Arbitrary Savings Goals

[BigMoneyJim]

From what I've seen & experienced, you will know when it's time to go. If you have to ask the question then the answer is "Not yet".

I'm a little surprised to see this sentiment expressed twice here. So far I've found it difficult to break with the status quo--my comfort zone--even when I desire change. It's a struggle for me to make the necessary changes, but the first time although poorly executed worked well to my long term advantage, and I expect this time will, too. But each change is very difficult to effect, and I expect retiring early will be the same type of challenge.

Several people here have said they realized they didn't have to work after getting laid off or otherwise having a forced or subsidized boot from work. The few I recall offhand who left a job with no event other than their choice fretted about it, and at least one went back to work.

 

[Dry Socks]

Well said BigMoneyJim

DW and I were talking about this yesterday. If I get laid off tomorrow, we'll probably ER. If not, I'll probably keep working, for a bit ...

-D

 

[Martha]

From what I've seen & experienced, you will know when it's time to go. If you have to ask the question then the answer is "Not yet".

I'm a little surprised to see this sentiment expressed twice here.

Several people here have said they realized they didn't have to work after getting laid off or otherwise having a forced or subsidized boot from work. The few I recall offhand who left a job with no event other than their choice fretted about it, and at least one went back to work.

Almost seems ripe for a poll.

I am not sure about knowing when it is time to go. If you get laid off or something dramatically changes at work and you figure you have enough bucks, that's great, you know it was time to go. Or if you hit a pension date. Or military retirement age.

But if you keep plugging along in a job that doesn't really excite you anymore, but pays a decent amount of money and gives you security like health insurance, it is hard to know exactly when to take the risk and go. I doubt I will have an epiphany and know when to quit.

 

[SteveR]

My first ER was due to a RIF at my job. I was already looking to ER at 50 and had just interviewed for a new job in a city I had moved from 10 years before. DW and I both liked it there and talked about going back. She was old enough to ER also.

The job offer arrived the same day the RIF was announced. The timing was perfect. I got RIF'ed and employed back in the city we were going to move back to anyway all in the same week. The new company was more than happy to pay all moving costs, home sales and purchase fees and to give me a small bonus just for signing with them. How could I refuse?

I will soon be fully vested in the 401k of the new company and I know I can leave anytime I wish. It is an empowering feeling. I will know when the time is right and when it is... I will go. My boss already knows my next career goal is retirement and my personal goals reflect that fact.

Our savings goals for a conservative ER have already been met. We are in the gravy stage now and paying down the mortgage. I could work for as long as I want......I just don't want to work any longer than I care to.

 

[greg]

. I doubt I will have an epiphany and know when to quit.

DW: Don't worry! I let you know when you should have an epiphany.

--DH

 

[Martha]

DW: Don't worry! I let you know when you should have an epiphany.

--DH

Thank you sweetie. I'm waiting.

 

[73ss454]

But if you keep plugging along in a job that doesn't really excite you anymore, but pays a decent amount of money and gives you security like health insurance, it is hard to know exactly when to take the risk and go.  I doubt I will have an epiphany and know when to quit. 

Martha,

Boy can I relate to that statement.   I hope when I do pull the plug that it's the right time, yet how is one really to know.  Some folks on this board have said that you'll know when the time is right.  I hope to find out soon.

 

[Jarhead*]

Almost seems ripe for a poll.


But if you keep plugging along in a job that doesn't really excite you anymore, but pays a decent amount of money and gives you security like health insurance, it is hard to know exactly when to take the risk and go.  I doubt I will have an epiphany and know when to quit. 

Martha, don't quit!

Greg has plenty of his friends to keep him company in the basement, and you get a "mental health" break every day at work.

 

[Martha]

Martha,

Boy can I relate to that statement. I hope when I do pull the plug that it's the right time, yet how is one really to know. Some folks on this board have said that you'll know when the time is right. I hope to find out soon.

Joe, I think if I waited until I think "aha, the time is right" I would wait too long. After all, it took DH and I about 10 years to get married.

 

[Outtahere]

Joe, I think if I waited until I think "aha, the time is right" I would wait too long.  After all, it took DH and I about 10 years to get married. 

I am right there with you, 8 years to marry dh.. probably could ER in the next year but having a hard time with it unless the investment sale comes thru.

C___

 

[Gone4Good]

From what I've seen & experienced, you will know when it's time to go.  If you have to ask the question then the answer is "Not yet".

Somehow I feel this is true. For me the time is clearly not right to make the choice voluntarily but in a few years my savings should be sufficient to allow me to do it. Then it is gut check time.

Ironically, if I lost my job I would probably semi-retire today - on about half the "minimum" nest egg I'm planning for.

 

[dandan14]

Yes, I definitely have arbitrary savings goals, but they are only loosely tied to my retirement goals.
For me, retirement is still 20 years away, so I set achievable short and medium term goals (goal for this year, goal for the next few years, etc.)

For the last 5 years or so, my brother and I have been competing on net worth. We have $500 wager riding on the first one to half a million. I'm ahead, but he's coming on strong.

I think setting achievable short/medium term goals is a great way to save. If you want to lose 100 pounds, you start by saying my goal is 10 pounds. Focusing on the 100 number fresh out of the chute is not nearly as affective.

 

[retire@40]

For the last 5 years or so, my brother and I have been competing on net worth.  We have $500 wager riding on the first one to half a million.  I'm ahead, but he's coming on strong.

Generally, competing financially with any family member is a very bad idea.  Compete with who can grow the biggest pumpkin, or who can catch the biggest fish, but when it comes to competing with who can get richer faster, it's a dangerous road to go down.

 

[Mr._johngalt]

I am not sure if I ever had any real savings goals in my lifetime, and I have none now. My only real goal is to keep my net worth
from declining. I can see some slight erosion. Don't like that.
SS may save the day, or a small inheritance if I am lucky.

JG

 

[LOL!]

Generally, competing financially with any family member is a very bad idea.  =

Yep, I agree.  My spouse and I competed when we first started investing:  whoever had the higher return at the end of a year got to spend the difference any way they wanted.

In the end, we both lost money for the year.

 

[Nords]

I am not sure about knowing when it is time to go. If you get laid off or something dramatically changes at work and you figure you have enough bucks, that's great, you know it was time to go.   Or if you hit a pension date.  Or military retirement age. 

Well, a clear limit like that just makes it easier to pull the first ripcord. I admit that I had to think hard about a subsequent $75K civil-service job offer to teach nuclear engineering to shipyard employees for 30 hours a week. But I got over it.

But if you keep plugging along in a job that doesn't really excite you anymore, but pays a decent amount of money and gives you security like health insurance, it is hard to know exactly when to take the risk and go. I doubt I will have an epiphany and know when to quit.

Au contraire. I think you already show all the signs of heading down the 8% grade into ER Ville with hot brake linings!

Within the next year you'll be in a board meeting, probably well into your second or third hour of it with no end in sight, and either the collective board members will have the epiphany for you-- or you'll have it for yourself. There may be survivors, but there will be no doubts.