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Old 12-06-2016, 02:45 PM   #21
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Originally Posted by Lovetoski View Post
A few years ago I signed up for the class of 2018. Now that it is getting closer I'm hoping to not get held back. The wife is concerned and trying to hold me back. I would like to get some input. Below is our situation.

Me
-I plan to retire February 2018 at age 46
-$1.8million invested
-Pension at age 62 $260/month (nonCOLA)
-Social Security at 62 $1600/month (assuming 70% payment)
-Need to generate $65,000/year

Wife
-Plans to retire in 10 years (2027) at age 50
-Pension at age 65 $750/month (COLA)
-Social Security at 62 $800/month
-We Will have combined $2.4 million invested when wife retires
-We Need to generate a combined $92,000/year when wife retires

Would like input on a couple of things.
1) Do you think the financials above work.
2) Wife is concerned about a major accident (biking, skiing, kayaking) or if one of us get cancer. Does anyone have similar concerns and if so are you planning any additional insurance for accident or cancer?

Thanks and has anyone been skiing yet?
You are counting heavily on your wife's contribution. She would need to keep working well beyond your hoped for retirement date. She doesn't want you to retire yet.

See any possible problems?

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Old 12-06-2016, 02:49 PM   #22
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Welcome fellow Boisean. There are a few of us on the site. Healthcare costs are always a concern and future changes may be more costly vs less. When I was budgeting last year I was planning on around $850 for the two of us, turns out with the increases it is over $1100 for two. Still doable with a lot of fluff in our budget, but make sure you have some buffer.
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Old 12-06-2016, 05:44 PM   #23
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-I plan to retire February 2018 at age 46
-$1.8million invested
That's not enough to retire on.
What it is, is enough to string you along for long enough to get you in real trouble when you get to the end of the rope.

Quote:
Wife
-Plans to retire in 10 years (2027)
This is insane. How much of your $1.8M do you think will be left after her divorce attorney gets done with you?
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Old 12-07-2016, 12:43 AM   #24
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Sorry to go on a bit of a tangent but I'm getting a kick out of all the replies that are surprised and concerned with the ~10 year gap between retirement dates by the OP and his wife.

I'm in a similar situation where I'm potentially looking to retire within 5 years which has the potential to be about 15 years before my wife. This because of a combo of age difference and because I have a DC pension plan while my wife has a pretty strict DB pension plan. Even though I think my investments should generate enough cash flow to cover the core of our combined targeted spend, she hates the idea of leaving a lot of DB pension money on the table and is not super confident with how our numbers will play out. She may/will eventually change her mind but in the mean time, we're starting to discuss ideas on how I'll keep active while tossing around ideas to maximize her time off (sabbaticals, changing roles, going to part time...).

I guess the added advantage of her working longer is that her benefits package is really good and covers us both for a number of health related things. Beyond that, we're trying to build up our combined numbers with enough flexibility to splurge a bit on our travels in retirement but can redirect these discretionary dollars to major unexpected (health) expenses as needed.
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Old 12-07-2016, 01:23 PM   #25
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My only suggestion would be to look at trimming the projected budget. At least see if a lower standard-of-living back-up lifestyle would be okay if it became necessary. It's way easier (in theory) to spend less than it is to get more nest egg. If your expected life-style requires your budget (and if less would make FIRE unbearable) by all means, go for it. Just be sure to have a back-up plan you can live with.

In my case, I chose an expensive life-style and so far things are working out. But, I'm not married to the life-style. I could be very nearly as happy living someplace else that happens to cost much less. I planned for FIRE and it's working out. If the day comes that it doesn't work anymore, I have many back-up plans built in which will see me through anything but the proverbial "black swan" events we can't really plan for. As always, YMMV.
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Old 12-07-2016, 08:16 PM   #26
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Younger DW intends on working another 6 years to fully vest in her new job's 401k. I'm semi-retired and hope to continue to work part-time online for another two years.
The good part is that the numbers work out (95% and a lot of budget slack) even if she decides to quit next year and if I'm not renewed. If she complains, I'll advise her to retire--which I already have done.
We'll see how it goes. We haven't touched anything after my semi-retirement and move last year and her being out of work for 2 months while changing jobs, so the retirement horde has continued to increase.
If this continues for a year or two, I'll have to to have a talk on whether she really wants to continue working since there is no need. She does like her job a lot--but a grandbaby is on the way.


