Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
61 Years old, trekking on with the goal in sight
Old 10-19-2016, 04:18 PM   #1
Full time employment: Posting here.
 
Join Date: Oct 2016
Posts: 599
61 Years old, trekking on with the goal in sight

Hello - I first found this forum through a rather despairing internet search for "maintainng motivation the last few years before retirement." Although not as well off as many of you, I have done my due diligence, and I am pretty sure I can retire in any of the next few years. It's important that I get through the next 9 months (due to "vesting" of various benefits), but I am reasonably sure that will happen. Then, my financial adviser would like me to go for another few years, while I am planning to just go another year or so. But, how to get through these last 18 months or so? I can hardly stand it. I am in an administrative job in academia. I have been there probably too long, and am tired of the games and the amount of time I spend trying to "gently urge" others to get with the program. I can't muster enthusiasm for the latest strategic plan, task force report, implementation of the new wondrous "system" that "will change the way we think."

I count my blessings every day, twice a day, thrice a day. I remind myself of the duty of professionalism. But I fear my mind has been destroyed over the years of reminding, summarizing, urging. I used to have great powers of concentration, but what if that is gone?

I do have to say that the stress is melting away as I approach financial independence. I used to be a very anxious person with migraines - I am watching all that vanish in the rearview mirror. All those people who say that retirement doesn't change you - they are so wrong! It's already changing me. I am trying to keep track of my impressions of the changes financial independence is bringing about in me. So far, I like them!

What forum can I use to help me make the most of this last year or two before retirement?
__________________

Pellice is offline   Reply With Quote
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!

Old 10-19-2016, 05:31 PM   #2
Thinks s/he gets paid by the post
exnavynuke's Avatar
 
Join Date: Sep 2016
Location: Acworth
Posts: 1,184
The "young dreamers" forum is there for all of us still awaiting our FIRE moment. I can say that I admire that you're just now getting to the "I can keep doing this... yes I can" stage... I've been there for a couple months myself and I'm only 39 right now. I can tell you that there are plenty of times where I feel I just about need someone to remind me that going to work is both necessary and a good idea and I'm only 39 and am not financially ready yet to FIRE unfortunately. I find focusing on how what I'm currently doing will get me where I want to be helps. Told to work more hours.. that's fewer days I'll have to work until I can FIRE, etc.
__________________

exnavynuke is offline   Reply With Quote
Old 10-19-2016, 05:54 PM   #3
Full time employment: Posting here.
 
Join Date: Oct 2016
Posts: 599
Exnavy, I know what FIRE is, but what is a FIRE moment? I don't think I could even let myself think in terms of financial independence until it was on the horizon. I did not have the financial resources. I know that somewhere in the summer of 2014, I started thinking hard and making a list of What Needs To Be Done. I gradually worked my way through the list, crossing off obtaining long term care insurance, getting all those pesky medical exams I'd been putting off (colonoscopy, etc.), developing a retirement budget, seeing a fee-only financial planner. I actually had a small piece of paper "3 Year Plan" that I had at my work desk, and it was followed by "2 Year Plan," "1.5 Year Plan," "1 Year Plan," and soon, "6 Month Plan." What makes me laugh is that during a desk cleaning process, I found a similar small piece of paper labelled "5 Year Plan" that I had completely forgotten about!

I can tell you that what has kept me sane is my hobby, which involves nature and, often, travel. I am always grateful, for it gives me the chance to slip into another world, often more real than the one in which i sit at a desk and try to make sure the proper ID numbers are attached to every transaction. Maybe a similar hobby would help you as well!
Pellice is offline   Reply With Quote
Old 10-19-2016, 06:25 PM   #4
Thinks s/he gets paid by the post
exnavynuke's Avatar
 
Join Date: Sep 2016
Location: Acworth
Posts: 1,184
I call the time when I can leave corporate world my "FIRE moment", I haven't got there yet.

Sometimes my "hobby" on any given day might consist of checking the numbers again to see if I can move that date up and get to that FIRE moment a bit sooner...
exnavynuke is offline   Reply With Quote
Old 10-19-2016, 06:32 PM   #5
Thinks s/he gets paid by the post
 
Join Date: Oct 2012
Location: Colorado Mountains
Posts: 2,905
Hi Pellice,

Welcome to the forum!

It sounds like you are pretty well educated on what it will take to be able to retire. If you haven't had a chance, look at http://www.early-retirement.org/foru...ire-69999.html which is in the FAQs. Also put your numbers in FireCalc. (there is a link at the bottom of the page) If you have not done these things yet, you can spend quite a bit of your spare time on these two items and after that you should be quite comfortable with where you are in your readiness to FIRE.

Good luck on your future and chime in on subjects of interest and ask questions. Lots of good people that will help you with any subject.

Hermit
Hermit is offline   Reply With Quote
Old 10-19-2016, 06:47 PM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Sep 2005
Location: Northern IL
Posts: 22,431
I'll second the advice to put your numbers into FIRECalc.

FIRECalc: A different kind of retirement calculator

Let us know if you need help with any aspect of it. You mention your 'Financial Advisor' would like you to work a few more years. Why is that? And what does he/she charge?

