probably delaying retirement plan

[dknighd]

Whiling walking a mile to the store under the noon sun. It hit me - if we are living this hard with a 6 figure salary and benefits, how could we manage without those in retirement? It is confirmed again when I have to cut the two week old grasses. I hate mowing the lawn and the mosquito bites.

If you are retired, you can walk to the store whenever you want. It does not have to be noon. Or, you can wait for the car to get back home, then go to the store. Or even better, have the person using the car pick up what you want on the way home. Likewise, you can pick and choose when you mow the lawn. I try to pick a time when the mosquitos are not active.


I could pay to have these things done for me, but I prefer to be able to keep doing them myself.

 

[dknighd]

Some simple math:
5,000,000/100,000 = 50 years
This assumes investments and expenses just keep up with inflation. And does not include your pension or SS income.
I'm pretty sure you will be OK!

 

[CaptTom]

If ER means living on a shoestring, uncomfortable, worrying about expenses, stay at work.

7 years into my "shoestring" retirement, I don't regret it. I mow my own lawn, do most of my own maintenance, and while I don't "worry" about expenses, I do keep an eye on them. I can't say I've been "uncomfortable" at all, especially if the other option was to keep w*rking all those years.

All that stuff I used to do on weekends, I now have the whole week to get done. Every day is not like a Saturday. Every day is like a fraction of a Saturday. And I can wait for the weather, or my mood, to get chores done.

My point is, we each have our own perspective. You can w*rk hard to pay someone else to do it, or you can do it yourself. Your call.

 

[TheWizard]

Some simple math:
5,000,000/100,000 = 50 years
This assumes investments and expenses just keep up with inflation. And does not include your pension or SS income.
I'm pretty sure you will be OK!

Not good enough, DK.
He's married so that's only $50k each; they'll be scraping by.

Better to use the 4% RoT, giving them $200k per year until SS starts...

 

[LateToFIRE]

Either trolling or in deep need of psych counseling to overcome extreme irrational fear.

 

[Mark2024]

If we had a poster said he has 118 billion but drive a 2014 car, will you say he/she is a troll?

Different people has different way of thinking and spending habits.

BTW, I have never claimed I have 5 million $ already, only that "Our net worth is moving toward 5 million". I used that figure because there was a post stating that is a comfortable amount to retire on.

 

[Mark2024]

If you are retired, you can walk to the store whenever you want. It does not have to be noon. Or, you can wait for the car to get back home, then go to the store. Or even better, have the person using the car pick up what you want on the way home. Likewise, you can pick and choose when you mow the lawn. I try to pick a time when the mosquitos are not active.


I could pay to have these things done for me, but I prefer to be able to keep doing them myself.

Well, I need something for cooking the lunch. So I can't wait.

You can't really cut grass in the morning because it is wet, not in the middle of the day because it is too hot.

 

[aaronc879]

7 years into my "shoestring" retirement, I don't regret it. I mow my own lawn, do most of my own maintenance, and while I don't "worry" about expenses, I do keep an eye on them. I can't say I've been "uncomfortable" at all, especially if the other option was to keep w*rking all those years.

All that stuff I used to do on weekends, I now have the whole week to get done. Every day is not like a Saturday. Every day is like a fraction of a Saturday. And I can wait for the weather, or my mood, to get chores done.

My point is, we each have our own perspective. You can w*rk hard to pay someone else to do it, or you can do it yourself. Your call.

If you have a Captain's pension you are not living on a "shoestring budget".

 

[ShokWaveRider]

We live way below our means and save every penny we could. Our net worth is moving toward 5 million plus we have pensions and will draw decent SS. Every calculators we run says 90 to 100%. But all these calculator are using historical data to project into the future. How could you be so sure?

A lot of us here retires with WAY below what you have, you are over thinking things.

 

[brett]

I have not cut grass, trimmed hedges, cleared snow, etc . since retiring @59 12 years ago.

Sold our house, traveled for a year. Rented a condo for 4 years. Moved into a HOA that does all lawn mtce and snow.

Gave away all of our gardening implements. I never wanted to see them again.

Perhaps you are not ready for retirement.

 

[Aerides]

BTW, I have never claimed I have 5 million $ already, only that "Our net worth is moving toward 5 million". I used that figure because there was a post stating that is a comfortable amount to retire on.

Then it would be more helpful if you were a bit more specific when seeking answers. Someone with $500k can be "moving toward" by that standard so it's a tad deceptive. If you actually want advice, you might want to be a bit more up front on your actual situation.

When someone starts a thread as you did, everyone will naturally assume you are in the ballpark of the numbers you state. Maybe 3-5 million. Either way, enough for almost anyone, anywhere.

On a 10k per month budget that you've previously referenced, there's little need to hand wring over the "is it enough" questions you've asked over several threads.

 

[pb4uski]

Either trolling or in deep need of psych counseling to overcome extreme irrational fear.

+1 but a troll methinks.

 

[Kabowest]

I'm single and have a healthy retirement income, more than $100k to be sure.
And I keep two vehicles in my stable, an F-150 and a mustang convertible.
So jump in, the water's fine...

My stable holds a Tacoma and a Mustang convertible.

 

[Kabowest]

+1 but a troll methinks.

+2

 

[MarieIG]

. . .

People say they enjoy retirement because every day is like a Saturday. But without the steady income from working, even Saturdays are not that much enjoyable. Does anyone else have this feeling right before they about to turning their paper?

