Alright, this will likely sound a bit goofy, but this is a nearly anonymous board, so let me give this a try. Your collective wisdom and decency is evident here.
The job market has been pretty tough last few years, and I do financial management for a living. Great pay when you can land the jobs, but very high pressure, and the average CFO gig only lasts an average of 28 months. [I've generally stayed employed, but it has been "interesting".] That 28 months comes from a solid source, and I've seen it in action. My age 54 wife is training to be a paralegal, and should be working by July or August (likely comp $28K to start). My age is 53, and we've created $500K liquid savings, plus another $900K in net real estate equity producing about $1,900 net rental income monthly. The PITI on our home is less than $1,600, though we're paying it off in 5 years with a much higher payment. No other debt.
We're now able to save significantly while I'm employed, since we've finally learned to LBYM, and, when I run the numbers, it appears we should be fine, even if I couldn't get another job after this one ends.
Still, I'll be honest ... I worry. We have a 13 year old, and a 21 year old (diagnosed as disabled a year and a half ago, and not likely to ever hold a decent paying job). Lost both parents in the last 4 years, and I think that adds to my sense of unease.
Now, as I've worked and reworked our numbers and our plan, I've started to wonder if I am going through what perhaps some or most of you went through when you finally decided to stop working. That is, it must be a leap of faith to finally quit, and begin drawing down your nest egg, especially if you do so in anticipation of SS saving you from depleting your funds.
So, the sensitive, and perhaps too touchy feely question ... have you dealt with this kind of worry, and how have you gotten past the pit in your stomach that tells you to never stop working, and not to touch those savings? Or is it some algorithm of size of net worth and number of times you work the numbers?
Thanks.
The job market has been pretty tough last few years, and I do financial management for a living. Great pay when you can land the jobs, but very high pressure, and the average CFO gig only lasts an average of 28 months. [I've generally stayed employed, but it has been "interesting".] That 28 months comes from a solid source, and I've seen it in action. My age 54 wife is training to be a paralegal, and should be working by July or August (likely comp $28K to start). My age is 53, and we've created $500K liquid savings, plus another $900K in net real estate equity producing about $1,900 net rental income monthly. The PITI on our home is less than $1,600, though we're paying it off in 5 years with a much higher payment. No other debt.
We're now able to save significantly while I'm employed, since we've finally learned to LBYM, and, when I run the numbers, it appears we should be fine, even if I couldn't get another job after this one ends.
Still, I'll be honest ... I worry. We have a 13 year old, and a 21 year old (diagnosed as disabled a year and a half ago, and not likely to ever hold a decent paying job). Lost both parents in the last 4 years, and I think that adds to my sense of unease.
Now, as I've worked and reworked our numbers and our plan, I've started to wonder if I am going through what perhaps some or most of you went through when you finally decided to stop working. That is, it must be a leap of faith to finally quit, and begin drawing down your nest egg, especially if you do so in anticipation of SS saving you from depleting your funds.
So, the sensitive, and perhaps too touchy feely question ... have you dealt with this kind of worry, and how have you gotten past the pit in your stomach that tells you to never stop working, and not to touch those savings? Or is it some algorithm of size of net worth and number of times you work the numbers?
Thanks.
