Thanks! The way I think about it, the biggest impact of DW retiring would be cost of health insurance. I could absorb $15-20k in extra costs annually if I had to. She would also need to think about how to fund health insurance and the expenses that she handles today for herself. So she would need to retire "responsibly" with all of this in mind.
That is fortunate indeed! But unfortunately, it renders harder the decision to retire, because you're walking away from so much potential annual earnings.I've also been fortunate in the past 4 years or so to have increased my income by a lot. I never thought I would ever earn more than $300k in a year but I have done so for 3 of the last 4 years. My extra money has gone right back into savings and investments (except for the addition to the house!).
True, but some of that increase in earnings was ephemeral - the result of a couple of luckily-timed stock grants and big stock price increases. Realistically my earnings going forward are in the low-to-mid $200k range. Which is still really good, and a lot more than I was making 10 years ago, but not quite the same.
$5 mil is more than many of us here have. I forget whether you've run FIRECalc yet. FIRECalc: A different kind of retirement calculator I'm assuming it will say you can retire. Good luck.
True - referred to it as "Golden Handcuffs". The INCOME was GREAT, but ...
Don’t discount the “Joneses” as we need them spending so our stocks and investments increase. Otherwise, how would we live the Fire lifestyle?True, but some of that increase in earnings was ephemeral - the result of a couple of luckily-timed stock grants and big stock price increases. Realistically my earnings going forward are in the low-to-mid $200k range. Which is still really good, and a lot more than I was making 10 years ago, but not quite the same.
Recent workdays (even just yesterday/today) are pushing me even harder to walk away. The BS meter is overflowing! I really don't need fancy stuff - I am a Toyota RAV4 guy for cars. Base model is fine. I rarely buy clothes. I'm happy cooking most meals, getting cheap takeout, and occasionally going to a restaurant. I not only don't care what other people think of my finances (looking from the outside), but I would RATHER they think that I don't have a ton of money. The Joneses can go on being stupid and working until they are 70.
The work culture grates on me constantly. Big tech is toxic. You wouldn't believe the insane stress and emphasis placed on routine operational issues. We spin up "war rooms" to deal with issues. Yes, tech geeks are using this terminology. We have "work around the clock until it's resolved" issues to deal with. The intensity of on-call duties actually seems to exceed the intensity of what I witnessed with my ex-wife being on-call - and she was a critical care doctor dealing with peoples' lives. I don't understand the insanity of it all and I'm tired of turning a blind eye to the stupidity of it. And for fans of "Office Space", the amount of time spent dealing with TPS report type of minutia, to hopefully not end up on the report of shame in front of the executives, is ridiculous. Maybe you can sense some of my burnout in this post. I am so damn sick of it all. Of course we also have way too much workload and ridiculous deadlines to meet, etc...
So yeah, I'm back in the work week dreading every single day and maybe you can see my mindset! It's not healthy. I'm good at my job and I'm a team player, willing to do what is needed for our organization - but it comes at the cost of my personal life and (increasingly) mental health. Ok, rant over.
As a 53-year-old that pulled the plug four months ago in mega corp consulting, this is all too familiar to me.True, but some of that increase in earnings was ephemeral - the result of a couple of luckily-timed stock grants and big stock price increases. Realistically my earnings going forward are in the low-to-mid $200k range. Which is still really good, and a lot more than I was making 10 years ago, but not quite the same.
Recent workdays (even just yesterday/today) are pushing me even harder to walk away. The BS meter is overflowing! I really don't need fancy stuff - I am a Toyota RAV4 guy for cars. Base model is fine. I rarely buy clothes. I'm happy cooking most meals, getting cheap takeout, and occasionally going to a restaurant. I not only don't care what other people think of my finances (looking from the outside), but I would RATHER they think that I don't have a ton of money. The Joneses can go on being stupid and working until they are 70.
