Help me get over my ER anxiety!

[Red Badger]

Quote:

Originally Posted by CoolRich59 Leave yesterday. Sooner if possible. Good luck to you both. Enjoy!

++++1. Leave in 2016 if you can!

In 2014, it looked like we were set for FI. I continued to OMY mostly because it was the shroud I was used to. Late 2016, my DW had some (prior) health issues that scared us. That got me thinking about heading for the exits. When a guy four cubes over died at his desk, I took that as the last hint that God was gonna give me. I put my notice in that week.

We start every day with a breakfast prayer that begins with thanks for that day, whatever it may hold.

[RunningBum]

The future will always be uncertain. Continuing to work doesn't even guarantee your future. We've all faced it, and most of us were able to let go. How many more years are you going to put yourself through this?


Stock market crash shouldn't be that big of an issue. Just ride it out until it rebounds. Even if it doesn't come back you have a big buffer. How much lower can interest rates go?


The healthcare concern is legit. You should qualify for a subsidy, but those may not last. If you have to pull full fare on these rates, it's going to hurt, but you can still afford it. The bigger concern is if we go back to the pre-ACA days as your wife may not qualify. I don't put the odds of returning to that very high but who knows. Can you go part-time and keep your health insurance at work?

[Breedlove]

What are you waiting for

[Hermit]

Quote:

Originally Posted by cbslc ... I guess healthcare and future uncertainty (market crashes, interest rates going lower) are what are really slowing down my decision. Assuring I can keep 30 years of solid income is keeping from taking the plunge.

Have you run FireCalc? That will give you a good idea of how your investments would have fared in the historic cycles of the markets. It does not guarantee what will happen in the future, but should give you a warm and fuzzy when comparing the performance of your stash in those prior times. You need to put a stake in the ground on how much you think you will spend while in retirement. The better your spending estimate, the better the Firecalc results. You can also run FireCalc with different spending (say, double your best guess) and see how things look. If you are still 95% successful, you should feel very confident to retire.

[Bryan Barnfellow]

Picture this: it's a Tuesday, 2:00 in the afternoon. I'm on the couch reading and my wife snuggles up next to me, just because she can...at 2 pm on a Tuesday. We are both so happy about that. That's an example of what our retirement funds are paying for. Each day you wait is one more that you won't get back from your company. Ever.

Do it now!!! You have done the hard work. Claim your reward.

-BB

[Texas Proud]

Quote:

Originally Posted by cbslc Its easy, no kids - so no college $$. Cheap house (380K), cheap car (2016 CX5 16k) mean only 3k in taxes/insurance. Cheap vacations - we mostly drive, camp and hike. Cheap eats - I cook most meals from scratch and base what we eat on what is on sale. Health Insurance is number one on my list of problems and not included in my $15k. I definitely want more time with loved ones. Working from home does assist in that endeavor. I guess healthcare and future uncertainty (market crashes, interest rates going lower) are what are really slowing down my decision. Assuring I can keep 30 years of solid income is keeping from taking the plunge.

I have a nice house, but it is only worth $270K (it is cheap down here)... taxes are over $4K and insurance is about the same (maybe not so cheap)...

[TimeMeasure]

Quote:

Originally Posted by cbslc My wife retired last year - she was hit by a drunk driver while biking and has some memory issues, that make work not fun, and I figured we didn't need her income. So should I stay or should I go?

My sympathies on your wife’s situation, and for you in trying to help her.

If you’d like to look at the thought process of someone in a similar situation, take a look at my original post in this forum. There are some similarities between our situations. I received similar advice to what you’ve received so far: If the calculations indicate that you have a high probability of success, then swing for the fences and do what is best for you and your wife. Although I haven’t pulled the final trigger yet, I’ve made arrangements to go part time, with the understanding that that will very likely lead to early retirement early next year.

The one thing you might want to take a deeper look at is the actual analysis of your financial situation. You seem to have marshaled all the facts about your assets, but there seem to be some discrepancies - e.g. you mentioned yearly expenses of $15k, which seems unrealistically low, but then I believe in another post you mentioned $40k. It can’t be both, and the details matter. You also mentioned that you were not sure how to get a health care estimate since you didn’t know what your income would be - understandable, but it’s important to make at least some estimate rather than leaving it to the side. Even a worst-case estimate is better than nothing.

So, realistically estimating all expenses, and then doing the analysis (whether using FIREcalc, a spreadsheet, or the back of a napkin) to assess how likely your assets will be to cover those expenses for a reasonable timeframe, seems to be key. You’re getting responses here indicating that you’re likely good to go, and there is a lot of friendly wisdom in this group, but it’s good to supplement that with your own detailed analysis.

Best of luck to both you and your wife. It sounds like a difficult and unexpected situation - but you have the good fortune to have some options for how to deal with that situation.

