I think I hit FI!

[anothercog]

With the market run and receiving my annual bonus, I tallied it all up and decided to give Firecalc a whirl. I have always added a future retirement date but this time I left that field blank.

I averaged out my last ten years of spending, added a bit more for inflation, anticipated subsidized health insurance and income taxes.

I included expected Social Security beginning at age 67 and anticipated lower spending beginning at age 70. I'm 53 now and put in a 40 year retirement.

FireCalc gave 100% chance of success.

I still have kids in high school so not likely to pull the trigger until my youngest graduates but its nice to know that I could if I had to. There is a high likelihood my mega corp will offer me a buyout in the next five years but not until after I turn 55. Hopefully the timing works out just as my youngest graduates in 3.5 years.

 

[jebmke]

Always good to size things up and prepare. At same age, I accepted an ex-pat assignment. When I did, I realized that it could possibly be last assignment but I decided to take stock of assets and start getting a deeper understanding of assets, risk, expenses etc. I ended up working until 55 but then consulting for three years after that - picking and choosing what projects I took. It was a great off ramp; glad I prepared.

 

[pacergal]

Congratulations, sounds like your plan is working well.

 

[mystang52]

I recall a conversation with an older coworker, many years ago. In that discussion I mentioned I hoped there would come a day when I only w*rked by choice, and not because I had to. She replied she didn't have to, due to her financial position; I thought that must be a great position to be in. I got to that point years later, and it was a great feeling. Congrats, and maybe start planning your actual RE date!

 

[anothercog]

Always good to size things up and prepare. At same age, I accepted an ex-pat assignment. When I did, I realized that it could possibly be last assignment but I decided to take stock of assets and start getting a deeper understanding of assets, risk, expenses etc. I ended up working until 55 but then consulting for three years after that - picking and choosing what projects I took. It was a great off ramp; glad I prepared.

I would love to take an expat assignment after the kids are done with HS but not likely to happen for me. One possibility though is that I shift to part time if I can give up the parts of my job I like least. It's not too far fetched given my position. That would allow me to stretch it out to maybe 60.

 

[audreyh1]

Congrats! This really helps with the job sanity.

 

[O2Bfree]

How exciting, congrats! Double good, because the more you have, the faster it grows.

Now just be aware (beware?) of OMY syndrome.

 

[Closet_Gamer]

Fantastic! Sleep well tonight.

 

[walkinwood]

Congratulations!

Being FI is such a great feeling. Savor it.

 

[Flyfish1]

Congrats! - I was your age when it all came together as well and the math made sense. I retired at age 59. I waited for the kids to get jobs and made sure I had the wedding funds taken care of ( 2 girls) . It's a REALLY good feeling when you know you can step away and be solid. So, once again Congrats!

 

[MarieIG]

Congrats - that's a wonderful milestone!

 

[jebmke]

I would love to take an expat assignment after the kids are done with HS but not likely to happen for me. One possibility though is that I shift to part time if I can give up the parts of my job I like least. It's not too far fetched given my position. That would allow me to stretch it out to maybe 60.

that's the key. Knowing your situation gives you the chance to be alert for a fork in the road that makes things quite different. Unlike many, the last years of my work life were among the most fulfilling and enjoyable of my career.

 

[anothercog]

Congrats! - I was your age when it all came together as well and the math made sense. I retired at age 59. I waited for the kids to get jobs and made sure I had the wedding funds taken care of ( 2 girls) . It's a REALLY good feeling when you know you can step away and be solid. So, once again Congrats!

I do have 3 kids so that will likely keep me from pulling the trigger too soon. College is taken care of but other help isn’t really budgeted in.

Sometime between 57 and 60 sounds realistic.

 

[38Chevy454]

Good job on your successful journey to this point. Just a warning, your BS bucket just became a lot smaller.

Be nice to receive a megacorp going out the door package, and if you're 55 there's good possibility you can tap your megacorp 401k penalty free if needed.

 

[anothercog]

How exciting, congrats! Double good, because the more you have, the faster it grows.

Now just be aware (beware?) of OMY syndrome.

You're not kidding, I think my investments have earned more in the last month than I will from my salary for the year. Of course, the flip side is market downturns will feel a lot more painful.

With the market run up though, running FIRECALC again gives me 100% even if adding an additional $20k/year in spending over the last time I ran it.

 

[FedRetired50]

Congrats!

 

[LateToFIRE]

You're not kidding, I think my investments have earned more in the last month than I will from my salary for the year. Of course, the flip side is market downturns will feel a lot more painful.

With the market run up though, running FIRECALC again gives me 100% even if adding an additional $20k/year in spending over the last time I ran it.

Congrats to you anothercog!

Like you, it was about as I entered my 50's that I realized I was probably FI - as in I could stop working if I wanted to, albeit with some tweaks to our fairly expensive big-city lifestyle and possible relocation to a tamer, quieter, lower COL situation.

This not coincidentally coincided with coming to the recognition that, on average, I was yielding as much wealth from our growing assets, as I was from earned income. In fact, at about this inflection point, I further realized that what I could save and invest annually from earned income was completely dwarfed by the yearly compounding effect of our assets. In short, for every $1 saved/invested from work income, I was making as much as $5-$10 from asset gains/dividends/rental income.

