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Finally did it
Old 09-15-2013, 02:14 AM   #1
Dryer sheet aficionado
Join Date: Apr 2011
Posts: 44
Finally did it


I have been lingering around here for the past two years-- some of you may have read my posts.

"The question is....
is 3.5%, or about $6000 a year, enough to retire a year early?

I know, you will ask, what does it mean to you. Valid question. I am just asking opinions.

Here is the situation. Currently I make about 143,000 a year, local safety government job.

Its been a tough 30 years. I am ready to go.

I can go now at about 120,000 pension, roughly 85 %. Or, I can do another year and get an 88.5% pension, roughly 126,000. $6000 between the two, but it lasts for the rest of my life (I'm almost 53).
2 % cola every year.

Married. Wife makes about 200,000 a year. She will retire in 2016 and won't collect a pension until 2021, then 6000 a month. SS will increase it by 2000 in 2028. She probably will work other jobs between 2016 and 2021- at a healthy rate of pay.

The house is worth 1 million. 200,000 left on a loan with a rate of 2.8%.

Mutual funds= $855,000
Ira= 20,000
401k= 350,000

We live in an area of the country that is very expensive. We dont have extavagant tastes, but the outflow is steady.

Other than the house mortgage, there is one major expense...
a 11 year old child.
We are also saving for college (529). We expect HEAVY college tuition.

Not only that, we want our child to see the world. Expensive traveling.

That's my story.
It seems like I have enough to get by. Or do, I?

What would you recommend?
Get out in 2013 with my sanity intact?
Or get out in 2014 with a few more bucks
? "

This forum has been absolutely great regarding feedback. This is a great place.

So, I finally retired in June. (Retirement feels really weird, not sure if I like it).

My projects above have been pretty accurate. In retirement I will pull down 120,000 plus 2 percent cola a year. Already hit the first cola in July.

My previous estimates were conservative. The house itself is now in the 1.6 million range.

I just want to thank all of you. Especially the ones who said, hell if it were me I would walk down to the retirement board today and sign my papers. That was the right answer.

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Old 09-15-2013, 06:23 AM   #2
MichaelB's Avatar
Join Date: Jan 2008
Location: Chicagoland again!
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Congratulations on your retirement, and welcome to the dark side.
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Old 09-15-2013, 07:18 AM   #3
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Join Date: Sep 2010
Location: midwestern city
Posts: 4,061
Difficult to answer your questions without knowing your annual expenses.
Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
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Old 09-15-2013, 09:22 AM   #4
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Location: N. Yorkshire
Posts: 29,939
Pleased to hear that you got the answers that helped you make the decision to ER. Congratulations.
Retired in Jan, 2010 at 55, moved to England in May 2016
Enough private pension and SS income to cover all needs
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Old 09-15-2013, 10:10 AM   #5
Dryer sheet aficionado
Join Date: Sep 2013
Location: Thetford
Posts: 29
Senin, congrats on your retirement! You say your wife plans to retire in 2016, have you considered moving to an area with a lower cost of living once she retires? That $120K can go a long way in some places. You can sell the house for a huge profit, and once your wife's pension kicks in, it'll just be an added bonus.
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Old 09-15-2013, 11:49 AM   #6
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Sounds like you are all set financially. What is it about retirement that you're not sure you like?
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Old 09-15-2013, 06:05 PM   #7
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Senin, thanks for checking back in and letting us know how it is going. Congrats on setting yourself free. Try to explore new things and find something new that turns you on. Maybe volunteering with scouts, soccer, food bank, school association, etc. Or do like I'm gonna do and build a boat.
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Old 09-16-2013, 10:17 AM   #8
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
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Location: Charleston, SC
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Congrats--it is great to hear from you again and glad you made the LEAP! Enjoy!
“One day your life will flash before your eyes. Make sure it's worth watching.”
Gerard Arthur Way

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Old 12-07-2013, 03:52 AM   #9
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Wow, you guys are the best and this is the greatest support group.
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