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Free at 50? The To-Do List Begins.
Old 05-12-2021, 08:17 PM   #1
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Free at 50? The To-Do List Begins.

Hi all. I am a new member who is considering retiring at 50 -- a year from now. I am posting in the hopes that by putting this out into the world, I will begin to do the work required to make that thought a reality. I don't know our annual expenses definitively (I have one year tracked, but not two.) I know nothing about building Roth pipelines or other withdrawal strategies and the associated taxes. Haven't yet answered all the other questions in https://www.early-retirement.org/for...ire-69999.html . I haven't determined how I'm going to ensure I feel useful/how I'll spend my time after the initial "wow" time. In other words, I've got some things I need to do.

I have saved aggressively since my first job. I have over $2M in retirement accounts and index funds. DW has that, plus some. No debts, and house is paid off. No kids. I believe that conceptually we have more than enough because the reality is we need very little beyond our health, our family's health, and ways to contribute to society to have a satisfying life. I worry already that there may not be much time left with parents, that the longer I wait the less physically I will be able to do (and there's lots I still want to do), etc. But I similarly worry about how I will take care of myself long-term given that I have no kids (I know kids aren't a guarantee for those who have them, either), and I am considerably younger than DW so could end up being the Lone Ranger later in life. Watching cousins struggle with caring for aging parents makes me think more about how there may be no one 'there' for me down the line, so assets may determine my long-term care.

So there it is. In black and white. I may be gainfully unemployed in a year. If I get myself ready....
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Old 05-12-2021, 10:23 PM   #2
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I have over $2M in retirement accounts and index funds. DW has that, plus some. No debts, and house is paid off. No kids.
Between the two of you you have >$4 million invested? Yes, if either of you continues to work it should be because you enjoy doing that work instead of anything else.
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Old 05-13-2021, 09:35 PM   #3
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Congrats on your financial preparation. Do you have something to "retire to"? Hobbies, friends, travel, projects, etc.? I FIRED about two months ago, and find the time flying by. I get about half of the productivity in my house projects that I expected. And that's okay, as there's always another day. I long to return to travel, and to the summer's diving!

I wouldn't count on family taking care of you in your old age...there's no guarantee anyone would have the health, time, or means. If this is important to you, just be sure to save enough to cover LTC costs. There are some nice facilities like Lantern Crest that have varying levels of care, from no care (independent living, own apartment, own garage, still driving), to assisted living (apartment, parking garage, bus service, meal service, home cleaning), to memory care and long term care. But before you go there...take a visit while you're still healthy. I spent several days in a Lantern Crest facility in San Diego visiting a friend who had mid-stage dementia. As nice as it was, with a theater, events, game room, pool, work out rooms, bar, restaurant, etc., I still wouldn't want to live there.
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Old 05-13-2021, 10:10 PM   #4
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Welcome! You'll find a lot of your answers on this board. There is a lot of wisdom here. Although you haven't tracked 2 years of spending, the discipline that both you and your wife have shown in saving for retirement says you're on the right track. Bravo.
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Old 05-16-2021, 01:46 PM   #5
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Congrats! We are in very similar shape to you...but about 60% of your NW lol. DW no longer does ANY wo*k, but I call mine "rehirement"...I started at 52 when I left Megacorp and went to a career I could phase out of slowly...did that for 6 years...and only put in 18-20 hours/week the final 2 years. Now I'm self-employed as a handyman but limit myself to 200 hours/year...and only basic/easy jobs...like installing ceiling fans and trim carpentry on minor remodels. I enjoy doing that type of thing, and I have a group of about 10 customers that keep calling me back because they like my work...and I only charge about $45/hour. I call that my hobby money and spend it on fun things and charity...we definitely don't need it for our normal living expenses.

