Scared.....have the money but afraid to leap

[NoOneGetsIt]

Where to start...we have saved and lived frugslly to retire by 50. We have 2m and own our house...how do you get the nerve to leap with the economy like it is? Fears include....what will healthcare cost? What will happen with taxes? Will the government ever raid our savings? Will the government force me to convert my savings into some sort of annuity?

 

[aja8888]

Where to start...we have saved and lived frugslly to retire by 50. We have 2m and own our house...how do you get the nerve to leap with the economy like it is? Fears include....what will healthcare cost? What will happen with taxes? Will the government ever raid our savings? Will the government force me to convert my savings into some sort of annuity?

Welcome aboard...

How in the world did you save that much money and pay off a house worrying so much?

Most of what you are worrying about you have no control over, so retire for goodness sakes.

 

[REWahoo]

Let me help:

Will your health fail before you can retire?
Will you die the day after you finally work up the nerve to quit work?
Will an asteroid...

OK, enough help from me.

Check out this thread, plus do a search on "one more year".

 

[travelover]

Here is something else to worry about. What if you or your spouse's health goes south (or dies) and you never get to retire?

We all know someone like that, too.

 

[NoOneGetsIt]

I know i KNOW! Damn just need to leap! My mom died at 57 when i was just 23.. That is when i decided to save to reitre early...thank you to all...i am going to love this forum!

 

[gerrym51]

Where to start...we have saved and lived frugslly to retire by 50. We have 2m and own our house...how do you get the nerve to leap with the economy like it is? Fears include....what will healthcare cost? What will happen with taxes? Will the government ever raid our savings? Will the government force me to convert my savings into some sort of annuity?

i would be more worried about being able to buy medical insurance. since it will be guaranteed issue just budget accordingly for it and retire.

 

[Sarah S]

I worried about the healthcare and tax issues too. My financial advisor asked me how much I needed to live on told me how much more I could spend per year (double that amount) and said " do you really think taxes and healthcare will cost more than that?" I decided to retire a few weeks after that conversation!
Life is really too short and if you have some family history as you do and I do as well ask yourself if this is really how you want to spend the rest of your life.
Good luck

 

[sengsational]

Where to start...we have saved and lived frugslly to retire by 50. We have 2m and own our house...how do you get the nerve to leap with the economy like it is? Fears include....what will healthcare cost? What will happen with taxes? Will the government ever raid our savings? Will the government force me to convert my savings into some sort of annuity?

Figure out what your "burn rate" is for your lifestyle and plug it into FIREcalc. If you're ok there, but still feel uncomfortable with your finances, you might find a fee-only planner (but RUN from anyone who want's to sell you anything on commission).

Then, with the finance question put to bed, you want to get excited about the life ahead of you. You might consider reading "The Joy of Not Working". I just read it, and it revved me up enough to set a date. I especially liked the "get a life tree" excercise.

--Dale--

 

[ERhoosier]

Life is all about uncertainties. No guarantees. IMHO- In the pursuit of an important goal, all any of us can do is analyze our personal situation, formulate a reasonable plan based upon the best available data, then execute that plan.
You might look at your total living expenses (inc HI & deductibles, svg for major home/auto repairs, etc.) vs a conservative annual sustained withdrawal rate (SWR) of perhaps 3% of your investment nest egg. If that comparo looks favorable, then your goal of ER is within reach for whenever you choose to grab it.

 

[NoOneGetsIt]

With seek out that book!
Hubby just looked and that guy has several book at our library..ordered them all up!

 

[jclarksnakes]

Among your list of fears I see none that can be effected much by working more. The bigger and to me much more credible fear is that you keep working till you die and never get to enjoy retirement.

 

[obgyn65]

Many here, including myself, can afford to FIRE now but are afraid to make the jump. I guess we will need to make the jump at some point and enjoy life without worrying too much about macro economics. Welcome to the forum.

Where to start...we have saved and lived frugslly to retire by 50. We have 2m and own our house...how do you get the nerve to leap with the economy like it is? Fears include....what will healthcare cost? What will happen with taxes? Will the government ever raid our savings? Will the government force me to convert my savings into some sort of annuity?

 

[ChainsBeGone]

Let me help:

Will your health fail before you can retire?
Will you die the day after you finally work up the nerve to quit work?
Will an asteroid...

OK, enough help from me.

Check out this thread, plus do a search on "one more year".

A dear friend of our family retired at age 65, and died the next day. None of us know how many tomorrows we have left. There's always a reason to wait one more year, but at some point, we run out of years.

 

[NoOneGetsIt]

Ok the last one hit home...died right after retiring....gunna read the Joy Of Not Working and will set things in motion...need to find our retirement spot and cut the cord! A good paying job is like and addiction that needs to be broken if you are FI. Thanks to all...i hope to learn more at your feet over the next few months!

