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Old 03-10-2017, 05:24 PM   #21
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Originally Posted by SecondCor521 View Post
Your target income looks suspiciously like a round number guess.

If I were you, I'd track actual expenses for 6 months to a year (or go back and reconstruct those records for the past six months or year). Maybe you find that you're actually spending $80K or $120K. If it's $80K, I'd be retired before the end of the day. If it is $120K, you may want to work a little longer or find ways to cut back.

Downsizing your $1M home is also a possibility; that would reduce home maintenance costs and free up capital to add to your investments.....
+1
OP - track exactly your spending, every penny, there are phone apps for that that are pretty useful.
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Old 03-10-2017, 05:30 PM   #22
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It looks to me like you have plenty of money. Perhaps, in your heart, you are not really ready to give up the job. If so, that is OK...
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Old 03-10-2017, 05:33 PM   #23
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another vote for "good to go"!
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Old 03-10-2017, 05:34 PM   #24
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Jeff,

We are in a similar situation as you. Our numbers demonstrate that even the most conservative folks on this board would tell me I don't need to work any more, but I still worry about it. It's not completely rationale, but we spend our whole lives working to get to this point, and the decision to give it up is not an easy one.

I left full time work at age 46, but I still work part time (I'm 50 now). The part time work keeps me engaged, keeps some money rolling in, but still makes me feel like I'm close enough to being retired that I can still enjoy my day and have a lot of free time to myself. In fact, the few hours a day I do work keep me very stimulated, and allow me to enjoy my free time that much more.

Good luck with whatever you decide. I agree with others that you're financially fine. It's just a matter of deciding when the time is right for you. And nobody else can make that decision for you. It has to feel right to you.
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Old 03-10-2017, 05:38 PM   #25
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Originally Posted by JeffInSeattle View Post
Hello all, I'm teetering on the edge of FIRE, but despite things looking OK financially I have enormous anxiety and indecision. It's like skydiving, where the chute has been checked and doublechecked, checklist complete, its all good ... but just can't make that last step from 10,000 feet. .....

I was in basically the same situation 5 yrs ago but I got pushed out of the plane. (laid off 3 mos. from my retirement date)

I also posted everything on this site and pretty much got the same answers you are getting

It is a weird mental thing. Like so many people I told myself if I need extra
money I can work part time and like most people that has yet to happen

one other thing - Do you all have deep roots in Seattle? there are a lot
of great places to live for a lot cheaper.
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Old 03-10-2017, 07:18 PM   #26
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Again, thanks for all the encouraging and thoughtful posts. There have been a few comments about our $1M house. It is actually very modest; 2400 sqr ft. But, it's a modest house in a very hot neighborhood in the hottest RE market in the country ... we were just darned lucky for the appreciation. Seattle is a great place, but so many people have moved here that the traffic is awful and wide swaths of old Seattle are being leveled for gulag-style apartment and condo blocks, to house all the new "Ama-zombies" (Amazon employees, they walk around like the living dead with their noses buried in their smart phones, clogging sidewalks).

We will move at some point but DW's Mom is elderly and we need to help her out for now.
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Old 03-11-2017, 08:14 AM   #27
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Hello all, I'm teetering on the edge of FIRE, but despite things looking OK financially I have enormous anxiety and indecision.

I'm feeling exactly the same even with a bigger pile...I've made up my mind July.
1) Ive come to appreciate isn't the size of the pile -You've been on the accumulation side for probably close to 40 years. What will life be without a monthly, weekly or biweekly check? I believe your anxiety is as normal as can be.
2) Do you have hobbies or other interest that you enjoy. For me a good book, walking Fido or simply tossing a worm sitting in the warm sun is my little piece of heaven.
3) Did you have plans for retirement... winter in Florida, sell that million dollar castle. Take a vacation in Greece? Build a boat in your garage? Take acting/cooking/computer classes? Become active in the Boca Vista section 2 condo association. Or perhaps become a full time blogger?

I'm a firm believer that being happy is something like marriage - find the right situation and it can be easy.
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Old 03-11-2017, 03:34 PM   #28
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I left at 56 with far less assets and was dying more everyday.

The first year a 50 yo guy who used to w*rk for me was getting ready for church one Sunday and his heart stopped. Fifty years old, looked like the picture of health, never smoked, nothing just dead.
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Old 03-11-2017, 08:11 PM   #29
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One million for a house in Seattle isn't extreme. House values here are nuts. I think this is something that people out of Seattle can't fully appreciate.

Personally, your numbers look good. Enjoy your retirement.
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Old 03-11-2017, 10:00 PM   #30
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If you can't quit, you need to keep working until you decide to stop working. Easy.

