Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Ducks in a row?
Old 06-27-2020, 10:31 AM   #1
Dryer sheet wannabe
 
Join Date: Apr 2019
Location: Denver
Posts: 21
Ducks in a row?

We had a target RE date of August 2021, but I'm not sure I can last that long. If I do pull this in by a year, I want to make sure I've got all my ducks in a row.

I'm 58 1/2, we have enough in our 401K's, everything is nicely diversified, 3+ years of cash, I have plenty of hobbies, some retired friends, I pretty much have health insurance figured out (it's not pretty but it is what it is), . . . and I don't really like my job anymore.

I'm in tech, but due to a few re-orgs, I'm not really doing anything that I'm particularly passionate about. I've been with my current company for about 20 years and it's been a good run. Certainly not going out on top, but I never really aspired to be a VP. I'll probably even noodle in my home lab post-retirement because I enjoy it. (I do that now, just not getting paid for it).

Our arbitrary date of August 2021 would capture one last batch of RSUs (40K or so after taxes, assuming the stock hangs on). Some days are good, but other days August 2021 seems like a million years from now.

So what's stopping me? My wife is a contractor (also in tech) so we've been living off my insurance. The thought of losing income and having to pay our own insurance is stressing her out.

So before I pull a "take this job and shove it" (that's a joke, I wouldn't do that) are there any final considerations I should be aware of?

Thanks!
__________________

DenverCraig is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 06-27-2020, 10:39 AM   #2
Moderator
MBAustin's Avatar
 
Join Date: Jul 2010
Posts: 6,261
If you've run FIREcalc and/or another calculator with a success rate you're comfortable with, you have a good handle on your spending (including allowance for infrequent large expenses such as new roof, new vehicle, etc.), then you seem to be in OMY mode,

If it's just nervousness on your DW's part that's holding you back, and since she's in tech and thus probably pretty analytical, perhaps try something like a 5-year projection of what your finances look like assuming you retire next month and what it looks like if you w*rk another year. See if the difference is enough to convince both of you it makes sense to go OMY.

You might also consider doing a one-time visit with a fee-only financial planner who could confirm you are good to go now (or not, in which case it's still worth it).

Good luck!
__________________

__________________
"One of the funny things about the stock market is that every time one person buys, another sells, and both think they are astute." William Feather
----------------------------------
ER'd Oct. 2010 at 53. Life is good.
MBAustin is offline   Reply With Quote
Old 06-27-2020, 11:02 AM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 26,219
Quote:
Originally Posted by DenverCraig View Post
.....The thought of losing income and having to pay our own insurance is stressing her out. ...
When I was preparing to retire (in 2010) I planned on paying $900/month for high-deductible health insurance for the two of us which was my employer's COBRA cost at the time.

I viewed health insurance as really "wealth" insurance (protecting our wealth for any major health insurance needs beyond the deductible) and giving us access to health insurer negotiated rates for any health services that we needed.

I viewed the then $900/month as part of the cost of freedom to do what I wanted.

It has actually worked out a lot better than I expected. For the first couple years we bought small group high deductible coverage through the state chamber of commerce and that program ended once Obamacare started... but then we were able to buy high deductible catastrophic health insurance. So as it turned out our costs were substantially less than we planned.

DW went to Medicare in March and I will later this year.

I think the major decision for you is whether the cost of your retirement health inurance over what you would pay for health insurance if you continued to work for another year is worth a year of being able to do what you want rather than what "the man" wants. That is your cost of freedom.

Another way to view your success factor under each scenario... retire now or retire in Auguast 2021... and I suspect that you will find that the difference is negligible.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.

Retired Jan 2012 at age 56...target 65/35/0 AA TBD
pb4uski is offline   Reply With Quote
Old 06-27-2020, 11:12 AM   #4
Full time employment: Posting here.
Bryan Barnfellow's Avatar
 
Join Date: Feb 2004
Location: Switzerland
Posts: 662
Could you negotiate a part-time or even a quit-then-consult contract? You could make it on condition of health insurance continuation for the year.
__________________
FIREd, April 1, 2015. My Retirement Benefits Package includes: 6 months vacation, twice a year.
Bryan Barnfellow is offline   Reply With Quote
Old 06-27-2020, 04:45 PM   #5
Thinks s/he gets paid by the post
BigMoneyJim's Avatar
 
Join Date: Feb 2003
Location: DFW
Posts: 2,686
I have a hard time believing a year is going to make or break any retirement. It might be easier to exit now while there is no passion. And really especially mid- or post-reorg.
BigMoneyJim is offline   Reply With Quote
Old 06-27-2020, 04:48 PM   #6
Recycles dryer sheets
 
Join Date: Dec 2016
Posts: 377
Do it this Monday. You sound like you're totally set financially. Shelling out for insurance for a year in the grand scheme of it all isn't significant. Not going to work is simply wonderful!
FREE866 is offline   Reply With Quote
Old 06-27-2020, 06:32 PM   #7
Recycles dryer sheets
 
Join Date: Mar 2014
Location: Lexington
Posts: 73
Don't let health insurance keep you from retirement. It is a bill that must be paid one way or another. You're just used to getting it free or cheap through your company.
treeofpain is offline   Reply With Quote
Old 06-27-2020, 09:20 PM   #8
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
MRG's Avatar
 
Join Date: Apr 2013
Posts: 9,113
I left a year early for my sanity. I'm not sure if it shows but I did. You can too.
__________________

MRG is online now   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Getting My Ducks In A Row....Advice Welcomed! SunnyOne Hi, I am... 24 05-15-2016 09:42 AM
My FI Ducks Are All in a Row! Alex in Virginia FIRE and Money 27 05-11-2013 01:40 PM
Confused...Starting to get my ducks in a row Seattle Hi, I am... 69 05-19-2012 08:42 PM
Financial ducks and stuff mickeyd FIRE and Money 25 02-10-2005 10:01 AM

» Quick Links

 
All times are GMT -6. The time now is 11:02 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2020, vBulletin Solutions, Inc.
×