Hi - I am financially ready but can't pull the trigger

[OnTheBeach]

Greetings - first time posting. Due to a high paying & stressful job on Wall
Street, my assets (excluding home) are currently 40 times my annual expenses and I am 45 years old. Three children under 18. I know I can financially retire but can't seem to pull the trigger!

 

[papadad111]

Have someone pull it for you. It's kinda like skydiving / jumping out of an airplane. Some can do it and some need to be pushed out the airplane door.

 

[38Chevy454]

Welcome to the forum, and your concern is not unique. You just have to change your mindset and be confident in your numbers and future plans. Working Wall St I assume you have some financial skills, so put those to use and do some calculating. Once you have the confidence and risk factor is acceptable to you, then it becomes an emotional decision.

Any way to ease out by doing part-time or maybe a extended leave to test the retirement a bit?

 

[MBAustin]

Welcome - maybe you should just think more often how much nicer it is On The Beach (sorry, couldn't resist).

There are lots of threads here about OMY (one more year) syndrome. You have a lot of company in that many of us had trouble pulling the trigger.

Basically, if you run your numbers through Firecalc or something similar and are comfortable with the result, then it's up to you to decide whether it's worth the stress to keep working.

Most of us here will say "he11 no", but it does come down to a personal decision.

Have you read any of Ernie Zelinski's books? Very helpful to many of us.

Good luck!

 

[Lakewood90712]

Nobody can do it for you. Us retired folks can really use your services . staying in the workforce, paying FICA and Medicare tax, servicing the national debt.

On the serious side , Financial independence does not = being ready to retire.

If you need help making the decision, just visit a couple of nursing homes. thell them you are shopping for a place to put a relative in, ask for a tour. Then, think about how you want to use your remaining time. working until you are ready to be a resident ?

 

[behindthedimes]

I hope to moving into Wall Street soon and your story is what I hope to achieve for me and my family.

Take the plunge, you have worked hard to build that nest egg. As mentioned earlier you probably have the skills to build your retirement accounts.

Sent from my SM-N910V using Early Retirement Forum mobile app

 

[rodi]

As I said in a different thread... It all comes down to when you've had "enough"
"enough" money - which you seem to.
"enough!" of the job.

Another description is the 2 bucket scenario - one is a bucket of money, the other is a bucket of BS from work... As the money bucket gets full some find they're BS bucket gains capacity - meaning they have less urgency to get they heck outta there. Others find their BS bucket gets smaller... and little annoyances push them out.

We're all wired differently. How full is your BS bucket? How much is "enough" at work?

 

[wingfooted]

Sounds to me like you aren't spending enough and urgently need to develop some rather expensive hobbies.

45 is too young to retire. The world is big.

My two cents....

 

[Big_Hitter]

45 is too young to retire.

 

[Racer X]

So why do you think you can't pull the trigger? Is it because you like your job? Is it because you're not sure what you'd do during retirement? Is it because you'd miss social connections that come from work?

You've run the numbers - you're good there. So it's not financial, it's emotional. So identifying that emotional root cause will then help you begin to consider if you you want to retire, and if you decide to do so, how you'll mitigate whatever concerns you have.

 

[Whisper66]

Don't worry about it. When you are ready to pull the plug it won't be difficult. Personally at 45 you have a lot of exciting years of work left in you if you wish to take them. There's nothing wrong with working if you enjoy it. If you don't enjoy it, need to take a long hard look at what you are doing and why.

Personally I would prefer to have my kids further along in life before I retired. Would be good to know how independent (or not) they will be and what major expenses (college, marriage, illnesses) I may want to contribute to before I pull the plug on an excellent paying job. But that's just me. Everyone has their own thoughts.

 

[panacea]

[QUOTE

45 is too young to retire. The world is big.

....[/QUOTE]

The world is big... you should retire and explore while you are young and have lots of time.

 

[ulrichw]

... I know I can financially retire but can't seem to pull the trigger!

Why do you think you need to retire? There's no rule that says you have to retire when you're financially able to do so.

Sounds like the key here is your "stressful job on Wall Street." Maybe look for a different job?

You're FI, which means you can choose your occupation independent of compensation. You don't have to retire to change your situation.

A lower-paying, but less stressful job may be exactly what you need. You'll still be earning some money, so will avoid the psychological shock of seeing your balances shrink.

It sounds a little bit like you're running *from* something rather than heading *toward* something. Retirement may be purely a way to avoid job stresses to you. You should be thinking more about what activities/interests you want to pursue.

Figure out what you really want to do - whether retirement or a lower stress job - and I think you'll find it easier to pull the trigger.

 

[Derslickmeister]

40 times expenses? Yes, of course you can...

 

[Mrain240]

Well the only advice I have for you is, find another vocation before u come home to 3 kids under age 18. I don't care if you have a zillion dollars, find something else to do before u retire! You will go slap ass crazy!


