And I Fired Five Years Early ...

[KingOfTheCheapos]

A refresher. I joined a few months ago with the intention of retiring in 5 years at 55.

Situation was lots of assets: $2M in After Tax Accounts, $2M in Before-Task Accounts, $1M+ in primary and rental properties all paid off. But current pension was $24K per year and if I waited 5 years it would jump to $60K per year and my medical coverage would be 100% not 70%.

But low and behold, got called in on Friday and told they are offering early retirement incentives. Retire now and I get five years service credit hence get the $60K a year pension. A quick back of the envelope shows I lose out on $300K x 5 = $1.5M salary but get $300K in pension so net loss is $1200K but I already have enough saved up. But I didn't have extra time and now I do!

Thanks to all and I'm out of here!

 

[Flyfish1]

Congrats!

 

[NgineER]

A refresher. I joined a few months ago with the intention of retiring in 5 years at 55.

Situation was lots of assets: $2M in After Tax Accounts, $2M in Before-Task Accounts, $1M+ in primary and rental properties all paid off. But current pension was $24K per year and if I waited 5 years it would jump to $60K per year and my medical coverage would be 100% not 70%.

But low and behold, got called in on Friday and told they are offering early retirement incentives. Retire now and I get five years service credit hence get the $60K a year pension. A quick back of the envelope shows I lose out on $300K x 5 = $1.5M salary but get $300K in pension so net loss is $1200K but I already have enough saved up. But I didn't have extra time and now I do!

Thanks to all and I'm out of here!

Congratulations! Nice surprise! Don't worry about the loss of earned income since you have a plush nest egg, time>>money

 

[stepford]

When the universe says jump, it's time to jump.

Enjoy.

 

[cooch96]

Huzzah!

 

[chris2008]

Luck is what happens to the well prepared!

 

[Letj]

A refresher. I joined a few months ago with the intention of retiring in 5 years at 55.



Situation was lots of assets: $2M in After Tax Accounts, $2M in Before-Task Accounts, $1M+ in primary and rental properties all paid off. But current pension was $24K per year and if I waited 5 years it would jump to $60K per year and my medical coverage would be 100% not 70%.



But low and behold, got called in on Friday and told they are offering early retirement incentives. Retire now and I get five years service credit hence get the $60K a year pension. A quick back of the envelope shows I lose out on $300K x 5 = $1.5M salary but get $300K in pension so net loss is $1200K but I already have enough saved up. But I didn't have extra time and now I do!



Thanks to all and I'm out of here!

Good call. The “lost” income is irrelevant if you look at it from a quality of life perspective. Unless you drop dead on the job, you will always leave money on the table. I retired at 50 and I live the most amazing and happy life and doing a lot of the things I’ve also wanted to do but didn’t have time. You will love retirement.

 

[FANOFJESUS]

A refresher. I joined a few months ago with the intention of retiring in 5 years at 55.

Situation was lots of assets: $2M in After Tax Accounts, $2M in Before-Task Accounts, $1M+ in primary and rental properties all paid off. But current pension was $24K per year and if I waited 5 years it would jump to $60K per year and my medical coverage would be 100% not 70%.

But low and behold, got called in on Friday and told they are offering early retirement incentives. Retire now and I get five years service credit hence get the $60K a year pension. A quick back of the envelope shows I lose out on $300K x 5 = $1.5M salary but get $300K in pension so net loss is $1200K but I already have enough saved up. But I didn't have extra time and now I do!

Thanks to all and I'm out of here!

I would walk out the door with the 60k pension even if I had nothing else.

 

[pacergal]

Congratulations.
Enjoy retirement!

 

[Toocold]

Congratulations!

 

[Out-to-Lunch]

Great news! Congrats.

 

[teetee]

50-55 is worth more than 1.2M unless you love your work and it doesn't cause any damages to your health.

60k + rental income a year alone should be sufficient to live on in majority or f the situations when you are not working.

 

[omni550]

Congrats! Enjoy!

The universe must've caught wind of your 5-year plan and moved it up for you!

Time>Money

omni

 

[finnski1]

I would walk out the door with the 60k pension even if I had nothing else.

With 4 million liquid and 1 million RE paid for. I'd be gone yesterday!

Assuming I wasn't spending more than 150k/year

 

[TheWizard]

You're leaving

 

[Bamaman]

Say "Thank you and Adios"!!!!!

 

[ivinsfan]

You're leaving

You know the OP joined here less then two months ago, has started 14 threads and made all of 80 posts . And now he got a miracle severance offer that gave him exactly what he said he wanted in his first post. It's a modern day miracle, I'm going to be watching for his book.



He should buy a lottery ticket, he would just need one ticket.

 

[KingOfTheCheapos]

Say "Thank you and Adios"!!!!!

Yeah. I've learnt a lot but there are quite a few people who were rude in their responses to my posts and downright offensive and antagonistic in their personal messages (they in fact asked me to leave the forum!).

Life's too short to waste so I'm off to greener and friendlier pastures. But thanks to those who were helpful.

 

[street]

It is nice when a plan comes together. Well done!

 

[KingOfTheCheapos]

It is nice when a plan comes together. Well done!

I got lucky with the cost-cutting exercise our company is doing. I think their hope is they can fill my position with someone who gets paid less than ($1.5M - $300K) / 5 per year. Hopefully it will be a win-win situation for the company and I.

But there were some awfully upset people who plan to retire in > 5 years ...

 

[REWahoo]

I got lucky with the cost-cutting exercise our company is doing. I think their hope is they can fill my position with someone who gets paid less than ($1.5M - $300K) / 5 per year. Hopefully it will be a win-win situation for the company and I.

But there were some awfully upset people who plan to retire in > 5 years ...

I thought you had left the forum?

 

[anothercog]

That's awesome. I have no pension but hope work will give me a package with some medical benefits in about 4+ years. That will make it much easier to pull the trigger.

 

[Born2Fish]

I got lucky with the cost-cutting exercise our company is doing. I think their hope is they can fill my position with someone who gets paid less than ($1.5M - $300K) / 5 per year. Hopefully it will be a win-win situation for the company and I.

But there were some awfully upset people who plan to retire in > 5 years ...

Well, it's good to know that you weren't one of them!!

 

[Dtail]

In your initial post 2 months ago, didn't you have 2.7m in pre and post tax all in and 2 months later you have 4m in pre and post.
What investments did you have to enable a 1.3m gain in just 2 months?
Just curious...

 

[audreyh1]

I thought you had left the forum?

I thought he was saying adios to his company.