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07-07-2021, 11:14 AM
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#1
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Dryer sheet aficionado
Join Date: Jul 2021
Posts: 27
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56 from Iliinois
Hi-I'm a 56 yr old male with a 52 yr old wife. Twins age 18 entering college and a 22 year old that recently graduated college.
My career background is I spent 30 years working at the CME. The past 5 years I have worked basically a blue collar job making $50k a year. Work and culture is brutal at my job but it gets me out of the house. My wife makes $35k a year and has excellent health insurance. She plans on working till 60 and will get a modest pension. Our financial situation is:
Net worth $4.8mln.
Home: $800k (paid off)
Portfolio $4 mln (50/50 allocation at Vangurd)
Expenses: 115k per year
Kids college is paid for and not included in these numbers.
I have worked since I was 12 and put myself thru college etc..My job is brutal but the idea and retiring at age 56 is something I can't imagine. When I left the CME, the only jobs I could find were FA jobs. I am a quiet guy who likes to work but is perhaps the worst job seeker.
Thx
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07-07-2021, 11:29 AM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2007
Posts: 9,962
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Did you have a question in there somewhere? if not, Welcome to the boards.. if you did have a question free to ask it. I'm not sure if you were asking if you are good to retire.
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07-07-2021, 11:43 AM
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#3
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Thinks s/he gets paid by the post
Join Date: Nov 2013
Posts: 1,049
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Welcome to ER.org!
Based on your expenses and invested assets it doesn't seem like you have to work if you don't want to, your wife doesn't either, unless health care and taxes are not part of your expenses.
If you dislike your work, it seems as if you have enough buffer to find something you like to do and maybe be your own boss rather than work a blue collar job for someone else.
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07-07-2021, 11:59 AM
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#4
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Dryer sheet aficionado
Join Date: Jul 2021
Posts: 27
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Quote:
Originally Posted by ivinsfan
Did you have a question in there somewhere? if not, Welcome to the boards.. if you did have a question free to ask it. I'm not sure if you were asking if you are good to retire.
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I don’t have a specific question. I know I probably have enough to retire but I guess I was looking for people that have had similar experience as me. I would like to find enjoyable work. 5 years ago I could not find it and then just took a job to get out of house and generate positive cash flow. I took today off work to think about things. Thx
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07-07-2021, 12:02 PM
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#5
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Dryer sheet aficionado
Join Date: Jul 2021
Posts: 27
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Quote:
Originally Posted by NgineER
Welcome to ER.org!
Based on your expenses and invested assets it doesn't seem like you have to work if you don't want to, your wife doesn't either, unless health care and taxes are not part of your expenses.
If you dislike your work, it seems as if you have enough buffer to find something you like to do and maybe be your own boss rather than work a blue collar job for someone else.
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At least for me, finding something else to do is the hard part. Thx
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07-07-2021, 12:16 PM
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#6
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2014
Location: Huntsville, AL/Helen, GA
Posts: 6,002
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Time to take up some hobbies.
We're into RV'ing and we have a boat. And we like to travel overseas too.
It's not enough to execute a long term retirement plan. You've got to get yourself ready with interests that make retirement enjoyable.
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07-07-2021, 02:58 PM
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#7
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Recycles dryer sheets
Join Date: Jul 2019
Posts: 131
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Welcome fellow Illinoisan! I have a good friend that gives out the wine samples at Binny's. He is a former Corporate Intellectual Property Attorney! I only mention this because with your financials you should find something you love doing. In my opinion your putting yourself through stress for no real reason. Do some soul searching and perhaps you can dial in on something you enjoy. This is a great group and they give good advice so ask away.
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07-07-2021, 03:41 PM
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#8
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Thinks s/he gets paid by the post
Join Date: Jun 2013
Posts: 2,523
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I'm sorry, what does CME stand for? My impression based on your impressive Investment portfolio, is you used to earn a lot more than your current salary. I think you're good to go now, based on a SWR of something like 3%. Coupled with a wife working until 60(is she OK with that?), to partially support your annual run rate including health care, and SS for both of you at some point, I'm not sure what the problem is. Have you run Firecalc.
__________________
"Luck favors the prepared mind"
Pasteur
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07-07-2021, 04:04 PM
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#9
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,726
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Chicago Mercantile Exchange?
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07-07-2021, 04:35 PM
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#10
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Dryer sheet aficionado
Join Date: Jul 2021
Posts: 27
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Quote:
Originally Posted by Golden sunsets
I'm sorry, what does CME stand for? My impression based on your impressive Investment portfolio, is you used to earn a lot more than your current salary. I think you're good to go now, based on a SWR of something like 3%. Coupled with a wife working until 60(is she OK with that?), to partially support your annual run rate including health care, and SS for both of you at some point, I'm not sure what the problem is. Have you run Firecalc.
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As someone stated Chicago Mercantile Exchange. Started working there in 1987. Had a nice run but really stopped making $$ in 2011. Being a 30 year Vanguard client certainly has helped my current financial situation.
Anyway, I guess the point of my post is I have run into a situation where the only job I could find is this $50k manual labor type job. It is what it is. I’m glad I did it but don’t think I can endure much more. Just tough to walk away when your 56 and have twins entering college. I’m blessed though that I have options. Thx
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07-07-2021, 06:54 PM
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#11
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gone traveling
Join Date: Jul 2021
Location: Camas
Posts: 6
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Quote:
Originally Posted by Landolink
I’m glad I did it but don’t think I can endure much more. Just tough to walk away when your 56 and have twins entering college. I’m blessed though that I have options. Thx
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You said college for your kids is already covered, so why worry about walking away now at age 56 with kids entering college?
