Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Huge Milestone July 3rd
Old 07-08-2019, 01:01 AM   #1
Dryer sheet aficionado
 
Join Date: Mar 2019
Location: Bellingham
Posts: 34
Huge Milestone July 3rd

I am very excited after years of saving 20% of my income (for years) in my 401K I finally hit the 1 million mark. I also hit the 2 million milestone with all assets, home value, bank account balances, retirement (lump sum) 401k and IRA's.

I plan on semi-retiring next year. The plan is to (retire from) leave my current job in an oil refinery, it is just too dangerous of a job and the shift work is way past getting old. I am training to start driving school buses on a part time basis, living off my retirement assets and my small business proceeds.

I just turned 55 this year and really need a change of pace.

Any advise?
L Carlisle is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 07-08-2019, 04:41 AM   #2
Recycles dryer sheets
 
Join Date: Jun 2019
Location: Dublin
Posts: 72
Great milestone. Congratulations!

Maybe you should consider leaving the current job now due to the potential dangers and go find something to do for the next year where you don’t lose your most valuable asset...you!
Audie Murphy is offline   Reply With Quote
Old 07-08-2019, 04:56 AM   #3
gone traveling
 
Join Date: Mar 2015
Posts: 3,508
Sounds like you have a good short-term plan.

Have you thought longer-term? Have you run through your numbers for retirement - both income and expenses?

Do you have retirement goals (what, when, where, how)?
joeea is offline   Reply With Quote
Old 07-08-2019, 05:36 AM   #4
Thinks s/he gets paid by the post
RetireBy90's Avatar
 
Join Date: Feb 2009
Location: Cville
Posts: 1,600
Congrats !! Well done
__________________
FIRE 31 Aug, 2018 - Always leave every place better than you found it, always give more than expected or Due
RetireBy90 is offline   Reply With Quote
Old 07-08-2019, 05:45 AM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jan 2018
Location: Tampa
Posts: 11,229
Congrats.
Have you run your numbers in Firecalc?
Do you have an estimate of expenses?
What are your plans for medical coverage?
__________________
TGIM
Dtail is online now   Reply With Quote
Old 07-08-2019, 05:50 AM   #6
Moderator
Jerry1's Avatar
 
Join Date: Nov 2014
Posts: 9,101
Congratulations. At some point these milestones are meaningless. Not much difference between $999,999 and $1,000,000, but that extra comma just feels so good. Good for you.
__________________
Every day when I open my eyes now it feels like a Saturday - David Gray
Jerry1 is online now   Reply With Quote
Old 07-08-2019, 07:41 AM   #7
Thinks s/he gets paid by the post
euro's Avatar
 
Join Date: Oct 2015
Posts: 2,307
Good for you! Have you sorted out health insurance yet? Do you qualify for retiree insurance at you oil mega?
euro is offline   Reply With Quote
Old 07-08-2019, 06:30 PM   #8
Full time employment: Posting here.
cooch96's Avatar
 
Join Date: May 2014
Location: Lakewood
Posts: 919
Bravo!
__________________
Why be normal when you can be yourself?
cooch96 is offline   Reply With Quote
Old 07-08-2019, 06:55 PM   #9
Recycles dryer sheets
 
Join Date: May 2019
Posts: 367
Congrats!
RxMan is offline   Reply With Quote
Old 07-08-2019, 08:25 PM   #10
Dryer sheet aficionado
 
Join Date: Mar 2019
Location: Bellingham
Posts: 34
I seriously thought about totally pulling the plug and not taking the part time truck driving job, but I guess I am a bit nervous about giving up work at such a young age. My plan is to work part time with them until next year during my days off from the Oil Refinery. We work 7 days on and 7 days off at the refinery. Working part time driving will give me the opportunity to see if I like performing the new job. After I retire and sort out the budget I will make a decision if I want to continue with the part time job or not.

