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04-19-2014, 08:44 AM
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#1
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Thinks s/he gets paid by the post
Join Date: Aug 2010
Posts: 1,089
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moving target
My plan is to exit this year around 10/1/14. We have no pension, and may not have severance either, so likely just resign with 2 weeks notice.
My planned retirement annual expense has been $95,000. With DOW almost all time high, my net worth increased, so is DW's expense projection. She has stedily increased it and now suggests $105,000/yr before we both ER. FireCalc says I can do $107,500/yr with 100%, though I want some more cushion in case DOW turns around.
I feel like my finder is on the trigger now. Any hint of job dissatisfaction might cause me to walk any minute, though I need to consider DW's moving target also.
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04-19-2014, 09:16 AM
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#2
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Moderator Emeritus
Join Date: Apr 2011
Location: Conroe, Texas
Posts: 18,645
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You could always go back to work if it doesn't work out, correct?
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04-19-2014, 09:31 AM
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#3
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Thinks s/he gets paid by the post
Join Date: Nov 2006
Location: Bossier City
Posts: 2,183
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Everybody has different needs & desires. Hard for me to relate to the annual expense numbers. Ours are currently about $43,000 and that's with a $1223 mortgage payment each month. Our retired net income will be more than that, but that's our current spending level, 2 months away from retirement.
By the way. congrats on achieving that level of retirement resources with out benefit of a pension. Mine includes 2 pensions, or else I probably wouldn't be able to retire at 56.
__________________
“Change is the law of life. And those who look only to the past or present are certain to miss the future.”
-John F. Kennedy
“Hard work never killed anybody, but why take a chance?” - Edgar Bergen
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04-19-2014, 09:34 AM
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#4
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Thinks s/he gets paid by the post
Join Date: Aug 2010
Posts: 1,089
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Quote:
Originally Posted by aja8888
You could always go back to work if it doesn't work out, correct?
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I may not want to, once I walk. I am 58.
DW is 52 and a PMP. She said it should not be too hard to get an IT Project Manager contract job somewhere.
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04-19-2014, 09:40 AM
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#5
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Moderator Emeritus
Join Date: Apr 2011
Location: Conroe, Texas
Posts: 18,645
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Quote:
Originally Posted by fh2000
I may not want to, once I walk. I am 58.
DW is 52 and a PMP. She said it should not be too hard to get an IT Project Manager contract job somewhere.
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Probably so, as with me in engineering.
But I was offered a part time job at Lowes a few days ago (they want old men who could fix things). I declined, for now.
We are living on SS and my RMDs (hate that) and it amounts to about $70K annually which is plenty given all debts are gone and the houses and cars are paid off.
The keys to making it in ER or "retirement" is a lower expenses to the minimum and have no long term debt. Plus, you should work on maintaining good health.
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04-19-2014, 09:54 AM
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#6
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gone traveling
Join Date: Sep 2003
Location: DFW
Posts: 7,586
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Seems to me your planned expense doesn't really need to increase just because the DOW goes up. Just tell your DW, she doesn't get to increase her IT project budgets just because the company made more money
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04-19-2014, 09:54 AM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2008
Posts: 13,130
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Feels good to have the option to walk away on your own
I remember when I left, during the final days, I had a few people come up to me and say they wished they could walk but because of finances or "no permission" from the spouse, could not.
__________________
Have you ever seen a headstone with these words
"If only I had spent more time at work" ... from "Busy Man" sung by Billy Ray Cyrus
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04-19-2014, 01:18 PM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,264
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I think as a practical matter many of us splurge a bit when investment results are good and dial back and tighten our belts when investment results are languishing. It's human nature. As long as your spending is elastic enough to dial back if necessary there is not much need to fret.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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04-19-2014, 02:50 PM
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#9
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Recycles dryer sheets
Join Date: Feb 2014
Posts: 249
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Quote:
Originally Posted by DFW_M5
Seems to me your planned expense doesn't really need to increase just because the DOW goes up. h:
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It's the "wealth effect". Really loosens the purse strings on a lot of consumers.
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