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Old 04-22-2013, 08:51 AM   #521
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One of the somewhat nerve-wracking things early on in retirement is watching your income and outgo and trying to keep the latter from regularly exceeding the former by more than your retirement budgeting allows. I suspect it will take us a few months to see how we are doing in that regard on a regular basis. There is some adjustment to be made, as the slack in our budget for "impulse buys" is pretty much entirely gone. That's not to say there's no discretionary budget for us, but we (a) try to stay within it (about $200 a month for each of us in the current plan) and (b) have to avoid spending just because we "can afford it" (i.e. have already contributed as much to savings/investing as our plan called for).

FIRECalc tells us we have 100% success if we stay the course, but that depends on my wife still having a job in her new ministry career at least until I reach age 62. (She thinks she wants to do it for about 15-20 years.) I'm **trying** not to tap the IRA through SEPP if I can avoid it. At some point I may have to or else earn a little supplemental income myself until 2025, the year I will turn 59 1/2.

Here's our scorecard:

Ages: Me 47, DW 44 (will be 45 in June)

Expected income need: $45K per year

DW's ministry income: $32K per year (also includes housing and paid utilities above and beyond salary)

Income shortfall: $13K per year (my goal, though, is to keep "negative cash flow" under $800 per month)

401K and Traditional IRA balance: $630K
Roth IRA balances: $155K
HSA balance: $26K
Taxable investment balances: $28K
Savings and liquid cash equivalents: $145K

This does not include the value of the house we own outright and plan to put on the market soon; conservatively I think we'll clear at least $60K from it. I plan to put that away and invest it with a moderate level of risk toward our housing needs once DW retires, in which case we either need to buy a new home or pay rent.

At some point I may go back to earning a little bit of income if I choose to do it, but in reality I have no desire to ever consider anything full-time or too stressful. And we're fortunate enough that our situation doesn't require me to take anything out of desperation. I'll "never say never" about earning a wage again, but it will only be if it's right. That probably means it will never happen, because there are few jobs that would give me the working conditions I'd require to go back.

As for health insurance, Megacorp paid it through the end of April 2013, and we have a short term policy with Blue Cross for $320/mo until January 2014, at which time we'll likely be participating in the exchange without concern over developing a medical condition that disqualifies us from coverage. At our income level starting in 2014, health insurance won't look like a budget-buster (we hope).

I will have a "First Megacorp" pension of about $7500 per year starting in 2030, not adjusted for inflation.

FIRECalc likes our chances a lot. We shall see. I leave it up to investment returns and inflation.
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Old 04-22-2013, 12:14 PM   #522
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Hang tight Ziggy. I'm sure it will work out. If you're going to go broke you'll have plenty of notice to make the necessary adjustments. I use $300 / month / person for spending cash but mine includes gasoline.
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Old 04-22-2013, 04:43 PM   #523
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Hang tight Ziggy. I'm sure it will work out. If you're going to go broke you'll have plenty of notice to make the necessary adjustments. I use $300 / month / person for spending cash but mine includes gasoline.
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Old 04-22-2013, 06:03 PM   #524
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My final Monday on the j*b! Friday, here we come!
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Old 04-22-2013, 06:30 PM   #525
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I Forgot to put my name down....

Retirement is bliss! THat's all I gotta say...

