Howdy, New guy looking for the next thing

[Mykle57]

Hey Folks, New member. Happy to meet you all. Not really a question. More of an introduction.

Newly retired. Actually, it's been a few months now, I'm still have trouble saying that 'r' word. Fwiw, my retirement date was picked for me (laid-off at 59.4 y. o.). I guess that'd be considered early.

My story: In pretty good shape financially. House paid for, no debt and lived below my means most of my life, in relatively good health. Was planning to work until 62; to finance some updates to the house and maybe a new(er) car. So much for planning!

Not really looking to go back to work again, but, if a terrific job in a perfect location came up, I'd still grab for it. Worked in tech; software engineer. Recruiters still call and if it's nearby I interview, but, tech companies seem age-adverse these days.

Consolidated a couple small pension accounts with my employer-based 401k's to the company where I've had my (taxed) savings and brokerage accounts. Just so it's all in one place; easier for me to manage. Ran the financial tool and got 100%. At a conservative 3% draw-down rate I can meet my needs (but, maybe not my wants). While the balance looks like a big number, the finality of that number still frightens me. e.g., That's it. That's all I got. And there's no time to get any more.

In my 30's, thought of a retirement with images of traveling, hobbies and exploring new interests. However, now that I'm here and have lots of free time, I'm seemingly frozen with concern I'll outliving my savings. How did do you get past this?

So far I've painted a couple rooms in my house, cleaned out the basement and almost got to the bottom of my 'honey do' list. Looking for something new.

It's getting warmer up here, almost time to take the old cars out of storage. They're always a lot of fun.

Mike

[Big_Hitter]

what kind of cars?

[Mykle57]

Some air-cooled Porsches

[Big_Hitter]

nice - I need to take my 95 firehawk out

[Mdlerth]

Quote:

Originally Posted by Mykle57 Newly retired. Actually, it's been a few months now, I'm still have trouble saying that 'r' word. Fwiw, my retirement date was picked for me (laid-off at 59.4 y. o.)... ...At a conservative 3% draw-down rate I can meet my needs (but, maybe not my wants). While the balance looks like a big number, the finality of that number still frightens me. e.g., That's it. That's all I got. And there's no time to get any more.

Welcome. If you've lurked at all, you've noticed that there any numbers of people on this forum who likewise did not select their own retirement dates. A lot of them in hindsight bless the day they were downsized. I have a TMY glide path, but since my megacorp is about to conclude a merger, I suspect there is 50-50 chance that some executive chooses my exit date for me. If it happens, I will embrace it.

Regarding your topic of concern, consider that at a 3% WR, there's a significant probability that your big number will get still bigger in the long run, maybe a LOT bigger. You will undoubtedly find lots of spirited discussions here about WRs, what's safe and what's not. But at age 59, I'd say getting handed the mitten is like hitting the lottery.

Enjoy the big R, and I look forward to reading your posts in the future.

[tfudtuckerpucker]

Fellow techie (ex-techie?) here. I left (ur, was literally told I needed to find "age appropriate" work somewhere else, lol), after decades as an imperial worker. Indeed, there is age bias out there, but if you have skills that are in demand, you'll likely find another position, if you want, especially in software. Some of my former imperial worker friends are back working as contractors, some are regular employees, and some (like me) are having too much fun not wearing that helmet. As always, it's who you know (or who knows you) that really helps.

[Nodak]

Welcome - nice cars.

[brucethebroker]

Welcome. Similar situation to mine-recession got me and I kinda backed into RE.

As far as worries re: running out of money. What helped us was to chart future "game changer" events we could count on. My SS (early). Then My Medicare (saved $300+ a month), then DW SS (early), etc. It became a waiting game (wait to remodel the kitchen until SS starts). Meanwhile, we lived frugally and tried not to sweat it.

You might also find some PT w*ork eventually, to help protect your savings. Something you enjoy, that does not impose upon your time too much.

Good luck.

[marko]

Going from putting money away to taking it out is a toughy for most folks. After 30+ years of saving, suddenly you're not only NOT saving, you're spending.

But that's the whole point of why you were saving in the first place, wasn't it?

As noted above and will be noted below, you should run some retirement calculators (FireCalc on this site is how I found this site), and run several of them. It should give you some comfort on how much you can safely spend and how to not run out of money.

[DrRoy]

Quote:

Originally Posted by Mykle57 In my 30's, thought of a retirement with images of traveling, hobbies and exploring new interests. However, now that I'm here and have lots of free time, I'm seemingly frozen with concern I'll outliving my savings. How did do you get past this?

With a 3% WR and presumably some stocks in the AA you really should feel pretty comforted, not anxious. You are better off than 90+% of the people out there.

Quote:

Going from putting money away to taking it out is a toughy for most folks. After 30+ years of saving, suddenly you're not only NOT saving, you're spending. But that's the whole point of why you were saving in the first place, wasn't it? As noted above and will be noted below, you should run some retirement calculators (FireCalc on this site is how I found this site), and run several of them. It should give you some comfort on how much you can safely spend and how to not run out of money.

It is a change from the frame of mind that most of us have had for much/all of our adult lives. I RE in a month, and I am feeling it too. However, I am also plunging ahead with plans to spend it pretty freely, still within my WR. I think we will both get used to it soon enough.

[marko]

Quote:

Originally Posted by DrRoy It is a change from the frame of mind that most of us have had for much/all of our adult lives. I RE in a month, and I am feeling it too. However, I am also plunging ahead with plans to spend it pretty freely, still within my WR. I think we will both get used to it soon enough.

One thing that worked for me was to set up a weekly (Thursday night) transfer from a holding account to my checking.

It essentially created a weekly "payday" to replace my regular Friday pay check. So, whether I need it or not, $X goes to checking.

I ended up not thinking of it as a withdrawal but as my 'pay' for the week.