61 Years old, trekking on with the goal in sight

[Pellice]

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?

 

[exnavynuke]

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.

 

[Pellice]

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!

 

[exnavynuke]

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...

 

[Hermit]

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/for...-answer-before-asking-can-i-retire-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

 

[ERD50]

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

 

[brucethebroker]

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.

 

[Pellice]

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!

 

[REWahoo]

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

 

[flyingaway]

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.

 

[Cobra9777]

... 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.

 

[Mdlerth]

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.

 

[JustCurious]

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.

 

[Pellice]

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]

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.

 

[ABQ2015]

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.

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.