 

[comicbookgujy]

I know a few co-workers died from heart attack or cancer within 1 year of retirement.

I have known WAY too many that died ON THE JOB in their 40's and 50's and never retired.

With the amount you have saved, you are more likely to died on the job than outlive your spending(unless you're spending $100k a year!).

Do you still enjoy your job and is your job a reflection of your life? IF so, keep working. Otherwise, time to leave and enjoy life.

 

[NoOneGetsIt]

Our spending will be in the 30-38k range. Certainly don't want to die before we take the leap....am going to set a date

 

[RAE]

Life is all about uncertainties. No guarantees. IMHO- In the pursuit of an important goal, all any of us can do is analyze our personal situation, formulate a reasonable plan based upon the best available data, then execute that plan.

+1. You can worry yourself sick about any number of things, but the advice provided above is worth heeding. As others have said, health is an important consideration also, and your good health won't last forever. Consider yourself fortunate that you can retire at a relatively early age and in good health.........that is priceless.

 

[Midpack]

A dear friend of our family retired at age 65, and died the next day. None of us know how many tomorrows we have left. There's always a reason to wait one more year, but at some point, we run out of years.

Ok the last one hit home...died right after retiring....gunna read the Joy Of Not Working and will set things in motion...need to find our retirement spot and cut the cord! A good paying job is like and addiction that needs to be broken if you are FI. Thanks to all...i hope to learn more at your feet over the next few months!

I wish I knew why this "possibility" comes up so often WRT deciding to retire, it really doesn't make much sense. The odds of running out of years at age 65 or any age are well documented. There are lots of good reasons to retire, but exceptional examples are not likely good reasons.

By that logic you probably shouldn't cross the street or especially drive your car again either among all the many ways our lives can be cut short...

The 32,367 traffic fatalities in 2011 were the lowest in 62 years (1949). Equal to a fatality every 16 minutes.

Pedestrian-vehicle crashes are a major problem in the United States. In 2003, the National Highway Traffic Safety Administration reported that approximately 4,700 pedestrians were killed and another 70,000 injured due to pedestrian-vehicle crashes. 1 On average, a pedestrian is killed in a traffic collision every 113 minutes and injured every eight minutes. 2 Although only 8.6 percent of all trips are made on foot, 11.4 percent of all traffic deaths are pedestrians

 

[John Galt III]

Are you sure you will like being retired? You sound like you are panicking. If you like your job, why not stay there a bit longer until you are sure you will like retirement. Not everyone likes retirement after they try it. Will they let you return to work once you quit? If you are addicted to your high paying job maybe its because you like it..... which is OK.

 

[NoOneGetsIt]

Great question...but YES i will love retirement! I want to live where i can have a BIG garden, growing most of our food (we don't eat meat and dairy) and jump in the car and be at a lake within a half hour...don't have either right now just a good job...no life. Good prompt tho!

 

[citrine]

You will be more than OK in retirement....just do it! I am semi-retired and there is no way in heck I would work full time again! Life is too short to keep working!

 

[DeborahB]

When I was 50 I had a lot more energy. I had also had cancer, and had had many friends die of that same cancer (people I met through an internet support group initially). I've now had even more crap happen to me that has wrecked my health in certain ways.

I gave notice 2 weeks after a close friend dropped dead at 67 but I was planning to retire around then anyhow. However, that death shocked me to the core.

You don't know what your health will be like but I'm sure it will be improved by being able to take it easy and garden and so on! But most importantly, retire while you still have the energy to take advantage of all that spare time and don't put off stuff you want to do. You will be amazed at how busy you can be if you want to, and how full your life can be in retirement.

The only activity-oriented advice I can give you is to try living on less money and make sure you won't miss the treats a lot of spending can provide. But don't wait too long Also read a lot of posts on this forum. They are really supportive of this kind of move.

I'm thrilled to be retired and doing a lot of traveling now while I have some energy for it. I never thought my health would be so compromised but it was. Go have fun.

 

[heeyy_joe]

Nice job saving all that dough...now again please...why did you save it?

Order and read the book DIE BROKE. Then you will know itis OK to retire.

 

[Milton]

Our spending will be in the 30-38k range.

$2 million liquid investments is more than enough to cover that level of after-tax spending. So you certainly appear to have sufficient capital to afford retirement, if you otherwise feel ready (I share John Galt's perception that you sound like you are panicking: probably just the very terse nature of your posts, though).

You might want to add the following title to your reading list: Dale Carnegie,How to Stop Worrying and Start Living. It is a bit dated but still contains some good advice.

 

[NoOneGetsIt]

Thank you all so much!

Ok three books to read...DIE BROKE, the JOY OF NOT WORKING and HOW TO STOP WORRYIN AND START LIVING.

Am loving reading...any others?