52 - Is it time to ER

[walkinwood]

Regarding your concern about leaving an inheritance. If you plan to retire using a equity/bond portfolio and following some well tested SWR methodology, there is a very good chance that you will leave behind a substantial inheritance. SWR is based on worst case historical scenarios. To get an idea, look at the paths in firecalc.

Regarding your expenses. Are those guesses or have you tracked them for the past few years? I believe that is one of the most important things to do before ER. Tracking your expenses may also modify your spending.

[Balance]

Walkinwood, I guess I could call my budget a hybrid. I have very detailed information on past expenses and took those and created a modified budget that adjusts for certain future changes. I believe I can stay within the lines, but that is definately a concern and fear.

[Balance]

Btw, something I left out and a little update. DW has a professional degree and has been working part-time as of late. We spoke about the nest egg, budget and ER to which she indicated that she was really enjoying her job (Understand she has been on the sidelines SAHM for over 12 years) and would be fine with increasing her time at work. She also thinks that I should spend more time with the kids as she knows that this is a moment in time and I will not get it back. While I don't believe this is game changer, I do think it opens up more options to consider. One possibility would be for me to step out for the next few years until my youngest hits 16 then re-engage into a part time gig, if necessary.

Side note, engaging in discussions with family and everyone here while analyzing my options has had a short term positive effect on my outlook at work. Weird, but good.

[kareninthecity]

I am 53 yo. Worked a very demanding 60 hour/week job for about 7 years. I was mentally and physically exhausted so went part-time about a year and a half ago. I don't regret it at all. I still make good money (I am an RN). If I want to work extra hours, I do. If not, I don't. I have to admit, I never thought I could be part-time at this stage in my life but DH and I planned and saved really well and I feel pretty good about our future. Will I go back full-time in the future? Maybe - but I have a great life right now. I guess what I am trying to say is it took a while not to think about work every waking hour. It was quite odd and it also took a while not to feel that I had to be doing something related to work even when I was at home, but my life now is walking to lunch with friends, experimenting with new recipes for my DH, writing and catching up on my reading, spending more time with my mother. Stopping to smell the roses? It's great!

[Walt34]

Quote:

Originally Posted by Balance Side note, engaging in discussions with family and everyone here while analyzing my options has had a short term positive effect on my outlook at work. Weird, but good.

Not so weird, I think. It means you know you're not trapped there, you have options, and that makes all the difference in the world. At least it did for me in my last job.

[Balance]

Well, it's been awhile so I wanted to give an update. I am in the final stages of an exit from the working world. I don't know that this it for good in terms of work/retirement. What I do know is I need a break and time to clear my head. If it were up to my wife this would have happened 4 months ago. She says with our financial situation there is no reason for me to spend one more day being unhappy. I have expressed that I am stepping out from my current work situation to others in my industry and already some are asking if this is not for good would I consider working with them. Nice to be wanted but I told them that if that is to happen I have to be in the right frame of mind. Otherwise, they will not be working with the person they think they know. I need a re-boot period.

Lastly, I wanted to reach out to all on this forum and let you know that you are a great group and I have gained a lot both lurking and interacting. In the future I hope to be more interactive and maybe equally helpful. Thanks!

[travelover]

Quote:

Originally Posted by Balance Well, it's been awhile so I wanted to give an update............

Congratulations. Once you have been retired for 6 months, you will be wondering what you were worried about.

[pb4uski]

Quote:

Originally Posted by travelover Congratulations. Once you have been retired for 6 months, you will be wondering what you were worried about.

+1

[retire2020]

Quote:

Originally Posted by Balance Nice to be wanted but I told them that if that is to happen I have to be in the right frame of mind. Otherwise, they will not be working with the person they think they know. I need a re-boot period.

+1. I badly need a reboot also. sooner the better

Congrats on FI and hopefully RE soon

[seraphim]

Congrats on your decision.

[kimcdougc]

Congrats! Welcome to the new world of your own possibilities!

[Evergreen]

Hi all,

I am also coming up to 52 and hoping to get out of the rat race next year. This is a great forum and it is nice to be able to relate to others in my position. I introduced myself on here 2 years ago. I'm ready to pull the plug financially but I still feel that I am too young for ER. I shouldn't really feel so awkward about it as I'll have worked full time for 35 years next year. I've mentioned my intentions to friends and family and most of them say to me, how can you afford to go now? you'll be bored to tears, it is good to work everyday as it gives your life structure and meaning etc....... Truth is I have not enjoyed my job for many years now and I want to be happy for the rest of my days. Maybe I should forget what others say and do this for MYSELF, I have earnt it!

[Dd852]

I am 54 and I left the big job two years ago. Am I retired? Semi. I consult some. I do board work, mostly non profit and unpaid. I am healthier and freer than ever before. Do I sometimes beat myself up for not doing more? Yes. By the same token, do I sometimes still feel too busy? Yeah - there's still never enough time to do everything I want. Do I sometimes get weird looks and questions? Yes. Do I regret my choices? Nope. The keys: having a supportive spouse, having saved enough money that a "SWR" creates a surplus over requirements, having a lot of things I want to do.

