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Old 02-14-2016, 02:37 PM   #21
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Some people need an "assist" to get over to the "other side". Some years ago, my coworker (57 at the time) was planning to work until 62. Along came a downsizing, and he was "picked". He got a year's severance, and unemployment, so that really boosted him up to 58+. We exchange emails every once in a while, and he is quite happy he was tossed out the door. He even thanked the manager that fired him for giving him that push (he left on good terms, no hard feelings).
He says he has been pleasantly surprised by how little he actually needs to spend in retirement. He is always cautioning me "Don't wait to long"....
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Old 02-15-2016, 06:59 AM   #22
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Choosing a time is really hard, and once you get into OMY mode it it really hard to stop. There will always be a correction on the horizon, a collapse on the way. In my view you just have to focus on your expenses and when you have a decent safety margin, pull the trigger.

If the market does correct, budget till it recovers, but if you wait there will never be a "perfect" time.
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Old 02-15-2016, 09:28 AM   #23
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Originally Posted by Hangingitup View Post
Kid is out of medical school and making his own salary now, wife is heathy ( knock on wood), megacorp not on the rise, 32-34x expenses saved, and still haven't pulled the trigger. Sheesh.
The day I graduated from medical school, my Dad submitted his resignation letter. He had been planning for years and couldn't wait to ER. He enjoyed a wonderful decade before ill health set in. What are you waiting for?
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Old 02-15-2016, 12:28 PM   #24
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Originally Posted by Meadbh View Post
The day I graduated from medical school, my Dad submitted his resignation letter. He had been planning for years and couldn't wait to ER. He enjoyed a wonderful decade before ill health set in. What are you waiting for?
Wow he worked until you graduated! I suppose you were one of his major projects. Could he have retired sooner and had 20 years?
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Old 02-15-2016, 12:40 PM   #25
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I know this is a good advice, but how much is enough?

In my case, I have 26X. I like to keep 10% for future large purchase, kids' graduate school, and DD's wedding. That reduced to 23X. So, we are still going with me 60, DW 54 1/2 this year.
So your DW is good until age 77 plus any net returns on your portfolio? Or do you have pensions too?
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Old 02-15-2016, 01:06 PM   #26
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Wow he worked until you graduated! I suppose you were one of his major projects. Could he have retired sooner and had 20 years?
He did have 20 years, but had several health problems in his second decade. He could have retired a couple of years before he did, but he had a better COLA pension (with survivor benefits) by waiting 2 X OMY.
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Old 02-17-2016, 07:14 AM   #27
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Great post. It would be interesting to learn how others set a path toward being FIRED (what used to be called "wealthy") at a very young age. The OP mentioned experiencing bad management in a grocery store. For me, it was stumbling across a table showing the power of compound interest as a teenager in a real estate book my mother picked up, which set the stage for learning to invest in stocks. A friend and I later had college jobs at a golf course where our manager was an unbelievable imbecile, yet completely blind to it and yet arrogant. That part time job set my friend on a path to avoiding bosses and entrepreneurism, which he succeeded wildly at. One never knows what little thing makes the difference between the rare saver/investor and most others who seem unconcerned to think ahead toward FIREing.


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Old 02-20-2016, 12:32 PM   #28
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Great post. It would be interesting to learn how others set a path toward being FIRED (what used to be called "wealthy") at a very young age. The OP mentioned experiencing bad management in a grocery store. For me, it was stumbling across a table showing the power of compound interest as a teenager in a real estate book my mother picked up, which set the stage for learning to invest in stocks. A friend and I later had college jobs at a golf course where our manager was an unbelievable imbecile, yet completely blind to it and yet arrogant. That part time job set my friend on a path to avoiding bosses and entrepreneurism, which he succeeded wildly at. One never knows what little thing makes the difference between the rare saver/investor and most others who seem unconcerned to think ahead toward FIREing.
For me, I finally landed my dream job as a Research and Development engineer. Within the first 5 years, I realized that mini-Mega was going to outsource and offshore us all eventually. Fortunately, we had a 401K plan, so I saved as much as I could and learned to invest. A few years later, I almost doubled my savings rate so that I could ER in my 50's. The BS had built up to a terrible level. My engineering friends at other very different gigs were just as unhappy or even more unhappy than me, so ER seemed like the only out. I FIRED at 46.

