Are you to chicken to RE?

[mb]

So if you are FI but not RE what's the excuse?

 

[2B]

I don't qualify by the poll since I'm not in the <4% SWR group. I guess I'm not "chicken" by wondering if I should use Bernicke. If I had the guts to go with his plan, I'm ready.

 

[uncledrz]

mb
I like part time work. When and if I come to a point that I don't want to do it anymore, I won't.
Tio z

 

[F-One]

I'm with 2B, can't vote since there is not >4%. Close, but biggest issue is obtaining healthcare coverage. Wife has chronic back issue. Am I too chicken, right now, yep.

 

[LOL!]

I have big expenses in the future that I have to deal with. But I guess my spouse can work to pay those.
And despite the prevalent opinion around here, there are some great jobs out there that are fun, easy, and meaningful. I think I have one of them, so while RE is always available, it is not necessary.

 

[Texas Proud]

I am on the cusp.... could do it 'maybe', but would like a bit of insurance...

And, I hope to meet some nice lady that would want to share the rest of my life... which means I would not be at the right amount... but, give me 5 years and I am there either way...

 

[tryan]

Didn't base the FIRE decision on a SWR ... was more about hitting a FI level (2m). Which I suppose is a backhanded SWR.

Oh, then the megacorp golden, silver, bronze, nylon parachute helped push out the door.

 

[piano88]

I could retire today and draw about 3.8% to cover expenses. I just turned 50 and have been working in the same career for about 27 years. Though I'm getting tired of it, I haven't found anything else worthwhile doing. I haven't tried hard to find something else. What is great to know is that I could retire anytime.

Piano88

 

[unclemick]

I was canned, layed off, made redundant, my job was eliminated, however put - Jan 93. Had no clue what FI, SWR or that other stuff meant. The SO liked living in a fish camp over Lake Ponchartrain - "I am not going to move!" Learned to live 'cheap but good.'

After ten years found Dory36's forum on the Retire Early Home Page - and learned I wasn't an unemployed but resourcefull bum but instead a high class FIRE - I've been totally immodest ever since.

heh heh heh 8)

 

[CyclingInvestor]

I hit FI in July 04 (paying off my mortgage to celebrate) by reaching 4% SWR,
but at the time work was still good, so I worked an extra 2+ years to fatten the
buffers. When the work environment turned south in Oct 06 I retired, living
on the almost 3% dividends my portfolio generates.

 

[W2R]

No way!!! If I could RE tomorrow and be confident that I had a good chance of making it work, I would be living the good life this very minute.

 

[bbuzzard]

While I could retire at a SWR of about 3.5% of my current expenses, I am young, have not put the child through college, and expect to have significantly larger expenses in retirement than while working. I currently do not spend much money b/c I spend most of my time working, traveling for work or commuting to work, and my wife works also which means she has no time to spend money either.

I do plan to start a consulting business in the future at some point to transition into full ER, the plan being that I can limit working to 30-40/hours a week (currently 60/week including commute) by working out of the house and eliminating administrative overhead. The wife would also quit and would do the administrative stuff (billing, accounting, scheduling, travel arrangements, etc). I believe I can bring in 50-70% of our current combined income this way. While this would not allow me to continue to save (much), it would cover all our current expenses, allow me more free time, and give the nest-egg time to grow on its own.

The idea is that we would then fully retire when our child starts college.

 

[HFWR]

I'd be retired if I could make an 8% WR work...

Keep going...

 

[Sheryl]

We could make it work with the stash that we have - we reached our (second) goal last November. We could live pretty well on 4%.

But if we work a little longer, we'll have a better stash, bigger comfort zone, safer withdrawal, more to spend on play and travel, etc.

I want to buy one more new car before I quit, which will take a chunk out of the stash.

Plus I don't HATE my work, I enjoy some parts of it, I would just like to work less.

My SO is going to take a year's "leave of absence" in September - if his company goes for that that. If not he's probably going to quit. I am going to move toward part time - though I haven't really set a schedule. The first step is to see how life feels with him not working and me still working. I have usually been able to take reasonable vacation time - it is/was SO who had the infexible schedule.

We are 46 and 51. I expect I'll not work past 50 in any case.

So yeah, you could call it chicken, or prudent. Take your pick.

 

[REWahoo]

So yeah, you could call it chicken, or prudent. Take your pick.

Maybe a combination of both? You could call your self 'chudent' or 'pric...'. Uhhhh, maybe not...

 

[USK Coastie]

I am planning to pull the plug June 30, 2007. So I gues you could say that pretty much as soon as I reached FI I will RE.

 

[SecondCor521]

I plan to be FI for about 12 hours before I RE. The 12 hour lag will be because I will look that night after the market close, find I've hit a 4% withdrawal rate, and swing by the office to quit the next morning. It might be 16 hours because I might sleep in.

