48 y.o. hoping to Lean FIRE in 3 years

[Aerides]

On the other hand, she just got a PhD so I don't know why she wouldn't work after I retire. She pays car maintenance, fuel, car insurance, her food, her vet bills, and her apartment (she works at a university out of town).

She might want to continue to work, quite likely since you have such independence built into your marriage arrangement (her food though?). But there are plenty of stories of one spouse retiring first, and the other seeing that life in front of them every day and then getting the itch.

As long as they don't then feel like they must keep working while their spouse gets to enjoy ER, it's fine. If they feel trapped and feel "if you'd just stayed working X more we could have sailed off at the same time but now I have to keep working all by myself and the house is still a mess" ... that sort of thing. And I'm avoiding genders specifically as it happens both ways.

 

[SnowballCamper]

She's one year older.

Our career paths/lengths are different because she took off work when she pursued her education and I worked through while I was going to school.

She just took almost 5 years getting her PhD while I took care of the house bills and such.

She's at the beginning of her college instructor career after being a public school educator. She'll have the full benefits I have. She has me listed as a beneficiary but we've selected the option to take the most out for retirement. Each of us only gets the others contributions back if the other dies.

I just picked the survivor benefit out to highlight because, depending on the plan, it's one of those decisions that isn't easily undone, and your two careers are offset a bit. In the end it's about what the two of you want to do. Some people decline the survivor benefit and elect to spend the money on life insurance instead... Good Luck!

 

[hmrambling]

She might want to continue to work, quite likely since you have such independence built into your marriage arrangement (her food though?). But there are plenty of stories of one spouse retiring first, and the other seeing that life in front of them every day and then getting the itch..

Her food because she's buying her groceries for her apartment.

I'm buying groceries for the house, dinner dates, and usually cook meals. Sometimes I prep meals for her to take with her.

As long as they don't then feel like they must keep working while their spouse gets to enjoy ER, it's fine. If they feel trapped and feel "if you'd just stayed working X more we could have sailed off at the same time but now I have to keep working all by myself and the house is still a mess" ... that sort of thing. And I'm avoiding genders specifically as it happens both ways.

Genders? We're both women.

That'll be funny if she gets an itch to retire early after she took off work nearly 5 years to work on her PhD while I paid all the house bills and took care of most expenses. She gets summers and holidays off while I've worked through them so I know what it's like to look at my spouse and question why I'm still working.

But you have a point, she might want to take early retirement after I do.

In that case, her pension will be about $2500 mo, maybe a little more. We'll still be comfortable because all the house bills are paid without relying on her income. We'll still have the house paid off in 10 years. We won't have an apartment out of town so that'll be money in the bank.

 

[hmrambling]

At your age & being ex-military I bet adding an add'l 10 year term life insurance policy would come at a reasonable cost, should you so choose.

Yup. I've got a pretty affordable term life policy.

 

[Aerides]

Genders? We're both women.

Wasn't clear, but I made that point because it's a more common story - given the demographics of this forum, that a husband retires and the wife gets a bit annoyed (the trope being he sleeps in, plays golf, puts his feet up). But it can happen the other way around, or with same sex couples, my point being when one spouse retires it can change how the other spouse thinks about retirement. Similarly, when both retire together, suddenly both are in the same space all day every day and that is also quite the adjustment.

Your arrangement is a little different from most, with your wife away for work on a regular basis, but to me it sounds like that's actually pretty ideal for space. I know when I was working and went away on a business trip, I liked the independent time to focus on work, but always enjoyed coming home to a partner happy to see me too.

 

[Surewhitey]

I hear you: the guaranteed income is good in RE years. FWIW I was trying to point out that the expense estimation may be off. If expenses are more than (guaranteed) income then OP may have a problem.

Agreed on this. I can get my basics down to $3k/mo too. Just not with vacations and fluff. Once his wife is getting hers, I'd be more comfortable.

 

[Koolau]

But there are plenty of stories of one spouse retiring first, and the other seeing that life in front of them every day and then getting the itch.

Yep! BFF was eligible for a package at our mutual Megacorp. He agonized over the decision. Megacorp sat all the eligible folks in a room and "threatened" them that IF they didn't take it, there would not be another package AND there might be layoffs. Still, he was willing to take a chance and stay on because he and DW likely needed the money. His DW promised she would stay at her very good nursing job if he wanted to take the package. So, he took the package. 6 months later - without even talking with BFF - she up and quit (not retired - IOW no retiree benefits other than eventual SS.) So BFF had to find SOMETHING which turned out to be driving a bunch of grubby, unruly kids to school and back!


Funny how these things sometimes happen. Do you KNOW your spouse?

