50 and Ready

[Raymond]

Hi, I am new to the site and have been wondering if all I have done over the past 30 years is, or has paid off, according to what some of my fellow FIRE's think. Comments are really appreciated.

The facts. 50, single, No bills, No home(rent) as I have lived overseas for many years. Looking to work to 55, (2015) so that I will be able to get the NEW state Pool medical insurance (2014), as my employer doesnt pay medical insurance after retirement.

Currently have total retirement savings of $960,000.00 between 401K and outside investments.

Expenses are a currently 30K a year total (Everything)

I like my job, but I would like it more if I didn't.

Thanks,

Ray

 

[DallasGuy]

Sounds like you're pretty much on schedule. You could probably retire today if you wanted to since your 30k expenses are only about 3% of your total. But if you don't mind your job and your goal is to get into the state pool medical insurance, that sounds like a good plan....and you'll be able to increase your savings/investments during the next 4-5 years.

You seem to be in a very similar position to me. I'm 54, retired about a year ago, single and have $1,250,000 in investments/savings with house paid off and my expenses are about 25-30k per year (everything including income taxes and all insurance). I am not collecting a pension right now and will only collect on a small pension of $300/month when I hit 65. I figure that unless the entire economy collapses or my expenses increase alot I'm pretty much set in my retirement. FYI...I currently have an individual health insurance policy that costs me about $395 per month. I'm assuming those costs will increase each year until I hit medicare age. The big question is by how much.

 

[Raymond]

Hello Dallas Guy. Thanks for the comments they are really apprecaited. Tell me though, how was it to finally pull the trigger, or was it something that was planned well in advance. At 55 I will have 35 years with my company, so thats about all I think I need to do in life as far as a job goes. I am a log home planning freak as I plan to build one upon my retirement, or at least within the first two years once I have a set area of New Hampshire.

 

[DallasGuy]

Hello Dallas Guy. Thanks for the comments they are really apprecaited. Tell me though, how was it to finally pull the trigger, or was it something that was planned well in advance. At 55 I will have 35 years with my company, so thats about all I think I need to do in life as far as a job goes. I am a log home planning freak as I plan to build one upon my retirement, or at least within the first two years once I have a set area of New Hampshire.

Raymond, I had been a contract worker (computer programmer) for about 15 years before I retired and so had a few instances where I had been out of work for awhile (the longest was about 16 months after 9/11). So, I sort of already knew what it felt like to be semi-retired. Then about a year ago I finally got extremely burned out on my profession after having done it for about 30 years and that is what prompted me to retire and I quit my last job. I just had a hard time doing that type of work anymore due to a combination of boredom, stress, frustration and unreasonable work demands from management. If I would have liked what I was doing I probably would have worked longer. So my decision was not something I had planned out but something that just sort of happened over the last few years of working. You, on the other hand have the luxury of having a job that you like. If I was in your shoes I'd just keep working until I hit some fnancial goal or some time goal (like hitting 55, etc.). I think it's harder to retire when you like your job....others can comment on that since I didn't like my work anymore. You said you want to build a log house...you might want to build that expense into your retirement plans as well. In other words you might want to save an additional amount in order to pay off the house in cash...or at least have that additional amount in savings if you decide to take out a loan for the house.

 

[oilspill]

No point in retiring if you like your work. Conversely, no point in doing work you hate IF your financial situation affords a walkaway. Remember, the goal in life is happiness, so arrange your life to obtain it.

As for the log home, I would build it before FIRE.