Hi everyone,
In recent months I have considered the possibility of an ER. With the passing of my stepfather, MIL, and FIL within the past two years, I began to realize that life is short. My mom is our only living parent, and her health at 68 is not very good.
It also doesn't help that I am starting to experience the symptoms of burn-out and apathy in the workplace after almost 26 years in the aerospace industry. Being moved from task to task, which is occurring for most of my fellow workers, doesn't promote a sense of stability and accomplishment.
I'm 49 and my wife is 55 (56 late this year). We have one child who is 15, so there is the issue of getting her through high school and college. We currently have 550K in our 401Ks/IRAs, 1000K in MM/savings to be invested, and a house worth 1200K with an outstanding mortgage balance of 395K (high cost of living in Silicon Valley, CA). We are currently adding $24K per year into our 401Ks, which includes the match.
I've run the numbers and it seems like we could retire now, but the education costs of our child and our medical costs has me concerned. I would also sacrifice a lot of my pension, limited as it is, by not working to 55 (my wife has no pension). If I leave the company now, the pension is worth 7.5K per year at 55. Leaving at 55, the pension would be worth 27K+ per year. If I am laid off on or after 53, the pension would be worth 22.5K+.
By staying to 55 (53 if laid off), we would be eligible for my company's retiree medical plan, which would cover up to $800 per month of the premiums for my wife and I. It is very difficult to walk away from that.
In browsing the forum the past several days, I noticed a lot of retirees in their late 30's and early 40's. It would seem that most would have little to no pension and/or medical plan from the company(s) they worked for.
Michael
In recent months I have considered the possibility of an ER. With the passing of my stepfather, MIL, and FIL within the past two years, I began to realize that life is short. My mom is our only living parent, and her health at 68 is not very good.
It also doesn't help that I am starting to experience the symptoms of burn-out and apathy in the workplace after almost 26 years in the aerospace industry. Being moved from task to task, which is occurring for most of my fellow workers, doesn't promote a sense of stability and accomplishment.
I'm 49 and my wife is 55 (56 late this year). We have one child who is 15, so there is the issue of getting her through high school and college. We currently have 550K in our 401Ks/IRAs, 1000K in MM/savings to be invested, and a house worth 1200K with an outstanding mortgage balance of 395K (high cost of living in Silicon Valley, CA). We are currently adding $24K per year into our 401Ks, which includes the match.
I've run the numbers and it seems like we could retire now, but the education costs of our child and our medical costs has me concerned. I would also sacrifice a lot of my pension, limited as it is, by not working to 55 (my wife has no pension). If I leave the company now, the pension is worth 7.5K per year at 55. Leaving at 55, the pension would be worth 27K+ per year. If I am laid off on or after 53, the pension would be worth 22.5K+.
By staying to 55 (53 if laid off), we would be eligible for my company's retiree medical plan, which would cover up to $800 per month of the premiums for my wife and I. It is very difficult to walk away from that.
In browsing the forum the past several days, I noticed a lot of retirees in their late 30's and early 40's. It would seem that most would have little to no pension and/or medical plan from the company(s) they worked for.
Michael