Palimpsest
Dryer sheet wannabe
- Joined
- Feb 24, 2014
- Messages
- 20
I am 44, and by all outward appearances envied by many for what they assume to be my high income. I "played by the rules" and have had a "good" corporate job for the past 20 years with no stretches of unemployment. I have not always lived frugally but I have always saved. Right now I have about $825,000 in retirement accounts, virtually all of which is in stocks. I have a $50,000 money market emergency fund. I own 4 rental homes that do not quite cover their costs (I have estimated that I lose about $325/ month on them combined). I am about $100,000 underwater on the rental homes combined, so unloading them is a challenge. I dont have any other debt, but I do not own a home because a work move forced me to sell the house I had owned for the past 12 years for exactly $100 more than I had paid for it
As I climbed the corporate ranks I became more and more of a workaholic and subject to work stress. This lead me to 12 years of psychotherapy and antianxiety medication. I also found myself becoming more and more hyperspecialized. Therein lies the problem. I see the writing on the wall and feel quite certain that my job will be gone in less than a year -- I am too specialized and my specialty is no longer in demand.
I have been spending the past year and a half looking for new work in even a tangentially related field. The response has been virtually unanimous -- "Great resume -- why would you want this job you must be making double that now?"
I feel like I have done not the best, but a pretty good job of saving, and indeed I had always thought about ER at 55, but I think I am going to fall just short. I feel like a $3500/month draw rate would be feasible, but only by using a 72t. Three of the main issues that perplex me are
a) I am still wary of fixed income -- historically low rates make it a high risk low reward proposition to me
b) I dont have a house, so a good chunk of any withdrawal will go toward rent
c) I dont know if I will ever be able to get rid of the rental houses short of losing my job, not making any money for 6 months and then declaring chapter 7, which I am loathe to do
The good news is that firecalc seems to confirm that Ive got a 95% chance of pulling it off with a balanced portfolio (which I do not have) and sticking to a $3500 withdrawal. Otherwise I feel like a burnout loser sitting in the corner office waiting to get fired. Any thoughts are appreciated.
As I climbed the corporate ranks I became more and more of a workaholic and subject to work stress. This lead me to 12 years of psychotherapy and antianxiety medication. I also found myself becoming more and more hyperspecialized. Therein lies the problem. I see the writing on the wall and feel quite certain that my job will be gone in less than a year -- I am too specialized and my specialty is no longer in demand.
I have been spending the past year and a half looking for new work in even a tangentially related field. The response has been virtually unanimous -- "Great resume -- why would you want this job you must be making double that now?"
I feel like I have done not the best, but a pretty good job of saving, and indeed I had always thought about ER at 55, but I think I am going to fall just short. I feel like a $3500/month draw rate would be feasible, but only by using a 72t. Three of the main issues that perplex me are
a) I am still wary of fixed income -- historically low rates make it a high risk low reward proposition to me
b) I dont have a house, so a good chunk of any withdrawal will go toward rent
c) I dont know if I will ever be able to get rid of the rental houses short of losing my job, not making any money for 6 months and then declaring chapter 7, which I am loathe to do
The good news is that firecalc seems to confirm that Ive got a 95% chance of pulling it off with a balanced portfolio (which I do not have) and sticking to a $3500 withdrawal. Otherwise I feel like a burnout loser sitting in the corner office waiting to get fired. Any thoughts are appreciated.