1. martyb - 55 - SOMETIME in 2013
2. DFA - 54
3. Chris2008 - 54
4. mystang52 (Glenn) - 60
5. SteveNU - 56
6. T-bird - 58
7. misty57 (DH) - 56 / RETIREMENT DATE: 5/31/13
8. Coaster - 53
9. Helen - 56
10. Rita-61
11. KM - 55 - March 15, 2013 - RETIRED
12. Lau_Ann - 55
13. Ronstar - 57
14. Spokane2303 - 56
15. Donna - 58
16. ChrisC (and DW) - 58
17. Bikeknit - 60
18. Traineeinvestor - 47 - September 30, 2013
19. Sheehs1 - 58
20. smurray5991 - 57
21. obgyn65 - 48
22. DFW_M5 - 63
23. Cjack-49
24. urn2bfree - 52 - December 1, 2013
25. ChainsBeGone-48
26. Seraphim - 57
27. Sarah in SC's DH -50 6/28/2013
28. BTravlin - 55
29. kyounge1956 - will be 57 - spring
30. jon-nyc - 44 - RETIRED 3/29/13
31. Rickochet - 58 DW - 53 (She wants to work!!)
32. Lcountz
33. boatfishandnature - July 31
34. Jager (Jeff) - 60 - November 1, 2013
35. Live And Learn - 50 - Targeting August 15 (OMG I can't believe it !)
36. Retire2013 - 52 Last day of work is March 29, 2013
37. Nikki J - 56- April 19
38. Mwetter - 58 May 31st
39. Mimilulu - 56 April 26
40. Nikita - 59 April 5
41. Bagabonz - 56 on April 3- Retiring June 30 or Dec. 30 2013
42. ziggy29 - 47, as of April 5 -- at least for a while!
43. F-One - Retiring in early June
44. luckydude - 45 - Oct 1 2013
45. Ozstache - 45 - 05 Oct 13
46. 48Fire - 52 - Sometime this summer
47. SoReady - 57 - May 17, 2013
48. Linny727 - 54.5 - December, 30, 2013
49. Big Al. 58. Retiring May 3rd, 2013
50. NW Landlardy, 59 - Fired as of 4/11/13
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Old 04-23-2013, 03:33 PM   #526
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One step closer here .... they have officially opened up a job requisition to replace me !
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Hebrews 12:11

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Old 04-23-2013, 04:51 PM   #527
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How convenient! The class of 2013 opened up a req with your name on it!
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Old 04-23-2013, 05:24 PM   #528
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How convenient! The class of 2013 opened up a req with your name on it!
LOL.

Better - people have already APPLIED for the position --- poor souls, if they only knew what they were getting themselves into.
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"For the time being no discipline brings joy, but seems grievous and painful; but afterwards it yields a peaceable fruit of righteousness to those who have been trained by it." ~
Hebrews 12:11

ER'd in June 2015 at age 52. Initial WR 3%. 50/40/10 (Equity/Bond/Short Term) AA.
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Old 04-24-2013, 06:45 AM   #529
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OK, I've decided: June 21 for me! I'm 43 years old and ready to start the rest of my life.
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Old 04-24-2013, 06:52 AM   #530
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OK, I've decided: June 21 for me! I'm 43 years old and ready to start the rest of my life.
Are you sure?
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Old 04-24-2013, 06:55 AM   #531
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Are you sure?
Hmm, let me think about it some more...(5 seconds pass)...yeah, I'm sure!
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Old 04-25-2013, 02:28 PM   #532
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Shipped our household goods to our retirement home last week and our first car yesterday. Today I confirmed our flight reservations for 1 June. Started exchanging info with my replacement this morning. Reaching terminal velocity!
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Old 04-25-2013, 06:19 PM   #533
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Well I did it! After 30 years of preparation (saving and LBYM) and 34 years of employment at the same institution, I completed this phase of my life. Tomorrow I am officially ER'd and the next chapters of my life begin. I am looking forward to them.

I just got home from a nice retirement party after which my mom asked if I was sad. I answered in a word - No. I was more than ready even though over those 34 years, there were many more good days than bad, and I enjoyed most of my duties. It was a great place to work and I enjoyed the autonomy I accrued over the years.
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Old 04-26-2013, 10:02 AM   #534
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ChainsBeGone - sounds SO exciting !!!!

LauAnn - 34 years with the same company is amazing. Congratulations on your retirement
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"For the time being no discipline brings joy, but seems grievous and painful; but afterwards it yields a peaceable fruit of righteousness to those who have been trained by it." ~
Hebrews 12:11

ER'd in June 2015 at age 52. Initial WR 3%. 50/40/10 (Equity/Bond/Short Term) AA.
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Old 04-26-2013, 11:08 AM   #535
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Well I did it! After 30 years of preparation (saving and LBYM) and 34 years of employment at the same institution, I completed this phase of my life. Tomorrow I am officially ER'd and the next chapters of my life begin. I am looking forward to them.

