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Old 01-31-2009, 01:47 PM   #1
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Most Jump - Anyone been pushed into ER?

51 YO, had been targeting ER at >55 but the job may be gone in the next 6 months. I'm contempating not rejoining the work force from a position of weakness.

Specifics: I have a military pension that starts at 60. House and cars are paid off. I have a couple of years pay in savings. Wife works PT, two kids are off the reservation, but one is in HS.

Two questions:
Has anyone else entered ER before their planned time?
What kind of preparations would be prudent in the last 6 months?
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Old 01-31-2009, 02:29 PM   #2
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Quote:
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Has anyone else entered ER before their planned time?
DH will be losing his job before he originally planned to retire, but by only a few months.
Quote:
Originally Posted by Tekward View Post
What kind of preparations would be prudent in the last 6 months?
Depending on your health insurance, you may want to order drugs and get "stuff" fixed now.

We have set up a budget for this year and will continue to do so until we turn into dust. We're stuffing all the cash we can in a MM account so that we can live off our cash reserves and his pension. This way, we don't have to touch the IRA's until he's 59 1/2. (he's 54 now)

The only other thing we've done is get another major credit card. We've got three now that should come in handy in case of something catastrophic.
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Old 01-31-2009, 04:26 PM   #3
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Welcome -
As what to do in the next 6 months:
Physical:
Get a full medical check up and every test done - leave nothing out
Dental - check up and get all work done
Begin exercise program - if you don't currently have one

Mental:
Read all you can as to what others have gone through during this transition - so you know what to expect and can prepare for it.

Family
Let them know your plans and how it might affect them (if you give your independent children $, that might stop)

Work
Don't share your thoughts with others until you are definite as to what you want to do.

Financial
Don't make any major changes, unless it is to be more conservative.
Prepare a balance sheet, income statement, cash flow and financial projections for yourself so that you have perspective on your situation. It is also a good learning aid.

Read - "How to Retire, Happy, Wild and Free"

Unexpected
You may not really know how you will react emotionally to all these changes.
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Old 01-31-2009, 06:25 PM   #4
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Thanks

Good advice. I was surprised how unsettling it was to have the corporate foundation shaken and dealing the unknown.

BTW, I am now planing a trip to FLA for spring training like "Fever Pitch". Time to grab the gusto and enjoy baseball.
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Old 01-31-2009, 06:48 PM   #5
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BTW, I am now planing a trip to FLA for spring training like "Fever Pitch". Time to grab the gusto and enjoy baseball.
Yep, and one of the great things about being retired is you can stay up to watch all the games, even the ones that go into extra innings.
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Old 01-31-2009, 07:39 PM   #6
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Specifics: I have a military pension that starts at 60.
Two questions: Has anyone else entered ER before their planned time?
What kind of preparations would be prudent in the last 6 months?
Take a look at this old thread:
How do/did you prepare for ER?

... and check your PMs.
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Old 02-01-2009, 09:57 AM   #7
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Give a lot of thought to what you are going to do with you, something that I did not do. We did make sure all the financial issues were in order but that's just the mechanicals.

I had envisioned a relaxed life of bike riding, model airplane building, sitting on the back porch, and generally not having to deal with anything more complicated than what to eat for lunch. We both had a vague notion of getting part time jobs "somewhere" but nothing specific. DW adjusted better to retirement than I did, and after several years I got a job that pays enough to make the trip worthwhile, for some toys, and gets me out more than I would do otherwise. DW decided to finish her BA degree that she started on 20 years ago and will finish that this spring, then intends to look for a part time job or light duty full time one. Neither of us is interested in extensive travel although we enjoy shorter trips.

On the plus side, six months after retirement friends/family said we were both more relaxed than they'd ever seen us so we knew we'd made the right decision. Getting away from the Washington, DC area and not having to plan our lives around traffic was and is a HUGE plus.
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