45 and not sure how much more can take

[Gil24]

Hi All!

Although I have a great job, I need to believe I can retire soon or I won't make it. Here are the details:

No debt - Mortgage free for 5 years now, and own 2 good cars
Retirement savings: $200k me, 300k wife
Taxable savings - $300K
Wife is on disability and a small retirement and makes $45K/year
Health insurance for family is all set
Son heading off to college in 1 year. Saved $85k so far in 529

I figure in a few years we can move to where it's warm and has a lower cost of living. Currently, in Mass where costs are high!

Any advice would be appreciated. I need the early retirement carrot to keep me moving. I can't work another 20 years!

 

[rescueme]

Although I have a great job...

I won't make it.

Something dosen't sound kosher ...

Maybe you don't need to retire, but just find another "situation". It need be not "all or nothing" (e.g. retire or stay employed).

We have a lot of folks that come on this forum (like you) who see the only options are to either stay in their current positions, or retire.

I'm not saying that that's the situation here - I guess I just need a bit more "background".

BTW, I've "been there", and I'm retired so I know a bit about what you may be trying to give the backrgound on....

 

[Gil24]

I was never "built for" work. I have always done well, but have been looking to relax more. I just appreciate my family, dogs and the quiet life.

 

[Bestwifeever]

Do you know what your expenses are? Did you run the numbers through several retirement calculators, including FireCalc? Knowing that the retirement calculators showed our expenses would be covered at a certain point was really comforting as DH and I continued working.

(And everyone who was "built for work" raise your hand. Anyone?? )

 

[rescueme]

(And everyone who was "built for work" raise your hand. Anyone?? )

I was "built" for love and affection (I give, but also desire to receive some) ...

Any more than that? Sorry...

 

[oma]

I was never "built for" work. I have always done well, but have been looking to relax more. I just appreciate my family, dogs and the quiet life.

Don't worry, many of us know exactly what you mean.

 

[Gil24]

Our expenses are taxes, taxes, insurance, food, fun and taxes. I know our expenses now are much higher then in retirement. That's why I'm looking to move to a state with better weather and taxes. I figure we should be covered by wife's retirement income.

 

[glippy]

Although I have a great job, I need to believe I can retire soon or I won't make it.

So then believe!!!

Problem solved.



Sorry. Seriously though, it looks like you're in pretty good shape. Those numbers don't mean anything though without knowing what your expenses are or what you expect them to be in retirement.

 

[oma]

Without your wife's retirement check, it looks like you'll need another income source.-does she have some sort of survivor benefit program "just in case"? BTW, life down here in FLA isn't too bad. Weather is a little warm, insurance is slightly high (hurricane), but life can be less stressful/relaxing.

 

[Gil24]

We have life insurance, and her retirement has survivor benefits. I'm saving all I can so I can make this happen.

 

[W2R]

Good! Glad you are saving a lot.

When I was saving for ER, I used the "not sure how much more I can take" feeling to add to my motivation to save. Every time I saved up another thousand I thought of a certain sociopathic supervisor, and thought to myself, "So there! Take that!"

Using the "not sure how much more I can take" feeling as motivation, I saved at a lot higher rate than I would have thought was possible according to my spreadsheets. Maybe you can harness that despair too and make it work for you until you are sure you are financially ready.

 

[sally123]

I need to believe I can retire soon

I think you can retire soon. Whatever your motivation was, you saved a good amount. Many wish they saved like you did. Don't you think so? If there is a rare catastrphic event in future, you have to deal with it. But they are rare and you seem to be a savvy person. Let us know when you finally make a decision to ER!

 

[FreeAtLast]

Semi-retirement has worked out well for me over he past 6 years. I was 53 when I started down this road. Working only 4 (5 hour) days has made a big difference.
Having my afternoons free and a 3 day weekend makes the job so easier.

 

[plex]

Its impossible to tell when you can retire without knowing your expenses, it could be a year, or it could be a decade. Probably it is somewhere between there.

 

[walkinwood]

If you can live (include all expenses including taxes) on your wife's income plus 3-4% of your savings, and you are willing to hold at least 50% of your portfolio in equities, studies show that you'll probably be fine. Do the math. Look at programs like Firecalc (link at the bottom of the page) and ESPlanner.

We can't tell you if you can ER. Ok, we can. But what's it worth?

 

[Gil24]

Thanks to everyone!

For all your advice. It's great to find a community of like minded souls.

 

[Retire2013]

Welcome to the Forum. I have no advice but I would like to let you know that I am feeling what you are describing "great job...can't take it much longer" --- I follow the path tht W2R suggested i.e., using this "despair" to motivate myself to save more. That's what I am doing presently. I hope that I will have enough to ER in 2014 but if not, 2015 at the latest. Best of luck to you and your family.

 

[Alan]

I got to the "...can't take it much longer" stage once we hit FI about 6 years out from the date I would get a pension and retiree Health Insurance. I was fortunate that I was able to change jobs and States within the same Megacorp to freshen things up a bit. It also meant that DW ESR'ed 6 years my ER date which also me a lot.

If I hadn't had the opportunity to do this I would have kept a stiff upper lip and ground out those last years.

 

[chinaco]

45 might put you with a planning horizon of 50 year (if you plan goes till 95).

That is a lot of time to need to generate an income. with only 25 years of work, your SS will be lower.


It looks like you have saved a good amount of money for retirement and have a good start. But 50 years is a long time!

If you do not like working now.... imagine being in the position to have to go back to work in 5-7 years for less money and having to work till 65.

You should begin by developing a conservative financial plan to support you desired lifestyle. I would recommend that you be very thorough and conservative. Do not expect the stock market to grow you into prosperity (during a draw-down phase).

 

[traineeinvestor]

(And everyone who was "built for work" raise your hand. Anyone?? )

I'd like to think I was built for working on my hobbies.

To OP: I reached a very similar position a few years ago - a great job with an excellent firm, but the boredom factor was killing me. Changing jobs and giving myself a timetable to retire has made it a lot easier to get through the last few years.