ER stereotypes!

[Nords]

There are many ways to get ready for ER, but I've noticed that the typical ER poster tends to fall into one or more categories of stereotypes. While some of you more grizzled veterans might recognize specific examples of other posters in these stereotypes, I'm not making fun of anyone in particular. Well, maybe JG, but he's earned it.

These stereotypes apply mainly to those getting ready for ER. I'm sure there's a whole 'nother batch of stereotypes for those living the ER life.

Think of this post as holding up a mirror. If you don't see anything but other posters and punchlines then you have nothing to worry about. If you see your face looking back at you, though, then you may need to reflect (so to speak) upon the implications of your symptoms.

1. "But what will I do all day?!?" One of the top three concerns before ER, and a source of "What the heck was I worried about?!!" less than a month after ER.

2. Rich's previously-diagnosed "Just One More Year" syndrome. Subsets include:
- Paralysis by analysis ("The real SWR must be 3.289745%, but only with AAA-rated bonds", and "FIRECalc doesn't account for...")
- "But what if the sky falls?" and its alter-ego
- "This must be absolutely positively totally safe or I can't retire. Ever."

3. The "Yeah but" skeptic: Yeah, I'd retire tomorrow but the Fed… the yield curve… the housing bubble… the latest Hussman/Grantham/Mauldin/Bogle/Gross commentary... P/E10 fluctuations... the price of gold… oh, the hellish uncertainty!

4. "It's not me, it's my spouse & kids." I guess there doesn't have to be anything wrong with this symptom, as long as the worker isn't smoldering with resentment.

5. "Will, guts, the back of an envelope, & iron discipline." Well, sure, supplemented by his spouse's paycheck, credit-card stoozing, dumpster diving, Social Security at age 62, and a reverse mortgage…

And, on a more serious note:
6. Medical hostage. Unfortunately I don't have a flip answer to this problem. If you're working to maintain affordable healthcare for you and/or your family (because you can't get it anywhere else) then you're doing exactly the right thing.

 

[unclemick]

Nord's - Ya forgot the Godfather/Budda enlightenment method - an offer you can't refuse - as in layed off, canned, put out the door - and then while you 'out on the street(in your own mind)' discover that you are adapting/coping fairly well - and sour grapes/enlightenment strikes - piss on it, I ain't working no more. Badda bing badda boom - sell your duplex spend the proceeds/some well paid temp work/small pension at 55 and being such a cheap bastard you could just kiss yourself in the mirror when you think about how frugal you are.

heh heh heh - 49 to 55 unemployed but getting by/55 early pension so some status/webtv/2003/ Dory36's forum - a high class official ER - Whoopeee!

 

[RunningBum]

You could start a poll, and let people pick the one the fall under, along with an "other" category.

I'm definitely type 2, myself, only because the sky did fall on me once, when I was wayyyy too tech heavy. Now I really am in my last year. Really. I mean it this time. Honest.

 

[Rich_by_the_Bay]

2. Rich's previously-diagnosed "Just One More Year" syndrome

I'd forgotten that old thread which, in my opinion, grew into a classic (no thanks to me: I just started it and listened) - just as good in the re-reading a year and a half later. Belongs in the "Best of..." forum as several suggested.

So now you got me reflecting some more. I've clarified my values some and I think I have a better handle on why I'm still working - love of the work and the trappings, a little ways to go on the money side due to a late debt-ridden start on saving. But I also have a better handle on the reasons to slow down - overwork and stress, not seeing family enough, 10 million interests/chores/adventures await.

I hear the rumbles in the distance...

 

[spncity]

Consider adding:

"Late Bloomer: found this forum and figured out I'm way behind so I'm playing catch-up while trying to keep FIRE envy in check."

 

[Donzo]

Good analysis NORDS - these are recurring trends.
I am an "other" as well -- always thought 55 was my out date - was burning out badly, started reading this forum -- crunched the numbers and realized I had enough! The new national manager made my jump easier w/ way more responsibility, travel, meetings and little extra compensation. It's been a year and 3 months....that NM really did me a favor! The RMs that I am still in contact with are hating the new job description.

 

[FinanceGeek]

Type 6 here!

