Hi everyone! I have been reading here for several months. There are so many wise folks on this board. Thank you so much for all of your great advice and for the time you give here to help others. One day soon I hope to be able to pay it forward.
My story, in a nutshell. Divorced, one daughter who is a junior in high school. I have worked for my mega corp employer since the late 1980's. I had hoped to work at least until 56 or 57 or 60, but the last few years, and in particular the last year, and in particular the last few months, weeks and days have made me realize that I am done. Lots of reasons for that, no need to go into it - I'm sure many here understand.
Anyhow, I am seriously ready (although scared to death) to give my notice and ER. Actually I am considering doing some consulting after retirement but it is important to me to be able to retire and never have to have a paying gig, ever again. I have run my numbers through FireCalc and if I am doing it correctly, I have a 100% chance to go 30 years at $60,000.00 per year.
Here are my numbers, roughly rounded and categorized: non-retirement savings $270,000.00, 401-K and IRAs $1,050,000. House worth $220,000, free and clear. No debt. College 529 balance $80,000.00, daughter will go to public in-state school. Plan is to roll 401-K into Vanguard IRA and not touch any retirement money until at least 59 1/2. SS is $1700.00/month at age 62. From now until 59 1/2, I will live on savings at the draw rate of $4500.00 (max) per month.
I am not entitled to retiree health insurance because of a stretch of time in the middle of my mega corp job when I went part time. I may COBRA but if it's cost prohibitive I estimate $800.00 month for health insurance premiums and out-of-pocket. No pre-existing conditions, fortunately.
Lifestyle - I will need to learn to be much more frugal, as I have been too spendy with my six figure salary - eating out too often, not shopping around for the best deals on things, etc. I am actually looking forward to tightening up (which is good because I will have to!) I do like to travel and hope to be able to take one good trip per year (i.e. $2 -$3K trip) and then several lower cost long weekend trips. Lots of places in MI to go that I adore.
I'm not comfortable sharing my finances with anyone in my life - I'd rather lay it all out here and get opinions from perfect strangers! (Ironic!) I would greatly appreciate your honest thoughts as to whether this is doable given my numbers and situation. It's hard to be rational when you are both desperate to get out of the mega corp and also scared to death to take the leap.
Thanks in advance for any help or insight you can provide!
My story, in a nutshell. Divorced, one daughter who is a junior in high school. I have worked for my mega corp employer since the late 1980's. I had hoped to work at least until 56 or 57 or 60, but the last few years, and in particular the last year, and in particular the last few months, weeks and days have made me realize that I am done. Lots of reasons for that, no need to go into it - I'm sure many here understand.
Anyhow, I am seriously ready (although scared to death) to give my notice and ER. Actually I am considering doing some consulting after retirement but it is important to me to be able to retire and never have to have a paying gig, ever again. I have run my numbers through FireCalc and if I am doing it correctly, I have a 100% chance to go 30 years at $60,000.00 per year.
Here are my numbers, roughly rounded and categorized: non-retirement savings $270,000.00, 401-K and IRAs $1,050,000. House worth $220,000, free and clear. No debt. College 529 balance $80,000.00, daughter will go to public in-state school. Plan is to roll 401-K into Vanguard IRA and not touch any retirement money until at least 59 1/2. SS is $1700.00/month at age 62. From now until 59 1/2, I will live on savings at the draw rate of $4500.00 (max) per month.
I am not entitled to retiree health insurance because of a stretch of time in the middle of my mega corp job when I went part time. I may COBRA but if it's cost prohibitive I estimate $800.00 month for health insurance premiums and out-of-pocket. No pre-existing conditions, fortunately.
Lifestyle - I will need to learn to be much more frugal, as I have been too spendy with my six figure salary - eating out too often, not shopping around for the best deals on things, etc. I am actually looking forward to tightening up (which is good because I will have to!) I do like to travel and hope to be able to take one good trip per year (i.e. $2 -$3K trip) and then several lower cost long weekend trips. Lots of places in MI to go that I adore.
I'm not comfortable sharing my finances with anyone in my life - I'd rather lay it all out here and get opinions from perfect strangers! (Ironic!) I would greatly appreciate your honest thoughts as to whether this is doable given my numbers and situation. It's hard to be rational when you are both desperate to get out of the mega corp and also scared to death to take the leap.
Thanks in advance for any help or insight you can provide!