What I am overlooking?

[Aerides]

OP assume you have already done this, but I would be throwing a bit of that money at an excellent attorney right now to see what I could do to reduce that 5 years.

You have some of us curious... what is the worst that happens if you say "FU" and quit? I'd imagine it's punitive/painful, but if you'd care to share I doubt I'd be the only one who would be very interested.

You are definitely all set so assuming you have no option and must work full time for the next five years, hope you can at least work in some virtual time, extra long vacations, leisurely lunch "hours" and no doing emails on eves and weekends!

[Sunset]

I have seen something like this before, the company where I worked was sold by the 2 owners, and they had to stay for the next 5 years running the company and meeting certain negotiated goals (profit/income per year) to be fully paid for the sale.

I imagine lots of multi-million dollar sales are structured this way.

[COcheesehead]

Quote:

Originally Posted by Aerides OP assume you have already done this, but I would be throwing a bit of that money at an excellent attorney right now to see what I could do to reduce that 5 years. You have some of us curious... what is the worst that happens if you say "FU" and quit? I'd imagine it's punitive/painful, but if you'd care to share I doubt I'd be the only one who would be very interested. You are definitely all set so assuming you have no option and must work full time for the next five years, hope you can at least work in some virtual time, extra long vacations, leisurely lunch "hours" and no doing emails on eves and weekends!

I won't get the rest of the buy out money. Right now that stands at about $650,000 plus I'll make about $275,000 a year. So saying FU costs me about $2 million gross. I can work 5 more years for that.

[Aerides]

Oh well in that case, carry on!

[ERD50]

Quote:

Originally Posted by COcheesehead I won't get the rest of the buy out money. Right now that stands at about $650,000 plus I'll make about $275,000 a year. So saying FU costs me about $2 million gross. I can work 5 more years for that.

Sure, those extra $ sound great, but if you are truly at 35x expenses (less than 3% WR), what are they really worth to you and your wife?

At the minimum, I'd be taking some nice vacations each year, or whatever you like to do with your time.

I predict that at age 59, you will look back and wonder what the heck you waited for. But by then, it's too late.

For reflection, you said:

We have a long list of things we want to do and places to travel.

Trust me, if I could bail now, I would.

-ERD50

[COcheesehead]

Quote:

Originally Posted by ERD50 Sure, those extra $ sound great, but if you are truly at 35x expenses (less than 3% WR), what are they really worth to you and your wife? At the minimum, I'd be taking some nice vacations each year, or whatever you like to do with your time. I predict that at age 59, you will look back and wonder what the heck you waited for. But by then, it's too late. For reflection, you said: We have a long list of things we want to do and places to travel. Trust me, if I could bail now, I would. -ERD50

No, I agree with you. I am trying not to "work myself to the bone" right now. We take a couple nice vacations a year. I am home usually by 4pm. We have lots of friends we hang out with on the weekends. I get it.

[CabinLifeAt50]

As long as you can cover your expected expenses with what you have, congrats! Would love to have a portfolio that size.

[Scuba]

DH and I had the same questions/fears about whether we had enough. It helped us a lot to hire a financial advisor to review our asset allocation and develop an income strategy for us post-FIRE. Now we feel a lot more confident about where the funds will come from, as well as what areas we can reduce discretionary spending if a downturn should happen. We are planning to ER very soon, in our mid-50's.


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[cyber888]

You're uneasy, because you have enough money - but you're acting like you don't have enough. And you're uneasy, because if you retire 5 years from now to get that extra $700K, you will be missing 5 years of your life that you could enjoy now. You probably think, yeah, why not save $700K more and work hard for another 5 years, but that's 5 years you're at work instead of enjoy your $3 Million dollars now.

Quote:

Originally Posted by COcheesehead Hi, new poster here. Just found this forum today. I am 53, married no kids and plan to retire at 58. We have about $3 mm in conservative (50/40/10) investments which is about 35x our planned retirement expenses. I have health insurance, long term care insurance, umbrella liability, disability and life policies on both of us. We should be able to put away another $700k easily before 58. We have a long list of things we want to do and places to travel. We will try and defer SS until at least 67. I use the Fidelity Planner and an app called Retire Plan. I have also used Firecalc. Everything points to a positive outcome even with very conservative peremeters. Yet I still feel uneasy. What I am missing, overlooking?