 

[mountaintosea]

Definitely number 2. But it doesn't help that health care is spiraling out of sight. But I also swear that next year is the last! I will retire when Bush leaves Office.(coincidence only)

 

[Cattusbabe]

For your consideration. FIRE made possible due to inheritance. It does happen like that some times.

 

[barbarus]

Nords, you are a US military retiree, no? (Or will soon be).
There is hardly any more stable, sure pension imaginable. Many other folks don't have anywhere near this level of assurance that some source of funding will sustain. Even Social Security, which is very likely to continue, will probably do so at reduced levels. SS was always intended as a supplement anyway.

The majority of retirees are dependent on rather less stable income streams.

 

[Khan]

Never thought about it much.

Stumbled onto REHP.

Aimed for 30 years age 57.

Turned down early out offer.

Went to pre-retirement seminar.

Found loophole.

Early out was offered again.

Crunched numbers.

Applied.

Was accepted.

Much rejoicing (retired at 54).

 

[Spanky]

#6 - health care for me.

 

[packrat44]

Nords, you are a US military retiree, no? (Or will soon be).
There is hardly any more stable, sure pension imaginable. Many other folks don't have anywhere near this level of assurance that some source of funding will sustain. Even Social Security, which is very likely to continue, will probably do so at reduced levels. SS was always intended as a supplement anyway.

The majority of retirees are dependent on rather less stable income streams.

All branches of the military are looking for a few good men (and women). An equal opportunity employer.

 

[chinaco]

Hey! I resemble that remark.

I am sure I qualify for a several of those categories. Or at the very least, the concerns creep into my thoughts.

Actually, I am very confident in my plan. But that is easy when my planned ER date is a few years away.

 

[brewer12345]

You forgot: piling it up as fast as I can so I check out as soonas possible. Subtypes include the piler that still enjoys life and the piler that worries about using a tissue because of how many seconds it might tack on to their working life.

 

[lazygood4nothinbum]

1. no idea what i did all day. yet oddly confident that the rest of the day will work itself out just fine.

2. one more year? totally safe? i didn’t even know i was ever retiring until i got fed-up & quit on the fly-by-the-seat-of-my-pants retirement plan.

3. housing bubble? sure fooled me. wish i’d known about this forum before i got fed-up and quit. hopefully this cheap bastid hasn’t gotten into much trouble, yet.

4. not the least bit applicable.

5. i’m simply going to shoot myself when the money runs out. worst case scenerio: missing the last 10 years of watching my body decay. thanx but no thanx.

6. ya, that’s a tough one. the tentative plan: maintain u.s. insurance from age 48 (when i quit—50 now) to 55. live overseas ages 55-65 utilizing international health insurance policy and facilities. possibly relocate back to states at age 65 if medicare program is still intact. plan is not a financial requirement of retirement; i just found something fun to do all day.

 

[Spanky]

6. ya, that’s a tough one. the tentative plan: maintain u.s. insurance from age 48 (when i quit—50 now) to 55. live overseas ages 55-65 utilizing international health insurance policy and facilities. possibly relocate back to states at age 65 if medicare program is still intact. plan is not a financial requirement of retirement; i just found something fun to do all day.

What's the cost for the international health insurance policy, if any? Is it available for everyone?

 

[Eagle43]

I think I fell into the #1 category. I was a believer in the value of w*rk; still am, if it's meaningful.

I was never going to retire. Then MegaCorp had a URL where you could plug in the numbers at various ages to see just what you would get. It turns out that, at age 60, when I stopped paying for medical insurance and income taxes and social security, the take-home loot was nearly equal. So, I asked myself, "Do I love this job?" Nope. "Is this job really significant?" Nope. I remember asking all my contemporaries about making the jump. One good answer: "The worst day in retirement is way better than the best day at w*rk."

As to what do I do all day (#1). Well, today, I have a doctor's appointment, followed by a trip to the gym, followed by a Senior class at the Community College, followed by trying to finish my latest book (15 Stars: Eisenhower, MacArthur, Marshall), followed by a glass of Yellowtail Merlot. Tomorrow, I'll have to figure something out.

