I'm 59.5, and have worked in IT and software development for 30+ years. Single, no dependents. Have 900K in stocks/bonds/liquid assets in a 45/40/15 mix. A 200K house, paid off, and a paid off car. No debt. I have been doing some home improvements this year, but I can and have lived pretty easily on 30K since I just need taxes, insurance, utilities, food and some fun. I've priced out marketplace health insurance, and am okay with that expense. No pension package, but can expect about 20K in SS at 62.5, if I choose to take it, and probably will unless taxes make me delay that.
Earlier this year, I spoke to a financial adviser. I am naturally resistant to sales pitches. They started off telling me I was okay to retire, based on my figures and projected expenditures, then recommended I go the annuity route and resorted to sort of scare tactics on why I should keep working. I guess to keep funding that annuity for them to manage.
I am not even slightly a financial whiz, but I think I don't need that kind of money managing. The thought of it makes me uneasy as opposed to keeping it in my own imperfect hands. I've played with the financial calculator and even tweaking the scenarios, to spend more a year, and assuming I never have any extra income - my scenarios at the low end of spending for 28 to 30 years run to 98% and even with another 20K a year of spending in expensive years are not bad. I have plenty of home hobbies to keep me busy without going outside of my projected budget. Maybe after a year, I might look into some indulgence, perhaps leasing a horse, or getting another dog, I don't anticipate a lot of high end pleasure spending.
I've been trying to hang on at work, even for a few more months, but not sure how long that can continue. (Management issues, nepotism, etc). Naturally I'm nervous about going from saving to spending. Given the financial adviser went from "of course you can retire" to "don't retire without us managing your money and even then don't retire at all", I got my confidence a bit shattered.
I have been a workaholic so I have a lot invested in my job. But none of those long days or contribution to the company's present status are valued by the new management -- or the old for that matter, because now they are heading out the door too, they have a convenient memory about what I have done. Because of my efforts, and now that the company is making $$, when for years I worked 18 hour days to build it up, part of me thinks I should stay to earn the reward of my efforts. But I think the stress and negative effect on my health is past the point that it is worth it.
I'm conscious of that fact that the extra years of earnings may be taking more of a toll on me than the salary is worth. After all, the years between 60-70 are pretty precious, given as we grow older, maybe our health after 70 may not let us do what we could a decade earlier.
That's the thinking that makes me ready to pull the trigger. But retiring early, giving up a job, is to many's thinking such a no-no. But I am ready, except for the fear and guilt
Any thoughts or advice?
Earlier this year, I spoke to a financial adviser. I am naturally resistant to sales pitches. They started off telling me I was okay to retire, based on my figures and projected expenditures, then recommended I go the annuity route and resorted to sort of scare tactics on why I should keep working. I guess to keep funding that annuity for them to manage.
I am not even slightly a financial whiz, but I think I don't need that kind of money managing. The thought of it makes me uneasy as opposed to keeping it in my own imperfect hands. I've played with the financial calculator and even tweaking the scenarios, to spend more a year, and assuming I never have any extra income - my scenarios at the low end of spending for 28 to 30 years run to 98% and even with another 20K a year of spending in expensive years are not bad. I have plenty of home hobbies to keep me busy without going outside of my projected budget. Maybe after a year, I might look into some indulgence, perhaps leasing a horse, or getting another dog, I don't anticipate a lot of high end pleasure spending.
I've been trying to hang on at work, even for a few more months, but not sure how long that can continue. (Management issues, nepotism, etc). Naturally I'm nervous about going from saving to spending. Given the financial adviser went from "of course you can retire" to "don't retire without us managing your money and even then don't retire at all", I got my confidence a bit shattered.
I have been a workaholic so I have a lot invested in my job. But none of those long days or contribution to the company's present status are valued by the new management -- or the old for that matter, because now they are heading out the door too, they have a convenient memory about what I have done. Because of my efforts, and now that the company is making $$, when for years I worked 18 hour days to build it up, part of me thinks I should stay to earn the reward of my efforts. But I think the stress and negative effect on my health is past the point that it is worth it.
I'm conscious of that fact that the extra years of earnings may be taking more of a toll on me than the salary is worth. After all, the years between 60-70 are pretty precious, given as we grow older, maybe our health after 70 may not let us do what we could a decade earlier.
That's the thinking that makes me ready to pull the trigger. But retiring early, giving up a job, is to many's thinking such a no-no. But I am ready, except for the fear and guilt
Any thoughts or advice?