 

[RetiredHappy]

Side track... try this one. Husband wanted to retire, wife said no problem, she will take care of all the household bills. Six months later she found out that he was trying to have an affair with another woman (an old friend) in a foreign country while he was vacationing. She divorced him. She = me. Husband = my ex-husband.

 

[Koolau]

Side track... try this one. Husband wanted to retire, wife said no problem, she will take care of all the household bills. Six months later she found out that he was trying to have an affair with another woman (an old friend) in a foreign country while he was vacationing. She divorced him. She = me. Husband = my ex-husband.

It does happen. I suppose some folks can't handle their new-found freedom in a responsible way. I'm sorry to hear this happened to you.

 

[hmrambling]

Side track... try this one. Husband wanted to retire, wife said no problem, she will take care of all the household bills. Six months later she found out that he was trying to have an affair with another woman (an old friend) in a foreign country while he was vacationing. She divorced him. She = me. Husband = my ex-husband.

Sorry to hear that.


That's horrible!


In my case, I've been grinding away for 26+ years and haven't taken the vacations that I should have. I have nearly two years worth of leave built up. I've put off traveling and taking time for myself, all while putting my career first. It's time I take off and travel.

My wife is in education so she gets holidays and summers off. I've watched for years while she's had these breaks, all while I worked. Hell, I want a break, too!


I am contemplating pursuing a federal job after I retire. It can take a while to get on with the federal government so I'll consider that a break while I halfheartedly pursue that path. There's a huge backlog in veterans claims and I'm thinking maybe I can help out with that backlog if I'm hired for a job that's 100% remote.

 

[Koolau]

Sorry to hear that.


That's horrible!


In my case, I've been grinding away for 26+ years and haven't taken the vacations that I should have. I have nearly two years worth of leave built up. I've put off traveling and taking time for myself, all while putting my career first. It's time I take off and travel.

My wife is in education so she gets holidays and summers off. I've watched for years while she's had these breaks, all while I worked. Hell, I want a break, too!


I am contemplating pursuing a federal job after I retire. It can take a while to get on with the federal government so I'll consider that a break while I halfheartedly pursue that path. There's a huge backlog in veterans claims and I'm thinking maybe I can help out with that backlog if I'm hired for a job that's 100% remote.

Wow. 2 years of saved leave (I assume that's paid leave.) That's kind of like a 2 year paid vacation waiting for you when you wish to take it. Good luck. Tell us all how it all plays out.

 

[orbops]

I retired at 50, and am now 57. One thing you should run on your Excel spreadsheet is an estimate of what your maximum expenses could be annually to EOL while maintaining a positive balance with any pad remaining at the end. That will give you a ballpark of your yearly cap.

Since your income will be $7300/month and expenses are $3000/month, your overall balance will continue to increase as you get older.

 

[hmrambling]

The Internal Revenue Service (IRS) has announced increased retirement plan contribution limits for 2024. The maximum amount you can contribute to your retirement plan is $23,000. The age-50 catch-up contribution remains the same at $7,500.

I suppose I'll up my deferred comp 457b to $23K for 2024.

Should max out my Roth IRA just after the 1st.

I messed up and started contributing to my HSA before the end of 2023 thinking it would hit my HSA account in 2024 so I'll be faced with dealing with an HSA excess in 2023.

 

[Golfreak12]

I jumped in this thread cause I saw the work LEAN.
Then I read that $7300/month plus backup stash. LEAN lost it's meaning.

 

[livingalmostlarge]

Good to go. My mom retired 17 years ago at 55 with $200k in 401k. She never touched it since she retired with free medical and a 70% pensionm

 

[ncbill]

I jumped in this thread cause I saw the work LEAN.
Then I read that $7300/month plus backup stash. LEAN lost it's meaning.

I'm hoping my kids (all in the military, active or reserves) find themselves in the same pension situation...and don't forget (military) disability.

Reserves kid is a LEO so they should have that pension as well.

 

[hmrambling]

Sadly, I didn't start pursuing military compensation until the past couple of years. That has been a huge game changer in my planning and saving.

The reason I marked my retirement as lean is because many folks post having $M or $MM in the bank before retiring.

My ability to retire will come from my state pension. Last year, I made a jump in my career (yes, 26 years in the state and completely changed direction) which has resulted in a positive change in compensation. I left management and make more. Am remote 3 days a week, as well. Big changes for someone who now has 3 years of state employment remaining.

 

[Koolau]

I jumped in this thread cause I saw the work LEAN.
Then I read that $7300/month plus backup stash. LEAN lost it's meaning.

Yeah, I think we all have our own definitions on such things.



Welcome to the forum. You might introduce yourself in this section ("Hi, I am") of the Forum. Heh, heh, I take it you like golf.