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Old 02-19-2019, 05:41 PM   #81
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I fear dying with too much money in the bank. This means I never got a chance to spend my hard earned money and I cheated myself.
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Old 02-19-2019, 06:19 PM   #82
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I lived on 70% of my expected retirement income for three years before I pulled the plug. Glad I did, built a 36-month ladder of CD's during the three years.
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Old 02-19-2019, 07:53 PM   #83
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That blog is wonderful. I spent a day (or two) reading everything he wrote. he writes so well and one can really feel his angst and the indignity of modern office work and his quest to escape.

Well worth a look.

If you are interested I recommend that you start reading here :

https://livingafi.com/2014/06/13/the...upport-year-1/
I just read the blog you recommended - couldn't drag myself away!! Thank you for recommending it!
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Old 02-19-2019, 08:01 PM   #84
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My financial advisor says I have enough. FIRECalc gives me a 100% chance of success, using spending that is higher than what I would actually spend. A two percent withdrawal rate would give me more than enough spending. My wife says we have enough and I should retire whenever I want to. But somehow I am not sure I have really convinced myself. I guess I know it intellectually but I do not feel it. I’m not sure what to do about this. Maybe I should see a psychologist to talk through the issue? It’s like a mental block of some sort, I think. Thoughts?
I was once like you, but it didn't take me near as long to get comfortable with the idea as you. I didn't talk to a psychologist, though. I talked to a financial advisor. After that, it was a no brainer.
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Old 02-20-2019, 03:45 AM   #85
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I never really loved my job. I was pretty good at it, and it pays quite well, but it was also very stressful and exceptionally time-consuming. Every year, I like it a little bit less. But I am still making very good money, which maybe complicates the decision.

I am certainly unsure what the future will bring. But I do not want the future to involve working forever, or working until I have a health event.
In somewhat similar circumstances I FIRE'd. Would definitely do it again.
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Old 02-20-2019, 04:24 AM   #86
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Every year that you continue working you are giving up what is likely the healthiest remaining year in your life.

I think I'll use that line. Very profound.
As several people have commented on this site...even if you live into your 90's, you likely only have 20 or so "good" years left. If you work 5 more years, you will have lost 25% of those years. And they're gone forever.
Everytime I think about working longer ,I come on here for inspiration to retire.
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Old 02-20-2019, 05:20 AM   #87
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Every year that you continue working you are giving up what is likely the healthiest remaining year in your life.

.
Truly profound, and true. I will use this quote on everyone who questions my early retirement in the future...thank you.
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Old 02-20-2019, 06:11 AM   #88
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I consider myself very fortunate that I did not have to make this decision. I enjoyed my job and am sure that I would have had the same problem as OP.
Instead I was thrown out on the street and replaced by a younger less expensive model as were many of my co-workers. One of them was a person I respected very much as a valuable employee so I also had the good fortune of knowing they weren't picking on me specifically.

Otherwise I am pretty sure I would still be working 15 yrs later with the same doubts about leaving. Another of my co-workers even requested a downgrade to his job so he could stay but was refused and also thrown out. Again in retrospect he considers it fortunate that the decision was made for him.
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Old 02-20-2019, 06:46 AM   #89
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I get OP's issue loud and clear. I still worry if I have enough. (I am 100% on FIRECALC with generous, even outrageous numbers for spending and longevity. In my own projection, I lowered rate of return to 2% and my take to 5%, and NW went down only $100K by age 70. I'm 63 BTW).

The fact that life is not a given was a driver in my decision to retire last year. (Also being POA to my mom with dementia, dying after a five year decline.) I had a job that gave me a lot of hassle and no joy. I don't regret leaving, but now my challenges are the loss of social status and routine, the adjustment to spending my money versus saving for retirement, and the fact that so few of my friends are retired as yet.

I am busy with meaningful activities. I am even enjoying myself most times! But it is all that training of my birth family that says you are what you do and how much you have. That you should do for others before yourself. (And who are you anyway?) I had 12 years of therapy in my life and I know this: No therapist can give me absolution from that training or that guilt. I can only intellectually know that what I wrote above is all BS. And that I must "stay in the water" after taking the FIRE plunge and let the tincture of time do its magic.

OP, it sounds like you are unhappy where you are. If you are staying for the wrong reasons, find a new job, go part time, FIRE on a provisional basis or FIRE entirely. It sounds like any road you take will work for you. In my case, as my financial advisors and even I can show myself, I can do anything I want now. But as I have learned, I should only do what speaks to me with joy.
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Old 02-20-2019, 02:51 PM   #90
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I get OP's issue loud and clear. I still worry if I have enough. (I am 100% on FIRECALC with generous, even outrageous numbers for spending and longevity. In my own projection, I lowered rate of return to 2% and my take to 5%, and NW went down only $100K by age 70. I'm 63 BTW).

The fact that life is not a given was a driver in my decision to retire last year. (Also being POA to my mom with dementia, dying after a five year decline.) I had a job that gave me a lot of hassle and no joy. I don't regret leaving, but now my challenges are the loss of social status and routine, the adjustment to spending my money versus saving for retirement, and the fact that so few of my friends are retired as yet.

I am busy with meaningful activities. I am even enjoying myself most times! But it is all that training of my birth family that says you are what you do and how much you have. That you should do for others before yourself. (And who are you anyway?) I had 12 years of therapy in my life and I know this: No therapist can give me absolution from that training or that guilt. I can only intellectually know that what I wrote above is all BS. And that I must "stay in the water" after taking the FIRE plunge and let the tincture of time do its magic.

