Pulling the Trigger is Tough!

[Exchme]

Oh yes, even when I was very little, I would do extra chores to have that lovely money to put in my piggy bank. Carried that into working life and pushed the career and saved. So hard for a money hoarder to give it up. DW grew up with little, so she was very nervous too about whether we really had enough. So I OMY'ed for a couple more years. Finally decided I wasn't as energetic or sharp as I used to be (and needed to be) and wanted to go before I was pushed.

Hung in for a few months bugging DW to give it up too as I didn't want to sit around alone. Then one day, her office announced they were moving further away, so she agreed to retire too, we timed it within a few weeks of each other.

Fast forward a few months and while I enjoy retirement, I wish I had those couple of extra years back. Suddenly, there are more doctor appointments than lovely trips.

[F.I.R.E User]

Quote:

Originally Posted by W2R Me? Several times a week, among a number of other ways of beating my data mercilessly for information. Kook (the OP)? I have no idea.

OP.

[HawkeyeNFO]

Same. I'm sitting on the fence right now at 48 y/o. Current portfolio supports a 3.3% WR to meet our family's needs, and FireCalc says I'm at 100%. Health care is taken care of via TriCare.

The job is highly stressful for a lot of my co-workers, but I'm kind of used to it. Just need to be able to watch bad decisions get made by SESs and Flag officers who are highly risk averse due to dealing in Billions of dollars. Easy job and it pays pretty well, making more $$$ now than ever before in my life, but.......I don't need it.

One bad day will be all it takes. Funny thing is that my annual review is coming up. If they don't raise my pay enough to significantly beat the 5% inflation https://www.bls.gov/opub/ted/2021/co...d-may-2021.htm , then it may be time for a "sabattical."

I've stayed because there are good people working in my office, trying really hard to do the right thing. It might take them several months to find someone to replace me, and then it would probably take at least a year to understand how the Pentagon works.

Anyways, I've been thinking more and more about pulling the trigger.

[shotgunner]

Quote:

Originally Posted by Kook I have been saving, saving, saving and living below my means for over 25 years. Now, at 57 (almost 58), I have accumulated 43x current spending and 30x projected spending, which includes health care and increased spending. DW is also bringing in anywhere from 60-100K per year in her job and she has no intention of giving it up just yet. Social Security also awaits. For the past several years I have dreamed of having "enough" and quitting my high stress, high paying job. I have done OMY twice now. I guess its the psychological aspect of being an accumulator and transitioning to the spending phase . I love accumulating - everything from money, hotel points, credit card points to pocket change. I have jars and jars of change. I have my resignation letter ready and my corporate BS bucket is completely overflowing, but I am just having a hard time giving it up. There is so much that I want to do and I know that I will never be as healthy, active and young as I am now and time is flying by. Yet....here I am. Is it me? I know the time is right but what if its not? There is just such a finality to it because I will never make the same money once I resign. Anyone else have/ had this problem? Man, is it tough!

I think your thoughts and feelings are typical. I had a great deal of trouble pulling the trigger of leaving F/T benefited work at 51. Firecalc and other calculators said I was good but I was not convinced. It took awhile for me to realize that there was no crystal ball, there were no certainties only probability. For me it came down to realizing there were two worst case outcomes. First, things go horribly wrong and I find my ER plan was failing. If that happened and I was healthy the solution would be to find a job. It might not be as good a job as I left but I felt I could find something to meet my expenses. The second worst case scenario would be to put off retiring early with a strong probability it would work due to fear, only to find myself looking out the window of the Oncology Department at the hospital wishing I had retired and done some things I dreamed of before I lost my health. I thought there was no solution for that worst case outcome and that I should err on retiring early. I pulled the trigger and entered semi retirement by happen stance rather than a plan. I was semi E/R for 7 years and went full E/R at age 58. I am now 64 and believe there is a much greater chance I will run out of health or life before I run out of money. The years have and are flying by, I feel fortunate. Looking back I wish I had done it sooner because life is better on your own terms. I hope this gives you something to think about and helps with your decision.

[Toocold]

I'm grateful that I pulled the trigger almost two years ago. There was some corporate downsizing and I rode that train out with a big on my face.

