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Anybody FI wondering right time for RE?
Old 08-28-2018, 07:51 PM   #1
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Anybody FI wondering right time for RE?

I'm mid-forties with 2 kids below 5th grade. Bit tied down. Too early?
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Old 08-28-2018, 08:00 PM   #2
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welcome to the community ,

if you are already FI ( and with a reasonable buffer for the unexpected )

when ( RE ) is a matter for the heart and mind , for example you might prefer a more interactive approach to you children's education .

you might also prefer a home hobby that brings in a little income ( because work has you mentally exhausted )

just make sure to crunch your numbers carefully

cheers
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Old 08-28-2018, 08:36 PM   #3
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Yes, my goal has always been the FI side more than the RE, but since I've crossed my minimum threshold I'm now wondering exactly how far into comfortable I want to get versus how soon I want to be done.
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Old 08-28-2018, 08:48 PM   #4
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I reached FI several years before I RE'd. Among my considerations were
- How comfortable a budget did Dw and I want for our RE time.
- I still had a kid not yet in college, so did we want to pay for college out of RE funds or current job funds.

Among the reasons I chose to work another 3.5 years so that the RE budget would cover many "wants", and to get those last college expenses out of the way. It helped that I had a job I mostly liked. But if Megacorp had asked me to go during those 3.5 years (or had made an early retirement offer), I would still have left happy.
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Old 08-28-2018, 08:49 PM   #5
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I was in similar situation when I joined this forum in 2011. FI but kids too small.

Now I decided to to RE when the both of my kids leave for college in 2023. I do like my job and it is fun and meaningful.


BTW, I am allocating $500K for their education. YMMV.
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Old 08-28-2018, 09:23 PM   #6
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I had a Friend of a Friend who retired at 35 with two small children. He was fantastic in terms of analyzing company financials and turned me on to the idea of opening savings accounts in mutual savings banks (many of which went public). [The idea here was when they went public, they had to sell stock to the public at the same price as the officers of the bank. Thus the pricing was very good as the bank officers wanted a good deal for themselves.]

When I retired, my DS was seven years old. I told a year off (forced on myself by myself as I had been working since high school including summers and had never had a vacation more than 10 days over 35 years). After the one year, I started teaching part time and then a couple/few years later full time (college). I did this not because of the money, but because I wanted to keep my mind occupied AND I wanted to show DS that it was important to have a work ethic. The jury is out on that as he is still in high school.
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Old 08-28-2018, 09:51 PM   #7
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I'm in a similar situation as you, although my kids are a bit older. I like my job so I will continue, but I'm thinking I will have a hard stop before 50. When I hear of upcoming layoffs, I feel conflicted.
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Old 08-28-2018, 10:07 PM   #8
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I retired at 44 and DW retired at 41. I told her she should have to keep working until at least she turned 44. She then proceeded to fire of expletives that need not be repeated on this family oriented forum. Needless to say we are still retired AND stlll together. I say go for it. You can always go back to something to help with your stash. Might not be the same job/position. But could be something.
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Old 08-28-2018, 10:38 PM   #9
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I was FI at 43 ER at 46. Had a HS sophomore and a 7th grader. I canít tell you how valuable is has been to be around them during the HS years. Wife is good about letting me slide out three or Four times a year for cross country motorcycle trips international travel etc. I plan these when kids are in school or have camps. I donít miss sports seasons or important events in their lives.
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Old 08-29-2018, 09:55 AM   #10
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Iím in same position as OP. Kidsí ages make it hard for me to engage in my main hobby....world travel / meandering. Regardless Iíve got a hard stop at age 50, or possible before that if w*rk becomes unenjoyable.
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Old 08-29-2018, 10:37 AM   #11
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We are 46, FI within the past year, and two kids in high school. Plan to keep w*rking four more years until the last kid leaves for college. I will RE sooner if megacorp offers me an early out package.

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Old 08-29-2018, 10:56 AM   #12
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No universal answer

I'm conflicted regarding the impact of ER on children. Is it better to set an example of good w*rk ethic, or is it better to spend more time interacting directly with them? I don't know for certain.

In my family, my parents ran the rat race. The pattern they set became ingrained in their children's expectations. All us kids became rat-racers.

OTOH, I know a few folks whose parents dropped out early (i.e., "continued to live as if Woodstock never ended"); never held regular jobs and never had any money, but they got to do so much together as a family that they were rich indeed. They grew into very smart chemists and engineers.

OTOH, I also have observed one or two trust-funders who never held a j*b but represent the last generation of the legacy wealth. Their own kids are in for a rude surprise.
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Old 08-29-2018, 05:33 PM   #13
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I donít think going to a job for work or not matters about displaying work ethic. Our kids see us doing plenty and understand our expectation. My kids have pretty good work ethic and often thank us for holding their feet to the fire as they see what their peers are doing. Oldest one worked full time in the summers and is a college athlete playing baseball as a junior. Youngest just committed to play college baseball trying to get his SAT score a little higher and also works part time.
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Old 08-29-2018, 07:13 PM   #14
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Quote:
I'm conflicted regarding the impact of ER on children. Is it better to set an example of good w*rk ethic, or is it better to spend more time interacting directly with them? I don't know for certain.
Now that my kids are older, I've started communicating to them about the difference between looking rich and being wealthy and how in life we've been very fortunate through hard work, good education, and mindful decisions to be in a situation where work has become optional. My strategy is that FI and ER are potential rewards for a good work ethic to avoid trust fund situations.

My son is naturally mature and gets it. My little daughter... we'll see.
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Old 08-29-2018, 08:05 PM   #15
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Quote:
Originally Posted by Toocold View Post
Now that my kids are older, I've started communicating to them about the difference between looking rich and being wealthy and how in life we've been very fortunate through hard work, good education, and mindful decisions to be in a situation where work has become optional. My strategy is that FI and ER are potential rewards for a good work ethic to avoid trust fund situations.

My son is naturally mature and gets it. My little daughter... we'll see.
My original question was triggered by current feelings about mega-corp. My FI is strong, but so is current comp as incentive to keep working. However, as mega grows my role feels more like a job every day.

The topic above is my second consideration. I got my work/spend ethics from my Dad who I saw working very hard later into life out of necessity (modest income, appropriate spend levels). I feel RE will make this part of parenting even more important with my kids.
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Old 08-29-2018, 08:06 PM   #16
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Thanks for all replies. Great to hear from other mid-40 RE folks.
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Old 09-03-2018, 09:28 PM   #17
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Getting close to FI and have wondered the same. I intend to plug away for another 2yrs to solidify our position and then gradually downshift. Iím not sure that I want my kids to see me not work.
I have a fairly strong work ethic but one I can proudly say that my dad modeled well for me at an early age. I think kids learn better from action rather than words. ďTrust me I used to work really hard but now I just...err..Ē not the talk I want to have.
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