You have to decide, not us -
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Old 03-11-2017, 10:44 PM   #31
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Jeff,



We are in a similar situation as you. Our numbers demonstrate that even the most conservative folks on this board would tell me I don't need to work any more, but I still worry about it. It's not completely rationale, but we spend our whole lives working to get to this point, and the decision to give it up is not an easy one.



I left full time work at age 46, but I still work part time (I'm 50 now). The part time work keeps me engaged, keeps some money rolling in, but still makes me feel like I'm close enough to being retired that I can still enjoy my day and have a lot of free time to myself. In fact, the few hours a day I do work keep me very stimulated, and allow me to enjoy my free time that much more.



Good luck with whatever you decide. I agree with others that you're financially fine. It's just a matter of deciding when the time is right for you. And nobody else can make that decision for you. It has to feel right to you.


+1
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Old 03-11-2017, 11:01 PM   #32
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Heard some Led Zeppelin on the way home, and this thread made me think of:



Quote:
I can't quit you babe
I... think I'm gonna put you down for a while
-ERD50
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Old 03-12-2017, 02:18 AM   #33
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Originally Posted by JeffInSeattle View Post
Again, thanks for all the encouraging and thoughtful posts. There have been a few comments about our $1M house. It is actually very modest; 2400 sqr ft. But, it's a modest house in a very hot neighborhood in the hottest RE market in the country ... we were just darned lucky for the appreciation. Seattle is a great place, but so many people have moved here that the traffic is awful and wide swaths of old Seattle are being leveled for gulag-style apartment and condo blocks, to house all the new "Ama-zombies" (Amazon employees, they walk around like the living dead with their noses buried in their smart phones, clogging sidewalks).

We will move at some point but DW's Mom is elderly and we need to help her out for now.
I like my job but I still would have been gone already with that nest egg. This is me but I would sell the house and get a nice lake home in Northern Minnesota or Michigan and a condo in Florida. I'd stay 183 days/year in Florida to eliminate any state income tax. But that's just me. I figure I could do that for about $600,000 for two nice properties. Sorry, just doing a little dreaming in your thread.
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Old 03-12-2017, 02:21 AM   #34
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I left at 56 with far less assets and was dying more everyday.

The first year a 50 yo guy who used to w*rk for me was getting ready for church one Sunday and his heart stopped. Fifty years old, looked like the picture of health, never smoked, nothing just dead.
Sadly, one of the smartest techs I ever worked with, although a bit overweight, dropped dead at 28 while doing yard work. You just don't know when your time is up.
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Old 03-12-2017, 06:43 AM   #35
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I get the sense lots of folks here have aces in the hole like big pensions, 4M savings, etc.
Not even close yet our lifestyle and living costs haven't changed except for more leisure time, less stress, and my wife gets to play tennis everyday while I get to pursue my hobbies and ride my motorcycle more.

Cheers!
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Old 03-12-2017, 06:46 AM   #36
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You can do it!! I have also been surprised at how much we spend in retirement!!
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Old 03-12-2017, 06:48 AM   #37
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I wonder if others on this forum would consider FIRE in this situation? I get the sense lots of folks here have aces in the hole like big pensions, 4M savings, etc...
Nothing beats this ace in the hole: being able to cut down your expenses if things get tough.
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Old 03-12-2017, 06:54 AM   #38
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I like my job but I still would have been gone already with that nest egg. This is me but I would sell the house and get a nice lake home in Northern Minnesota or Michigan and a condo in Florida. I'd stay 183 days/year in Florida to eliminate any state income tax. But that's just me. I figure I could do that for about $600,000 for two nice properties. Sorry, just doing a little dreaming in your thread.
My son is looking for a home. My area is too expensive for him, so he looks for a place further out, but still close to his work. We did not follow the market, and I was surprised to see there are so many nice homes for less than $350K, 2,500 sq.ft. and move-in ready.

The realtor said it got even better if he went further out, but that would be too far from town for someone who works. Not all retirees like to be close to town, and they can get awfully nice homes for less.
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Old 03-12-2017, 06:57 AM   #39
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And I should add, no $4M ace in the hole. My strategy is to combine multiple pieces of income, our two pensions, SS, my small PT job, etc. Also, we have carried 0 debt for many years now, that helps a lot.
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Old 03-12-2017, 06:58 AM   #40
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Nothing beats this ace in the hole: being able to cut down your expenses if things get tough.
+1
Have you itemized your expenses and determined how much is fixed vs. discretionary? I bet you could easily cut back in a bad year if you had to... but you probably wouldn't have to anyway based on your numbers. Congrats!
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