What would you do?

[pickninthepines]

Well, I've reached a point in my life where I'm thinking it's time to retire. Present job has way too much long distance travel. I'm in my early fifties. I lost an older brother to cancer last year. Would like to smell the roses for the last third of life! Still have three early teens at home, but they've each got $80K of their own college money, with five or six years to go.
I have been a businessman for 30 years. Wife is seven years junior. She stopped working a year ago to spend time with the kids. No debt. Over $3M in investments at 60/40 bonds and stocks, plus house is paid for, and worth $500K. The medical insurance situation is a pain, as the State of MA does not allow HSA's as an approved option for mandated health insurance, and the State fines you if you don't have a state approved medical plan with all the liberal bells and whistles. (Romney pushed that through, by the way). So, we've got to factor in $1200 per month for health insurance. Thinking we can live on $90K per year, with that factored in. Firecalc shows almost 100% assuredness. What would you do?

 

[Meadbh]

I would retire, of course! But not before planning what to do all day!

 

[REWahoo]

Since you are apparently in a position to do whatever you want to do, I think that's exactly what you should do.

 

[Gumby]

I always take REW's advice.

 

[bssc]

What REW said.

 

[Helios]

BBB

Well, you have certainly met all of lifes demands and earned retirement. Sounds like its YOUR time to retire and enjoy life.
I am three years past work, and its hard to portray just how great it is.
I say this....get a BaseBall Bat and go out and knock the rearview mirrors off of your traveling car, and dont look back!

 

[W2R]

Come on in!! The water's fine.

And welcome to the Early Retirement Forum.

 

[RonBoyd]

What would you do?

Humpf!

 

[travelover]

Welcome. What is your worst fear about jumping in?

 

[Katsmeow]

Well, let me see....

I'm mid-50s, DH is 7 years older. We are buying a paid for house in 10 days (still need to sell old house), we also have teenagers (13-18). I have an extremely stressful, long hours job. We don't have 80k saved for each kid's college but we do have a number of low cost state universities and community colleges nearby.

DH is retiring in a few months and I am moving to an extremely part time (1 day a week) position in a couple of months.

Oh, we don't have $3 million either. We will have a paid for house and about $1.2 million plus subsidized retiree medical and DH's SS.

In your situation....I wouldn't wait at all.

 

[pickninthepines]

I appreciate yours, and everyone's kind responses. No major fears, just my conservative upbringing causing me to wonder if I'm being selfish by leaving a perfectly good position at a young age. My parents never saved a dime, and there were some tight times as a kid. I'd probably worry about running out of money, even if I had $100MM socked away! I've got plenty to keep myself busy with, including kids in school, sports, and a lot of hobbies, so I'm not worried about the mental adjustment. Thanks Again.

 

[REWahoo]

No major fears, just my conservative upbringing causing me to wonder if I'm being selfish by leaving a perfectly good position at a young age.

Millions in the US are looking for work and you have the opportunity to create a job opening for one of them. What's selfish about that?

 

[HsiaoChu]

Move to Beautiful Bar Harbor, Maine. For the price of your current house you could buy a palace.

Z

 

[Brat]

Because you are in a position to leave the job you have think about what you have been telling your self, "If only..."

When you retire you don't need to sit on your tush, you can do what YOU want with your time.

Start making a list then talk to your spouse. The biggest adjustment is sorting out territory.

 

[WB52]

Retire immediately.
If you are receiving some sort of fulfillment or non-financial suport at w*rk, you should hesitate, then retire.
Also, once retired, you do not need to be tied to your residence in the state of MA, with high healthcare costs. You can move to many othe rbeautiful locations. You have the means to stay or go. you have lots of great choices and no pressure to make them quickly.
Congratulations!

 

[Midpack]

I would retire, of course! But not before planning what to do all day!

You're clearly ready in terms of $.

IMO, "planning what to do all day" is all that stands between you and retirement. It's more important to have something to retire to, than just to retire from something. What you retire to can be whatever you want, but if you're like most people you'll quickly become bored with doing nothing at all - you could become miserably bored. There are several great books on the subject, Work Less, Live More and How to Retire Happy, Wild & Free come to mind. Best of luck...

 

[pickninthepines]

Beautiful area, Bar Harbor. Not sure Maine is much more retirement friendly than MA? I think when the kiddies are off on their own, we will look for a lower tax, lower cost state than MA. Everything is higher here. Electric bills are twice what they are in some states.

 

[Brat]

There may be more than living costs to consider. Are there family members you would want to be nearby? I don't mean next door, or even in the same town, but not so far away that contact is a challenge.

On the other hand, if you are in your 50s, plan a move to a fun place with the understanding that it won't be your life long residence.

 

[Coloradoblonde]

Your wife was smart and retired to spend time with the kids, you should do the same. Before you know it, they will be off in college, then married with their own kids. I'm pretty sure no one regrets the time spent with their family...

 

[NW-Bound]

Move to Beautiful Bar Harbor, Maine. For the price of your current house you could buy a palace.
Z

The OP said his current house is worth $500K. And you said it would buy a palace in Bar Harbor! On the ocean, with a view? Really? I thought it would cost a lot more! On the West Coast, it would cost a whole lot more. What's the gotcha? The New England winter?

 

[LOL!]

Unless the wife and kids are used to moving every few years, I would think that school and community would be a very heavy anchor that would preclude changing scenery until the kids were in college.

Anyways, I would talk to folks in my company about working part-time. If they don't go for it, then I would simply retire.

 

[rescueme]

...causing me to wonder if I'm being selfish by leaving a perfectly good position at a young age.

Time to pull out my "reference"...

 

[xyz]

I would make the jump... I am in a similar situation except waiting for company paid medical (19 months to go!).. I do not feel the least bit concerned about retireing early and opening up my position for someone who needs it. Your numbers are solid why not ?

 

[chris2008]

Another one for "Go and enjoy ER".

 

[Xman]

Welcome. My situation is similar, and the concerns are similar. 50, 3 kids, OK financially, too much travel (I added up travel days during a 3 month stretch a few years ago - there were 60 travel days). I'm fairly sure that I am making the right choice, but it is certainly not without anxiety. It would be easier in a way to just keep putting my head down and doing what is expected. I would also rack up a bunch more money, that would enable me to buy things I don't need, or leave a bigger estate. I am choosing to try and really live this last 1/3 of my life instead.