your first year after FIRE: income lost?

[athena53]

But, old habits die hard, I guess. The other day I needed a paper towel, and noticed the roll was one of those older types that doesn't have perforations for half-sheets. I didn't need a full sheet, so I just ripped off half of one.

Sometimes what looks like being cheap is really being green.

I was making about $150K/year at age 61 when the politics got toxic 10 years ago and I quit. DH was already retired and getting SS and I had a $900/month non-COLA pension from GE that had started the year before at age 60 (no choice to delay it). And, as others have noted, no more saving, no more FICA, no work expenses. I'd also been paying enough on our refinanced 15-year mortgage to pay it off at the original date (we'd refinanced 7 years out) and cut it back to what we actually had to pay, till we downsized a year later.

We started withdrawing from after-tax and all is well. DH died when I was 63 and the SS income didn't change since I wasn't collecting on my own record- I started that at 69. In addition to the test of (Assets/#years remaining life expectancy) test, I look at the change in the invested assets since retirement. After withdrawals they're still up 2.6%/year on average.

 

[LateToFIRE]

But, old habits die hard, I guess. The other day I needed a paper towel, and noticed the roll was one of those older types that doesn't have perforations for half-sheets. I didn't need a full sheet, so I just ripped off half of one.

Regarding paper towels, once they came out with those half sheets, I never looked back. I even tear those in little pieces depending on the task at hand. What is with paper towel prices - those suckers cost a fortune!

 

[MarieIG]

I also just take the portion of paper towel that I need.

 

[audreyh1]

Regarding paper towels, once they came out with those half sheets, I never looked back. I even tear those in little pieces depending on the task at hand. What is with paper towel prices - those suckers cost a fortune!

Same here.

 

[SAinMinn]

I did not give up any income. I had it taken away from me by being laid off from a company I had 30+ years with.

That sucks. I'm sorry. I got canned after five years with a nonprofit, for nothing that had to do with job performance and everything to do with demographics, so you have me beat there.

The best description I've heard is from some early-retirement YouTube content creator who says: "I was retired."

 

[Koolau]

I've done the same thing. Now if I plan it out to a worst (or best, depending on how you look at it) case scenario of living to 100, it's not all that great. But, if I do it for just 30 years, I could definitely ramp up my spending.

Last time I ran my FireCalc numbers, it also showed that I could definitely jack up my spending as well

But, old habits die hard, I guess. The other day I needed a paper towel, and noticed the roll was one of those older types that doesn't have perforations for half-sheets. I didn't need a full sheet, so I just ripped off half of one.

One of the few advantages of getting old is your time horizon (for needing to spend money) is constantly shrinking. I WISH I could pretend I just might have 30 more years to spend money. I figure on age 99 in my plan and that only gives me 22 more years. Time to BLOW THAT DOUGH!

 

[Koolau]

I also just take the portion of paper towel that I need.

I've always tried to use a paper towel two or three times. So, after doing dishes, I'll dry my hands on a paper towel. I'll then use that towel to clean up around the sink. I'll drape the wet towel over the faucet and then use it later to wipe out the salad bowl I use next meal. Doing so saves dramatically on dish washing liquid.

Old habits DO die hard. But I guess I give a lot of credit to those old habits for allowing me to retire early AND to have "enough" in my retirement.

 

[Koolau]

That sucks. I'm sorry. I got canned after five years with a nonprofit, for nothing that had to do with job performance and everything to do with demographics, so you have me beat there.

The best description I've heard is from some early-retirement YouTube content creator who says: "I was retired."

I've often thought I was "retired" but they made me think it was my idea. I had been doing something I really loved at Megacorp. When they "caught" me enjoying my j*b, they gave me something I hated and I left that week. Still don't know if it was my idea to leave our theirs. YMMV