Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Getting closer to FIRE, freaking out
Old 07-17-2020, 09:45 AM   #1
Thinks s/he gets paid by the post
corn18's Avatar
 
Join Date: Aug 2015
Posts: 1,189
Getting closer to FIRE, freaking out

Hoping to retire Mar 2021. And I'm freaking out. Our current budget is our retirement budget. We seem to be doing ok at sticking to it, but then I want to get ebikes. And a garden tractor. And a travel trailer. While I am working, that can all be done because I make a lot of money and if we want a $50k travel trailer, I just work a little longer. But in retirement, I don't make any money. I have to stick to the budget. ARRRGGGHHHHH!!!! . But then I look at our planned budget and think "How the heck could any normal person not live within this budget?" Then I freak out. Maybe we aren't ready to retire.
__________________
Don't do something, just stand there!
corn18 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 07-17-2020, 09:59 AM   #2
Recycles dryer sheets
 
Join Date: Jun 2014
Posts: 420
Do you have a flex portion of your budget? We have a core budget that pays for normal expenses, and then we have another $25k for travel budget. Beyond this, we also have more cushion so if we wanted a trailer or tractor, we could afford it.
Toocold is offline   Reply With Quote
Old 07-17-2020, 10:04 AM   #3
Thinks s/he gets paid by the post
corn18's Avatar
 
Join Date: Aug 2015
Posts: 1,189
Quote:
Originally Posted by Toocold View Post
Do you have a flex portion of your budget? We have a core budget that pays for normal expenses, and then we have another $25k for travel budget. Beyond this, we also have more cushion so if we wanted a trailer or tractor, we could afford it.
Our base budget is $116k. We also have $25k a year built in for travel/blow that dough budget.
__________________
Don't do something, just stand there!
corn18 is offline   Reply With Quote
Old 07-17-2020, 10:05 AM   #4
Thinks s/he gets paid by the post
 
Join Date: Mar 2012
Posts: 2,178
Well if you are unable to control needs vs. wants, then you are correct, maybe you aren't ready to retire.
njhowie is offline   Reply With Quote
Old 07-17-2020, 10:17 AM   #5
Thinks s/he gets paid by the post
 
Join Date: Jun 2016
Posts: 4,033
Needs, wants, wishes. Budget for all of them. If you have to steal from another category, you may not have enough.
COcheesehead is offline   Reply With Quote
Old 07-17-2020, 10:57 AM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Feb 2013
Posts: 7,218
Quote:
Originally Posted by njhowie View Post
Well if you are unable to control needs vs. wants, then you are correct, maybe you aren't ready to retire.

+1. There's an infinite amount of stuff to spend money on, but our time on this earth is limited. DH gets a newsletter from his former company and so many employees listed in there either died while still working or shortly after retiring it makes us glad we retired when we did.
__________________
Even clouds seem bright and breezy, 'Cause the livin' is free and easy, See the rat race in a new way, Like you're wakin' up to a new day (Dr. Tarr and Professor Fether lyrics, Alan Parsons Project, based on an EA Poe story)
daylatedollarshort is offline   Reply With Quote
Old 07-17-2020, 11:00 AM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 29,138
So if you had $75-100k less than what you have today would you not retire?
__________________
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 07-17-2020, 11:01 AM   #8
Thinks s/he gets paid by the post
 
Join Date: Jan 2011
Location: Fair Lawn
Posts: 2,186
I've been a religious budgeter since forever. Before I retired, my budget factored in known big ticket items such as car replacement, vacations,and home repairs. But for isolated large budget items.....well, that's what savings are for. You can't take it with you.
mystang52 is offline   Reply With Quote
Old 07-17-2020, 11:20 AM   #9
Thinks s/he gets paid by the post
corn18's Avatar
 
Join Date: Aug 2015
Posts: 1,189
Quote:
Originally Posted by njhowie View Post
Well if you are unable to control needs vs. wants, then you are correct, maybe you aren't ready to retire.
That is why I'm freaking out. People in good health dying while working OMY. How could we not be happy retiring on $141k a year?