Whenever I dream of work, there is no better feeling than waking up and realizing that that is no longer a part of your life. While life is never perfect, I'm genuinely happier now.

At a certain point of time I think our aging progresses faster. I'm glad that I have gained control of my time and I am spending it however I want to spend it.

[Kook]

Quote:

Originally Posted by F.I.R.E User Did you use FireCalc to determine if you can retire?

Yes. Like W2R, I have run Firecalc and every other retirement calculator I can find. I have also beaten my spreadsheets to death. Firecalc has me at 100% even with a higher increased spending than I am planning.

Seeing all these great replies really affirms that it is time. I will never be as healthy and active as I am now and it's time to live my life for me. I think I just might submit my resignation this week. If it goes south I can reduce spending and/or get another job (although not for what I am making now). Plus, my wife still has her income.

Thank you all again. You have validated my thoughts and given me the nudge I needed!

[pacergal]

Quote:

Originally Posted by Exchme .... Fast forward a few months and while I enjoy retirement, I wish I had those couple of extra years back. Suddenly, there are more doctor appointments than lovely trips.

(Bolded by me)
And this can happen in the blink of an eye! Time truly is > money.

[Born2Fish]

Quote:

Originally Posted by Kook Yes. Like W2R, I have run Firecalc and every other retirement calculator I can find. I have also beaten my spreadsheets to death. Firecalc has me at 100% even with a higher increased spending than I am planning. Seeing all these great replies really affirms that it is time. I will never be as healthy and active as I am now and it's time to live my life for me. I think I just might submit my resignation this week. If it goes south I can reduce spending and/or get another job (although not for what I am making now). Plus, my wife still has her income. Thank you all again. You have validated my thoughts and given me the nudge I needed!

It is NOT going to go south. You have seamlessly executed the savings/accumulation plan. You have made it.

Now go for it.

[ls99]

Pulling th trigger is easy!
Dealing with the aftermath can be problematic unless well prepared for the consequences. My firecalc prediction before exiting was 70 some odd percent. Yet exit I did.
I had carried my resigantion notice for months in my pocket every w*rk day, until one fine day signed and handed the well crumpled notice to the boss. It was on a day when a bunch of crappy non-w*rk related BS social engineering assigments were handed out.

[freedomatlast]

Quote:

Originally Posted by Kook I know the time is right but what if its not? There is just such a finality to it because I will never make the same money once I resign. Anyone else have/ had this problem?

I thought the same thing when I retired.

Then 15 months after I retired, I was contacted and a consulting offer was made. I refused. After several offers and refusals by me, the offer was increased to the point of insanity. I said OK, I'll do it for a few months over the winter. Here I am going on 10 months of consulting, easy money, no stress, no more managerial BS, just the technical aspect of my old job which I liked, and I'm on track to make more this year than my last year of work, and I was very well paid at my old job. Now I need to retire for the 2nd time.

Never say never.....

[big-papa]

A few years into my career, it hit me like a ton of bricks that even though liking my work is important, my work isn't my life. It's there to enable what I think my real life is, which are the weekends and the other hours during the week that aren't work and, eventually, retirement.

OP this is why you have saved and saved and saved all these years. And with each passing year, you're 1 year closer to being 6 feet under. If the job is high stress you might be even more than 1 year closer to being 6 feet under with each passing calendar year.

I had "practice" about 6 or 7 years ago when I was out of work for about 10 months. Everybody who saw me told me that I looked the most relaxed they'd ever seen me. I didn't think we were quite where we needed to be financially (I was wrong), so I jumped back in the game once I found something and changed jobs 1 time since then. Now I can clearly see the end next summer right after I turn 62. Why not sooner? A decent amount of RSU's in the first half of next year. Not hugely life altering, but noticeably large. My company now has new executive leadership and wishes to change, well, everything. I don't anticipate a smooth ride and my tolerance is low - so my plug-pulling could conceivably happen sooner. And who knows, maybe it won't even be voluntary and I'll get a consolation prize.

Cheers.

[JRon]

If work caused me high stress and I had enough $ set aside I would definitely resign. I like my work, company, and co-workers, and probably only work on average an hour per week, but I still think about resigning completely. There’s a certain amount of stress to work no matter how little work that it.