The work culture grates on me constantly. Big tech is toxic. You wouldn't believe the insane stress and emphasis placed on routine operational issues. We spin up "war rooms" to deal with issues. Yes, tech geeks are using this terminology. We have "work around the clock until it's resolved" issues to deal with. The intensity of on-call duties actually seems to exceed the intensity of what I witnessed with my ex-wife being on-call - and she was a critical care doctor dealing with peoples' lives. I don't understand the insanity of it all and I'm tired of turning a blind eye to the stupidity of it. And for fans of "Office Space", the amount of time spent dealing with TPS report type of minutia, to hopefully not end up on the report of shame in front of the executives, is ridiculous. Maybe you can sense some of my burnout in this post. I am so damn sick of it all. Of course we also have way too much workload and ridiculous deadlines to meet, etc...
So yeah, I'm back in the work week dreading every single day and maybe you can see my mindset! It's not healthy. I'm good at my job and I'm a team player, willing to do what is needed for our organization - but it comes at the cost of my personal life and (increasingly) mental health. Ok, rant over.
Thanks! I did run Firecalc and got 100% success - not factoring in the possibility of my wife retiring earlier than planned. But I think there is enough buffer built into my plan to handle that possibility (in conjunction with my wife contributing also to health insurance costs).
Yes, even my working this year is arguably a kind of OMY due to golden handcuffs - I vested a lot of stock this year. Glad to hear your retirement is working out for you!
Interesting thought! I will consider that if the time comes. Just a clarification that there isn't a young child - my daughter is 18 and my stepson is in his late 20s. But health insurance is the primary concern.
Thanks so much! Glad to hear from a recent early retiree and glad it is going so well for you! I can't wait to figure out "what I want to do when I grow up" all over again!
Exactly. I am a little bit glad that my "large" stock grants are all gone now and the stock price has dropped a bit. It makes the decision easier!
If you would, could you please outline your thinking process, in the sense, of how one "copes" or allows oneself the grace, to forego the extra earned income?
I would be lying if the fact that you cover most of your expenses allowing her to save more didn't raise an eyebrow. Will you continue to do that once you retire?
Yes, that is the plan. I did tell her that if we have a big downturn in the market I would like her to contribute to some of the basic monthly costs like utilities and groceries, just to defray my costs until the market recovers. She is fine with that. I own the house, pay the mortgage, and pay for upkeep - I don't expect her to contribute to those areas.
Yes, this is why I mentioned that I am not banking on her continuing to work for 3, 5, 10 more years. The plan needs to work even if she wants to retire. I think I would try to convince her to drop to part time, giving her much more free time and still allowing us to get health insurance through her employer - at least as a first step. She seems adamant about working right now.
Haha! My daughter was a big fan of the musical Hamilton, and I remember there's a part where King George hears that George Washington is stepping down as president. He says something like "I didn't know that was a thing that a person could do!"
Your comment makes me think that your mindset is like "walking away from money? I didn't know that was a thing you could do!"
I am not sure exactly WHAT your question is, nor how to answer it. I was simply burned out. I KNEW I was going to retire, just a question of "when". The stress level got sooooo bad. As I said, I ran the numbers and figured that I could PROBABLY get by retiring early - 55 1/2. No real "thinking process" - it was more of a reactive response to the situation I was in. Shrug. DW (Molly) and I were ALWAYS frugal, and we just dealt with it.
Yes, that makes sense. I've noticed that folks in high-dollar jobs tend to burn out sooner. This in particular is people who had middling/OK salaries in the 90s and 2000s, then sometime in the 2000-teens ascended the Megacorp ladder, enjoying fantastic remuneration, but also unsustainable stress.
You say enough. Your cup overflow it. LOL. But only you can do it. A spouse can't beg/whine/nag you to retire. You have to want to do it. And walking away sometimes it's NOT the money. You have more than you can ever spend and make so much it's ridiculously stupid. The truth is that some of it is EGO. Being able to tell people how high to jump and what to do. Coming home to the partner who says load the dishwasher is NOT cool.
