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FIREd 2 years ago, and still trying to figure it out
06-24-2008, 01:49 PM
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#1
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2008
Location: No fixed abode
Posts: 8,765
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FIREd 2 years ago, and still trying to figure it out
Hi everyone,
My wife and I retired 2 years ago, at age 50, with enough money to last forever properly managed (and with no unforeseen holocausts). I have been working toward this for most of my adult life. I have a list of things to do that will last me 20-30 years at least, and have what I thought was a clear picture in my head of how I was going to handle our finances moving forward. I was the most prepared FIREd person I've met.
I'm seeing now that things aren't that simple. Life sure can get in the way. I'm not complaining, just a little baffled by it all.
We have built and moved into our dreamhouse on the Eastern shore of MD (that's my backyard view in the avatar), and just closed on our previous home in Northern VA last week. It only took 1 week to sell it, and thy wanted to close in less than a month - sweet! I'm going to learn to play golf properly (just hacking at it before), play my music, do some wood working (if I ever get the garage cleaned out), and work my way through my list. If I ever get enough spare time. The retiree's paradox.
I also have now wrested control of about 1/2 my assets back from our CFA, and intend to invest in various index funds and ETFs going forward, with regular re-allocations. I'll take the rest over as time and taxes allow, until I'm completely managing my own money. He's a really nice guy, but over the years he's convinced me to put too much money in investments I just don't understand, and that are hidden in insurance vehicles that I can't get information on from Morningstar. I want transparency, low costs, and tax flexibility, and I'm not going to get that with him. But it's funny how easy it is to decide how to invest your money, and how hard it is to actually pull the trigger with the big bucks on the line and only yourself to hold responsible.
One thing that has really changed things, my mom's husband just passed away (also last week), and left her in a god-awful financial situation. They were doing great together, with a $6K/month (after taxes) military pension, and another $2200/month in SS. That's nearly $100K/year! I have no idea what they spent it all on. But they assumed he would outlive her, and that he would be fine. Assuming in the face of statistics is a bad move. She is now left with only his SS income ($1300/month), no investments except a chunk in savings, and some small life insurance policies. Overall she has a net worth of about $250K (not counting her house, maybe another $200K), and will get his $1300/month from SS. I know many people have it worse, but if they had handled their money better she could have been worth at least a couple million. She'll be OK, and I'll help where I can (and she lets me), but it makes me mad to see people not take care of themselves and their loved ones properly.
That's enough for now. I'm hoping to be fairly active on the board, since I have a million questions, and maybe one or two pieces of good advice. I'll see you all around.
Harley
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06-24-2008, 01:57 PM
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#2
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Thinks s/he gets paid by the post
Join Date: Oct 2004
Posts: 1,719
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Welcome to the board, Harley!
__________________
He had one of those rare smiles with a quality of eternal reassurance in it . . . It faced, or seemed to face, the whole external world for an instant and then concentrated on you with an irresistible prejudice in your favor. -- The Great Gatsby, F. Scott Fitzgerald
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06-24-2008, 02:36 PM
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#3
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Gone but not forgotten
Join Date: Jan 2007
Location: Sarasota,fl.
Posts: 11,447
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Welcome to the board !
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06-24-2008, 06:38 PM
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#4
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Dryer sheet aficionado
Join Date: May 2008
Posts: 47
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Hey congratulations on being able to retire early! Hope you have fun here.
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06-24-2008, 06:54 PM
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#5
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Full time employment: Posting here.
Join Date: Jun 2005
Posts: 673
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Welcome Harley! I read your response to my question about house caretaking and now that I see your view... sign me up to be your house caretaker!
Good luck with managing your own investments. You're right, going from theory to actual application is a big step.
__________________
I'm made of atoms, you're made of atoms, and we're all in this together. Ben Lee
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06-24-2008, 08:08 PM
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#6
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Recycles dryer sheets
Join Date: Jun 2008
Location: Los Angeles
Posts: 156
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Quote:
Originally Posted by harley
just a little baffled by it all.
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Harley, you seem to be all set. Congratulations. What are you baffled by?
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06-24-2008, 08:56 PM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2008
Location: No fixed abode
Posts: 8,765
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Quote:
Just the amazing amount of stuff involved in retired life. I was expecting to have an extra 10 or so hours a day to play music, read, learn a language, take a nap, exercise, spend a few hours/month monitoring my investments, and watching sunsets.
Instead, I can't figure out how I ever had time to work. I'm always busy, losing ground to the to-do list, and have barely scratched the surface of my hobbies. I do, however, find time for the sunsets.
Again, I'm not complaining. I'm very happy, and my stress level and blood pressure have dropped significantly compared my indentured days. It's just very different than my daydreams had it back when I was working toward FI.
Harley
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06-25-2008, 05:17 AM
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#8
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Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 25,340
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Quote:
Originally Posted by harley
Instead, I can't figure out how I ever had time to work. I'm always busy, losing ground to the to-do list, and have barely scratched the surface of my hobbies. I do, however, find time for the sunsets.
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Many people have noticed this phenomenon, including myself. Right now the "project" is finding FIL a halfway decent car for an affordable price, getting his house ready to sell and get him moved so he won't feel the need for a car. But when this is all done something else will come up.
Maybe because "work expands to fill the time alloted for it"?
__________________
When I was a kid I wanted to be older. This is not what I expected.
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06-27-2008, 03:57 PM
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#9
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Thinks s/he gets paid by the post
Join Date: Jan 2008
Posts: 1,671
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I have to ask ... approximately where on the eastern shore. I just FIREd myself to Talbot County last December.
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06-30-2008, 12:40 PM
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#10
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2008
Location: No fixed abode
Posts: 8,765
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Quote:
Originally Posted by jebmke
I have to ask ... approximately where on the eastern shore. I just FIREd myself to Talbot County last December.
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Worcester county, outside of Ocean City. That's the OC skyline you can see from my backyard in my avatar. I used to think a lot about Kent Island and St. Michael when I was working in Northern VA. Glad I'm not making that comute now, with gas prices where they are.
__________________
"Good judgment comes from experience. Experience comes from bad judgement." - Anonymous (not Will Rogers or Sam Clemens)
DW and I - FIREd at 50 (7/06), living off assets
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06-30-2008, 01:00 PM
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#11
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Thinks s/he gets paid by the post
Join Date: Jan 2008
Posts: 1,671
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Kent Island is starting to look more and more like the western side -- a lot of traffic and strip malls. Not that Rt. 50 in Easton leaves a good impression either. It is still a lot quieter here than over the bridge. We parked in Severna Park for a year while I was commuting to Milwaukee to finish out my commitments there. What a mess that area is now.
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