I just got home from a nice retirement party after which my mom asked if I was sad. I answered in a word - No. I was more than ready even though over those 34 years, there were many more good days than bad, and I enjoyed most of my duties. It was a great place to work and I enjoyed the autonomy I accrued over the years.
Clap Clap Clap
Clap Clap Clap
Well done!
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Old 04-26-2013, 12:59 PM   #536
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Damn me and my brain! Made the decision to pull the plug on w*rk at the end of 2013 and now I'm vacillating again about waiting for the 55th birthday in June 2014. 8 months or 13 months? More money if I stay and that will help me out of debt, but I am experiencing that bucketful of BS that many here talk about. If I leave at the end of the year I am definitely shooting myself in the foot money wise - substantial money about $25k more in 457 and a larger pension if I stay the 13 months. It's not a horrid job - I'm just super done with it and don't know how I will maintain my enthusiasm for the remainder.
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Old 04-26-2013, 03:02 PM   #537
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Hi Linny727 - my boss tried to convince me to stay an extra 6 months. 4 months vs 10 months. That difference felt like an ETERNITY to me, and I knew whatever extra money I made was only goiing to go into savings to shore up my "sucess rate".
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"For the time being no discipline brings joy, but seems grievous and painful; but afterwards it yields a peaceable fruit of righteousness to those who have been trained by it." ~
Hebrews 12:11

ER'd in June 2015 at age 52. Initial WR 3%. 50/40/10 (Equity/Bond/Short Term) AA.
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Old 04-26-2013, 04:18 PM   #538
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Consider me done! Had a lovely last day, consultant agreement is set up and they are giving me a little severance. I got home about 30 minutes ago, ready to relax and celebrate the next chapter!
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Old 04-26-2013, 08:36 PM   #539
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Mimilulu, my sincere congratulations!!!!
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100 Days Left
Old 04-28-2013, 07:32 AM   #540
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100 Days Left

1. martyb - 55 - SOMETIME in 2013
2. DFA - 54
3. Chris2008 - 54
4. mystang52 (Glenn) - 60
5. SteveNU - 56
6. T-bird - 58
7. misty57 (DH) - 56 / RETIREMENT DATE: 5/31/13
8. Coaster - 53 RETIREMENT DATE: 6 AUG 2013
9. Helen - 56
10. Rita-61
11. KM - 55 - March 15, 2013 - RETIRED
12. Lau_Ann - 55
13. Ronstar - 57
14. Spokane2303 - 56
15. Donna - 58
16. ChrisC (and DW) - 58
17. Bikeknit - 60
18. Traineeinvestor - 47 - September 30, 2013
19. Sheehs1 - 58
20. smurray5991 - 57
21. obgyn65 - 48
22. DFW_M5 - 63
23. Cjack-49
24. urn2bfree - 52 - December 1, 2013
25. ChainsBeGone-48
26. Seraphim - 57
27. Sarah in SC's DH -50 6/28/2013
28. BTravlin - 55
29. kyounge1956 - will be 57 - spring
30. jon-nyc - 44 - RETIRED 3/29/13
31. Rickochet - 58 DW - 53 (She wants to work!!)
32. Lcountz
33. boatfishandnature - July 31
34. Jager (Jeff) - 60 - November 1, 2013
35. Live And Learn - 50 - Targeting August 15 (OMG I can't believe it !)
36. Retire2013 - 52 Last day of work is March 29, 2013
37. Nikki J - 56- April 19
38. Mwetter - 58 May 31st
39. Mimilulu - 56 April 26
40. Nikita - 59 April 5
41. Bagabonz - 56 on April 3- Retiring June 30 or Dec. 30 2013
42. ziggy29 - 47, as of April 5 -- at least for a while!
43. F-One - Retiring in early June
44. luckydude - 45 - Oct 1 2013
45. Ozstache - 45 - 05 Oct 13
46. 48Fire - 52 - Sometime this summer
47. SoReady - 57 - May 17, 2013
48. Linny727 - 54.5 - December, 30, 2013
49. Big Al. 58. Retiring May 3rd, 2013
50. NW Landlardy, 59 - Fired as of 4/11/13
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