If you hang around, you'll find that is isn't hard at all to manage your own finances, and a very simple plan that takes very little time/effort to set up, and almost no effort to maintain, will probably outperform any suggestions that a pro can provide, after you factor in their expenses (which you must do). Does your FA charge a % of your portfolio? Are you invested in high expense funds (these can easily be 1% higher than what is available to you)?

Some people can benefit by paying for a review on an hourly basis, just to double check everything. But ongoing fees from a financial advisor may be the biggest thing standing between you and FIRE.

For a round-number check - if you were to pull the old 'rule of thumb' 4% from your portfolio, and your FA charges 1%, you need a nest egg that is 25% larger to pay the FA. That could be more than a few years savings, right? And if you are thinking more conservative, like a 3-3.5% WR, it's worse. Maybe that is why your FA says to work a few more years?

-ERD50
ERD50 is offline   Reply With Quote
Old 10-20-2016, 05:24 AM   #7
Thinks s/he gets paid by the post
 
Join Date: Dec 2010
Location: Midwest
Posts: 1,644
Hi!
If you are "over" your current job, is it possible to change jobs or do something part time instead? I know from experience that a job change usually involves a "honeymoon" period of months or a year, where the new job is exciting, maybe even fun. Or, could you earn money from your hobby? Either of these might be something that allows you to "gut it out".

Many see retirement as black and white-either you are working or not working. Perhaps you could find a temporary respite that is in-between. Good luck.
brucethebroker is offline   Reply With Quote
Old 10-20-2016, 05:56 AM   #8
Full time employment: Posting here.
 
Join Date: Oct 2016
Posts: 599
Thanks for the info about FireCalc - i will give that a try, although a first look was confusing - I may need the tips. Thanks for all the good advice. I have run the numbers several different ways (also with a fee-only and a "percentage" advisor (for my 401(k) ) and I'm reasonably confident that I can leave with increasing levels of comfort either fall of next year, 2018, or 2019.

Emotionally, finding another job is not a direction I want to go. I would much rather, much rather gut it out in the current job, then leave the paycheck world entirely. (I have a plan for a volunteer focus that I'm anxious to go for!) I've seen too many colleagues retire, planning to get another little job, and the timetable slips, and slips, and slips.

And one way I am selling all this to myself is putting myself in "observation mode." I have spent a lot of my working life suffering a lot of anxiety. I always suspected it wasn't a basic part of my personality, but tied to a realistic appraisal of job realities. As I move towards leaving, it is amazing to feel anxiety ebbing and ebbing. I haven't had a major migraine in 6 months. They say that you can't change after a certain point, but I am not so sure! Maybe financial independence is going to liberate my inner self-confidence and assertiveness. I want to observe this, if it is happening. Does that make sense?

Thanks for letting me get this conversation going!
Pellice is offline   Reply With Quote
Old 10-20-2016, 06:02 AM   #9
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: No Country for Old Men
Posts: 46,703
Quote:
Originally Posted by Pellice View Post
Thanks for the info about FireCalc - i will give that a try, although a first look was confusing - I may need the tips.
Here is a forum that might help. If you can't find the answer to your question, post it there and someone will respond. FIRECalc support - Early Retirement & Financial Independence Community
__________________
Numbers is hard

You may not know it but I'm quite famous

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 10-20-2016, 08:18 AM   #10
Recycles dryer sheets
 
Join Date: May 2014
Posts: 497
Our former department chair retired in 2000 at the age of 60, which was very early for academics. He spent his retirement time half in the U.S. and half in Thailand, travelled around the world, did some voluntary work on country music and promotion of education for underrepresented groups. He died a few years ago at the age of 73. To me, he had his good time.

We have other professors in their 60s and 70s, having many scary health problems and are still working, not because of money (I think), but because of lack of interests out of their academic work. To me, that is really miserable.

Being financially independent and having something to retire to are equally important. Work is just a means to support living.
flyingaway is offline   Reply With Quote
Old 10-20-2016, 09:42 AM   #11
Thinks s/he gets paid by the post
Cobra9777's Avatar
 
Join Date: Jul 2012
Location: Texas
Posts: 2,122
Quote:
Originally Posted by Pellice View Post
... But, how to get through these last 18 months or so? I can hardly stand it. I am in an administrative job in academia. I have been there probably too long, and am tired of the games and the amount of time I spend trying to "gently urge" others to get with the program. I can't muster enthusiasm for the latest strategic plan, task force report, implementation of the new wondrous "system" that "will change the way we think." ...
I very much enjoyed my work early on. As a result, I excelled and this led to a succession of new opportunities. But with each promotion, I was doing less of what I originally enjoyed, and more administration. At first this was satisfying work, but ultimately became quite frustrating and stressful. Toward the end, it was similar to what OP described above. Layer on the fact that I had 3 bosses (functional, regional, and operational), none of whom agreed on priorities... and the situation had become almost comical.