OP, it sounds like you are unhappy where you are. If you are staying for the wrong reasons, find a new job, go part time, FIRE on a provisional basis or FIRE entirely. It sounds like any road you take will work for you. In my case, as my financial advisors and even I can show myself, I can do anything I want now. But as I have learned, I should only do what speaks to me with joy.
Great note, Josh. Thanks. The "you are what you do" thing is a big factor for me as well. I don't like the fact that this is a part of my mindset -- I wish it were not -- but i cannot deny that it is.

I have considered taking a much more enjoyable and meaningful job, to see if I like that. It would involve a VERY substantial pay cut, but I could see if I like it. If not, I can always retire from that. But then I think "I will just do my current job for another couple of years, sock away another [insert significant number], and then retire."

If I can fully internalize the notion that I have plenty of money, doing my current job for another couple of years should be pretty easy -- the job is far more stressful if one needs it...

Meanwhile, I finally got my asset allocation to where I want it -- 50/50. Been trying to do that for several years, while managing the capital gain. I can sleep well with 50/50, and intend to stay more or less at that level. I know I am giving up some upside. But that is fine.
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Old 02-20-2019, 03:46 PM   #91
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I think I can relate. Finances are solid, 80+x annual burn rate. Do expect that burn rate to rise as kids age, though. But when I am honest with myself, we are easily FI. I don't think this is our issue.

I completely agree with others that the higher incomes have a harder time walking away. I was a 7-figure income for a while. Saved most of it. Had a life event that made me realize it was time for a change. Took some time off and transitioned to part-time. I highly, highly recommend this. No, I have not RE yet but it has brought me closer. Let's call it a start anyway.

Your career is obviously part of your identity. Mine is as well. People know me for this specifically, even at my kids school. I am not my career, but it is a big part of me still. I have some thoughts of what will be next but not solid plans yet.

I am only in my mid-upper 40s with younger kids. I can't just RE and jet set off like some. I think this is my biggest hang up. Plus, not sure I want the other kids parents knowing I am RE. Just feels a bit pretentious to me. I am going to keep working on that next step and eventually I'll get there.

I wish you the best and would only advise you to do what YOU feel comfortable with doing. Cheers!
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Old 02-20-2019, 04:43 PM   #92
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I can relate to the career as part of identity. The thing that motivates me is thinking of the likely declining quality of life with age. I have a tentative plan for a year out from now at age 63.
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Old 02-21-2019, 05:02 AM   #93
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If I can fully internalize the notion that I have plenty of money, doing my current job for another couple of years should be pretty easy -- the job is far more stressful if one needs it...
If you had anything like my training, you will never FULLY materialize the notion that you will have enough money. This is a "fake it until you make it lesson" for me and probably will be for some time.

I like your idea of trying something you want to do, despite the "monay". I did this at age 55, going into consulting and dabbing in another field that interested me. It kept me happily working for 8 more years. (I thought the latter experiment would carry me beyond that but oh well.)

One other thought others can explain much better than I. Has your FA talked to you about the "tax torpedo"? You can actually have too much money at some point and get socked. It actually is good for me to have my NW go down a bit right now so that my required distribution at 70+ is lower and perhaps, my taxes on SS will be less.
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Old 02-21-2019, 05:32 AM   #94
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If I can fully internalize the notion that I have plenty of money, doing my current job for another couple of years should be pretty easy...
And then it might be easy to do it for two more years...and then another two. If you have plenty to be comfortable, then you really don't need more.

I think you said you're 55? If something unfortunate health wise happens at 60 you would have 5 good years if you retired now, but only 3 good years if you work 2 more.
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Old 02-22-2019, 12:04 PM   #95
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There may be a health "cost" to continued w*rking
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Old 02-22-2019, 07:33 PM   #96
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My philosophy was always "work to live not live to work". I would have retired immediately after college if it were financially possible. My In-laws never liked to hear me say that!!!
The question I keep asking myself is "would you do your job for free?" because really, after you have all the money you are reasonably ever going to spend, that's what you are doing.
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Old 02-22-2019, 07:54 PM   #97
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That's good, one of the best I've ever heard!

Would you do your job for free? I wouldn't. I guess that's why I quit -
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Old 02-22-2019, 08:07 PM   #98
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The question I keep asking myself is "would you do your job for free?" because really, after you have all the money you are reasonably ever going to spend, that's what you are doing.
"Would you do your job for free?"

That is a really interesting question, especially for people that are senior/experts/graybeards/executives/etc. in their field. It is kind of a Hobson's choice for those people. For two reasons. One, because a lot of their identity is defined by their life as expert/executive/etc. in a particular field. And second, if they work they can usually get well compensated. "Well compensated" is not comparable to working for free.

I think in these cases we are beyond debating "needs" and rather are debating wants, desires, status, fulfillment, and a bunch of other nebulous stuff.

Having said that, OP definitely has enough to retire - so it is down to wants, desires, status, fulfillment, and a bunch of nebulous stuff...
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Old 02-23-2019, 10:18 AM   #99
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You've already won the game. If it were me, I'd leave the field.
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Old 02-23-2019, 11:48 AM   #100
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"Would you do your job for free?"

That is a really interesting question, especially for people that are senior/experts/graybeards/executives/etc. in their field. It is kind of a Hobson's choice for those people. For two reasons. One, because a lot of their identity is defined by their life as expert/executive/etc. in a particular field. And second, if they work they can usually get well compensated. "Well compensated" is not comparable to working for free.

I think in these cases we are beyond debating "needs" and rather are debating wants, desires, status, fulfillment, and a bunch of other nebulous stuff.

Having said that, OP definitely has enough to retire - so it is down to wants, desires, status, fulfillment, and a bunch of nebulous stuff...
I vote for status. Despite FI many years ago, my brother, a physician, refuses to retire because he does not want to give up his status. He lives and works in a community in which many people still refer him as Dr. <last name>.
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