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Old 06-17-2020, 07:11 AM   #81
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Originally Posted by intent View Post
I'm married and we're sort of taking a phased approach. We planned A LOT, tracked our spending for several years, estimated and re-estimated anticipated retirement spending/budgets, and read A LOT. After all of this, we have opted for a quasi-OMY approach.

My DW retired Jan of this year, while I continue to work (we both earned approx the same income). The idea is that we're going to test drive our anticipated retirement budget in 2020, figure out what we got right/wrong, and if we wished we would have saved more.

If it goes well, I'll likely phase into semi-retirement sometime next year. I'm still planning to work part-time semi-retirement jobs for 2-4 years after that. That would be another phase of the plan, and while we likely won't need the income, it won't hurt and I think I might actually like to phase-out of the work world rather than simply cut it off entirely.

If it doesn't go well this year, I plan to continue working my career job until the numbers add up. My profession is very secure and I'm confident I can work as long as I like.

If it goes exceptionally well, I might join DW in full retirement next year, though that seems unlikely to me. For one thing, this virus has already thrown a wrench in that idea. Currently we're spending well below our anticipated budget, but I attribute much of that to the lack of spending opportunities during lock down and so I don't completely trust the numbers. Also, we're doing well on the investment side of the ledger, but who knows how the rest of the year will play out.

I'm on day 3 of FIRE. I have done similar planning as you, my DW who is 2 years younger, is going to work another year or 2 mainly for health insurance and to get at least partially thru the bear market.

I've know\felt we could easily FIRE for a couple years and was mostly waiting for the bear market to finally hit before I FIRED'd. I also think a factor was just the psychological part of my brain not willing to stop bringing in income and go into the spend only mode.

You've recorded expenses for a number of years so you know what they are. The down spend during COVID should give you an idea of what you can do if you need to cutback. I think it sounds like you are ready to FIRE and, like me, it's just the psychological part holding you back.
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Old 06-17-2020, 09:33 AM   #82
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I remember in the months leading up to putting in my notice back on September 30th, 2008, I would ask myself several times a day during the two days a week I was working, "Why am I still working here?" This happened a lot during the long and awful commute, but that question would pass through my mind during other quite moments such in the elevator.


But...…...after I put in my notice on that final day of September, I didn't have to ask myself that question any more! A month later, I left the company and began my ER.
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Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.

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Old 06-17-2020, 08:44 PM   #83
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2008-9 made my job miserable and I told my husband (who had just closed his business thanks to the housing mess + hurricane Katrina) that I was going to change careers- I was 37. I could not go through another market like that. I couldn't quit at that point for a few reasons (DH's lack of job was just one of them). I sucked it up and put my nose back to the grindstone and started dumping money into retirement accounts.

Buying low paid off, and by the time I was ready to switch jobs, we were in a good financial position. Then, the company announced an improved retirement program that I would qualify for at 48. I could probably be completely done sooner if I stayed than if I changed jobs, so I stayed. Meanwhile work conditions were getting worse and my BS bucket was nearly full.

We actually hit the asset goal 2 years earlier, but a little extra padding never hurts. I announced my retirement the day I was eligible- shortly before the coronavirus nightmare began. I have to work with my replacements for a while, which is complicated by the covid mess. I'm working part time, which I am enjoying, but I think I'll like full time retirement even better!
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Old 06-17-2020, 08:45 PM   #84
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I had been getting more disillusioned over the past 18 months after changes of leadership and direction by the company. I continuously ran the numbers and knew that I could leave, which after a while makes it harder to convince yourself to stay. I really enjoyed my boss and was very loyal and not wanting to leave and let him down. Then one morning at a weekly staff meeting, everything changed. Senior leadership showed up at our staff meeting and began informing us of changes to the group and told each of us which new manager each of us would be working for effective immediately. It was like choosing up teams for kick ball at recess. I had been so close to informing my manager before that I was leaving, so I made the decision that day to give my notice to the new manager. I did not want to start over in another group at age 59 1/2. My last day is 10 days away.
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