In response to your thoughts about kids, we don't have any either. We do talk about how we will manage as we get much older or if one passes, but don't dwell on it too much. We have discussed options but in the end it all depends on how things play out...how your health is, who passes first, and so on...so all you can do is have several "decision trees" lined up and plan to be flexible when something happens. For us the hardest thing is that we don't have any close relatives that we REALLY trust...for example if we need someone to manage our finances later. All the people we trust are about our age...need to find someone about 25-30 years younger. Can always hire a professional, although that's not our first choice.

I stay PLENTY busy with handyman work, rental property management, woodworking, craft beer tasting, musclecar stuff, and travel...so much fun!

Hopefully you have some fun hobbies and volunteer things you can get into!
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Old 05-18-2021, 08:37 PM   #6
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Originally Posted by HI Bill View Post
Congrats on your financial preparation. Do you have something to "retire to"? Hobbies, friends, travel, projects, etc.? I FIRED about two months ago, and find the time flying by. I get about half of the productivity in my house projects that I expected. And that's okay, as there's always another day. I long to return to travel, and to the summer's diving!

I wouldn't count on family taking care of you in your old age...there's no guarantee anyone would have the health, time, or means. If this is important to you, just be sure to save enough to cover LTC costs. There are some nice facilities like Lantern Crest that have varying levels of care, from no care (independent living, own apartment, own garage, still driving), to assisted living (apartment, parking garage, bus service, meal service, home cleaning), to memory care and long term care. But before you go there...take a visit while you're still healthy. I spent several days in a Lantern Crest facility in San Diego visiting a friend who had mid-stage dementia. As nice as it was, with a theater, events, game room, pool, work out rooms, bar, restaurant, etc., I still wouldn't want to live there.


HI Bill, thank you for your response and this advice. Congrats to you that your post-retirement time sounds like it is going so well! It’s great that you are getting house projects done. It’s helpful to think about visiting some continuing care options, so I appreciate that suggestion. I suspect that I may need to do this more than once over time, as my feelings about them now may change as time passes. I am learning from family that things people were “sure about” for their future just a few years ago, they no longer want now that they are in greater decline. Seems easiest to just not think about it ... except we all gotta figure out how to pay for whatever happens down the road if we are lucky enough to make it that far.

Much appreciate you taking the time to respond.
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Old 05-18-2021, 08:38 PM   #7
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Welcome! You'll find a lot of your answers on this board. There is a lot of wisdom here. Although you haven't tracked 2 years of spending, the discipline that both you and your wife have shown in saving for retirement says you're on the right track. Bravo.


Cayman, thank you! I’ll get that tracking system dialed in looking backward and moving forward and we will see how it all looks!
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Old 05-18-2021, 08:39 PM   #8
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Between the two of you you have >$4 million invested? Yes, if either of you continues to work it should be because you enjoy doing that work instead of anything else.


Thank you for the affirmation SevenUp!
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Old 05-18-2021, 08:48 PM   #9
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Originally Posted by Finance Dave View Post
Congrats! We are in very similar shape to you...but about 60% of your NW lol. DW no longer does ANY wo*k, but I call mine "rehirement"...I started at 52 when I left Megacorp and went to a career I could phase out of slowly...did that for 6 years...and only put in 18-20 hours/week the final 2 years. Now I'm self-employed as a handyman but limit myself to 200 hours/year...and only basic/easy jobs...like installing ceiling fans and trim carpentry on minor remodels. I enjoy doing that type of thing, and I have a group of about 10 customers that keep calling me back because they like my work...and I only charge about $45/hour. I call that my hobby money and spend it on fun things and charity...we definitely don't need it for our normal living expenses.

In response to your thoughts about kids, we don't have any either. We do talk about how we will manage as we get much older or if one passes, but don't dwell on it too much. We have discussed options but in the end it all depends on how things play out...how your health is, who passes first, and so on...so all you can do is have several "decision trees" lined up and plan to be flexible when something happens. For us the hardest thing is that we don't have any close relatives that we REALLY trust...for example if we need someone to manage our finances later. All the people we trust are about our age...need to find someone about 25-30 years younger. Can always hire a professional, although that's not our first choice.

