Harder than I thought it would be

[jzajzz]

So, I've done the math dozens of times, and my logical self knows that I am fully able to successfully retire, at least from a a financial standpoint. My wife is on board with my decision....this is something that we have both talked about and been working towards for years. Every time I look at the numbers, I keep thinking that if I just stay another 18 months, I will earn another year and half of salary, my pension will increase by x%, etc. I know I don't need the extra money, and it will really not have a material impact on my lifestyle, but, man, I feel like I am almost doing something wrong by leaving money on the table. No doubt if I stayed, I would probably feel the same way in 18 months---if I just stay another year, I can have an even bigger pension. Kind of like a rat on a spinning wheel, never able to get off.

Are you assumptions conservative? Try out different scenarios .. if it makes sense .. why not make the jump?

Also .. can you make some extra money using your expertise?

 

[ProGolferWannabe]

Are you assumptions conservative? Try out different scenarios .. if it makes sense .. why not make the jump?



Also .. can you make some extra money using your expertise?

So, first to everyone who has responded...thank you. Some interesting things to ponder. Regarding the specific questions above:

(1) I think I have been very conservative in my thinking/planning. Per firecalc, even if I use inflated spending levels (about 25% more than what I believe I will spend), I get 100% success for 45 years of retirement; and as suggested in prior posts, I could cut out some planned expenditures if things radically changed..basically adjusting to the situation. Not ideal, but I could do it.

(2) I am not confident that I would have much luck securing any meaningful economic employment once I leave my current job. I suspect I could find work, but it would be at a much lower salary, probably something akin to working at Home Depot part time, etc. If I did that, it probably would be more for "fun" or something to do than the money.

I think it is the second point that has me hung up...the fact that I know (or am nearly 100% certain) that once I give up this gig, I am closing the door on any meaningful future earned income...kind of a oneway street. Even knowing that I have a high probability of not needing to work (as evidenced by the first point) does not seem to make my decision any easier. What can I say...I am a headcase.

 

[travelover]

............I think it is the second point that has me hung up...the fact that I know (or am nearly 100% certain) that once I give up this gig, I am closing the door on any meaningful future earned income...kind of a oneway street. Even knowing that I have a high probability of not needing to work (as evidenced by the first point) does not seem to make my decision any easier. What can I say...I am a headcase.

It is a one way door and it is hard to step through knowing you are absolutely committed to the next step - retirement. But while there is a small probability of you needing to work again, there is a certain probability that you are going to die eventually. Once you accept that, it is a question of how you want to spend your remaining years. Personally, I've never regretted taking the leap ten years ago, but I certainly thought about the one way door before I jumped.

 

[broadway]

I think it is the second point that has me hung up...the fact that I know (or am nearly 100% certain) that once I give up this gig, I am closing the door on any meaningful future earned income...kind of a oneway street. Even knowing that I have a high probability of not needing to work (as evidenced by the first point) does not seem to make my decision any easier. What can I say...I am a headcase.

It is a valid concern, but I don't regret the decision to walk away from my last permanent full-time job in September 2013. I was majorly stressed out by the unrealistic project schedule and knew I did not want to "do whatever it takes" (unpaid overtime) to get the job done.

I have worked contract jobs since then.

Given my age it does not look likely that I will be able to find another permanent full-time job with benefits.

 

[Retirement Nerd]

@ progolferwannabe. I know where you are coming from. But ask yourself this: Are you wanting to hold on for the sake of identity with the position?

Even though I know I will be capable of leaving next year, I do think of the fact I am in a covenanted position within my field, and some people would think it crazy for me to leave. However, the position is stressful and I have other interests. I remind myself that what I do is not who I am. I have other things I can do.

If you know you are well off financially, this may be your opportunity to follow your other passions. The fact that you are here on this forum and contemplating retirement is a sign you want to move on.