Quote:
Originally Posted by YVRRocketSurgery View Post
Sorry to go on a bit of a tangent but I'm getting a kick out of all the replies that are surprised and concerned with the ~10 year gap between retirement dates by the OP and his wife.

I'm in a similar situation where I'm potentially looking to retire within 5 years which has the potential to be about 15 years before my wife. This because of a combo of age difference and because I have a DC pension plan while my wife has a pretty strict DB pension plan.
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Old 12-07-2016, 09:40 PM   #27
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I think you should split the difference and retire together at some point in the middle.

If this were a situation where you were both FI and ready now, and she wanted to keep working - fine. But it's not, you can't both retire, and you are proposing to put the burden of adding 1/3 to your nest egg to get you to the finish line all by herself.

That has a potential for some very unfortunate changes to marital dynamics, even with the best of intentions and acceptance of your retiring. To be blunt, if you've been pushing this idea you've already done some damage.

She's already not ok with it. That's not going to improve if you go ahead. Find another job, lower pay if need be.
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Old 12-08-2016, 07:47 AM   #28
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I think you should split the difference and retire together at some point in the middle.

If this were a situation where you were both FI and ready now, and she wanted to keep working - fine. But it's not, you can't both retire, and you are proposing to put the burden of adding 1/3 to your nest egg to get you to the finish line all by herself.

That has a potential for some very unfortunate changes to marital dynamics, even with the best of intentions and acceptance of your retiring. To be blunt, if you've been pushing this idea you've already done some damage.

She's already not ok with it. That's not going to improve if you go ahead. Find another job, lower pay if need be.
+1 there is not that large of an gap between the 2 of you. and remember woman generally outlive men, so if the plan doesn't hold up your DW might be the one that runs short of money.

The general advice is to run the numbers, fine tune the budget, etc. but these health insurance issues make that almost a moot point.

Also a couple years added to the timeline should give the ACA changes a chance to shake out. Worst case scenario you need work connected insurance until you both hit 65, what kind of issue is that going to cause.
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Old 12-08-2016, 10:55 AM   #29
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My DW would have been upset if, as she walked out the door each morning for work, I was retired, in PJ's, drinking coffee and reading the paper/computer. Or even worse, I was still in bed.
+1000

A marriage is supposed to be a partnership, not one person sponging off the other. TBH, I don't actually know any women who would put up with being taken advantage of like that, and not eventually demand a divorce. I know I wouldn't. YMMV
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Old 12-08-2016, 12:43 PM   #30
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Originally Posted by W2R View Post
+1000

A marriage is supposed to be a partnership, not one person sponging off the other. TBH, I don't actually know any women who would put up with being taken advantage of like that, and not eventually demand a divorce. I know I wouldn't. YMMV


