Please talk me out of continuing to work!

[kcowan]

If you are anything like my wife, you may miss the buzz of daily work life. OTOH, continuing to work just for the buzz will lead you to be working when you die. So best to deal with the transition as soon as you can.

Fill the void of daily work by planning to take three trips each year. You can afford it. Stop outsourcing things you had no time for. Do the things you enjoy yourselves. And dip into that list of things you always wanted to do but never had the time for.

My Dad worked until 65 then spent three months comforting Mom until she died of breast cancer. He lived for 30 years - alone. Enjoy life while you still are young enough to press the limits.

I retired at 60. But I had less than half of what you have. So I became a DIY investor. We spend $120k per year (and declining) but so far have grown our capital base by 15% after living expenses. So we can live forever and still leave an estate with any luck.

Get at at! There is plenty to do...

[spideyrdpd]

You could be a mini Buffet and work and give it all to charity

I wonder how it works though . How long does it take to do one case? If its more than a day, can you start and then stop and come back when you want or are you on a deadline. If I could come in after rush hour and leave before rush hour and I didnt hate the work. I might work a day or two a month, but I wouldnt get caught up with getting a big month.

[tangomonster]

Thanks for all the replies. I will go through with this, but my employers are still trying to convince me to stay. Yet another talk on Monday to look forward to, to discuss all my "options." Sort of flattering---but it's not really me they want to keep---just all the revenue I was bringing in.

And yup, I know the SWR would give me $160,000---but is that just for a 30 year period? What if someone's lifespan goes to 90+? (I sometimes wonder and even wince when I read obits of the 100+ folks. Possibly they were able to survive through family help. We don't have any kids or other relatives to help---it's all up to us). Since we never earned more than $80,000 combined and saved a good chunk of that each year living below our means, it should be doable. But it's still scary---we're starting out at 52 paying health insurance premiums of $12,000 a year. If it goes up 15% a year, we'll be paying $60,000 a year and more---before Medicare kicks in!

Spidey, it takes ten to fifteen hours to complete an evaluation. The actual testing takes about three. But there can be an hour or so scheduling and getting the needed tests. Then three to five hours writing up the report and doing research. Then an hour to do the staffing weeks later (this is a one-hour meeting). Commuting can take an hour each way and I have to go to a location twice (once to test, once for the meeting). So even the $500 per eval would be more than I made as a salaried employee getting $47,000 to do as many evals as possible, it just breaks down to about $30 an hour---not that much considering no benefits, price of gas, and my time! In fact, writing this, I'm more convinced than ever I need to just stop!!!

Today I was allowed to take a day off to think about my resignation and whether I would be willing to stay on. (I can't wait until everyday is a day off and I don't have to ask for permission!). We got up at 7, read the paper, had breakfast at 9, went for a walk in the park, went to the library, went grocery shopping. Spent the afternoon reading, napping, playing on line. It was wonderful! I can see where living this way is so much more about enjoying life, not just enduring it.

I do admire all of you who RE making much higher salaries than we did. It's got to be harder to give it up. (For years, our investment income has exceeded our salaries). Guess this is one (actually, the only) advantage of a low salary.

Aside from the low salary, I've endured some not so appealing working conditions for almost 30 years----
getting up at 5 a.m., commuting an hour each way, working through lunch and multiple extra hours, dealing with the stress of a human service trying to help people with some pretty significant issues, and coping with all that goes with not very well run nonprofit agencies. Time to say goobye to all this!

And Snowbird, I do have a life (didn't the expression "get a life" go out of fashion several years ago, especially for those over 14 years old?). It may not be a life you'd want to live.
Admittedly many people would find it dull. But it's my life and just as valid as yours. And it's going to be a terrific life once I retire. But part of my life has been to think and worry about finances---if I hadn't been doing this for years, we would never have saved and invested to be able to do this at age 52 with no pensions and paying health care costs ourselves!

[73ss454]

Tango,

Run firecalc for more years and see what happens. I can't imagine that you guys would have to worry about running out of money.

We never know what the future brings but you seem to be in great shape. With no kids you don't have any future expenses like weddings or schooling.

I can only say that I wish I had your problem.

Good luck.

[Rich_by_the_Bay]

Tango,

A 4% SWR should last you forever. Besides, you surely can live on less than 160k per year even if the sky is falling.

Shed chicken little.

[jdw_fire]

Quote:

Originally Posted by tangomonster And yup, I know the SWR would give me $160,000---but is that just for a 30 year period?* What if someone's lifespan goes to 90+?* (I sometimes wonder and even wince when I read obits of the 100+ folks.* Possibly they were able to survive through family help.* We don't have any kids or other relatives to help---it's all up to us).* Since we never earned more than $80,000 combined and saved a good chunk of that each year living below our means, it should be doable.*

FIRECalc says for a 50 yr plan $4M at a 50/50 stock/FI split w/ no SS, $126,406 (a 3.16% WD rate) had a 100% success rate. $137,832 (a 3.45% WD rate) had a 95% success rate.

[tryan]

With 4 mil you could drop to 3% or even 2% ( ) withdrawl and still have a whole lot more than the 60K you'ld be SELLING YOUR TIME FOR.

Stick to your guns ... don't leave this decision to THEM.

[spideyrdpd]

Hi Tango
SInce you put it that way .I would say what I have been dying to say since I got this job.

"take this job and shove it"
Is it mature ... err yeah

I would start planning other fun things to do instead .

[tangomonster]

Thanks for the replies. Rich, you're absolutely right about shedding Chicken Little. It's going to take some effort after a lifetime of tormenting myself with what-ifs and worst possible scenarios. It will be so nice to live the second half (or however long I have) of my life without worying about the sky falling! Although, if you knew some of the stuff that's happened to me and DH, you would agree that we do have a black cloud hovering over us. (For example---since you're a physician, you'll understand this. DH had testicular cancer at the age of 40---on the tail end of when most people get it, then a few years later, develops atrial fib earlier than most people---and to top it off, has neurofibromatosis.)

Jdw, thanks for taking the time to run the FireCalc. That does set my mind at ease.

Even my husband, who doesn't much like bulletin boards, commented that the people on this board are so nice and supportive. Seems to be a self-selecting group who are drawn to the really good things in life that aren't trite, unnecessary material possessions. There is definitely more of a sense of humanity and joie de vivre on this board than I've encountered in the work world....

[Rich_by_the_Bay]

Quote:

Originally Posted by tangomonster Although, if you knew some of the stuff that's happened to me and DH, you would agree that we do have a black cloud hovering over us. (For example---since you're a physician, you'll understand this. DH had testicular cancer at the age of 40---on the tail end of when most people get it, then a few years later, develops atrial fib earlier than most people---and to top it off, has neurofibromatosis.)

Loud and clear (I work in a major cancer center).

Truly, all the more reason to move to the next chapter. You appreciate the preciousness of health and life better than most, and will enjoy your independence that much more.

Make the decision that feels right, but you don't need to make it on a financial basis. Good luck.

[astromeria]

My husband wants to ER sooner than he planned due in part to my health--not knowing how long I'll be able to travel, etc. Tango, you're doing the right thing, and I'm sure your hubby appreciates it.

=astro, hoping we can get a taxi to the Borghese Gallery since there's a transit strike in Rome today, and I'm not capable of walking that far in one fell swoop

[spideyrdpd]

So did we talk you out of it ?
If I had yer $$$ I would of told my bosses adios today . Came close to doing it anyway