Hello Forum

[Kings over Queens]

New member here. I found the forum a few months ago and love the sense of community you have here.

I made the mental decision to pull the plug in June of 2021, and when I say made the decision, it was more of an epiphany. We were a year and a few months into covid and I recall it the moment distinctly. Wife and I were sitting on the patio enjoying wine, a cigar (me, not her) and the fire pit and I just blurted out "what are we doing?" Conversation evolved from that moment.

Pre-covid I had goals and a plan to ascend high in the company, perhaps executive team level, fly the corporate jet, operate on a national level....and then poof, gone, no interest or desire. It was like the air being let out of a balloon. It took wifey some time to come to the realization I was serious and so far she's on board with it but is afraid I'll be bored. I joke with my friends "My mom said I need a new hobby, call me when you go golfing."

We're good financially with the only hurdle left to clear is a liquidity event (IPO) in the company that should take place in the next year. I'll sell shares until we get to 70 when SS and RMD's take over as the primary income source. Wife and I turn 56 this year.

The FIRE calc's return a 98% success probability and the report I had run by Merrill pretty much the same.

Looking forward to contributing to the community.

PS...I just started reading Die with Zero based on recommendations in the forum, thanks!

 

[MarieIG]

Welcome to the forum Kings over Queens. We look forward to having you here as a member and hearing more from you.

 

[pacergal]

Adding my welcome.

 

[Out-to-Lunch]

Welcome! Glad you came to your senses.

 

[Winemaker]

Wife and I were sitting on the patio enjoying wine,

You had me on that one. Welcome!

 

[disneysteve]

Welcome!

 

[Kings over Queens]

Welcome! Glad you came to your senses.

This made me chuckle. As I look back, it certainly feels like that. Great observation.

 

[Kings over Queens]

You had me on that one. Welcome!

We're big fans of 10 to 15 dollar bottles, higher proof reds.

I've never made wine, something that is interesting though. I bake bread.

 

[athena53]

Welcome- I had plans to work to 65 (because that's what "everybody" does) and when I was 61 the politics got toxic at work and I left one week after telling my husband (15 years older, already retired) one Friday that I was thinking of quitting the following Monday. Best decision I ever made, other than my long-term habit of stashing money away.

Hope the IPO is fruitful!

 

[ut2sua]

Welcome. Covid working from home had a similar effect on DW and I. A taste of FIRE in a way. When you have enough $, time is what we all need more of.

 

[Kings over Queens]

A little update a few months after my first post.

News of the company IPO hit the wires a few weeks ago, so it's getting real.

I checked my emails this morning after the long weekend (I haven't been opening emails over the weekend for a little while now) and felt little bits of my soul leave my body.

I'm ready. So ready.

The date will be decided on later in the year. Could be 12/31, but will be determined on the IPO but also how things are going with my partners as the company transitions. As much as I'm ready, I don't want to leave anyone in a lurch and since I'm going to be dependent to a large degree on the company doing well, it's in my self interest to work with them on a healthy transition plan.

 

[Katiek]

Congratulations, glad things are progressing according to plan. And with a light at the end of the tunnel, it's easier to focus on ways to help with the transition - not only for the sake of your team but also for your financial plans. Things are easier when there is a realistic time limit.

 

[Koolau]

Hang in there!

 

[The Cosmic Avenger]

If you stick to 12/31, look into whether you'll get another month's health insurance for working one day into January, that's how ours works. It makes for simpler accounting your way, though. And congrats on the progress!

 

[MarieIG]

Ahhhh, the light at the end of the tunnel. Stay true to your well thought out plan - and congratulations on your progress!

 

[Kings over Queens]

Little update.

I (we) have a very strong relationship with our CPA, who is a dear friend since 1986.

A couple of weeks ago, after looking at numbers (and finding 3 years of expenses sitting in cash in one of my life insurance policies) I considered that 12/31 might actually be real, like, realistic, without the IPO, and hinted that to my wife.

"If Peter says is OK, it's ok with me."

We met with Peter today and I laid out the strategy. You'd think I was asking for his daughters hand in marriage. He gave his blessing on the financial side but is worried that I'll get bored.

Well, you couldn't wipe the **** eating grin off my face as we drove home, to the point she looked at me and grinned and said "OK enough already." "I'm not going to have to deal with that grin with your home all time too am I?"

Stuff just got real.