[exnavynuke]

Quote:

Originally Posted by cbslc 15k is the average over the past 9 years. I have added some lumpy type expenses - new car, roof... So I do figure we need about $40k. Healthcare is something I cannot wrap my head around. To get a quote (assuming the ACA is still around), i need to now my income, which I really don't know!

With your current assets, you can afford to withdraw/spend $99,050/year at a 3.5% withdraw rate (quite conservative). Being that is almost 2.5x what you plan to spend (including one time items etc), I can see absolutely no financial reason for you to continue working. You're more than set for life already.

[Music Lover]

Quote:

Originally Posted by Texas Proud My health insurance is over $15K per year before credit... My costs of DS in college is more than $15K per year.. My cost of vacations is more than $15K per year.... (DW spends way too much) My property tax + house insurance + car insurance is more than $15K per year... Heck, my grocery bill is close to $10K per year... and this does not include eating out.... I do not see how someone can live on $15K a year without living in poverty....

Well, to be fair, what you spend would look ridiculous to many people. No offense meant...

I eat extremely well on $3000 a year, including eating out.

My property taxes, house and auto insurance are $4000 a year.

I could easily get by on $20k a year with no sacrifices at all.

[SAtoUS]

You are crazy to still work mate... Life is short and you only have one. Go on a long trip with your wife. Leave work now, don't even finish the day

[Texas Proud]

Quote:

Originally Posted by Music Lover Well, to be fair, what you spend would look ridiculous to many people. No offense meant... I eat extremely well on $3000 a year, including eating out. My property taxes, house and auto insurance are $4000 a year. I could easily get by on $20k a year with no sacrifices at all.

Are you single? I could get by much cheaper when single...

I had a cheaper house, fewer cars and fewer mouths to feed...

A son on auto insurance more than doubles the cost... DW buys fresh food all the time.. we have very little from the inside aisles, so that is expensive....

Yes, I think what I pay is ridiculous, but with a number of these expenses it requires a life change to do which DW is not willing to do...

[GravitySucks]

Quote:

Originally Posted by Hermit +1 I had a wife. She passed away very suddenly before I retired. It sure would have been nice to have had some time with her in retirement. You only get one chance in life, so I say make the most of it. .

+3

At close to $3M plus the annuity you have no chance of going broke even if you double up your discretionary spending at your spend rate.

At least consider a sabbatical. Your IT skills won't be that irrelevant in one year.

[ExFlyBoy5]

Quote:

Originally Posted by Texas Proud My health insurance is over $15K per year before credit... My costs of DS in college is more than $15K per year.. My cost of vacations is more than $15K per year.... (DW spends way too much) My property tax + house insurance + car insurance is more than $15K per year... Heck, my grocery bill is close to $10K per year... and this does not include eating out.... I do not see how someone can live on $15K a year without living in poverty....

Because people are different in how they spend...as an example, our expenses are...

Quote:

My costs of DS in college is more than $15K per year..we have no kids, so this is 0. My cost of vacations is more than $15K per year.... (DW spends way too much). We take between 3 and 4 nice trips a year, this year, we spent less than 6K. My property tax + house insurance + car insurance is more than $15K per year...all in (including an umbrella policy) is more than $4K per year. Heck, my grocery bill is close to $10K per year... and this does not include eating out......our groceries (and other sundries from Costco) is more than $7K per year.

As a matter of fact, our "all in" spending this year will be around $19K (or 26K with the trips and eating out added in) and we don't want for much of anything.

This month, I have been retired for 3 years. It has been, by far, the fastest time has gone by, and the BEST TIME OF MY LIFE. So...DO IT!!! There doesn't seem to be a good reason to NOT do so!

[Elbata]

I understand. Holding someone's hand and helping them is part of what the ER community and this forum is all about.

[mod edit] how much hand-holding do you need? Come on man, grow some GD balls.

(To Forum Watchdogs: Please don't ban me from posting. I'll go back to my regularly scheduled PC comments.)

[MichaelB]

Just because it’s not against forum rules does not mean it is in good taste.

[travelover]

Quote:

Originally Posted by MichaelB Just because it’s not against forum rules does not mean it is in good taste.

+1

[Oma_here]

Will you be able to get the needed health insurance for your wife if the ACA does not survive and pre-existing conditions come roaring back?

[candrew]

Quote:

Originally Posted by ExFlyBoy5 This month, I have been retired for 3 years. It has been, by far, the fastest time has gone by, and the BEST TIME OF MY LIFE. So...DO IT!!!

+1

It has been 12 months for DW since our ER and the time has passed for us at a blurring rate. No one should w*rk a minute longer than they absolutely have to or want to. Get while the gettin' is good!!

[CaliKid]

I am impressed by your spending. That's amazing. If I spent that far below by means I would get out today. Good luck to you!

[ivanl3]

$15k/yr. you mean per month, right?