May I suggest the real "problem" (if you can call it a problem), is that you have basically worked your entire life from a very young age. It is perhaps your "work ethic" that is bothering you. You could quit your current job which you say "you don't think you can endure much longer", and find some activity to satisfy your work ethic.
Financially, it seems more than fine for you to walk away from your current job.
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07-07-2021, 10:11 PM
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#12
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Thinks s/he gets paid by the post
Join Date: Jun 2013
Location: Columbus
Posts: 1,118
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Quote:
Originally Posted by Landolink
Hi-I'm a 56 yr old male with a 52 yr old wife. Twins age 18 entering college and a 22 year old that recently graduated college.
My career background is I spent 30 years working at the CME. The past 5 years I have worked basically a blue collar job making $50k a year. Work and culture is brutal at my job but it gets me out of the house. My wife makes $35k a year and has excellent health insurance. She plans on working till 60 and will get a modest pension. Our financial situation is:
Net worth $4.8mln.
Home: $800k (paid off)
Portfolio $4 mln (50/50 allocation at Vangurd)
Expenses: 115k per year
Kids college is paid for and not included in these numbers.
I have worked since I was 12 and put myself thru college etc..My job is brutal but the idea and retiring at age 56 is something I can't imagine. When I left the CME, the only jobs I could find were FA jobs. I am a quiet guy who likes to work but is perhaps the worst job seeker.
Thx
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[emoji122] [emoji122]
__________________
Ohio REFI PE ENG and Investor as of 2016
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07-07-2021, 10:30 PM
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#13
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Thinks s/he gets paid by the post
Join Date: Jun 2021
Posts: 1,580
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You should quit work and get a hobby. I was a workaholic and without a hobby for years. Work was my identity. In 2013, my husband told me that I needed to pick up golf as he had been golfing since he was a teen. We retired in 2016 and I never looked back at work. I now golf 4 to 5 days a week, lunch at the club and go home to relax a little before starting dinner. We also travel alot throughout the year, including golfing at the holiday destinations.
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07-08-2021, 03:25 AM
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#14
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Recycles dryer sheets
Join Date: Nov 2013
Location: Hartford
Posts: 358
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Quote:
Originally Posted by Landolink
Hi-I'm a 56 yr old male with a 52 yr old wife. Twins age 18 entering college and a 22 year old that recently graduated college.
My career background is I spent 30 years working at the CME. The past 5 years I have worked basically a blue collar job making $50k a year. Work and culture is brutal at my job but it gets me out of the house. My wife makes $35k a year and has excellent health insurance. She plans on working till 60 and will get a modest pension. Our financial situation is:
Net worth $4.8mln.
Home: $800k (paid off)
Portfolio $4 mln (50/50 allocation at Vangurd)
Expenses: 115k per year
Kids college is paid for and not included in these numbers.
I have worked since I was 12 and put myself thru college etc..My job is brutal but the idea and retiring at age 56 is something I can't imagine. When I left the CME, the only jobs I could find were FA jobs. I am a quiet guy who likes to work but is perhaps the worst job seeker.
Thx
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We lived in the suburbs north of Chicago for about 10 years. Nice place to live. Our house's prior owner was a bond trader - he traded the 30 year Treasury. Small world!
Welcome to the forum. It will be interesting to see what you end up doing. I like the suggestion about wine samples at Binny's! Creative solution!!
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07-08-2021, 05:27 AM
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#15
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Moderator Emeritus
Join Date: Aug 2007
Location: Northern Illinois
Posts: 16,603
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Welcome! At 56, definitely time to quit the brutal job. Lots of things to do out there that are not brutal.
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07-08-2021, 08:00 AM
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#16
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2013
Posts: 11,078
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Quote:
Originally Posted by Ronstar
Welcome! At 56, definitely time to quit the brutal job. Lots of things to do out there that are not brutal.
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+1
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07-08-2021, 08:09 AM
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#17
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Recycles dryer sheets
Join Date: May 2010
Location: Cincinnati
Posts: 390
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Congrats! You won the game. Time to enjoy life.
I was just in Chicago last week. Perhaps you could quit your job and open another Pequod's location as I couldn't get in the Clyburn one during our trip, lol.
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07-08-2021, 11:03 AM
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#18
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2015
Posts: 5,867
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Welcome and congratulations on your savings/investments.
There is a link in the forums:
Early Retirement & Financial Independence Community > Community Forums > Early Retirement FAQs
Some Important Questions to Answer Before Asking - Can I Retire?
which will help you answer some basic questions.
There is a book by Ernie Zelinski "How to Retire Wild, Happy and Free" which has a "get a life tree" exercise. It is a great for looking at what you might want to do or be interested in pursuing in retirement. It's a start
__________________
Give a Man a fish, he will eat for a day.
Teach a Man to fish, he will eat for a lifetime.
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07-08-2021, 02:18 PM
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#19
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Dryer sheet aficionado
Join Date: Jul 2021
Posts: 27
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Thx for all the replies. It’s nice to hear that I should make a change. Glad to join this community. The change won’t happen immediately, but it will happen soon. I will have my wife read this thread to get the discussion going. [emoji106]
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07-08-2021, 02:29 PM
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#20
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Moderator
Join Date: Apr 2012
Location: San Diego
Posts: 14,212
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Welcome Landolink - as others have said, it seems you're working because you want to, not because you need the paycheck.... Which is fine. I would start looking around for something different to do... A new job? go back to school and study something that interests you? Find a volunteer activity that interests you? Take up a hobby? The world is your oyster - no need to stay in a job that is 'brutal'.
__________________
Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 6%, rental income 20%
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