Sent from my iPhone using Early Retirement Forum

 

[ShortInSeattle]

You will go slap ass crazy!

I am stealing that phrase for future use.

 

[folivier]

I had the opportunity to retire early before 55 with early buy-outs from my company. But I felt that with 2 sons still in high school that they needed to see dad go to work each morning. Now once they were in college....who cares?

 

[pb4uski]

I retired after our kids were adults (well as adult as kids get to... sometimes I wonder) but that would have been a concern for me. I think it is good that they saw their dad busy and hustling to make a buck and saving rather than kicking around at home like I do now. I'm not sure how I would have instilled those values if I was retired and they were still at home... it certainly would have been more difficult.

 

[Music Lover]

I retired after our kids were adults (well as adult as kids get to... sometimes I wonder) but that would have been a concern for me. I think it is good that they saw their dad busy and hustling to make a buck and saving rather than kicking around at home like I do now. I'm not sure how I would have instilled those values if I was retired and they were still at home... it certainly would have been more difficult.

That's one way to look at it. The other way to look at it is that the kids could have seen first hand what financial success really means when dad doesn't have to work anymore while the parents of their friends are still working.

 

[RE2Boys]

When an early retirement opportunity came up when I was 50 with a one and three year old at home, the deciding factor was that I had an opportunity to be a very active part of their growing up years. Took the retirement route and have very much enjoyed the last 15 years with no regrets at all.

That said, I guess you could say I never fully retired. Always have had part-time/seasonal jobs that could be done with minimal interference of me not being available for their activities, but they know I'm out making a buck and scheduling priorities at times. I'm always involved supporting their activities (usually as treasurer of the organization and sometimes soccer coach). They both have been earning money since age 13, either as soccer refs or at a local frozen treat store. The stash is there to cover state colleges for both

 

[Independent]

Maybe you enjoy your job too much to quit. Maybe it's the adrenaline rush, maybe the intrinsic rewards of exercising all that competence you've built up, maybe the team (do they have teams on Wall Street?), maybe the work just fits your talents.

I did a poll once on "What made you finally pull the trigger?" It wasn't FI, it was usually something bad at work - new boss, new responsibilities, or just plain boredom. Very few people said they quit jobs they liked because they thought retirement would be even more fun.

If I'm pretty sure I'm burnt out but can't quit, I'd ask for a long vacation or a no-pay leave. Give myself time away from the phone where I can do other things. Spend a couple weeks in one national park, or puttering around the house, or on a river cruise in Europe. See what looks good. "But, even asking for time off could be bad for my career!" Exactly, what's the worst they could do, fire me?

 

[ERhoosier]

FI is only one part of successful retirement. And at 45 even tho your nestegg is 40X current expenses, those expenses will likely rise with the cone of uncertainty being very large. The two biggies of health care (inc health ins premiums, OOPmax'es, etc.) and college have been rising MUCH faster than inflation.

Just posting the question suggests that you are not yet ready to quit. As Independent said, maybe the j#b is still giving you some rewards beyond the paycheck. And perhaps once you leave that door closes behind you for good. Nothing says you MUST retire when you reach FI. In fact being FI may even make your j#b more enjoyable knowing that your family's $$ future cannot be ruined by corporate 'downsizing' or office politics. But keep in mind that if you think you want to keep on for few more years, taking a special (not available to all) prolonged vacation or no-pay leave could be viewed as a big negative by colleagues or higher-ups.

Disclaimer- I failed at my 1st attempt at retirement from a hi-stress/hi pay position. After a few months I took a consulting gig, albeit with fewer hours and MUCH less stress. Actually enjoy it --- at least for now.

 

[wrl11]

I am in the exact position as you, 3 kids under 18, 40x, wall street career, about the same age. I made the transition to part time last summer to ease into it. I am the only one in the dept to do this, so it was new for the firm, but worked with my boss and HR to restructure pay and performance metrics to make it happen. If this is possible to do with your firm and job you may want to try that to ease into the transition. Spending a lot more time on my personal investments and trading actually has been a lot of fun and got me back to the passion that brought me to the industry in the first place. When I was full time I just did not have the time for that and punted to just ETFs instead of stock picking. Its been a lot of fun, plus great spending more family time.

 

[Lakewood90712]

FI is only one part of successful retirement.........................................

Disclaimer- I failed at my 1st attempt at retirement from a hi-stress/hi pay position. After a few months I took a consulting gig, albeit with fewer hours and MUCH less stress. Actually enjoy it --- at least for now.

I wouldn't call that a failure in any respect

 

[Evergreen]

Some very good points made here, I'm same as you but aged 52 and I certainly don't have the money that you have. I have enough to live the same way and go abroad 4/5 times a year. I hate my job but carry on with it to appease wife and family. I would also be retiring to a life of pleasure which makes me feel guilty. I'm used to working, part time would be a gentle progression for me even though I don't need the money.