I stay PLENTY busy with handyman work, rental property management, woodworking, craft beer tasting, musclecar stuff, and travel...so much fun!

Hopefully you have some fun hobbies and volunteer things you can get into!

Rehirement — I love this! Brilliant. Your current rehirement sounds like my kind of fun — some good fun hands-on projects that leave satisfaction in a job done and helping someone else. I need to brush up in my handyman skills to follow suit!

As for the decision trees: This is a great idea. And finding people who are much younger and have them be ready to administer things. Like you and yours, the people we trust most are those who are about our age. We will give more serious thought to who in the younger crowd might be suitable and trustworthy in helping direct decisions should/ when that is needed. Thank you!
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Old 05-18-2021, 09:00 PM   #10
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The both of you have done very well. You should be able to retire comfortably and welcome to ER
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Old 05-20-2021, 07:57 AM   #11
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You should be in good shape. I don't know what your spending is, but I turn 50 in a month and basically a 3.5% withdrawal starts to look safe at 50 with taxes, and I am guessing you will be below 3%?

I am still working and plan to work until 55. My wife is 10 years younger and we are both in good health, plus I have young kids.

If I were in your shoes and total spend with healthcare taxes is under $120k, I would say go for it. Also, you can buy LTC insurance, but you can also self insure, may build some extra savings into the equation for that down the road...
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Old 05-20-2021, 08:03 AM   #12
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..... I get about half of the productivity in my house projects that I expected. And that's okay, as there's always another day. .....

4+ years FIRE'd, I find that too. I get about half of what I think I was going to get done on most days. But there is never a day that I do nothing. Nor am I ever bored. I spend as much time as I like drinking coffee and reading online, hiking, or just tinkering. And even the things I like to do the most, I don't want to do hours a day.
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Old 05-20-2021, 08:21 AM   #13
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4+ years FIRE'd, I find that too. I get about half of what I think I was going to get done on most days. But there is never a day that I do nothing. Nor am I ever bored. I spend as much time as I like drinking coffee and reading online, hiking, or just tinkering. And even the things I like to do the most, I don't want to do hours a day.
I’m glad to hear I’m not alone. That’s about the perfect multiplier for me as well. But it is so nice to be getting those projects that have been on the back burner done! And if it doesn’t get done today, tomorrow works too. So much nicer than that panicked feeling of running out of time on a Sunday evening and knowing it’s going to be a week before you can get back to it.
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Old 05-20-2021, 08:38 PM   #14
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You should be in good shape. I don't know what your spending is, but I turn 50 in a month and basically a 3.5% withdrawal starts to look safe at 50 with taxes, and I am guessing you will be below 3%?



I am still working and plan to work until 55. My wife is 10 years younger and we are both in good health, plus I have young kids.



If I were in your shoes and total spend with healthcare taxes is under $120k, I would say go for it. Also, you can buy LTC insurance, but you can also self insure, may build some extra savings into the equation for that down the road...


StuckinCT, thanks. Not 100% certain (yet) of the current annual spend, but have a rough idea and believe that without long-term care insurance we are well under that figure without taxes. So I think that’s also on the to-do list is to better understand the tax choices and strategy. Congrats to you on being 5 years out!
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Old 01-15-2022, 04:11 PM   #15
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It’s done — I told my boss it’s time for me to move on to the next thing in my life, and therefore time for us to create a transition plan. I’m at a MegaOrg, not a MegaCorp, and there is a big difference culturally based on other posts I’ve read here. (Definitely no risk I’m leaving a bonus on the table. [emoji23]) No date agreed upon, but that will happen next month. Probably early summer, and will offer to help with transition on a part-time my-needs-met-first basis, if it’s needed at all.

It’s a wild feeling — immediately I felt lighter, more engaged at work since the time which remains is finite — I can definitely give it my all for a few more months. And also already I felt less needed, like when I walk out, it will take very little time (a day or two?) before I won’t be missed. Both feelings are good signs for me.