 

[lazygood4nothinbum]

What's the cost for the international health insurance policy, if any? Is it available for everyone?

haven't yet studied in depth but from what little i've researched it looks like procedures cost about 1/3rd the cost here & insurance is about 1/2 of what i pay here (i pay almost $300/month for an almost $3k deduct and no copays).

as far as i know it is available to expats with the caveat that it often isn't useful in the united states. not sure how that would work. i suppose i'd have to have additional traveler's insurance for visits here. i'm being careful and easing myself into travel first with domestic roadtrips and then eventually i'll wonder overseas a little at a time until i'm used to that.

i'd want to be sure i enjoy vagabonding before dropping my current health insurance because i would hate to develop a pre-existing condition while out of the country and then decide i don't like to travel.

here are websites of some expat insurance companies & medical facilities. i have no affiliation or recommendation for any. just some sites i've discovered during my research (haven't even read thru all of them yet)...

Allnation Health Insurance.

Private Health Insurance - BUPA UK - Medical Care Information

Home*-*PlanetHospital

HTH Worldwide

www.healthbase.com/hb/pages/medical-tourism.jsp

Travel Insurance - InsuranceToGo -

IHI - International health insurance, travel insurance, expat insurance

International health & medical insurance for expatriates overseas: Goodhealth Worldwide

International health insurance from Expacare: specialists in healthcare insurance for expatriates


edit: just checked out one of the sites. if this is for real it looks pretty darned good.

here's the plan (which looks at least as good as my current plan if not better)

www.goodhealthamericas.com/pdf/MHP-Brochure.pdf

and here's the cost (if i'm reading this right, for me, with a $2500 deduct, including dental and maternity, only $2,060/year, sweet)

www.goodhealthamericas.com/pdf/MHPRates.pdf


apologies for the threadjack. and now back to your regularly scheduled discussion.

 

[unclemick]

Hmmm - #1 perhaps also - except for what actually happened.

I had my 401k, 8%,10% expected growth lines graphed from around 1980 to 2006 age 63 - hence my jokes about graph paper and no. 2 pencils. Could have got a full defined benefit(non cola) pension plus health care at 63 as well.

But I' ll take the 14 years of 'practice ER'(unemployment) including 12 years of no health insurance - till time boosted my portfolio and I ended up in a State where I could afford it(Katrina).

Don't do this at home folks. I'm a professional cheap bastard(semi-retired) - WITH a Curmudgeon Certificate.

heh heh heh

 

[tightasadrum]

Combination of 2,3 & 4, morphing lately into mostly 4 since investment earnings have been doing a lot better than me slaving away. DD getting closer to grad/job, so I'm going to do it in the next few months. Really.

 

[CuppaJoe]

You know it, Nords, I'm a 2 plus 3 and a little 6 to a tee. I like to think of it as soul searching which this forum really fosters.

But please add: but but where will I do my bookkeeping, number crunching and internet surfing without the job. You mean I would have to do my errands on my own time? I've done previous transitions where I commute somewhere and go to the library and hang out in coffee shops to do those things. As it is now I have two to three hours a day to do my own stuff (with full pay and bennies). Setting a date helps a lot.

 

[Nords]

You forgot: piling it up as fast as I can so I check out as soon as possible.

As a stereotype, you would think we'd see more of that!

For those concerned with the unstable stream of ER income: deal with it. Either pile up more portfolio or buy an annuity. The point of the stereotypes is the near-perpetual angst of dithering over the decision, not the actual decision.

 

[FIREd]

I am the "brewer type" (piling it up as fast as I can so I check out as soon as possible. My subtype: piler that still enjoys life). I have a financial goal in mind (accumulating financial assets worth 25x current living expenses) and the day Quicken tells me I'm there, I will bid farewell to the working world and call myself retired!

My wife though is type 2. It will never be enough! She wants at least 5M in the bank before calling it quits (though 10M would be "ideal"). We really don't need that kind of money but she just doesn't believe 1.5M would support our lifestyle even though I showed her that FIREcalc and other calculations approve 100%. Oh well, if she wants to keep working, I won't discourage her, especially since her employer offers very generous health benefits... But I have a feeling that at some point she will grow tired of her job. And one day she will realize that her health/sanity is more important than making ever more money and that, REALLY, we don't need 5M to retire.

 

[Fireup2020]

What about the "pension" hostages? Some of us have to wait 'til a certain "age" to be eligible to bail with pens/bennies? (ie, lowly paid civil cervants...without fat incomes to pad after tax accounts) There are a few of us here too