flyingaway
Full time employment: Posting here.
- Joined
- May 7, 2014
- Messages
- 986
We have just achieved FI in a few months, based on the 4% rule. We may retire in 2 years, anything could happen, so that is not a definite date. However, for a relatively financially conservative person, I will not retire solely based on the 4% rule, regardless of the soundness of the rule. I need some safety nets, backup plans, margins, buffers, or whatever you call them.
At this time, the only safety net that I can partially count on is the social security (not included in my FI calculation). Since I only worked for about 19 years, my SS in 10 years will be average, it is still something that may help us in 10 years or so.
The other things that I may think of:
(1) Pension, we have no pension.
(2) Children, I asked my children when they were in high school if they would support us in case we are in financial trouble. They said yes. But I would not count on that.
(3) Back to work. I am an academics. There is no way to go back to work with a comparable salary once I quit. I cannot think of being a Walmart greeter in my late 70s, even if Walmart has not be replaced by Amazon by then.
(4) Work for a few more years to build a 25% buffer in my retirement portfolio. This may be doable, but I really want to get out as soon as feasible.
(5) Inheritance, definitely no.
For early retirees, do you have some safety nets in mind when you decided to retire?
At this time, the only safety net that I can partially count on is the social security (not included in my FI calculation). Since I only worked for about 19 years, my SS in 10 years will be average, it is still something that may help us in 10 years or so.
The other things that I may think of:
(1) Pension, we have no pension.
(2) Children, I asked my children when they were in high school if they would support us in case we are in financial trouble. They said yes. But I would not count on that.
(3) Back to work. I am an academics. There is no way to go back to work with a comparable salary once I quit. I cannot think of being a Walmart greeter in my late 70s, even if Walmart has not be replaced by Amazon by then.
(4) Work for a few more years to build a 25% buffer in my retirement portfolio. This may be doable, but I really want to get out as soon as feasible.
(5) Inheritance, definitely no.
For early retirees, do you have some safety nets in mind when you decided to retire?