Quote:
Originally Posted by pb4uski View Post
So if you had $75-100k less than what you have today would you not retire?
Nope.
__________________
Don't do something, just stand there!
corn18 is offline   Reply With Quote
Old 07-17-2020, 12:19 PM   #10
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Feb 2013
Posts: 7,218
Quote:
Originally Posted by corn18 View Post
That is why I'm freaking out. People in good health dying while working OMY. How could we not be happy retiring on $141k a year?
We spent more than that when we were working and spend less than that now in retirement. You have to decide what works for you, but knowing what I know now, if I had to do it over I would have saved even more and retired another decade sooner.

We live in a vacation area so there's always a ton for free or cheap things to do that are all better than working was for us. A couple of days ago we went to a garden in the Berkeley hills with Redwoods, streams and views of San Francisco Bay. Costs was $3 for parking, plus a modest annual membership fee.
__________________
Even clouds seem bright and breezy, 'Cause the livin' is free and easy, See the rat race in a new way, Like you're wakin' up to a new day (Dr. Tarr and Professor Fether lyrics, Alan Parsons Project, based on an EA Poe story)
daylatedollarshort is offline   Reply With Quote
Old 07-17-2020, 12:38 PM   #11
Thinks s/he gets paid by the post
 
Join Date: Mar 2009
Posts: 2,509
Prior to retirement I had the same concerns and worked another 5 years for no real good reason.

We have kept a separate capital expense fund for any emergencies as well as any splurges. In 4 years about the only expense has been a new 3000 sq ft roof. Meanwhile we keep slowly adding to the fund. On top of that our 20k travel budget is going untouched. We find it harder to spend much under current conditions.
__________________
Took SS at 62 and hope I live long enough to regret the decision.
foxfirev5 is offline   Reply With Quote
Old 07-17-2020, 02:26 PM   #12
Thinks s/he gets paid by the post
jollystomper's Avatar
 
Join Date: Apr 2012
Posts: 3,547
Quote:
Originally Posted by corn18 View Post
Hoping to retire Mar 2021. And I'm freaking out. Our current budget is our retirement budget. We seem to be doing ok at sticking to it, but then I want to get ebikes. And a garden tractor. And a travel trailer. While I am working, that can all be done because I make a lot of money and if we want a $50k travel trailer, I just work a little longer. But in retirement, I don't make any money. I have to stick to the budget. ARRRGGGHHHHH!!!! . But then I look at our planned budget and think "How the heck could any normal person not live within this budget?" Then I freak out. Maybe we aren't ready to retire.

You need to build your "wants" into your retirement budget, if you do not want to keep working and pay for them that way.We did a little of both for my retirement.


There were some relatively large, one time items that I decided I would rather pay for out of my working salary. This was a factor in my OMY decisions for several years. You have to assess your own risk for surviving OMY, based on your health and activities. Odds are that you will survive.


Or, you could redo your retirement budget and include those amounts, and see what it will take to provide for that level of retirement spending. You might have to work longer, but perhaps not as long as working to purchase them before you retire.


Our retirement budget started in the $125-$130K range (including taxes). But some spending we overestimated, some we got lucky, some passive income was greater than expected, and two years later we have only spent just over a third of the cash we thought we would spend. That includes the "want of an additional car", and the "wants" of comfortable airline travel and hotel accommodations (at least before COVID-19 ).


My advice, in sum: do not panic - just plan.
__________________
FIREd date: June 26, 2018 - wwwwwwhat a rush!
jollystomper is offline   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 closer to FIRE! FUEGO FIRE and Money 77 04-18-2011 08:41 PM
Vanguard Windsor (Freaking out) arttillygirl Stock Picking and Market Strategy 8 07-16-2008 02:56 PM

» Quick Links

 
All times are GMT -6. The time now is 10:41 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.