Honestly, I loved my job, but the political BS took a bigger toll as I crept up thorough the working ranks and was being dragged into management. I knew I had to find a way out of the rat race. It seemed like forever, but I'm grateful I managed to exit even ahead of my most ambitious plans.

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Old 02-20-2016, 01:53 PM   #29
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Kid is out of medical school and making his own salary now, wife is heathy ( knock on wood), megacorp not on the rise, 32-34x expenses saved, and still haven't pulled the trigger. Sheesh. ...
Your heirs may appreciate your sacrifices for their benefit.... or maybe not.
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Old 02-20-2016, 02:30 PM   #30
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I love reading these OMY threads. I am hoping they will help me work through why I am in OMM land myself.

I have listed 3/1/16 as my retire date on the Class of 2016 thread, but I haven't given a notice yet. I am thinking maybe 7/5/16 now to get through our fiscal year. That would make me eligible for the bonus.
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Old 02-20-2016, 03:03 PM   #31
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But do you have to stay longer than July to get the bonus? My employer had a June 30 year end but bonuses were not paid until September. If you left before bonuses were announced then you were shortchanged.
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Old 02-21-2016, 04:59 AM   #32
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I talked with someone that retired last year at that time. He said he got a bonus. I don't know if it was as high as it would have been, but he did get something. Now I need to decide if it would really be worth it.
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Old 02-21-2016, 03:40 PM   #33
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Your heirs may appreciate your sacrifices for their benefit.... or maybe not.

Good point. But so far so good. Says he is very thankful to not have the enormous student loans his colleagues have. Especially given the low pay a resident physician makes.


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Old 02-21-2016, 03:46 PM   #34
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Originally Posted by Meadbh View Post
The day I graduated from medical school, my Dad submitted his resignation letter. He had been planning for years and couldn't wait to ER. He enjoyed a wonderful decade before ill health set in. What are you waiting for?

Honestly,, not 100% sure. I guess the market tanking didn't help, leaving the vesting stock options which we could use for needed home repairs, and not being sure about the differences in health care given wife's recent illnesses, might have made me think more towards end of this ear, beginning of next. Hmmm, guess that's OMY.


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Old 02-21-2016, 05:50 PM   #35
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For years on this forum I'd read statements like yours and admonish the poster to face the fact we are all going to die, most of us far sooner than we hope. I gave that up after realizing far too many need a wake up call from their own serious illness or the death of someone close to them before they get it.
Right! And then you can get canned er layed off. Even then the mental shift between my ears took awhile in spite of the numbers aka my retirement resources.

heh heh heh - looking back the mental gyrations your mind goes through are ? interesting/amusing. This is after 22 years of ER mind you. What was I thinking comes to mind.
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Old 02-23-2016, 05:46 PM   #36
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You can retire anytime you want. Sure, you'll get that anxiety attack that you have lost your work identity. But you are not your work. You'll probably get that anxiety attack of lost identity for a few months, then ... you'll get over it and start enjoying life outside of work.

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Some people need an "assist" to get over to the "other side". Some years ago, my coworker (57 at the time) was planning to work until 62. Along came a downsizing, and he was "picked". He got a year's severance, and unemployment, so that really boosted him up to 58+. We exchange emails every once in a while, and he is quite happy he was tossed out the door. He even thanked the manager that fired him for giving him that push (he left on good terms, no hard feelings).
He says he has been pleasantly surprised by how little he actually needs to spend in retirement. He is always cautioning me "Don't wait to long"....
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