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...and I thought I was ready
07-19-2020, 09:36 PM
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#1
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Recycles dryer sheets
Join Date: Jul 2020
Posts: 285
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...and I thought I was ready
Newbie here. Thought I was ready to pull the trigger by end of July but after reading the "62 with a 12 and 14 year old" post I'm thinking if he's not even sure, I'm not even close.
Actually I think he's way way way overly cautious and every day he waits is a day he'll regret he lost, but I'm a blunt guy.
Anyway, here's my stats...
56 YO, 17 and 19 YO, and stay at home wife.
529's fully funded for college. (100K a piece)
2.5 million in taxable IRA/401K savings and 1.1 million in a ROTH/after tax.
No mortgage or any other debts
Pension starts at 65, $36k/year (no inflation protection).
Would like to buy a rental/vacation property in the mountains.
Planning on spending about 120K/year including health insurance which I estimate $20K/year
Firecalc giving me a 100% right now. $3.6 million to $56 million after 40 years.
I HATE my job and have several passions I can't wait to pursue.
Everything looking OK? Am I missing something?
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07-19-2020, 09:58 PM
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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: Dec 2014
Location: Huntsville, AL/Helen, GA
Posts: 6,002
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You have not missed anything.
There are just so many days in one's life. And we're not in control of those days. Misery is telling you it's time to make a change.
Go for it.
My brother in law is president of the Elk River Club. Pretty lovely mountain location with a Jack Nicklaus golf course and a private airport in NW NC. Highest ski mountains in the East are close by. elkriverclubnc.com
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07-19-2020, 10:19 PM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,376
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Quote:
Originally Posted by cat4ever
.... Everything looking OK? Am I missing something?
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+1 I think your in good shape. $3.6m - $0.4m for rental/vacation property = $3.2m... * conservative 3.75% WR = $120k spending target... plus you have pension and SS as cherries on top.
With $1.1m in Roth and taxable accounts, you might be able to manage your income to take advantage of ACA subsidies and trim that $20k a year health insurance cost down a bit.
Also, a 72t/SEPP might help avoid having to tap the taxable accounts too much.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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07-20-2020, 04:25 AM
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#4
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2015
Location: Michigan
Posts: 5,003
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Looks good. Pull the cord.
__________________
"The mountains are calling, and I must go." John Muir
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07-20-2020, 04:59 AM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,300
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I also put your numbers in Firecalc using the default AA and you are good to go.
You could also put in some estimate of expected SS and calculate your maximum spending which should give you further comfort.
__________________
TGIM
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07-20-2020, 05:09 AM
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#6
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Full time employment: Posting here.
Join Date: Jun 2014
Posts: 521
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If I were you, I'd pull the trigger - especially since you hate your job.
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07-20-2020, 06:02 AM
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#7
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Thinks s/he gets paid by the post
Join Date: Nov 2013
Location: Twin Cities
Posts: 3,941
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If the job is your opponent and you’ve won the game, why keep playing?
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07-20-2020, 06:32 AM
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#8
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Dryer sheet aficionado
Join Date: Dec 2018
Posts: 48
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Give your notice today and start pursuing those passions! I just retired last October and it's been a really cool change of pace. And I liked my job...but it was not as good as freedom!
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07-20-2020, 07:16 AM
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#9
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Thinks s/he gets paid by the post
Join Date: Dec 2016
Location: DC area
Posts: 2,496
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You are good to go. Following on from prior posts, for a complete picture:
-What does your SS look like?
-How much are you budgeting for vacation house purchase?
-Does your $120K include taxes?
-Does your $120K include taxes, utilities, and maintenance on your mountain house?
-Have you tried the various options on the Investigate tab in FIRECalc? Looking at your situation from different angles helps you better understand where you are.
-Have you studied your state's ACA marketplace for health insurance costs? You should be able to manage your AGI to stay under the family-of-4 ACA cliff by drawing, say, half from taxable/Roth each year.
I doubt any of these answers will change the fact that you are ready, but rather covering all the bases increases your own comfort with pulling the trigger.
__________________
FI and Semi-ER March 24, 2017
Consulting to stay engaged
"All models are wrong, some are useful." - George Box
“There is always a well-known solution to every human problem: neat, plausible, and wrong.” - H.L. Mencken
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07-20-2020, 07:19 AM
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#10
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Recycles dryer sheets
Join Date: Jul 2020
Posts: 285
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Yeah, I would have left already, but there are several rounds of layoffs going around that come with 6 months pay attached. They are supposed to be complete by the end of July, so if I don't get one I'll pull the trigger then.