Waiting to see what the next few months bring and will make a decision then. It's hard to fathom I could literally do it now.

 

[2017ish]

Excellent! We left at 57 & 56 (after giving 2 years notice), and have never looked back. Although we loved our work and our patients/clients, it is amazing to be focused on only our personal travel, goals, and desires....

 

[Koolau]

Little update.

I (we) have a very strong relationship with our CPA, who is a dear friend since 1986.

A couple of weeks ago, after looking at numbers (and finding 3 years of expenses sitting in cash in one of my life insurance policies) I considered that 12/31 might actually be real, like, realistic, without the IPO, and hinted that to my wife.

"If Peter says is OK, it's ok with me."

We met with Peter today and I laid out the strategy. You'd think I was asking for his daughters hand in marriage. He gave his blessing on the financial side but is worried that I'll get bored.

Well, you couldn't wipe the **** eating grin off my face as we drove home, to the point she looked at me and grinned and said "OK enough already." "I'm not going to have to deal with that grin with your home all time too am I?"

Stuff just got real.

Waiting to see what the next few months bring and will make a decision then. It's hard to fathom I could literally do it now.

Come on in, the water's fine!

 

[MarieIG]

Excellent news!

 

[Kings over Queens]

Come on in, the water's fine!

I feel like what I imagine a pilot feels like flying in the dark and relying 100% on his instruments.

It's a little un-nerving.

I've run the numbers a million times using firecalc and other programs. Even simple math. [total liquid net work / annual expense budget = 40 + years]

Still, I'm...I don't know how to describe how I'm feeling. You know the saying, "be careful what you wish for, you might get it." It's like that.

 

[aja8888]

I feel like what I imagine a pilot feels like flying in the dark and relying 100% on his instruments.

It's a little un-nerving.

I've run the numbers a million times using firecalc and other programs. Even simple math. [total liquid net work / annual expense budget = 40 + years]

Still, I'm...I don't know how to describe how I'm feeling. You know the saying, "be careful what you wish for, you might get it." It's like that.

You will be fine. Now get out of the house everyday and do something you like to do!

 

[Koolau]

I feel like what I imagine a pilot feels like flying in the dark and relying 100% on his instruments.

It's a little un-nerving.

I've run the numbers a million times using firecalc and other programs. Even simple math. [total liquid net work / annual expense budget = 40 + years]

Still, I'm...I don't know how to describe how I'm feeling. You know the saying, "be careful what you wish for, you might get it." It's like that.

I think you're feeling what a lot of people feel when trying to pull the trigger. What helped me the most was to imagine "back ups" to my plan. "What ifs" if you will.



Suppose SS takes a 25% haircut - what will I do??


Suppose taxes revert in 2026 - what will I do??


Suppose inflation roars - what will I do??


I literally had a list of such things and answered every one of them to my own satisfaction.



I also had "high level" back ups. (Primary was returning from a HCOL area to a LCOL area if TSHTF.)



With a quiver full of back-ups, you can probably sleep better at night as you anticipate pulling the FIRE trigger. Good luck.

 

[Kings over Queens]

Update.

I'm still targeting Q1 2024, for 2 reasons. The first being the anticipated announcement of our public offering. The second, so I can have the option to go on Cobra for health insurance.

Yesterday I received our corporate wide 2024 benefits guide. Without getting too deep in the weeds, I'm on a different plan held by the business unit I work under. Slowly the company is rolling all employees into the corporate plan.

Get this, going on the corporate plan will save me over $13,000 in health insurance contributions, assuming I say as an employee. No idea what the total cost will be on cobra, but my contribution if I were to give it one more year, would be the equivalent of a $13,000 raise.

Not sure how I feel about that. I'd be lying if it didn't tempt me to stick around. I'd feel dirty about it, no doubt.

Anyway, thanks for reading and the support as I get closer to FIRE.

 

[EastWest Gal]

I stuck around on an off for 5 years before finally pulling the plug for good. Five years of OMY syndrome. Mainly due to fears of not being able to get or afford health insurance. Cobra can be expensive-you're paying your share and the company's share and it only lasts 18 months anyway. Start checking out your state's ACA exchange.

Everyone eventually sticks around for money and/or ego, unless they truly enjoy the work. Remember, time > money.

 

[Cassius King]

Remember, you're only there because you want to be. Is $13k worth the youngest years you have remaining?

Your post earlier when meeting with your CPA made my heart smile. Best of luck to you!