[Derslickmeister]

Quote:

Originally Posted by Evergreen Hi all, I am also coming up to 52 and hoping to get out of the rat race next year. This is a great forum and it is nice to be able to relate to others in my position. I introduced myself on here 2 years ago. I'm ready to pull the plug financially but I still feel that I am too young for ER. I shouldn't really feel so awkward about it as I'll have worked full time for 35 years next year. I've mentioned my intentions to friends and family and most of them say to me, how can you afford to go now? you'll be bored to tears, it is good to work everyday as it gives your life structure and meaning etc....... Truth is I have not enjoyed my job for many years now and I want to be happy for the rest of my days. Maybe I should forget what others say and do this for MYSELF, I have earnt it!

Right there with you Evergreen. I turn 52 this year as well. I get the same response about being bored after the "new" wears off. While this may be true I would like to find out for myself I figure I can always go back to work doing something, I have no desire to return to my current pressure cooker and killer commute though...

[urn2bfree]

Those who comment on being bored are without imagination and without logic for that matter. If they are correct-that without work you will get bored-then no one who wants to avoid boredom should ever retire-ever! If you wait to retire at whatever they have determined is the "correct" age, say 65, or 70, why wouldn't you be bored at those ages? At what age do you become immune to boredom? When you are too old and weak to enjoy the time you have? So by their logic you should keep working until you no longer have the strength or mental ability to do much? No thanks!

I am 52 (and a half). I retired almost 5 months ago. I have yet to have a day where I get everything done that I want to do and wonder what to do with my time. There is more than enough in the world to engage me; the difference is that I am never cramming in my activities. I take my time and the lack of time pressures feels so unbelievably good. It is one of those things like raising children that I do not think anyone can really understand or fully appreciate until you do it yourself.

[Evergreen]

Interestingly, whenever I meet retired ex work colleagues for a social event they always so that they don't know how they found time to work everyday and they are all happily retired. I think that to fully appreciate retirement you need to have worked 35+ years, it makes it so much sweeter. My wife is supportive of my idea even though she wants to work until 60 (she is 46 now), might need to work on that issue a little!

[48Fire]

Do it! 52 when I retired last July. Just checked into a place at the beach. My wife and I are walking to the river soon to fish off the dock. Tomorrow headed out to fish from our kayak. Life is short, and the healthy window is even shorter and totally unpredictable.

Sent from my SCH-I535 using Early Retirement Forum mobile app

[Balance]

Thanks for the well wishes and the interactive discussion. Ironically, I met a gentleman while playing golf recently that had retired in his early 60's. He said it took him 3 years to adjust. I asked him why and what finally happened to get thru the adjustment. He had a very interesting perspective. He said he enjoyed his work but it was 10 hour days M-F but available 7 days a week where he could never shut it off, so to go from that frantic pace to a completely autonomous schedule was tough. He had to find new passions and he had to learn to mellow out. The second part was the secret. He and I agreed that when you are on the treadmill you multi-task constantly and really never take the time to truly be in the moment. Once you retire, multi-tasking, for the most part becomes a thing of the past and you enjoy each task in the moment.

I had never focused so much on my golf game and the beauty of that golf course, until that day.

[48Fire]

Smart to talk to retirees, especially ones who were not immediately successful. Both my Father and FIL failed miserably.

Sent from my SCH-I535 using Early Retirement Forum mobile app

[pb4uski]

Quote:

Originally Posted by Balance Thanks for the well wishes and the interactive discussion. Ironically, I met a gentleman while playing golf recently that had retired in his early 60's. He said it took him 3 years to adjust. I asked him why and what finally happened to get thru the adjustment. He had a very interesting perspective. He said he enjoyed his work but it was 10 hour days M-F but available 7 days a week where he could never shut it off, so to go from that frantic pace to a completely autonomous schedule was tough. He had to find new passions and he had to learn to mellow out. The second part was the secret. He and I agreed that when you are on the treadmill you multi-task constantly and really never take the time to truly be in the moment. Once you retire, multi-tasking, for the most part becomes a thing of the past and you enjoy each task in the moment. I had never focused so much on my golf game and the beauty of that golf course, until that day.

Who you described sounds like me when I worked full-time.... but I haven't played golf recently so it couldn't have been me! It didn't take me 3 years but I had dialed down to part-time for a number of years prior to retiring so it made the transition much easier.

I do find that I am much more mellow. I used to be a type-A slave of my to-do list and calendar and it would be similar on the weekends. But now, unless something is time critical - no problem - if it doesn't get done today then it will get done tomorrow, or the next day, or the next day. It sort of drive DW nuts. I plod along, take my time, do things right and find I have less rework because I tried to rush things.