So what if your spouse worked really hard and made most or all of money allowing you the option to retire but you chose to continue working? What if it was the wife deciding to retire while he continues to work until 65 because he loves his job? What if he worked for many years while she stayed home and she decided to join the workforce later?
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Old 12-08-2016, 01:17 PM   #31
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It is not a black & white situation for all couples. I'm in a similar situation at the OP. I have always made 4-5X more then DW. We have no kids. Her money has always been "her" money and we never needed her income to support our high middle class lifestyle. I have always been okay with that and we have never fought over money. With higher salaries usually comes with higher stress. When my j*b become just too much for me to manage and was affecting my health we had a serious & honest conversation about me quitting the job with no plans to going back to work. She was very understanding. Based on the ER plan at the time she would have to work until she is 55 (8 more years) to allow her to save enough to buy "her" stuff like shoes, bags, cloths, make-up, massages, etc... I still and will continue to pay for everything to support our life style out of the saving "I" accumulated over the 25 years. Now 3.5 years later we are good and have had not one fight over my ER decision and she is on tack to retire at 55 (5 more yeast). She understands that she need to take the ownership for saving "her" money for "her" stuff. She is one of the "good" ones and I highly respect her for taking on this ownership.
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Old 12-09-2016, 05:47 PM   #32
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Thanks for the input W2R. Sounds like your opinion on marriage must be the one everyone else should follow.
Just to clarify my wife and I have only been married for a little over a year and keep our savings seperate. Going into the marriage she was aware of my plan for early retirement and is fine with it as long as the financials work out. She probably take less risks than I. I have always contributed significantly more for our expenses and will continue this in retirement. I'm okay with
shouldering higher percentage of the financial burden, but since it sounds like you are the all knowing on this matter I will have a discussion with the wife tonight and let her know she can no longer sponge off me and she must start paying her fair share or we will need to get a divorce. I should not let her take advantage of me any longer.
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Old 12-09-2016, 06:04 PM   #33
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Now now, I'm sorry if my point of view sounded insulting to you. It wasn't meant to be. Obviously you and your wife have things worked out in such a way that both of you are perfectly happy with it and more power to you (both)!

I'm just a harder person to get along with, probably. I never would have married someone with the understanding that he would be, "retired, in PJ's, drinking coffee and reading the paper/computer. Or even worse, [...]still in bed.. " (as brucethebroker put it) while I was headed off to work every morning for 10 of the first 11 years of marriage.
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Old 12-09-2016, 07:06 PM   #34
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Originally Posted by Lovetoski View Post
Thanks for the input W2R. Sounds like your opinion on marriage must be the one everyone else should follow.
Just to clarify my wife and I have only been married for a little over a year and keep our savings seperate. Going into the marriage she was aware of my plan for early retirement and is fine with it as long as the financials work out. She probably take less risks than I. I have always contributed significantly more for our expenses and will continue this in retirement. I'm okay with
shouldering higher percentage of the financial burden, but since it sounds like you are the all knowing on this matter I will have a discussion with the wife tonight and let her know she can no longer sponge off me and she must start paying her fair share or we will need to get a divorce. I should not let her take advantage of me any longer.
Well you left these important details out of your original post about retiring.So now what is the problem, she is not certain the numbers work or she is trying to control you and "make" you work.howcan you say you "always" contributed more in a marriage of one year..if you have been together longer then you might have more to talk about. You were the one that used the term "hold me back". How did this big change come about in just one year?

Your reply to W2R comes off to me as snarky and condescending considering that she was just expressing her own opinion..no need to take it personally.
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Old 12-09-2016, 08:32 PM   #35
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So OP, which is it

1st post "My wife is concerned and is trying to hold me back"

or

2nd post "she was aware of my plan...and is fine with it as long as the financials work out"

These are not the same. A partner who says "I am concerned" is not "fine with it".

Your initial post sounds like someone who wants to ignore their partners concerns and go ahead, riding a dependency on their continued employment. Your second sounds like a completely different situation.

Every now and then we do get trolled here though I don't think that's the case here. Just maybe re-read your first post and see why you got the responses you did, and how key details might have helped?

and chill out.
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Old 12-10-2016, 09:51 AM   #36
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Originally Posted by Lovetoski View Post
...
-$1.8million invested

Wife
-Plans to retire in 10 years (2027) at age 50

-We Will have combined $2.4 million invested when wife retires
I might be missing something but in 10 years that 1.8mm should be nearly 3mm while putting 80k to you for spending/taxes each year.

I think you are on track - but it's so easy to keep adding to it at your age... Agree just go find another job even one that maybe doesn't even pay the 65k you need - semi retire - doing something you love.
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