[COcheesehead]

Quote:

Originally Posted by cyber888 You're uneasy, because you have enough money - but you're acting like you don't have enough. And you're uneasy, because if you retire 5 years from now to get that extra $700K, you will be missing 5 years of your life that you could enjoy now. You probably think, yeah, why not save $700K more and work hard for another 5 years, but that's 5 years you're at work instead of enjoy your $3 Million dollars now.

Maybe I wasn't clear when I explained up thread about the need to work until 2021. I am contractually obligated to work until the end of the buyout. I am selling my half of an ongoing business. I will bag the extra money, but I also need to "hang around" till then as well. I really have no choice.

[Aiming_4_55]

I don't think you are missing anything, you have it covered in the key areas, $$ and insurance policies. If you are committed to the company the next 5 years, I would try and take more vacations and time off. Whole weeks off are probably more noticeable, so take a few extended weekends, go on a few extra weekend trips and the take a few days off even if your wife has to work. It may give you a sense of what some of us are trying to achieve in small dosages.

[pb4uski]

Quote:

Originally Posted by COcheesehead Maybe I wasn't clear when I explained up thread about the need to work until 2021. I am contractually obligated to work until the end of the buyout. I am selling my half of an ongoing business. I will bag the extra money, but I also need to "hang around" till then as well. I really have no choice.

Understood, but if it gets to the point where the new owners are comfortable with the business and your hanging around is not adding value, then perhaps they might agree to let you out early or dial down to part-time... they would save up to $275k/year. IOW, just because you have a deal doesn't mean that you and the new owners can't mutually agree to change the deal if it makes sense to do so... you both have an interest in making the business better... them for obvious reasons and you so they are able to pay the buy-out money.

[Shanky]

Since your next 5 years will be spent earning money you will never need, I would suggest you plan on some sort of philanthropy which will make these five years worthwhile in the scheme of things. Something that will make a difference and you will be proud of.

[aida2003]

Yep, the OP has to work for 5 years or till the death 'take us apart'. I sincerely wish you for the former and after it's all accomplished you will live a free-spirited life. Just make sure you stay healthy for the next 40+ years.

[COcheesehead]

Quote:

Originally Posted by Shanky Since your next 5 years will be spent earning money you will never need, I would suggest you plan on some sort of philanthropy which will make these five years worthwhile in the scheme of things. Something that will make a difference and you will be proud of.

Way ahead of you. I already have established a scholarship fund at my alma mater and contribute to it yearly. My wife has also started a breast cancer charity and gives a complete wedding away every year to a couple whose lives have been touched by breast cancer.

[cyber888]

Well, you could retire now. Why wait You could meet your maker in 2 -3 years, and you wont take your $3 million where you are getting going in the afterlife

[COcheesehead]

Quote:

Originally Posted by cyber888 Well, you could retire now. Why wait You could meet your maker in 2 -3 years, and you wont take your $3 million where you are getting going in the afterlife

You didn't read the whole thread did you.

[haloFIRE]

Quote:

Originally Posted by COcheesehead Way ahead of you. I already have established a scholarship fund at my alma mater and contribute to it yearly. My wife has also started a breast cancer charity and gives a complete wedding away every year to a couple whose lives have been touched by breast cancer.

Very cool! Amazing way to give back. My compliments!

[cyber888]

Quote:

Originally Posted by COcheesehead You didn't read the whole thread did you.

No, I have read it. You leaving stuff to charity and stuff. Its all fluff. You are in lala land. Deal with it

[COcheesehead]

Quote:

Originally Posted by cyber888 No, I have read it. You leaving stuff to charity and stuff. Its all fluff. You are in lala land. Deal with it

No, that wasn't the point. You said I should retire now. I can't, I am in the middle of a buyout and need to work until 2021. I stated that a few times in the thread.