Hi,
I am Phil, new to this forum. Here is where I stand financially:
Age: 48
Net worth: 3.2 million
Asset Mix: 20% stocks, 50% bonds (all TIPS and TIPS funds), 16% PM (gold), 14% cash or equivalant (bank CDs one year rolling term, Money Market funds, etc.)
My income $185,000/yr.
My Expenses: $48,000/yr.
Significant Other (SO) Expenses: $58,000/yr.
SO income: basically none (depends on me for all income)
Children: None, and based on our age not likely to ever have children.
Private pension: will start at age 65 and pays $60,000/yr.
Social Security: I reach full retirement age at 67, it will pay around $30,000/yr.
I run the numbers through FIREcalc, Vanguard retirement calculator and flexibleretirementplanner, and it comes out 99% or 100% success most tries. The math is easy, and indicates that that I can retire.
It's the other people in my life that make this very complex. This is a long story and I would appreciate any input on this.
I worked as a professional at the same job from 1996 to 2012. I only received a few small raises in the time I was there and left for higher salary at the end of 2012. It was a cross country move form one small town to another small town in a different state. The job I left has since filled, and it is the only job in my profession in that small town.
The new job is wonderful. Better pay, nicer working environment. I love my new job. The problem is that the new job is in a not so nice place to live. The new job is in a small town in the middle of nowhere. The new hometown has a crime problem, lots of break-ins. In the 7 months I have been here some of my co-workers had their cars broken into, car stolen, etc. There is really noplace nice to live in this town, it is all run down.
The worst part is that the SO did not follow me here. The SO came for a few days, did not like the new hometown, and went back to the old hometown. We talk everyday on the telephone, and are still close emotionally. I get one day per pay period off, so I could fly back to the old hometown on a regular basis to see the SO one week out of ten.
I really don't know anyone here, and am basically a stranger in a strange land. Not only do I miss the SO but I aslo miss many other friends and acquantances. I liked my old hometown much better. It is a nicer place to live.
I asked about my old job at the old hometown, and it is filled. The old employer is having financial trouble and definitely not hiring.
There are other jobs at other employers in the old hometown, but not in my profession. I would be taking a steep pay cut to go back to the old hometown. I would be taking a pay cut to as low as $25,000/yr. In effect I'd be falling back on the Bachelor's Degree that I got prior to going to professional school.
My plan is something like this:
1. Take any available job in the old hometown. Draw down savings until a better job comes up in the old hometown.
2. If no jobs come open in the old hometown by the end of 2013, declare myself RE in early 2014 and go back to the old hometown. Try to find any available work. Live off of savings until a suitable job comes open.
I am 48 and have never been "between jobs" in my life, except for a few days, so I do not know what it is like.
Any input would be appreciated.
Thanks.
Phil
I am Phil, new to this forum. Here is where I stand financially:
Age: 48
Net worth: 3.2 million
Asset Mix: 20% stocks, 50% bonds (all TIPS and TIPS funds), 16% PM (gold), 14% cash or equivalant (bank CDs one year rolling term, Money Market funds, etc.)
My income $185,000/yr.
My Expenses: $48,000/yr.
Significant Other (SO) Expenses: $58,000/yr.
SO income: basically none (depends on me for all income)
Children: None, and based on our age not likely to ever have children.
Private pension: will start at age 65 and pays $60,000/yr.
Social Security: I reach full retirement age at 67, it will pay around $30,000/yr.
I run the numbers through FIREcalc, Vanguard retirement calculator and flexibleretirementplanner, and it comes out 99% or 100% success most tries. The math is easy, and indicates that that I can retire.
It's the other people in my life that make this very complex. This is a long story and I would appreciate any input on this.
I worked as a professional at the same job from 1996 to 2012. I only received a few small raises in the time I was there and left for higher salary at the end of 2012. It was a cross country move form one small town to another small town in a different state. The job I left has since filled, and it is the only job in my profession in that small town.
The new job is wonderful. Better pay, nicer working environment. I love my new job. The problem is that the new job is in a not so nice place to live. The new job is in a small town in the middle of nowhere. The new hometown has a crime problem, lots of break-ins. In the 7 months I have been here some of my co-workers had their cars broken into, car stolen, etc. There is really noplace nice to live in this town, it is all run down.
The worst part is that the SO did not follow me here. The SO came for a few days, did not like the new hometown, and went back to the old hometown. We talk everyday on the telephone, and are still close emotionally. I get one day per pay period off, so I could fly back to the old hometown on a regular basis to see the SO one week out of ten.
I really don't know anyone here, and am basically a stranger in a strange land. Not only do I miss the SO but I aslo miss many other friends and acquantances. I liked my old hometown much better. It is a nicer place to live.
I asked about my old job at the old hometown, and it is filled. The old employer is having financial trouble and definitely not hiring.
There are other jobs at other employers in the old hometown, but not in my profession. I would be taking a steep pay cut to go back to the old hometown. I would be taking a pay cut to as low as $25,000/yr. In effect I'd be falling back on the Bachelor's Degree that I got prior to going to professional school.
My plan is something like this:
1. Take any available job in the old hometown. Draw down savings until a better job comes up in the old hometown.
2. If no jobs come open in the old hometown by the end of 2013, declare myself RE in early 2014 and go back to the old hometown. Try to find any available work. Live off of savings until a suitable job comes open.
I am 48 and have never been "between jobs" in my life, except for a few days, so I do not know what it is like.
Any input would be appreciated.
Thanks.
Phil