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You helped me make the decision to be FIRE'd.
02-25-2014, 03:53 PM
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#1
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Thinks s/he gets paid by the post
Join Date: Feb 2014
Location: South central PA
Posts: 3,469
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You helped me make the decision to be FIRE'd.
Hi, I've been lurking for 1-2 weeks but the forums here helped me decide to make the move. I am a 54 year old MD who has been in 5 different positions since finishing my training and only one came close to fulfilling my personal as well as professional goals, but it only lasted about 3 years. That position gave me the most time off, of course! Have invested extensively since 1993, before student loans were paid off, and acquired an inheritance 4 years ago, so between the two, DH and I are already FI. Just turned in my letter to our medical director--will go half time in a few months so the can hire a replacement, then done 6 months later. I credit all of you who seem so happy and helpful to one another for helping me decide that now is the time. Especially love the OMY syndrome threads.
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Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
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02-25-2014, 03:58 PM
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#2
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Thinks s/he gets paid by the post
Join Date: Jul 2009
Location: North Scottsdale
Posts: 1,545
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Congrats Doc! Welcome to the best club out there.
__________________
FIRE'D in July 2009 at 51...Never look back!
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02-25-2014, 05:07 PM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2007
Posts: 14,328
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Congratulations.
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02-25-2014, 05:13 PM
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#4
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Thinks s/he gets paid by the post
Join Date: Feb 2010
Location: Cavalier
Posts: 2,317
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Congrats and welcome aboard
__________________
"Don't take life so serious, son. It ain't nohow permanent." Pogo Possum (Walt Kelly)
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02-25-2014, 05:17 PM
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#5
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Full time employment: Posting here.
Join Date: Jan 2008
Posts: 757
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Congratulations and best of luck. Nice to add to the roster.
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02-25-2014, 05:19 PM
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#6
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Recycles dryer sheets
Join Date: Jan 2014
Posts: 277
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What are you nuts? Get back to work
Sent from my HTC One using Early Retirement Forum mobile app
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02-25-2014, 05:50 PM
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#7
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Recycles dryer sheets
Join Date: Jun 2011
Posts: 185
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Welcome EastWest Gal and big congratulations. Similar line of work at age 50...hope to be where you are in 4 years. Please tell us more.
__________________
This is no social crisis, just another tricky day for you...
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02-25-2014, 07:18 PM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2011
Location: West of the Mississippi
Posts: 17,173
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Welcome.
__________________
Comparison is the thief of joy
The worst decisions are usually made in times of anger and impatience.
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02-25-2014, 11:36 PM
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#9
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Thinks s/he gets paid by the post
Join Date: Sep 2013
Location: Cincinnati, OH
Posts: 4,354
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Congratulations on the start of your retirement!
__________________
The problem isn't artificial intelligence, it's natural stupidity.
You can't spend yourself to prosperity.
Semi-Retired 7/1/16: working part-time (60%) for now [4/24/17 changed to 80%]
Retired Aug 2, 2017; age 53
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02-26-2014, 04:55 AM
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#10
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Thinks s/he gets paid by the post
Join Date: Sep 2010
Location: midwestern city
Posts: 4,061
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Well done. I wish I could say the same about my own FIRE.
__________________
Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
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02-26-2014, 05:29 AM
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#11
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Thinks s/he gets paid by the post
Join Date: May 2011
Location: South Eastern USA
Posts: 1,068
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Woo-Hoo! Congratulations!
__________________
All that glitters is not gold. -G. Chaucer, W. Shakespeare
All that is gold does not glitter. -J.R.R. Tolkien
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02-26-2014, 06:10 AM
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#12
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Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 25,302
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Congratulations!. Now you'll have time to read all the posts in the What did you do today? thread.
__________________
When I was a kid I wanted to be older. This is not what I expected.
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02-26-2014, 06:46 AM
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#13
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,586
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Quote:
Originally Posted by Walt34
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And add some of your own...
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02-26-2014, 10:27 AM
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#14
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Recycles dryer sheets
Join Date: Jul 2013
Location: Villa Grande
Posts: 275
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Congratulations and welcome. This forum helped me come to terms with my decision to ER last July, so I was similarly grateful for the folks here.
I have to chuckle when I recall a moment at work last year. I was reading this forum and a younger colleague with whom I worked a lot walked into my office and noticed the "Early Retirement" website open on my computer. His jaw dropped open. He was flabbergasted at how I could possibly be contemplating, educating myself, about this move. I've thought about his reaction many times.
What we are doing is counter-cultural, even radical. It sure helps to have the support of this Forum.
