Can't believe it

B

bobbfrommn

Dryer sheet aficionado
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Bruce
Hi all I'm so glad to stumble across this forum and find people in the same situations.

I've always been a saver, had my first mutual fund at 16. Never had an outlandish salary but always lived within my means and stashed some away. I've been building my plan for quite a few years, tracking expenses, estimating costs. I've ran every calculator from FI to Fidelity and a half a dozen more. I've felt like we were in good shape for an ER at 55/56. Still a week ago my advisor stunned me by saying my plan was solid, he saw no longevity risk, and barring something catastrophic we'd be fine if we were done now (on target at 55). I don't know why I felt so surprised or why it seems to have taken me more than a week to process that we are really there. I've stress-tested every scenario I could think of, from tripling our discretionary fund, to one of us needing 10 years of memory care (came close to dying with zero in that one).

These forums were a huge help. Not just reading the success stories but the details around them. How people had the same nerves as I currently do, but now not only haven't their portfolios haven't imploded but many are the same as the day they retired or even are a little more. Many describe how they were able to adjust things as they went, with minimal disruption to life and still enjoy this time. So thank you to everyone for sharing!

Hopefully a year from now I will also be able to share an update as to how great it is going after year 1.
Bob
 
Welcome to the forum. Glad your plan is working.
Hope to hear more from you along the way.
Enjoy your retirement!
 
Congrats and welcome! These forums have been incredibly helpful for FIRE planning.
 
Welcome! And congratulations! We look forward to hearing more about your retirement adventures!
 
Welcome to the Forum. We look forward to your inputs along the way. Enjoy!
 
Welcome to the forum Bob. It's really nice when a plan comes together isn't it . . .
 
Welcome also!! The folks here know their stuff and will share their knowledge. Extremely talented and knowledgeable group except me. Lol

Stop back often.
 
bobbfrommn said:
Hi all I'm so glad to stumble across this forum and find people in the same situations.

I've always been a saver, had my first mutual fund at 16. Never had an outlandish salary but always lived within my means and stashed some away. I've been building my plan for quite a few years, tracking expenses, estimating costs. I've ran every calculator from FI to Fidelity and a half a dozen more. I've felt like we were in good shape for an ER at 55/56. Still a week ago my advisor stunned me by saying my plan was solid, he saw no longevity risk, and barring something catastrophic we'd be fine if we were done now (on target at 55). I don't know why I felt so surprised or why it seems to have taken me more than a week to process that we are really there. I've stress-tested every scenario I could think of, from tripling our discretionary fund, to one of us needing 10 years of memory care (came close to dying with zero in that one).

These forums were a huge help. Not just reading the success stories but the details around them. How people had the same nerves as I currently do, but now not only haven't their portfolios haven't imploded but many are the same as the day they retired or even are a little more. Many describe how they were able to adjust things as they went, with minimal disruption to life and still enjoy this time. So thank you to everyone for sharing!

Hopefully a year from now I will also be able to share an update as to how great it is going after year 1.
Bob
Click to expand...
Congratulations, Bob. Enjoy your golden days
 
Congrats on your success!!!
This is an awesome group of people who willing to help and support for whoever willing to speak up and ask questions. Great to have you to be part of it!!!
 
Welcome and congrats.
 
and boom. What's the saying "if you want the universe to laugh, just make plans"? So was just about to give notice and the wife comes home from her doc appt. She needs to have tarsal tunnel surgery on both feet. She had it, didn't know it, and did an 11 mile hike though yellowstone, which of course aggravated it. They are going to do them one at a time 4-6 week recovery. I've run the numbers. We've met all out deductibles and out of pockets for the year so if we switch to an ACA plan we'd have to re-pay all of those and if we keep COBRA the premiums are huge. Either way it's about $12k more than just staying at work for another 3 months. sigh... It could be worse, I don't hate my job so a few more months isn't earth shattering.
 
Thanks for posting. It's great to see after all this time you lift your nose from the grindstone to realize it has all paid off!
Three more months will be a flash. Spend the entire time making plans for retirement!
 
Welcome! I’m still in can’t-believe-it mode myself (in my first RE year) and am not 100% convinced yet, but this site is helping greatly.
 
bobbfrommn said:
...a week ago my advisor stunned me by saying my plan was solid, he saw no longevity risk, and barring something catastrophic we'd be fine if we were done now (on target at 55).
Click to expand...
Bob - my former (formerly free) Vanguard Personal Advisor (unpaid) said I was good to go also at my projected spending levels. He seemed a little jealous of my asset level, but that may have been an incorrect inference on my part (or not). I continued to w#$k and invest, and ultimately tripled my spending ability in ER. I'm really glad I did, as it gives me freedom to do things like go on month-long international trips and buy cool toys. My point is, if your assumptions/wants/needs don't change, then your advisor may be right. But he also probably doesn't have your level of assets and hasn't experienced the fear that comes just before ER!
 
bobbfrommn said:
and boom. What's the saying "if you want the universe to laugh, just make plans"? So was just about to give notice and the wife comes home from her doc appt. She needs to have tarsal tunnel surgery on both feet. She had it, didn't know it, and did an 11 mile hike though yellowstone, which of course aggravated it. They are going to do them one at a time 4-6 week recovery. I've run the numbers. We've met all out deductibles and out of pockets for the year so if we switch to an ACA plan we'd have to re-pay all of those and if we keep COBRA the premiums are huge. Either way it's about $12k more than just staying at work for another 3 months. sigh... It could be worse, I don't hate my job so a few more months isn't earth shattering.
Click to expand...
If $12K now is a concern, you're not ready and have not stress-tested your plan the way you thought. We're not even in a recession. Life is likely to throw way more expensive curve balls at you.

