Is early "retirement" feasible?

[daylatedollarshort]

Quote:

Originally Posted by frankromano Luckily I married well. My wife is the one who recognized that the stress is not sustainable and suggested upping our timeline.

We retired when we reached our "number". In our case our number was was DHs elevated heart rate. It is 20 points lower these days.


Enjoy your retirement or new do what you love career.

[Rianne]

Quote:

Originally Posted by daylatedollarshort I played around with that and only put in a $40K pension indexed to inflation (no savings or SS), and got a spend rate of $30K, which seems low? Or am I missing something?

I have no idea. How old are you? Date of FIRE? Plan to be 60/40 throughout RE? I used the tool to include taxes, SS depletion and to see how much fun I could have if I didn't leave a dime to anyone.

[daylatedollarshort]

Quote:

Originally Posted by Rianne I have no idea. How old are you? Date of FIRE? Plan to be 60/40 throughout RE? I used the tool to include taxes, SS depletion and to see how much fun I could have if I didn't leave a dime to anyone.

There is no 60/40 if there isn't any savings and no SS cut if no SS entered. I just used a pension as an annuity indexed to inflation as a test case for someone 65, because that is a fairly easy answer to figure out without a program or spreadsheet and the results seemed off.

[kskmfire]

I calculated like crazy for a decade before FIRE at 43 (5yrs ago) and I can say that knowing your expenses makes the change so much easier. We spend just as we planned (as we had for decades).
We can use the 0% LTCG, but choose to fill the 12% bracket with Roth IRA conversion "income." I know some people with "low incomes" in FIRE choose to optimize the ACA option, we don't.
FIRE was the best decision life goal EVER.
p.s. If you decide to work, at your asset level, that will truly be a "playcheck."

[CaliKid]

I totally agree with others that you should quit now or quickly modify things at work. However, you don't have to retire. Find another job, back down south, that is bearable. Make $75k doing something you like. You are pretty young in my opinion.

[travelover]

Quote:

Originally Posted by SumDay COBRA HC coverage through your soon-to-be-ex-employer is probably also available for 18 months. However, it can be pretty expensive, but your deductible would probably be lower........

If the OP is living on after tax dollars, he can probably look poor enough to get cheap ACA insurance, at least as long as the ACA lasts.

[hilltide]

I have nothing to add but Nice work! You have earned the right to design your life exactly the way you want! Hope to be there soon!

[SpinDoctorTX]

Quote:

Originally Posted by Rianne ... to see how much fun I could have if I didn't leave a dime to anyone.

I love it. Us too. We'll leave a house and a lot of valuable stuff- unless the last one ends up in assisted living, in which case that asset would also go away. Inheritances are nice, but I knew there would be none for me (nor for DH and there wasn't). I think it made us more fiscally responsible, which enabled both of us to retire earlier than expected.

[aaronc879]

Quote:

Originally Posted by frankromano Thanks for the comments from everyone. I tried to answer each individual post but I can't figure out how to do that on my phone. Luckily I married well. My wife is the one who recognized that the stress is not sustainable and suggested upping our timeline. I feel guilty having to move my daughter yet again but hopefully having family around could ease the transition. My wife keeps telling me that I need to figure out what I will do before I leave because I am bad at letting things go unless I have something I am moving towards. She is probably right so I am working on that. It is helpful to hear the comments for this difficult decision. I will let you know once we decide what to do. Thanks again.

Better for your daughter to change scholls before highschool starts. I would move soon if I were in your position.

[Dawg52]

Do it. You can live large on your assets in MS. And if you feel like you are too young to hang it up all together, you can do something part time. Time to relax a little.

[frankromano]

I came across this thread again almost two years after my original post. Thanks again everyone for posting and for the advice.

By way of update, besides the world being turned upside down by the virus, things have gone better than I could have imagined.

I ended up finding (actually my wife found the job for me) a job back home for about 50% of my prior pay but with about 10% of the stress. The job has its challenges but I enjoy it.

With the increase in the market, deferred compensation from my prior job and contributions from my new job, our stocks and cash are at about $4.5M. We have a house that we paid cash for and our child’s 529 is now at $125K which will cover four years at the in-state colleges.

When I read over my prior email, I remembered that feeling of stress and despair. I look back at it now and I am so glad that we walked away. Everyone in the family is happier. Once we moved and before the virus, we were able to see our family regularly and my child enjoys having family around for the first time. Even if you discount the low virus spend, it is clear that our overall spend will be even lower than we previously projected. I guess I had forgotten how low the cost of living is back home.

Thanks again.

[Mr._Graybeard]

It's great to read about outcomes like this. Thanks for posting.

[Taxman59]

When I retired, I was worried that I wouldn't have enough $$$ if the house needed unexpected work, DW needed a new car, unexpected medical exp. etc. I have had unexpected house work, 2 new (to me) trucks, a camper, several surgeries and my assets are greater than when I retired!! If you watch what you spend (not scrimp, but be aware), then you should be golden. Enjoy your new PLAYCHECK! (I love that word!).

[Dtail]

Quote:

Originally Posted by frankromano I came across this thread again almost two years after my original post. Thanks again everyone for posting and for the advice. By way of update, besides the world being turned upside down by the virus, things have gone better than I could have imagined. I ended up finding (actually my wife found the job for me) a job back home for about 50% of my prior pay but with about 10% of the stress. The job has its challenges but I enjoy it. With the increase in the market, deferred compensation from my prior job and contributions from my new job, our stocks and cash are at about $4.5M. We have a house that we paid cash for and our child’s 529 is now at $125K which will cover four years at the in-state colleges. When I read over my prior email, I remembered that feeling of stress and despair. I look back at it now and I am so glad that we walked away. Everyone in the family is happier. Once we moved and before the virus, we were able to see our family regularly and my child enjoys having family around for the first time. Even if you discount the low virus spend, it is clear that our overall spend will be even lower than we previously projected. I guess I had forgotten how low the cost of living is back home. Thanks again.

Perhaps you can think about retirement soon.