 |
|
06-05-2009, 06:16 AM
|
#21
|
Full time employment: Posting here.
Join Date: Mar 2008
Posts: 950
|
If you can- go for it.
Just be sure to consider these things:
You state you will have a high percent of your current income. Can you live on the new income? Have you tried recently to live on that amount for maybe 6 months to "test the waters"?
Is the pension adjusted for inflation? If not, you will need additional savings.
Have you considered your tax liability as part of your expenses?
Do you have savings to cover an extra car down the road, or housing repairs?
Can you handle increases in your medical premiums? And will your coverage be differnt than it is now?
Have you planned for supplemental medical coverage once medicare kicks in?
Have you planned that social security might change before we can collect?
Oh, I sound like a pessimist perhaps. But better to be sure before taking the dip.
We have almost 2 years to go out at 55- can't wait, but I am sure we will have mixed feelings too!
|
|
|
 |
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
06-05-2009, 11:26 AM
|
#22
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2008
Location: East Nowhere, 43N Latitude, NY
Posts: 9,037
|
Quote:
Originally Posted by GraySpirit
You know one day while driving home from work, I drove through a fast food place for an ice cream soda. Well, the ice cream must have been bad because by the time I got home, the ice cream was insisting on being released in any way possible.
I sat on the old throne for a long time. And everytime I thought I was done, I had to go back and do a little more meditation. Finally, when I thought there was no more to give, I stood up to take a shower and promptly passed out.
I regained conciousness but was too weak to stand, so I lay there butt naked thinking that this was it, the big one. And the world was going to find me naked and dead in the bathroom. In that moment, I realized that all that hard work, career, house, etc. didn't mean squat to me. And I thought my epitaph was going to read ... died naked, on the toilet.
Next day, I went to the doc and he said it was probably just food poisoning and that I had fainted from a loss of fluids. The day after I went back to work, went in to see my boss and announced my retirement.
One month into retirement ... and I swear ... not a single regret. Hopefully, when I do go, my epitaph will read ... completed his bucket list and then some ...
|
   
    
Bravo! Bravo!
I would like to nominate this tale as the FIRE Story of the Year.
__________________
"All our dreams can come true, if we have the courage to pursue them." - Walt Disney
|
|
|
06-11-2009, 05:23 AM
|
#23
|
Recycles dryer sheets
Join Date: May 2009
Location: Tokyo
Posts: 67
|
Quote:
Originally Posted by freebird5825
|
I second it!
|
|
|
06-11-2009, 05:28 AM
|
#24
|
Recycles dryer sheets
Join Date: May 2009
Location: Tokyo
Posts: 67
|
I don't understand of government pensions, but it seems that you'll have a steady lifetime income, you live in a low cost area, have many hobbies, got a DW that supports the decision, by golly, go for it! I'm itching to do the same and all I have are the hobbies.
|
|
|
06-11-2009, 05:46 AM
|
#25
|
Full time employment: Posting here.
Join Date: May 2007
Posts: 568
|
|
|
|
06-14-2009, 11:15 AM
|
#26
|
Dryer sheet wannabe
Join Date: Jun 2009
Posts: 16
|
I think the greatest thing that bothered me prior to retirement was, did I have enough of a retirement income. Too much of my thinking was focused on the income side of the equation which resulted in thinking ... hmmm one more year ... wait for another pay raise to boost the pension ... put a little more in my 403 ... etc. etc. etc.
After my incident, I realized that at that rate I would never retire, because I was always setting the bar higher for myself. Now I focus on the expense side of the equation - trying to figure out how to actually improve my standard of living after retirement and cutting costs.
Of course moving overseas isn't for everyone, but in another month I'll be overseas and I expect to have more discretionary income in retirement than I ever had in my nice management job - and that includes paying off the balance of some remaining debt I hold. And with just a handful of tradeoffs, I pretty much expect to have a higher standard of living as well.
My only suggestion is to really look at both sides of the equation - managing your wealth and managing your cost of living.
|
|
|
06-14-2009, 05:14 PM
|
#27
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2006
Posts: 7,692
|
You strike me as a cautious type so rather than leaping into to retirement as many urge, why not dip your toe. I would ask to take a long leave of absence. At least 6 months and preferably a 1 year. (If all else fails you can almost certainly qualify for Family Medical Leave of absence to take care of you or your wife's parents.) At the end of the time if you don't feel financially or emotionally ready to retire than go back to work. That is what I did and when my year was up, went back to the office and resigned.
|
|
|
 |
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Thread Tools |
Search this Thread |
|
|
Display Modes |
Linear Mode
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|