad using Early Retirement Forum

[msbearkeley]

A great thread! We have picked a final date to pull the plug (11/14/15) because we kept pushing our date....always for good reasons but decided that life is just too short. We both love our jobs, have the flexibility to work from home. We have never earned as much as we did this past year but if we didn't set a firm date, we just might not have the time to do all the other things we know we'll love more that our jobs.

It will be very hard spending vs saving, but hearing from those of you who have done it truly helps reduce anxiety today!


Sent from my iPhone using Early Retirement Forum

[jesaco]

Totally Agree with Irishgal..Will start working part time next month ( 2 and a half days a week) as I requested with current employer..anxiety and fear are starting to creep in, thinking of the salary cut of about 50% as a result ..will start withdrawing about 2% of portfolio to cover gap in expenses and extra spending money. probably fully retire next year and have another 3 more years to SSS. (age 62) Always been a worrier and excessive planner..

Glad to see this thread knowing that what I am feeling is normal and I am not alone and that things will get better.

Quote:

Originally Posted by irishgal I'm going to pitch a theory- untested but... I would think that those of us who find ourselves able to RE tend to lean toward the anxious type as a core characteristic- if we did not have a fair baseline of anxiety to begin with weight not have planned and saved like we did. So it makes sense that you would have some anxiety about the decision to RE. Just don't let it ruin the fun 😄 Sent from my iPhone using Early Retirement Forum

[Dash man]

DW was supposed to retire March 6, but is still working. We have plenty put away, but the carrot (stock options) is still keeping her there. She likes her job and the people but hates her boss. I've been supportive, but not sure how many more stories of her boss I can take. She's also worried about what she'll do in retirement. I just hope the stress doesn't take her before she gets to find out.

[militaryman]

Sometimes I think having the "Golden Handcuffs" of a pension that produces solid FI but can't be collected until a certain age will help me avoid the OMY syndrome.

Like sitting in jail everyday waiting for release and how silly to stay in the cell once the release date arrives....

Dunno though, time will tell -- Still have 10 years until I can pull the plug @ 57

[Car-Guy]

As already mention a few times in this thread, many of us go through this. For me, I went through the OMY syndrome "twice". I was "sure" I was financially ready to retire at least two years before I actually did. It was hard for me to quit a job that paid so well as was really pretty easy.

Anyway, I made it and I'm glad I stayed the last two years since by then, I had enough (work) and have never looked back or regretted retiring.

[Which Roger]

Quote:

Originally Posted by militaryman Sometimes I think having the "Golden Handcuffs" of a pension that produces solid FI but can't be collected until a certain age will help me avoid the OMY syndrome. Like sitting in jail everyday waiting for release and how silly to stay in the cell once the release date arrives.... Dunno though, time will tell -- Still have 10 years until I can pull the plug @ 57

The Golden Handcuffs worked for me. But my pension was frozen a few years before I retired, so once the handcuffs were off, I got out ASAP. Since the pension wasn't growing any more, every additional day I w*rked meant I would be paid less for not w*rking over my one-day-shorter remaining lifetime.

[sadsak]

Well, it is done! I gave my notice this morning. My heart was just about beating out of my chest and I only got through the first sentence on my resignation letter before I got off the script. My wife almost sabotaged the whole thing last night by telling that I would probably not sleep well because I would be too focused on today. Of course, I woke up in the middle of the night and just as I am about to go back to sleep, her words jumped into my head! Anyhow, I gave what amounts to 7 weeks notice. No point in burning bridges as you just never know when you might need cross them again.

What helped bolster my courage was reading / thinking about some of books I have read - Your Money or Your Life and The Monk Who Sold His Ferrari. I also made a mental list of all the things I still want to do. Even then, it was all I could do the blurt out the words. But once out, it did feel pretty darn good!

[ivinsfan]

If it will make you feel better post a few of your numbers including budget here and see if anyone can find any holes for you. Maybe you just aren't convinced about the money end.

[Accidental Retiree]

Congratulations!

Quote:

Originally Posted by sadsak Well, it is done! I gave my notice this morning. My heart was just about beating out of my chest and I only got through the first sentence on my resignation letter before I got off the script. My wife almost sabotaged the whole thing last night by telling that I would probably not sleep well because I would be too focused on today. Of course, I woke up in the middle of the night and just as I am about to go back to sleep, her words jumped into my head! Anyhow, I gave what amounts to 7 weeks notice. No point in burning bridges as you just never know when you might need cross them again. What helped bolster my courage was reading / thinking about some of books I have read - Your Money or Your Life and The Monk Who Sold His Ferrari. I also made a mental list of all the things I still want to do. Even then, it was all I could do the blurt out the words. But once out, it did feel pretty darn good!