High Paying Job - Hoping to Retire in 2016

[InTheSticks]

Thanks for the update. You are about 1 year out. Hopefully, it will go quick.

 

[timemoveson]

Thank you and good luck!

This is a fascinating case study and set of responses and directly pertinent to at least some of us on this board including me. Thank you for the updates and good luck.

 

[Live And Learn]

I too appreciate the update. Always remember that the light at the end of the tunnel is NOT an oncoming train!!!

 

[StuckinCT]

Texan, I think the pension really seals it for you. It's like having an extra $4mm. I would hang it up sooner than later, an extra $1mm is not going to make much difference, but you know yourself best.

 

[Danmar]

I realize that nobody who posted is likely to remember this set of posts from a year ago, but I just thought I would provide an update in case anyone happened to be interested. I'm feeling better about sticking it out in this career until the end of 2016. My pay hasn't been cut (yet), so we've been able to save a bit more than I estimated, but of course market performance this year hasn't been great. (And market performance last year wasn't great for our portfolio due to the tilt toward small and value and the international component).

I think we are still on track to have a bit more than $8 million by the end of 2016, assuming no market meltdown between now and then. Even if there is a meltdown, I think we just make the best of it at that point, rather than even considering trying to push back retirement any further. We'll just cut back the travel or whatever else is necessary to cut back at that point.

I appreciate all the advice I got here a year ago. I'll update the group when I actually pull the plug, in case anyone still remembers this.

Best to all of you, and thanks again.

Didn't see the OP. My history is similar to yours. I ER'd in 2006 at 56 after 3 years of planning the transition with my employer. By that time I was more than ready to go but by staying that long I was able to negociate a very lucrative retirement package. Spending levels in retirement(so far just divs and pension that started at 62) are higher than prior so things have worked out remarkably well. No one would view our lifestyle as frugal.

My biggest issue was adapting to retirement. It was tough going from "100 MPH" to a more leisurely pace in retirement. Probably took me 3 years to settle down. During that period I think I was hard to be around and was generally a bit of an A-hole. (Some might think I still am). There isn't much you can do to prepare for this although I worked 4 day weeks during my last year. If you can stick it out as long as possible you will probably be happy you did, after all you are quite young. Any chance of agreeing to a transitioning out period? Many law firms want their senior guys to stick around for a while mentoring? Anyways, good luck.