No, but I made sure I was comfortable with the numbers before I retired.

If - you want to retire, start working on your budget and how you would be managing cash flow (in and out).

If you are not ready - then keep working for the time being.

 

[Dtail]

+1 but a troll methinks.

Has 30 posts. I will still go with an extreme worry wart to the point of just keep working until you figure it out.

 

[LateToFIRE]

OK, let's go with irrational fear (vs trolling) given has a posting history and I can relate on some level (therefore should not be throwing any stones). My NW is somewhat north of $5M and I am still breaking out in a sweat at the prospect of zero income. Granted my ret budget is twice the OP's

Yes, definitely I'm going to go into some shock when I pull the trigger. I've been working to earn an income since the age of 10. It's taken much blood, sweat and tears to create my pile. I really really don't want to siphon anything from it. I'd almost just rather (irrationally) keep working until I keel over. I don't even mind working all that much. But, I know that I'm saying all this out of fear - FEAR of the unknown - FEAR of something going wrong - FEAR of letting go of the perceived fake security that a MegaCorp gig appears to provide - FEAR that I could be wrong about my calcs - FEAR that my calcs are perfectly correct but the experts have got it all wrong - FEAR that I would miss the purposefulness that work provides - FEAR that I would just be unhappy not working.

But, what I've had to confront is that it really is all about FEAR. Many times in my life I have had to overcome fear and just get on with it. This quality is a hallmark of my success - a big part of how I was able to ascend multiple socio-economic levels in one lifetime.

So, yeh, I'm scared. But, sometimes you just have to trust your judgement in spite of the fear.

 

[jazz4cash]

Might be the one in 500,000 that needs SPIA to SWAN.

 

[pacergal]

OP--
What do you mean by your statement "if we are living this hard with a 6 figure salary and benefits, how could we manage without those in retirement?".

Are you saving so much that you can't enjoy your life now? If so, I say cut back a bit and take a breather.

Have you run firecalc?
Do you know your true budget/spending for the month/year?

If you are headed to 5 million, I think you are doing fine.
Retire now and enjoy life.
Unless you have a fear of uncontrolled spending or not able to cut back if needed. Then keep working.
How much is Enough?

 

[LateToFIRE]

Mark2024,

I responded to a similar thread of yours back in July, with the following:

"...we're close in age, similar financial considerations, sizable budget for VHCOL location, acute tax and HC insurance concerns...

What has really sold me on the big R is this:

(1) Recognizing we have more than enough to sustain a great lifestyle by running models and calculators until the cows come home. At some inflection point, time is more valuable than dollars, and I'm clearly late poking my head up and smelling the coffee .

(2) Recognizing that at my (still highly productive) age, Megacorp is just not going to allow me to advance further in career, regardless, just because that's how it is with them, and so I'm not going to wait around and suffer the indignity of becoming that sidelined boomer dude.

(3) In running all those scenario analysis, realizing, oh shoot, theres not all that many good years left to be a fit, trim, healthy, active not too old dude. If the next 20 years go by as fast or faster than the last 20 years, it's going to be a blur and then who knows what condition I'll be in if I'm still around at all. Sure, I'm running calcs for +30 more years, buuutttt between you and me, I'm telling you that's not at all how its likely to go down."

 

[FindingForward]

I smell a troll.

Maybe not a troll, but Bogleheads is made for OP: that's the forum for silicon valley gurus, lawyers, surgeons and other high earning folks with $5-10+ million in investments and generous pensions to routinely discuss financial insecurity and their fear of retiring.

OP no offense meant - but when so few people have your nosebleed level of assets - then on top of that, you mention guaranteed pensions AND social security? It will come across like a humble brag to many.

 

[dknighd]

Not good enough, DK.
He's married so that's only $50k each; they'll be scraping by.

Better to use the 4% RoT, giving them $200k per year until SS starts...

I'm guessing the survivor needs about 75% of what both needed.
For you math is simple. But for some of us, things are more complicated.


I'm trying not to laugh out loud. But perhaps I should do that more often. I probably should. I should also dance more.


I think we both agree $5M should be enough.

 

[pb4uski]

Has 30 posts. I will still go with an extreme worry wart to the point of just keep working until you figure it out.

Good point. With 30 posts, I think I stand corrected... irrational fear it is.

 

[LateToFIRE]

OP--
What do you mean by your statement "if we are living this hard with a 6 figure salary and benefits, how could we manage without those in retirement?".

Are you saving so much that you can't enjoy your life now? If so, I say cut back a bit and take a breather...


How much is Enough?

This too puzzled me. I'm at a similar level of assets, similar age, six figure income, but certainly not skimping on lifestyle (at least not skimping in any remotely reasonable fashion unless you regard not owning a Porsche Targa 4S to be a hardship). Why is OP walking a mile to store and tending lawn in the brutal hot sun if they don't want to. How much of a dent would a second car or weekly lawn care service put in a $5M NW? Makes no sense.

 

[HI Bill]

"Why do I want to voluntarily giving up a 6 figure income and all the benefits?" Because Time > $, there is a distinct possibility that you could die before retirement. It's much more likely than running out of $ when you start with $5M.

Check out the "Rich, Broke or Dead" calculator. Should help with the fear of running out of $, which is much less likely than running out of time.
https://engaging-data.com/will-money-last-retire-early/