Took the plunge

[Alderman]

I pulled the plug at 62 after a 44 year career as a laborer in a paper mill.
Our investments though meager by comparison to most should be adequate to see us through the years.
We own our home outright and have no debts other than the recurring monthly bills.
Our annual income was never more than $90K and we were able to invest a substantial portion of that the last several years while living on $45K.
Social security income will be approximately 3K, retirement pension will be 2K.
Investments total 950K with 240K of that in cash assets.
Wife is eligible for Medicare and I will be purchasing insurance through COBRA from my employer.
We recently purchased a new car, so major transportation expense should be covered for a few years.
My hobbies are cutting firewood, hunting/fishing locally and repairing chainsaws.
Wife is big into quilting.
I am working on making a deal to purchase a woodlot near our home for firewood and hunting activities, but don’t project this to cost more than 40K. I am batting around the idea of making a firewood cutting business with no eye to making a huge profit.
Only travel plans are to jump on a train and take it wherever it goes and possibly an Alaskan cruise at some point in the next couple of years.

 

[MichaelB]

Congratulations on your retirement!

 

[gayl]

Welcome! New income of 60k after living on 45k?

 

[flintnational]

Congratulations. Well done.

 

[Red Badger]

Outstanding job of socking away that dough!
Welcome to the free zone. It grows on you.

 

[cbo111]

You sound like the poster children for the virtues of LBYM!
Welcome to the good life!

 

[MRG]

Congratulations from a former logger and sawmill worker. I only did it ten years before I found an easier way to make a buck.

Good luck on your woodlot purchase and retirement. Many folks don't know how they found the time to work before. I'm one of them..

 

[Choices]

Good job! And not everyone here had huge salaries nor have huge nest eggs. You did well. Where I live there is always a call for firewood and a guy who can fix chainsaws.
Welcome!

 

[kimcdougc]

Congratulations on your retirement and the rest of your FIRED Life!

 

[redduck]

I pulled the plug at 62 after a 44 year career as a laborer in a paper mill.

Congratulations on the retirement. Sounds as if you and the wife figured it out well.

My hobbies are cutting firewood, hunting/fishing locally and repairing chainsaws.
Wife is big into quilting.

But, I do have a few questions: I have seen lists of hobbies that included hunting/fishing, repairing equipment and quilting. I've never seen "cutting firewood" on one of these lists. Is it a common hobby in your area? Is it fun and/or interesting? Do you do it with friends?

 

[frankbrenowitz]

Do you have a wood burning stove in your home? That is the best heat ever! We heated our house exclusively with wood for 18 years. Did all my own cutting. Cutting with a real chainsaw (Stihl is my favorite) and a fresh chain is a top five activity and great exercise.

 

[Dtail]

Congrats on your retirement. Any reason why carrying a somewhat large % in cash?

 

[Moemg]

Congratulations !

 

[Walt34]

Congratulations on retirement! I've never heard of anyone who cut firewood as a hobby (sounds like work, even with a log splitter) but to each his own.

 

[Ready2Save]

Well done...well done. Time to go enjoy that money you two worked so hard to save. You guys did an outstanding job saving and LBYM and sounds like you have some hobbies lined up. Btw - you have to be the poster child example for your paper mill on showing up and doing a good job and saving $ along the way...again, outstanding job and inspiring!

 

[cynicalbuthopeful]

Congratulations! Move that Alaska trip up. Enjoy yourselves -- you've earned it.

 

[Katiek]

Congratulations!

 

[mamadogmamacat]

Congratulations! I had a bit less and retired at 55. It can be done and it sounds like you have done good planning and have realistic expectations. Enjoy the freedom!

 

[Retch The Grate]

congrats

 

[Alderman]

But, I do have a few questions: I have seen lists of hobbies that included hunting/fishing, repairing equipment and quilting. I've never seen "cutting firewood" on one of these lists. Is it a common hobby in your area? Is it fun and/or interesting? Do you do it with friends?

I grew up in a house heated by wood and began helping my father collect wood at a young age. While it is physically demanding, I’ve always enjoyed the process. It gives me a sense of accomplishment to keep the wood sheds full and I’ve been able to help supply others in need of wood.
My favorite part is running the saws, so much so I end up cutting more than I can use.
At this point, I enjoy having the time where I don’t have to push myself and I feel time spent in the woodlot to be rewarding.

 

[Pellice]

Congratulations! You have done so well compared to many far richer than you! Like you, I recently retired at age 62, likewise with fewer assets than many here, but will be living on more than I had in my working days due to LBYM. Isn't it delightful! It's been a really happy month. I just exchanged emails with a colleague who retired at the same time, and she also is waking up joyous every day. I hope to continue to hear from you about what you are doing and how you are walking through FIRE! And, think about signing yourself in to the Class of 2018 thread in Life After Fire - there are only two of us entered for August, could use more!

 

[target2019]

I pulled the plug at 62 after a 44 year career as a laborer in a paper mill.
Our investments though meager by comparison to most should be adequate to see us through the years.
We own our home outright and have no debts other than the recurring monthly bills.
Our annual income was never more than $90K and we were able to invest a substantial portion of that the last several years while living on $45K.
Social security income will be approximately 3K, retirement pension will be 2K.

Congratulations!
Recent weather here in NJ reminds me of steamy walks through a tissue paper mill. The size of the machinery was impressive.
Good luck with your retirement.

 

[cnocmmz]

I pulled the plug at 62 after a 44 year career as a laborer in a paper mill.
Our investments though meager by comparison to most should be adequate to see us through the years.
We own our home outright and have no debts other than the recurring monthly bills.
Our annual income was never more than $90K and we were able to invest a substantial portion of that the last several years while living on $45K.
Social security income will be approximately 3K, retirement pension will be 2K.
Investments total 950K with 240K of that in cash assets.
Wife is eligible for Medicare and I will be purchasing insurance through COBRA from my employer.
We recently purchased a new car, so major transportation expense should be covered for a few years.
My hobbies are cutting firewood, hunting/fishing locally and repairing chainsaws.
Wife is big into quilting.
I am working on making a deal to purchase a woodlot near our home for firewood and hunting activities, but don’t project this to cost more than 40K. I am batting around the idea of making a firewood cutting business with no eye to making a huge profit.
Only travel plans are to jump on a train and take it wherever it goes and possibly an Alaskan cruise at some point in the next couple of years.

Awesome and welcome. Tough career and you still managed to put a away a good 1M, and with a pension to boot. Have fun

 

[SumDay]

Congrats on achieving your dream. My last day is tomorrow.