I am very appreciative to those of you who’ve reminded us all that the year we are living now (in many cases, but not all) is the healthiest year we have remaining on this earth. I also appreciate those who have affirmed that if either DW or I continue working, it should be because there’s no other place we’d rather be spending our time.

I’m a little concerned that I’ll not find clarity soon enough on how to spend my time in ways I find meaningful. So I also appreciate the repeated message to others to take a detox period, and then think about that. Seems like an easier off-ramp that way.

Stay tuned…. I can only hope that my wind down and ER launch is as great as many of yours!
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Old 03-17-2022, 08:36 PM   #16
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Have had some positive days at work lately and this week got some spectacular news that made me super hopeful and energized in my job. I have had days of doubt about whether leaving is the right thing. I do get enormous satisfaction out of my job when it’s going well. And this week’s news signals things will go much better in the months to come. And yet….

I haven’t committed to a final day yet, and still I’m thinking I may work part-time to ease out rather than go cold turkey. If the pay/ benefits are good enough, and if remote work will be permitted. Maybe there’s a way to still have a bit of fun at work, and flexibility to live more outside of work.

Change is hard!
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Old 04-15-2022, 08:09 PM   #17
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Now it’s getting serious. I’ve zeroed in on my end date this summer, and 25% of my remaining work time needs to go toward PTO or I lose it. I’ll submit my letter of resignation this coming week. Then tell my team the week following. Then I expect to share with the rest of the organization thereafter. A ton of work to get done before I’m out of there full time (I will offer my time hourly to help the team transition.)

I know this is the right path, but still it’s hard since I love what I do. I’m excited that I’ve already lined up a two week vacation with my mom, a two week vacation with my dad and step-mother, and a week with DW and my in-laws. Already that’s double the normal amount of vacation time I’d typically get with the parents, and that’s one of my goals, to have more time with them. Also dreaming up outdoor adventures to go on!

Still some nerves around the money which is sort of silly, I guess, but it really is a shift to think about no paycheck coming in.

It helps to know you’re all out here to be a sounding board!
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Old 04-15-2022, 11:02 PM   #18
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Hope everything will be going well with you.
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Old 04-16-2022, 05:04 AM   #19
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Healthy - Congrats! Setting the date is the toughest part. Enjoy your trips with your family.

What kind of outdoor adventures are you dreaming about?

You'll see "what are you retiring to?" a lot here. Something for you to ponder, but don't let it consume you. It's ok to go into retirement without a purpose.

Enjoy!
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Old 04-17-2022, 07:59 PM   #20
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Healthy - Congrats! Setting the date is the toughest part. Enjoy your trips with your family.

What kind of outdoor adventures are you dreaming about?

You'll see "what are you retiring to?" a lot here. Something for you to ponder, but don't let it consume you. It's ok to go into retirement without a purpose.

Enjoy!


Ronstar, thanks for the support! Yes, determining the end date was much harder than I’d envisioned. Even though I know it’s not The End as I intend to work part-time for a bit, psychologically it’s helpful to have that marker clear.

Outdoor adventures: I would love to get back to things I used to do in my 20s, and either decide I really like my creature comforts too much, or that indeed I’d like to get some backpacking trips in remote areas in while I’m in my early 50s. And even if I don’t end up pursuing more than a handful of those, I would like to hike a bunch — maybe all the peaks in the Adirondacks or White Mountains. Again, get out and use my body while I can to be in nature which I love.

Beyond that and spending more time with family, I haven’t yet figured out what I’m retiring ‘to.’ I have some thoughts on volunteer work I’d like to learn more about and possibly pursue at some point (American Red Cross disaster assistance; guardian ad litem; trail maintenance; financial literacy…) but I have a lot of exploring to do. I’m a bit worried that I will lose myself a bit as I make the transition, but I think if I identify a few goals to work towards (like mountains to hike), that will help me make the transition and then I can explore a bit more. It’s been so long since I’ve actually asked myself what I’m interested in outside of work….
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