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02-26-2014, 11:13 AM
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#15
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Recycles dryer sheets
Join Date: Jun 2010
Location: Sac suburb
Posts: 437
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Quote:
Originally Posted by TimSF
What we are doing is counter-cultural, even radical. It sure helps to have the support of this Forum.
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LOL, I feel like such a rebel.
Wekkom to our world.
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03-05-2014, 08:50 AM
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#16
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Thinks s/he gets paid by the post
Join Date: Feb 2014
Location: South central PA
Posts: 3,469
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I want to share some numbers and also have a question about FireCALC:
First the question--when you donate to FireCalc, is that how you get access to advanced features? It's not clear what you get by donating. I plan to donate but just curious what you get when you do.
Now, the numbers.
I'm 54, husband 55. DH a self-employed musician and stayed at home completely when our son was little. A few thousand a year income at most. Net worth: $3.6M. I have $250K in current 401K, $420K in IRA from previous 401Ks. $130K in treasuries (short term now, just a safe place to hold it), $78K in an inherited IRA (I have to take distributions already), $2.1M in taxable investment accounts, balanced, index funds through DFA and also cash enough for about 1 yr expenses. House ($310K) paid for, car and van paid for, will need a new van in about 5 years. Will need to do COBRA when I go half time then find health insurance, also for our son until he finds work after college. He graduates in 2015. His 529 plan will be depleted next semester, estimated out of pocket expenses for him to finish school about $25K. I estimate my expenditures this year to be $100K (excluded paying off the house from the treasury account) and next year about $70K including health insurance, long term care insurance, timeshare maintenance fees. Plus whatever for fun and travel.
Going 1/2 time in the fall ($70K/yr) but will lose benefits and will need to do COBRA then find another plan. Passive income about $40K from dividends and farm property. Tiny pension kicks in in 2024 ($6000/yr) and will take SS at age 67, about $22000/yr. Basic FireCALC says I'm at 100% chance of success. And we started a Roth IRA for our son last year as a way of gifting now to avoid estate taxes later. My inheritance helped me retire early and I would love for my son to experience the same freedom without waiting for me and DH to die.
Do you see any holes in the plan?
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03-05-2014, 09:46 AM
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#17
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Thinks s/he gets paid by the post
Join Date: Mar 2013
Location: Southern California
Posts: 3,995
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It would seem that your assets should be more than sufficient if you work part time. Between your $70K PT salary and your passive income it just about covers your expenses. How many years of continued part time work are you modeling in Firecalc?
Have you tried running the investigate tab to see what expense level allows for 100% past historical success? I would try running different scenarios regarding the number of years in your plan, and a variety of different portfolio allocations just to see how things vary.
It's always good to know what SWR percentage gives you 100% success level in Firecalc. If it's around 4%, that might be a bit less conservative than some members would be comfortable with. If it's closer to 3%, I don't think anyone here would hesitate to move forward.
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03-05-2014, 09:52 AM
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#18
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Thinks s/he gets paid by the post
Join Date: Feb 2011
Posts: 1,796
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Seems like you've planned out finances well-enough to weather the future (barring the 'asteroid strike' as they say on the forum ). Only "holes" in your ER plan might be personal/psychological issues. Like you & DH adjusting to having MUCH more together time, finding meaningful things to do after initial ER euphoria wears off, adjusting to yourself as "EastWest Gal" rather than "Dr Gal", etc. Since the other position you found fulfilling included more time off, the other "hole" in your plan might be that you enjoy half-time so much you want to keep doing that for a few years. Which is fine, too. Always great to have viable options.
Congrats!
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03-07-2014, 11:21 AM
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#19
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Thinks s/he gets paid by the post
Join Date: Feb 2014
Location: South central PA
Posts: 3,469
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Don't know where else to post this...
This is the only site I've ever seen where people post their honest financial numbers and get advice. Kudos to all of you knowledgeable "been there done that" folks who share their perspective on how to get off the wheel in the hamster cage of the work environment. In our offline lives we are much more secretive.
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03-07-2014, 11:42 AM
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#20
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Moderator
Join Date: Feb 2010
Location: Flyover country
Posts: 25,199
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Quote:
Originally Posted by EastWest Gal
In our offline lives we are much more secretive.
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Please don't be lulled into a false sense of security; we should all be somewhat circumspect as to what details we let out even here.
Just as an example, I doubt if there are more than a very few members here who know that I'm ... [ERROR: POSTING TRUNCATED DUE TO INDISCRETION.]
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