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Afraid to quit work.
Old 05-31-2007, 08:52 PM   #1
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Afraid to quit work.

I'll be 55 this October; DW is 2 yrs younger. We both work and our combined income is $150,000. Combined retirement savings is currently $1,200,000. We also have $90,000 in non-retirement savings. No debt other than $123,000 mortgage (have $300,000 of equity).

I figure I'll work until I'm 59 and expect to take my pension in a lump sum, probably around $675,000 then. My plan is to accumulate $2,500,000 in retirement savings; expect to take $100,000 annually. I'll probably hold off taking SS until age 66. I think I'm on track financially.

My problem is this: I can't imagine what I'd do all day when I retire. Heck, long weekends sometimes drive me nuts. On the other hand, I've been working in a fortune 500 company for 30 yrs and wouldn't mind getting rid of the stress. Sometimes I think I should quit this job, and do something else.... but, then I think "I know what I'm doing in my current job and the pay probably beats whatever else I'd do". I don't know if I'm looking forward to retirement or not. Maybe I'll be ready in 4 yrs.
"It is better to have a permanent income than to be fascinating". Oscar Wilde
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Old 05-31-2007, 09:12 PM   #2
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Originally Posted by racy View Post
I don't know if I'm looking forward to retirement or not. Maybe I'll be ready in 4 yrs.
Hey, retirement isn't for everyone. Those of us who choose to do something other than work for a living are deeply appreciative of those who continue to work and fund Medicare, Social Security and the economy in general. If you choose to keep working, let me be the first from the FIRE community to say thank you.
Numbers is hard
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Old 05-31-2007, 09:17 PM   #3
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Why don't you approach your retirement like you would a career change. Read a couple of books such as the Joy of Not Working and How to Retire Happy, Wild and Free and see if they can't light a spark in you. Remember your have 30 years of deprogramming to take place from your Megacorp experiences which have sapped the life out of you and that is not going to happen in a day.

I be a girl, he's a boy. Think I maybe FIRED since July 08. Mid 40s, no kidlets. Actually am totally clueless as to what is going on with DH.
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Old 05-31-2007, 09:19 PM   #4
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Well, do you like to sleep in, read the paper, exercise, play an instrument, read, paint, draw, garden, fish, hike, rollerblade, ride motorcycles, watch movies, tickle your wife, visit family, friends, watch the clouds go by, listen to music, travel, canoe, f7ck around on the internet, hit the refresh button on your net worth spreadsheet, or take naps?

My wife says if I get bored with all that there's a lot of stuff I can fix up around the house, but I haven't quite gotten there yet.

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Old 05-31-2007, 09:41 PM   #5
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My DH is going through the same thing. He wants to be able to retire in 2 years. DH also gets kind of bored on long weekends. He does have hobbies, but he thinks it might not be enough.

To that I say mule muffins.

There are no rules once you are FI and leave your job. That is the beauty of it. You will have the time to find out what makes you happy. The best thing I like about having left my Mega Corp 8 years ago is that I no longer have a schedule, and that my friend is a habit that I have no intention of breaking.
There's no need to complicate, our time is short..
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Old 06-01-2007, 07:21 PM   #6
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It is very possible you will be bored if you don't have a hobby or cause that you are passionate about. For me, as the regulars here know, it's golf. For others it might be some kind of volunteer work.

Congratulations with your sound financial plan and good luck with whatever you decide concerning ER.
Retired 3/31/2007@52
Investing style: Full time wuss.
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Sounds very familiar to me.....
Old 06-01-2007, 07:44 PM   #7
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Sounds very familiar to me.....

I'm in about the same situation as you are Racy. 56, no debt, "got enough" just haven't "had enough". 30 years with Megacorp. I monitor this site daily, am learning all I can about investing, am trying to figure out what I'm going to do all day when FIRED.
Am planning to work till 59 but might not make that goal, and that would be a good thing.
So many of my acquaintances have retired early and returned to the workforce that I am a little reluctant to jump yet.
Once I leave, I don't really want to return. We'll figure it out though I'm sure.
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Old 06-01-2007, 07:51 PM   #8
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Congrats on getting to FI Racy. I see you are a little hesitent at the RE part.

I have found that you do need to have something to retire 'to'. If you don't and can't figure it out, then it sounds like you should consider continuing to work. Working IS the alternative to FIRE. Soul-seaching is in order here, otherwise you will be miserable.
... that's why they they have 61 flavors....

In my case, I have a long list of places to see and things to do before I go to 'phase 3'

Best of luck to you, whatever you decide.
Life is GREAT!
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Old 06-01-2007, 10:10 PM   #9
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I was in a similar position. Have probaly been FI for some years but kept working (UNTIL TODAY, JUST RETURNED FROM RETIREMENT GATHERING SO THIS MAY BE INCOHERENT) for a couple of reasons:

1) DW has been 'retired' for 30 years, maybe there will be too much togetherness.
2) Child of depression era parents: is 0.01% an SWR?(just kidding), if you don't work you're a burden on society, how can the sky fall?
3) What will I do all day? Never mind that I haven't had a spare minute to devote to a couple of hobbies for 12 months.

If you have run the numbers and are sure you are FI for life, then your life is your own. If you like your job so much that you'd do it for free, then keep it up. If not, then think of something you would/will do for free, it may be travel, bumming or your old occupation for a non-profit, THEN DO THAT. If you are FI then you only have yourself to please.
There are two kinds of people in the world: those who can extrapolate conclusions from insufficient data and ..
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afraid to quit work
Old 06-02-2007, 07:47 AM   #10
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afraid to quit work

We, too are 55 and about to take the plunge. Part of our retirement planning was to get interested in hobbies and activities, none of which we've had time for in our fast paced careers. When I first semi-retired, I took a year or so off work totally. I impulsively signed up for a pottery class at the local junior college. I loved it but don't have room for my own equipment in an inner city townhouse. But it led to other types of art such as collage, scrapbooking and painting. DH took harmonica lessons and is now a budding blues harp guy. We're both taking Spanish lessons now. We have always loved to travel, but have no desire to travel full-time. So we are traveling more. Cooking is one of DH's loves, especially BBQing. We get to see the grandkids more. We read. We also both have "life lists", a list of all the things we'd like to do or try before we move on. If either of us gets bored, it's back to the list.

I also highly recommend ERnie Zelinski's books, The Joy of Not Working and Retire Happy, Wild and Free.

Truly much of the days can be filled with stuff (going to the drug store, the grocery store, the library, the post office, cleaning, cooking and mowing, etc.) But it's not very satisfying. I encourage you to start now finding a few things you like to do outside of work. Especially if you're worried about what you'll do.
Life is short and getting shorter.
If not now, when?
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