walkinwood
Thinks s/he gets paid by the post
We plan to ER at the end of April, though we continue to think of it as a break of undetermined length. We want to keep our minds open to the option of going back to work - either full time or part time.
These are exciting times for us. Thanks to all on the board for the advice, examples etc. This board helped me make our ER decision.
I would like to post a different aspect of my thinking/plan/outlook as I go through this month.
Days to go: 29
State of Mind today: Mildly anxious.
Do we have enough?
We have kept track of our expenses for the past 5 years, during which we've done some major house repairs, made a major furniture purchase, bought a car (used). We've classified out every work related expense (like commuting). So we have a good feel for how much we need - at least, while we're each working 50 hour weeks! How much will we need when we have all the time to ourselves? We'll find out soon enough. We don't budget, but rather inspect our spending and try to modify our behavior to get the most joy out of it. Obviously, we'll have to keep to an overall budget from now on. To be safe, we've left some buffer in our planned annual withdrawal to allow us to spend modestly more than we did over the past 5 years.
I've analyzed my withdrawal amount using the SWR rules by Bengen, Guyton et al, Bob Clyyatt, FireCalc, Financial Engines (through vanguard), morningstar (through t-rowe price), ESPlanner and probably some that I've forgotten about - and they all tell me that I have enough. However, at 48, I could have another 48 years to go - that's a long, long time, so we'll keep monitoring expenses and portfolio over the next few years to be safe.
I've stopped the SWR analysis! Time to take a leap of faith.
These are exciting times for us. Thanks to all on the board for the advice, examples etc. This board helped me make our ER decision.
I would like to post a different aspect of my thinking/plan/outlook as I go through this month.
Days to go: 29
State of Mind today: Mildly anxious.
Do we have enough?
We have kept track of our expenses for the past 5 years, during which we've done some major house repairs, made a major furniture purchase, bought a car (used). We've classified out every work related expense (like commuting). So we have a good feel for how much we need - at least, while we're each working 50 hour weeks! How much will we need when we have all the time to ourselves? We'll find out soon enough. We don't budget, but rather inspect our spending and try to modify our behavior to get the most joy out of it. Obviously, we'll have to keep to an overall budget from now on. To be safe, we've left some buffer in our planned annual withdrawal to allow us to spend modestly more than we did over the past 5 years.
I've analyzed my withdrawal amount using the SWR rules by Bengen, Guyton et al, Bob Clyyatt, FireCalc, Financial Engines (through vanguard), morningstar (through t-rowe price), ESPlanner and probably some that I've forgotten about - and they all tell me that I have enough. However, at 48, I could have another 48 years to go - that's a long, long time, so we'll keep monitoring expenses and portfolio over the next few years to be safe.
I've stopped the SWR analysis! Time to take a leap of faith.