[GoBears]

Quote:

Originally Posted by finnski1 Well I just posted this on a similar thread earlier today but it still seems appropriate.

LOL. We added an Airedale puppy at the height of the pandemic. I know it is time for me to retire since I now daydream of walking the dog rather than things to acquire. 50 days until August 31st and yes, I am counting.

[Katiek]

You are definitely not alone. It is scary to think that no matter how much we plan or calculate, there are always things we can't predict and we can't know all the future possibilities. But my logic tells me that if things go so drastically wrong that my plans don't work, an extra couple years of savings won' make a difference.



I still haven't pulled the plug because i like the people I work with, but mainly because I'm still not emotionally there. So I get what you're saying but the posts in this thread are very reassuring.

[Katoslake]

Quote:

Originally Posted by FLJim It's a life-change and not just about the money. You are saying goodbye to your 'work family', a daily routine, and (depending on your personality) your sense of being and belonging to an "organization". I retired at 62 and that was just 10 years ago. Our income is now double what it was the year I retired. (DW retired at 55.) Investments (dividends) pensions, and now RMD's from 2 IRA's and 2 401(k)'s, plus Soc Sec that we started at 62 has resulted in a net worth double in 10 years. I still see former colleagues (most retired) and really don't miss the daily grind and stress of deadlines. I was a massive "accumulator" like you, and investing was my hobby. I have been transitioning to a "spender" and getting better and better at it, and enjoying it. Just my 2 cents.

Agree with above. Assuming you have achieved financial goals, non-work social networks are paramount. We didn’t plan as well for the social vs financial. They are equally important

[camfused]

@Kook, you are ready. Very few people, after leaving, think it was a mistake to leave. It's been 2.5 years now for me. I don't regret it AT ALL. The hardest part has been the virus...axing my travel plans.

[pjigar]

Time > Money

[gamboolman]

Kook,
I just retired this year, effective 1-Feb-21.
It is a big step for us all - no doubt.
For ms gamboolgal and I - it was time and we love being free and together.

You report that you and your wife have your expenses defined and have enough saved to conservatively cover them.
If that really is the case, then you continuing to work is because you want too.

The potential issue that I see is that if your wife is not going to retire - not sure how well that will work out ?

It is a individual / couples thing - and no right or wrong answer. For me and ms gamboolgal - I would not be able to be retired without her also with me, but that's just us.

The only thing I can say for certain - is best said by the cartoons below:

[Blue531]

It took me about 2 and a half years to pull the trigger from the time when I knew that I actually could, that I had achieved financial independence. It was very difficult to wrap my head around going from a paycheck to withdrawing from my own resources. So, yeah it took over two years to process it all mentally and I found the best way to deal with that was to phase slowly out of full time to part time to no time. Another thing that sealed the knowing I had to was that my health had declined and made it hard to continue working. I had to get used to the idea of retiring because I had to. But I wanted to more than I had to. If I had been healthier, i probably would have been one of those people who put it off for years and years, too afraid to let go. I was ready to leave the rat race long before I quit. After all those years of working and answering to bosses and time clocks, I just wanted life on my terms. Because of my health also, I began to question how much time left did I really have? I wanted to enjoy whatever I did have left and I wanted peace of mind. My plan worked. At first, I was stressed about what to do and scared about how was I going to make the switch, but in time, I got used to less hours, less paycheck and withdrawing some of my money and sticking to my budget. I began to welcome my freedom and let go of the fear until one day I knew I was ready. My portfolio increased, my mind adjusted and my health said enough. I waited two weeks to be triple sure and told the boss man I did not need the paycheck. Once I was prepared, mentally and financially, the rest was easy.

[Kook]

@ gamboolman - thanks for the reply. I am definitely not working because I want to. I guess it is a security thing. I make great money right now and it is tough for me to give up the paycheck. Also, I have been doing this for so long that work has become somewhat of my identity, I guess. The finality of it is what scares me and what has been keeping me from pulling the trigger.

My wife is already retired from her "real" job. She has recently become a real estate agent, which she enjoys and it is somewhat of a hobby job. Lots of free time, no office and she can work as much or as little as she likes. We we do love being together and we are best friends as well.

@blue31 - thanks for your reply.....I totally relate!