For me, the last 18 months was difficult but also exhilarating. I had already made up my mind I'd be leaving at a certain point. So I was having some difficulty keeping up my usual level of intensity. It was hard to generate enthusiasm for the latest strategy. But at the same time, I fine-tuned my retirement planning spreadsheets (almost daily), spent time reading on this forum and others, and day-dreamed about how I'd spend my time free from the corporate shackles. These latter activities kept me focused on the goal, which seemed to provide the fuel I needed to get through the workday.
__________________
Retired at 52 in July 2013. On to better things...
AA: 55% stock, 15% real estate, 27% bonds, 3% cash
WR: 2.7% SI: 2 pensions, some rental income, SS later
Cobra9777 is offline   Reply With Quote
Old 10-20-2016, 09:50 AM   #12
Thinks s/he gets paid by the post
Mdlerth's Avatar
 
Join Date: Oct 2016
Location: The Shire
Posts: 1,504
Quote:
Originally Posted by Pellice View Post
I can't muster enthusiasm for the latest strategic plan, task force report, implementation of the new wondrous "system" that "will change the way we think."
So it's not just me. My employer throws out a fresh one of those "embrace change" schemes at least once a year. The only real change would be if they stopped inflicting new buzzword programs.

Please don't worry about losing your powers of concentration. Humans are remarkably resilient. Read some of the posts on these pages from the already-retired; they recovered quickly no matter how toxic their j*bs were.

Good luck on your FIRE journey. I hope it arrives for you sooner than later.
__________________
Paying it forward is the best investment.
Mdlerth is offline   Reply With Quote
Old 10-20-2016, 12:21 PM   #13
Thinks s/he gets paid by the post
 
Join Date: Sep 2006
Posts: 1,210
Quote:
Originally Posted by flyingaway View Post
We have other professors in their 60s and 70s, having many scary health problems and are still working, not because of money (I think), but because of lack of interests out of their academic work. To me, that is really miserable.
I have come to the conclusion that some people are cut out for early retirement and some are not, and it is really not more complicated than that. There are a number of factors that determine whether someone will be happy spending a significant portion of their life in full retirement mode, but I think the main factor is personality...some people like to work for money and they find fullfillment in working at a job that they like or love and they enjoy being busy and having a career and "making a difference" and they enjoy the challenge or the sense of feeling important, and some do not. Those who do not see a job or a career as a means to make money so that they can live, and they get little more than that out of it. We all have different personalities, and what makes one person miserable makes another person happy.
JustCurious is offline   Reply With Quote
Old 10-20-2016, 06:01 PM   #14
Full time employment: Posting here.
 
Join Date: Oct 2016
Posts: 599
I think what will get me through is putting myself in "observation mode." I want to record the changes that I observe in myself and in my workplace, viewed via a dispassionate eye. I also want to use my increasingly available mental and emotional energy to work on what really matters.

Mdlerth, I'm going to look for those posts. I actually am afraid that my brain has been reduced to frantic mush worrying about detail after detail.

JustCurious, what if you feel that you can make far more of a difference outside of the job scene? I'm working on writing a series of articles, for no pay, that seem to me far more important than the constant flow of memos (have to resend 3 times), reports (never read), and guidelines (invalidated by the now nearly annual change in procedures due to changing software). I am so looking forward to the ability to "make a difference" once I am financially independent!

Really interesting discussions, thank you!
Pellice is offline   Reply With Quote
Old 10-25-2016, 07:14 PM   #15
Full time employment: Posting here.
 
Join Date: Oct 2016
Posts: 599
I took another quick look at Firecalc, and I see I am going to have to tweak and tweak it. For one thing, I am not sure how to account for increases in taxes.
Pellice is offline   Reply With Quote
Old 10-26-2016, 01:23 PM   #16
Full time employment: Posting here.
 
Join Date: Sep 2012
Location: Albuquerque
Posts: 726
Welcome, Pellice! Your comment about the new wondrous "system" gave me a chuckle as that certainly applies to my job. I'm also 61 and having some problems concentrating at work, recently FI, and just waiting for a pension bump at age 62 to retire. Using the information and recommended tools on this forum has helped me in my final preparations and given me the confidence that I can afford to retire without making sacrifices. Cobra9777's take on the last year(s) sums it up well for me.


Quote:
Originally Posted by Cobra9777 View Post

For me, the last 18 months was difficult but also exhilarating. I had already made up my mind I'd be leaving at a certain point. So I was having some difficulty keeping up my usual level of intensity. It was hard to generate enthusiasm for the latest strategy. But at the same time, I fine-tuned my retirement planning spreadsheets (almost daily), spent time reading on this forum and others, and day-dreamed about how I'd spend my time free from the corporate shackles. These latter activities kept me focused on the goal, which seemed to provide the fuel I needed to get through the workday.
__________________

ABQ2015 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Mathematical calculation for years to reach savings goal dallas27 Young Dreamers 3 08-30-2014 06:36 AM
At the cross roads; career goal vs. ER goal advice dvalley FIRE and Money 24 08-19-2014 01:15 AM
Money goal or time goal? utrecht FIRE and Money 28 01-10-2008 08:32 PM

» Quick Links

 
All times are GMT -6. The time now is 10:46 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2020, vBulletin Solutions, Inc.
×