I understand choosing to work another 3 months to get this done without worrying about ACA/Cobra, but I hope you could afford it either way and it's just a "minor opportunistic optimization".
 
bobbfrommn said:
and boom. What's the saying "if you want the universe to laugh, just make plans"? So was just about to give notice and the wife comes home from her doc appt. She needs to have tarsal tunnel surgery on both feet. She had it, didn't know it, and did an 11 mile hike though yellowstone, which of course aggravated it. They are going to do them one at a time 4-6 week recovery. I've run the numbers. We've met all out deductibles and out of pockets for the year so if we switch to an ACA plan we'd have to re-pay all of those and if we keep COBRA the premiums are huge. Either way it's about $12k more than just staying at work for another 3 months. sigh... It could be worse, I don't hate my job so a few more months isn't earth shattering.
Click to expand...

Wishing you the best for your plans!

When I was 54, the financial advisor Megacorp provided (as an employee benefit) analyzed our situation and said we had enough for me to retire on. But, being concerned like situations you have encountered, I choose to keep working to both (a) pad my retirement assets to an "extravagant" (for us) level, and (b) spend income on things I hoped to avoid spending on in retirement (like one time renovations). While that kept me working for another six years (horrors!), it was well worth it. Also, for a work perspective, since I loved my job but was no longer felt the need to "compete" for recognition, promotions, or raises, I was able to implement a "glide path" that kept me (in the eyes of Megacorp) productive, but with (in my view) an easier workload.

I am not saying you need to go six years, but, as mentioned, if this type of "surprise" expense causes you concern, perhaps consider accumulating more so that these types of things are nothing more the "inconveniences" :) .
 
HI Bill said:
Bob - my former (formerly free) Vanguard Personal Advisor (unpaid) said I was good to go also at my projected spending levels. He seemed a little jealous of my asset level, but that may have been an incorrect inference on my part (or not). I continued to w#$k and invest, and ultimately tripled my spending ability in ER. I'm really glad I did, as it gives me freedom to do things like go on month-long international trips and buy cool toys. My point is, if your assumptions/wants/needs don't change, then your advisor may be right. But he also probably doesn't have your level of assets and hasn't experienced the fear that comes just before ER!
Click to expand...
I recall going through this with one of my early "financial planners" who was an old class mate. As she went over our finances and learned how much we already had, she couldn't help but reveal her envy (maybe too strong a word) over our financial success. She was apparently "right on the edge" of survival in her independent sales-person j*b. I should have dropped her then, but I guess we felt sorry for her. Also, I suppose I assumed she knew more than I did. Eventually, we did pull all our assets out of her relatively esoteric mix of "product."

But I have learned to take the responsibility for my own finances and not "blame" anyone else - not even an incompetent "sales person." I hired her so it's on me, not her. Now I do all my own planning and execution and STILL have only myself to blame when things don't go as hoped. The big difference? I don't have to pay for my own advice and I know exactly who to blame. :cool:
 
BlueberryPie said:
If $12K now is a concern, you're not ready and have not stress-tested your plan the way you thought. We're not even in a recession. Life is likely to throw way more expensive curve balls at you.

I understand choosing to work another 3 months to get this done without worrying about ACA/Cobra, but I hope you could afford it either way and it's just a "minor opportunistic optimization".
Click to expand...
You know that's the funny part, I've stress tested this thing 10 different ways including one of us needing full time memory care for 7 years (fam member had that happen). That one was tight but we still died with money, not a lot but how much do you need.

Now that I've had a few weeks to reflect I realize I'm using it as an excuse. On the plus side it's bought me time to get comfortable with the idea of being done (and run a bazillion more calculators and scenarios). I should really stop being chicken and do it. Lol
 
bobbfrommn said:
You know that's the funny part, I've stress tested this thing 10 different ways including one of us needing full time memory care for 7 years (fam member had that happen). That one was tight but we still died with money, not a lot but how much do you need.

Now that I've had a few weeks to reflect I realize I'm using it as an excuse. On the plus side it's bought me time to get comfortable with the idea of being done (and run a bazillion more calculators and scenarios). I should really stop being chicken and do it. Lol
Click to expand...
Yeah, it's funny what "little" things like $12K can do to you when you're considering FIRE. Back when I became Financially Independent, I would second guess my numbers and my assumptions and my "will" to make it w*rk.

At some point, you have to just "close your eyes" and jump! Good luck to your DW with her surgery.
 
Koolau said:
Yeah, it's funny what "little" things like $12K can do to you when you're considering FIRE. Back when I became Financially Independent, I would second guess my numbers and my assumptions and my "will" to make it w*rk.

At some point, you have to just "close your eyes" and jump! Good luck to your DW with her surgery.
Click to expand...
I think my biggest "ah ha" moment in the last two weeks is when I asked myself "so if $X isn't enough, how much more do I need to feel totally secure?" I followed that up with calculations on how much longer it would take to get that extra amount. Then I said "so do you want to waste 6 years to go from 98% confident to 100%?" Things have been on hold a bit after her surgery, I've been busy doing a lot of fetching things. Now that they are calming down I'm going to take one more look.
 
UPDATE:
Well it took four months to become comfortable with the idea but I just gave my notice today. Apparently, running 500 different calculators over the past 10 years wasn't enough for my brain. It needed me to run 1000. At any rate I did it. My boss asked what was next, I told her I was torn between professional poker player, and lead singer of a polka band.

Thank you to everyone for the encouragement, the kind words and sharing your stories. It all helped me get to where I am right now. See you in the Life After Fire forum...
Bob
 
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