My business is very small and will supply a small portion of income if I need it to. We have never paid ourselves with the business proceeds instead reinvested the proceeds so our business debt is zero. We both enjoy working in the business and since we don't get paid it feels more like a hobby/volunteer job and not work.

I can get retiree medical insurance for my wife and myself from my current job for about $350 an month until Medicare kicks in. My wife is also on SSDI so she can get on Medicare at any time.

Yes I have ran the FIRECalc and my numbers look really good basically zero chances of failure, but what will the next few years bring with the stock market at an all time high and bonds at an all time low. The only place you can invest right now is stocks or ETF's. Bonds are barely performing at inflation rates....
L Carlisle is offline   Reply With Quote
Budget
Old 07-08-2019, 08:31 PM   #11
Dryer sheet aficionado
 
Join Date: Mar 2019
Location: Bellingham
Posts: 34
Budget

I ran a budget last year by looking at all monthly expenses including medical expenses, travel, savings for oh shits, etc. My budget is $4000 a month at the low end and $5000 preferably. So it looks good. Personally if I had 300,000 more in my savings it would be perfect. This is one of the reasons why I want to work part time. If I allow my investments to grow for a few years my balance sheet should be in a better position.
L Carlisle is offline   Reply With Quote
Old 07-08-2019, 08:37 PM   #12
Dryer sheet aficionado
 
Join Date: Mar 2019
Location: Bellingham
Posts: 34
My goals for retirement are to travel a lot. My youngest child lives in Europe and he is married. My wife has been able to visit him twice, I have not since I work a lot. I want to travel around Germany and Austria with him and his spouse. They can be our tour guides and interpreters. I would also like to go to Brazil again with my wife before my 10 year Visa expires. Lot's of traveling in the future.
L Carlisle is offline   Reply With Quote
Old 07-12-2019, 06:24 AM   #13
Recycles dryer sheets
 
Join Date: Jun 2019
Posts: 145
Quote:
Originally Posted by L Carlisle View Post
My goals for retirement are to travel a lot. My youngest child lives in Europe and he is married. My wife has been able to visit him twice, I have not since I work a lot. I want to travel around Germany and Austria with him and his spouse. They can be our tour guides and interpreters. I would also like to go to Brazil again with my wife before my 10 year Visa expires. Lot's of traveling in the future.
Hate to be the one to say it... but from an outsiders perspective it seems like you should already be in Europe.

Your dreams are to travel and enjoy seeing the world with the person you love... but you're "fine tuning" and working part time hoping for another 30k?
Rent out your house while you're gone and that 30k just happened while youre gone. Stay in slightly cheaper places for a few years and it's the same. I think you'll also be amazed that you might find opportunities for work or projects while you're away and traveling... but if you keep staying to "fine tune" you may never actually go.

Prepared (like you are_ or unprepared (like we were/are)... its hard to make that leap... but better to make it than to be that story people tell about the guy with 2million dollars that never got to enjoy it.

Best advice I can offer (from someone with far less saved, but who's tasted the other side)...
Set a date with your spouse, put it on the calendar (in sharpie) and make it happen!!
__________________
RE at 35 (mostly accidentally and without a plan) and still figuring it all out after 12years of full time travel/adventure!

Enjoy the Journey!!
brydanger is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Anthem huge rate hike free4now FIRE and Money 21 05-03-2010 05:35 PM
Huge tax bill -- I think I'm screwed dwk FIRE and Money 5 04-01-2010 06:58 AM
Blue Cross huge rate increase what to do gquiring Health and Early Retirement 40 12-18-2009 03:31 PM
Wharton: "Giving Employees What They Want: The Returns Are Huge " Nords Young Dreamers 8 01-02-2006 03:12 PM
THE COMING HUGE DEPRESSION anthony FIRE and Money 15 12-12-2005 12:53 PM

» Quick Links

 
All times are GMT -6. The time now is 12:01 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.