That's my ideal right now, but I'm young and naive. Probably when I get closer it will look more complex than that.

Oh, and all bets are off if my youngest isn't in college by that day. Right now the spreadsheet says that's not going to happen.

2Cor521

 

[Animorph]

I'm 52. I've got one kid in college and another going in three years. Social security and DW's small pension won't kick in until I'm 62-65. I'd be pulling out more like 10% for the first few years, which would ramp down to 3% by the time SS and pension kicks in.

FIRECalc says I'm maybe 70% safe, but If I retire now, I'm very vunerable to a bad stock market for the first few years (though I do have bonds to cover a few years). Nonetheless, I'll probably RE next year and just lower the expenses if needed.

Dan

 

[shiny]

I've already quit and would be happy for DH to quit. He's got an opportunity to work overseas and make a nice chunk of change, so, like Sheryl I think we are going to feather the nest a bit more.

Chicken?? I don't know, maybe.

 

[garrynky]

I'm at the point where I really don't care what the numbers look like. At the end of this year I'm bailing out of the workforce. Maybe a change of pace and change of scenery and I'll feel differently.

 

[SteveR]

I did not vote because my SWR is higher than on the poll and will be for a few years in ER. This is by design.

I have been FI (under a variety of definitions) for over 5 years. ER was actually done in 2002 but I choose to prostitute myself for one more year in exchance for them paying all my moving expenses, closing costs on my house, closing costs on my house in the new location, the headhunter fee, and a nice sign-on bonus all for 12 months of slavery w*rk. Things changed in my personal life and I found I needed the job to keep my mind occupied.

Things changed again and I decided to hang on for a few more months.

This year is it! No more "helping out". No more being willing to go "just one more month" to tie them over.

The planets appear to be aligning and things are falling into place that will actually lower my expenses and SWR by a significant amount. The cabin is set to close the end of March. We will payoff the mortgage, the RV loan and still have plenty left over to finish funding the kitchen remodel and fund a new car for DW. What is left will fund our expenses for over 18 months.

Once the deal closes I will give my notice. We have already made plans and have several trips already lined up.

The only thing that could slow this down is if they come back and want me to consult for a few months. I would actually like that as it would allow me to leave on my own terms and still be able to save a few more pesos while the market continues to hop around on one foot.

So, the short answer is no I am not chicken, I have just had some personal issues that have delayed my ER.

 

[2B]

So, the short answer is no I am not chicken, I have just had some personal issues that have delayed my ER.

I should add to my original post that even if I decided Bernicke was good enough my personal situation makes me want to have a structured activity and I'd just as soon get money to be there. My in-laws are consuming DW's life and if I wasn't playing with colored pencils I'd get sucked into doing fun things with dentia patients.

There has been a recent triumph but I'll do that in a separate post.

 

[chip2]

Today I reached my financial goal. (of the last few years)

I am 54 and am now less than 2.5%

Man am I chicken. For example here are some excuses:

1. I worry about having no one to talk to except my wife and kids and the occaisional dinner out with my still working friends.

2. I worry I will feel like a bum and will start to get depressed, and maybe turn to drink.

3. I have 3 kids in college, and I am paying their way. ( I dont want them to have debt)

4. I mentally think I am still about 40ish. Retiring would be an acceptance that I am OLD

I'm sure Ive got lots of other fears too, thats me, fearful but a hard worker and planner

 

[REWahoo]

Today I reached my financial goal. (of the last few years)

I am 54 and am now less than 2.5%

Man am I chicken. For example here are some excuses:

1. I worry about having no one to talk to except my wife and kids and the occaisional dinner out with my still working friends.

2. I worry I will feel like a bum and will start to get depressed, and maybe turn to drink.

3. I have 3 kids in college, and I am paying their way. ( I dont want them to have debt)

4. I mentally think I am still about 40ish. Retiring would be an acceptance that I am OLD

Here is one other very important fact you need to include to help counterbalance the above: You may not live long enough to enjoy even one day of retirement. For a reality check, take a look at what life insurance will cost you...it darn sure isn't the same as that "40ish" person in your head. There's a reason for this, of course: You're a heck of a lot closer to being dead than you were 14 years ago!

And even if you do mange to live long enough to work beyond you fears, the possibility of a severe decline in health is likely to spoil many if not all of those retirement dreams.

But look at it this way - whether you retire because you die or get too decrepit to work, either way you'll no longer have to worry about being too chicken to pull the plug.

 

[Spanky]

We are FI at 4% SWR but anticipate expenses will be higher for the next 4 to 6 years when both kids will be in college. We plan to RE in 4 to 6 years.