Theres lots of ways to slice and dice this point, but basically, my investment earnings were more than replacing my salary. And that was a really significant threshold to cross in convincing myself that I could pull off this FIRE thing if I really wanted to.

So, I came home one evening and had a long kitchen table talk with DW about what to do with this newfound knowledge. Long story short - we decided not yet ready to make such a big change, both of us still had career and business aspirations we wanted to play out, and hence began several years of OMY syndrome for both of us.

Now, she's retired, but I'm still on the treadmill for the moment, but at least not blindly doing so from not having fully considered all the options. I'm no longer stuck in OMY syndrome, just doing what I want, how I want, when I want until it doesn't suit me anymore, which could be any day now or a couple years from now, depending on what day you ask.

 

[38Chevy454]

Great feeling isn't it? Just remember the old saying: you can add years to your retirement, but you can't add years to your life. So when the numbers give you enough confidence with some extra cushion, look more serious about retiring. Hopefully your company provides an incentive and you go out with a bigger smile on your face.

 

[DrRoy]

Yes, I also felt different when I realized I was FI.

 

[Bigdawg]

So, I came home one evening and had a long kitchen table talk with DW about what to do with this newfound knowledge. Long story short - we decided not yet ready to make such a big change, both of us still had career and business aspirations we wanted to play out, and hence began several years of OMY syndrome for both of us.

Now, she's retired, but I'm still on the treadmill

Sort of humorous that you approached her about it, she said no, now she is retired and you are still working.

 

[LateToFIRE]

Sort of humorous that you approached her about it, she said no, now she is retired and you are still working.

The irony has not been lost on me

 

[Chuckanut]

Congratulations!

Nothing succeeds like success.

 

[Koolau]

Congrats and keep us posted on your FIRE date.



Agreed that you need to avoid the OMY syndrome. Cheers!

 

[anothercog]

Congrats to you anothercog!

Like you, it was about as I entered my 50's that I realized I was probably FI - as in I could stop working if I wanted to, albeit with some tweaks to our fairly expensive big-city lifestyle and possible relocation to a tamer, quieter, lower COL situation.

This not coincidentally coincided with coming to the recognition that, on average, I was yielding as much wealth from our growing assets, as I was from earned income. In fact, at about this inflection point, I further realized that what I could save and invest annually from earned income was completely dwarfed by the yearly compounding effect of our assets. In short, for every $1 saved/invested from work income, I was making as much as $5-$10 from asset gains/dividends/rental income.

Theres lots of ways to slice and dice this point, but basically, my investment earnings were more than replacing my salary. And that was a really significant threshold to cross in convincing myself that I could pull off this FIRE thing if I really wanted to.

So, I came home one evening and had a long kitchen table talk with DW about what to do with this newfound knowledge. Long story short - we decided not yet ready to make such a big change, both of us still had career and business aspirations we wanted to play out, and hence began several years of OMY syndrome for both of us.

Now, she's retired, but I'm still on the treadmill for the moment, but at least not blindly doing so from not having fully considered all the options. I'm no longer stuck in OMY syndrome, just doing what I want, how I want, when I want until it doesn't suit me anymore, which could be any day now or a couple years from now, depending on what day you ask.

Thanks for the insight. The thing is my job is not particularly difficult and it pays really well. But it’s stressful nonetheless. I think I spend more time stressing about work than actually working.

I’m hoping as I get deeper into FI that the stress dissipates.

On the other hand, I don’t think it’s even the job, I think it’s me. I’m worried that in retirement I’ll stress about not working.

 

[LateToFIRE]

Thanks for the insight. The thing is my job is not particularly difficult and it pays really well. But it’s stressful nonetheless. I think I spend more time stressing about work than actually working.

I’m hoping as I get deeper into FI that the stress dissipates.

On the other hand, I don’t think it’s even the job, I think it’s me. I’m worried that in retirement I’ll stress about not working.

I can totally relate. In terms of job stress, it's probably not you. What I've found is that over the years, my work has become "easier" because I have accumulated a massive base of skills, experience, and networks from which to draw upon. But, the bad news is that I've also gained increasing levels of responsibility. When the buck stops at your door, there is a different kind of stress. And that stress is less about number of hours worked, and more about the invasive mindshare the work occupies.

I can't just turn it off when I come home or even go to sleep, and thanks to all the modern telecommunications we now enjoy, and the global nature of business, all the folks relying on me expect to be able to reach me anywhere, anytime, anyplace. And I don't know about you, but I feel like the business world has devolved into a last minute everything culture. So, now everything is a crisis, everything is 11th hour, and everything is a make or break scenario. After about the 10th urgent disaster of the week, my nerves are usually frayed.

It doesn't need to be this way - we (i.e. our society) has just decided somehow that this is how we define "productivity" - just use you up until you're a spent shell, then discard you for the newer model. Of course, as you get deeper into FI, that will help relieve some of the stress. The worst feeling in the world is to feel trapped in a bad situation.

I too worry that I'll spend too much time worrying in retirement - just this morning DW was pondering "hey hon, what if we bought a condo/co-op second home in retirement, all-cash, cause we won't have any income" me, blood pressure rising, vision narrowing, seeing more $$$ sucked from diversified liquid assets into illiquid single asset - breath in, breath out, I told myself, she's just pondering, let her ponder, don't say anything, don't move, don't flinch, her mind will wander on to something else, yup, ok, coast is clear now. I'm going to need to get used to this.