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07-20-2020, 07:27 AM
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#11
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Recycles dryer sheets
Join Date: Jul 2020
Posts: 285
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USGrant, good points...
SS: If I wait until 70 it will be 64350/year per SS site estimate (includes mine and wife's, who gets half mine since she's stay at home, at least that's how I understand it)
Vacation House: 400K +- 50K
Spending: No, that's real spending, but will likely go down once the kids are out the house. Downsizing house is likely in the cards as well at that point.
Mt. House Utils: No, but am hoping to break even at least on rentals from the house when we're not there. Maybe wishful thinking.
FIRECalc: I'm put in several different options as far as investment style and reduced spending as we age, which is likely. They all come out 100% unless I go way conservative investing.
ACA: Yeah, I will have to do the math on the ACA and Roth withdrawals. Was planning on using COBRA for 18 months first though. Am thinking that may pay off on kids college costs as well as far as applying for aid, but again haven't investigated at all.
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07-20-2020, 07:42 AM
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#12
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Recycles dryer sheets
Join Date: Jan 2005
Posts: 445
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Congratulations!!
May I respectfully note that, having laid out your info, your actual name is not your username correct?
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07-20-2020, 07:44 AM
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#13
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Thinks s/he gets paid by the post
Join Date: Aug 2012
Posts: 1,829
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Quote:
Originally Posted by cat4ever
Yeah, I would have left already, but there are several rounds of layoffs going around that come with 6 months pay attached. They are supposed to be complete by the end of July, so if I don't get one I'll pull the trigger then.
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I was going to say what (the hell, to be blunt like you)are you waiting for.
But this reason makes sense to me.
Either way you won't be long and by my standards you are more than golden.
Congratulations!
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07-20-2020, 07:47 AM
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#14
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Thinks s/he gets paid by the post
Join Date: Jan 2011
Location: Fair Lawn
Posts: 2,963
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Quote:
Originally Posted by P.S.
Congratulations!!
May I respectfully note that, having laid out your info, your actual name is not your username correct?
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Heed this. (oh, I agree that since you hate your job you should pull the plug.....on August 1).
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07-20-2020, 08:13 AM
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#15
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Recycles dryer sheets
Join Date: Jul 2020
Posts: 285
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user name
Quote:
Originally Posted by P.S.
Congratulations!!
May I respectfully note that, having laid out your info, your actual name is not your username correct?
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Well... I have to admit it is my actual name. Is the main reason that someone from work may see, or is it more about getting hacked or something else? I'll have to look into changing my username.
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07-20-2020, 08:17 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: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,022
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Quote:
Originally Posted by cat4ever
I'll have to look into changing my username.
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Send a PM to one of the mods and request a name change.
__________________
Numbers is hard
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07-20-2020, 08:20 AM
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#17
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Recycles dryer sheets
Join Date: Jan 2005
Posts: 445
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Quote:
Originally Posted by cat4ever
Is the main reason that someone from work may see, or is it more about getting hacked or something else?
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Yes.
And a 1000 other reasons that criminal minds connive...
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07-20-2020, 08:21 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: Aug 2016
Location: Northern Virginia
Posts: 7,591
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cat4ever-
Looks good from here!
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07-20-2020, 10:20 AM
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#19
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Recycles dryer sheets
Join Date: Aug 2009
Location: Southern California
Posts: 489
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Since you "HATE" your job, I'd say GO FOR IT. You can pull the plug NOW.
__________________
Formerly known as "Retire 2014" Due to aggressive saving and a lot of luck managed to get out at end of March 2013, hence, the name change :)
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07-20-2020, 12:36 PM
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#20
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Dryer sheet wannabe
Join Date: Jun 2020
Posts: 17
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Quote:
Originally Posted by cat4ever
Mt. House Utils: No, but am hoping to break even at least on rentals from the house when we're not there. Maybe wishful thinking.
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How often are you planning to rent out your vacation home, and do you need to do that in order to afford it?
Each person has a different level of comfort with that scenario.
Personally, there is no way that I'd rent out my home if I had plans to utilize it myself.
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