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Old 04-24-2013, 08:45 AM   #41
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Originally Posted by someguy View Post
If I knew I were going to die, say, Jan 1 of 2014, I would definitely change what I am doing now in response. I wouldn't necessarily go out and buy a new 7 series, but I sure as hell would be working less--if at all--and would be alternating spending time with family and travelling.
Of course. But I wouldn't do this because someone else (totally unrelated to me) is going to die on 1/1/14, which is basically what the post I quoted referred to.

Nor would I be lamenting that I had been saving too much up til today. In fact I'd be happy that I'd have saved enough to immediately quit (if I was still working, which I'm not) and spend my remaining days with family and doing what I want. I'd also be happy to have enough to last if the date really turns out to be 1/1/15 or 1/1/16, and enough to leave some for my family.

Funny story though. I knew at guy at IBM who was diagnosed with cancer and given a year to live. So he quit, and enjoyed his remaining time, which included eating very well. Turns out the cancer went into remission. And he had a heart attack. When I met him he was back doing contract work for IBM out of necessity. Not sure what that message is. Just a story.

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Old 04-24-2013, 08:50 AM   #42
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Talking as another who is in the "Oil Bidness".........

When I was your age, the same thoughts were crossing my mind. It was a different era, however - the Major I was w*rking for was in "downsize" mode for the first 20 years of my empoyment, and although I survived the 13 rounds of layoffs/redundancies/right-sizings, etc. which eliminated 85% of the geological positions over the 20 years, I knew the next roll of the dice could be me. Right now we are in an "up" cycle, and tmes are good. But it could turn around any time with a drop in crude prices, which will make many of the resource plays uneconomical. Then we'll be back in the old cycle.

+1 on what other posters have said about the possibility of either losing the pension or finding it radically different than expected. The company I worked for had full vesting at age 50. When I was 45, our company "merged" with another major, whose retirment date was age 55 and signifiantly worse benefits.

Was glad that I had been a saver vs. spender - it gave me alot more options than the co-workers who had gone the other way.

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Old 04-24-2013, 12:24 PM   #43
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I think the overall message is that balance is key. The IBM guy swung too far to one extreme and paid a price, albeit in a much different way than he expected.

Originally Posted by RunningBum View Post
Funny story though. I knew at guy at IBM who was diagnosed with cancer and given a year to live. So he quit, and enjoyed his remaining time, which included eating very well. Turns out the cancer went into remission. And he had a heart attack. When I met him he was back doing contract work for IBM out of necessity. Not sure what that message is. Just a story.
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Old 05-16-2013, 07:57 PM   #44
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I don't think you can really save too much for retirement. If your money outlasts you, you can always create an endowment. Or how about having an open bar at your funeral.

Seriously, I actually did think I was over doing it many times. But before I could ease up the company would step in and lay off a bunch of people which kept me motivated.
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Old 01-02-2014, 07:20 PM   #45
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Originally Posted by H2ODude View Post
I pretty much lived out your scenario. Now, at 62, with a DBP that could support us with SS pretty much in our current lifestyle, we have IRA and investments that will generate over 60k more than we currently spend. Or something like that.

Your question can only be answered by an individual based on their comfort level and attitudes towards money. Until I hit about 50, I never really had much confidence I'd hit the DBP; it was then that I realized I could buy in 10 years (cost a good chunk of cash) and leave at 60. Having done so, it was a huge penalty to leave before 60. But, other than last year or two, I actually enjoyed my career. My father always said I needed to fund my own retirement, so that was my plan. The DBP was just a huge bonus.

We live in nice house we paid cash for 18 years ago, have a new truck and an old Acura. I sold the Porsche a few month ago because I needed the space and it just seemed....pretentious? We travel twice a year to see grandkids in London and son in Africa.

Because we care for MIL (well, wife does) we cannot travel more than that. As soon as that situation changes we'll travel a lot more.

So, yeah, we saved too much and unless we start traveling a whole lot (and buy first class tickets!), our kids will inherit our "mistake." But I'm really quite happy it's that way. I didn't really work longer than I wanted or enjoyed. We saved about 25% most of our years after 35, but have no idea how we would have spent more on meaningful things or activities. We traveled, drive decent cars, eat out when we want, yet watch where the money goes pretty carefully.
So currently we draw out ~2%WR, will defer SS until 70. We're trying to spend it more freely, but once you've lived your life a certain way it's damn hard to start throwing dollars away like they don't matter. It makes it really nice though to rest easy that the WR is not subject depletion. So for the life of me, I don't know how we'd have changed what we did during those last 20-30 years. We've always been conservative about money (but invested it fairly aggressively, to this day still ~55% equity MF, mainly index) and the end result is we can enjoy our retirement without too much concern for the money. Retiring earlier just didn't make sense as I enjoyed the job until the end and as the DBP began to materialize at 60, we just ended up a belt and suspenders plan.

thanks h2o. we did spend some lately: huge TV and a surround sound system which I always want. but my net worth still manage increases to $1.1M thanks to the market. This year, my megacorp offers early out. I'd take it in ten years. that is 5 years earlier than planned.

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