Anxiety re:RE

[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


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[Asher Aion]

I support that theory.

 

[Ally]

I agree with Irishgal.


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[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!


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[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.

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


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[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]

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!

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!

 

[Patagonia]

Congrats! Glad you worked through the fear. Proud of you!

 

[sadsak]

My initial reaction was to say that I am okay with the money. But in the back of my mind, I guess there is still some degree of fear. Our spending has remained fairly constant from year to year.

When you look at the budget, you will not see a line item for medical max out-of-pocket. It is not there because it did not seem reasonable to me to budget for spending the max every year. So instead we have a pot of money set aside ($300K). Also, the "housing item replacement" amount is calculated based on the expected life for all the major/minor systems/appliances in the home and then I figured the annual amount needed to be set aside to fund their ongoing replacement costs. Taxes are based on the assumption that 1/2 of the money used is non-taxable. Once the car dies, we will be a one vehicle family.

We have an austerity version of the budget which brings the total down to $45K. We also have no qualms about taking part time work if we want something that we have not budgeted for.

BUDGET ->

Auto
Insurance - Truck $1,000.00
Insurance - Car $600.00
Auto Registration $325.00
Fuel (4$ / gal, 6K @ 15mpg) $1,600.00
Service $1,800.00
Replacement $1,800.00 Truck Only
Total $7,125.00

Boat
Club Dues $800.00
Insurance - Motor Boat $300.00
Insurance - Sailboat $300.00
Maintenance - Dock $500.00
Maintenance - Sail $500.00
Maintenance - Motorboat $250.00
Total $2,650.00

Household
Insurance $1,040.00
Umbrella Insurance $800.00
Property Tax $5,000.00
Home Annual Maintenace $1,230.00
Home Item Replacement $3,800.00
Home Updates $1,200.00
Total $13,070.00

Food
Dining $1,200.00
Groceries $7,200.00
Total $8,400.00

Utilities
Gas & Electric $2,400.00
Internet $480.00
Cell Phone $200.00
Termites $240.00
Water $240.00
Total $3,560.00

Personal Spending
His $4,800.00
Hers $4,800.00
Ours $4,800.00
Vacation $4,800.00
Total $19,200.00

Pet
Pet $4,000.00
Total $4,000.00

Grand Total w/o Healthcare $58,005.00

Health Insurance
Health Insurance $10,000.00

Before Taxes Grand Total $68,005.00

Est Fed Tax @ 5 Percent $3,400.25

Est State Tax @ 3 Percent $2,142.16

OVERALL TOTAL $73,547.41 (less than 3% of portfolio)

 

[38Chevy454]

Congratulations for making the decision and doing it! Given your less than 3% withdrawal, I think most here would say you are presumably good shape.

 

[Options]

Congratulations! As your expense equal less than 3% of your PF, and you're willing to take on part-time work if things change, you're in good shape.

 

[MBAustin]

Congratulations!! Now start that 35-day countdown - make that 34, it's after 5pm!

 

[Ally]

It looks like you will be fine. More than fine!


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[pb4uski]

It looks like you will be fine. More than fine!

+1 especially since you don't have SS included. What you been waiting for?

 

[USA]

I gave notice 2 weeks ago. It finally came down to me asking myself what my roadblocks were. I had 2. Once I was upfront with myself I was able to move forward. As for anxiety, I think that would be in line for FIRE. I'm looking at a future that I didn't spend years dreaming of, but I spent years financially preparing for. It's definite change of mindset & at times mind boggling!


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