Huge Milestone July 3rd

[L Carlisle]

I am very excited after years of saving 20% of my income (for years) in my 401K I finally hit the 1 million mark. I also hit the 2 million milestone with all assets, home value, bank account balances, retirement (lump sum) 401k and IRA's.

I plan on semi-retiring next year. The plan is to (retire from) leave my current job in an oil refinery, it is just too dangerous of a job and the shift work is way past getting old. I am training to start driving school buses on a part time basis, living off my retirement assets and my small business proceeds.

I just turned 55 this year and really need a change of pace.

Any advise?

 

[Audie Murphy]

Great milestone. Congratulations!

Maybe you should consider leaving the current job now due to the potential dangers and go find something to do for the next year where you don’t lose your most valuable asset...you!

 

[joeea]

Sounds like you have a good short-term plan.

Have you thought longer-term? Have you run through your numbers for retirement - both income and expenses?

Do you have retirement goals (what, when, where, how)?

 

[RetireBy90]

Congrats !! Well done

 

[Dtail]

Congrats.
Have you run your numbers in Firecalc?
Do you have an estimate of expenses?
What are your plans for medical coverage?

 

[Jerry1]

Congratulations. At some point these milestones are meaningless. Not much difference between $999,999 and $1,000,000, but that extra comma just feels so good. Good for you.

 

[euro]

Good for you! Have you sorted out health insurance yet? Do you qualify for retiree insurance at you oil mega?

 

[cooch96]

Bravo!

 

[RxMan]

Congrats!

 

[L Carlisle]

I seriously thought about totally pulling the plug and not taking the part time truck driving job, but I guess I am a bit nervous about giving up work at such a young age. My plan is to work part time with them until next year during my days off from the Oil Refinery. We work 7 days on and 7 days off at the refinery. Working part time driving will give me the opportunity to see if I like performing the new job. After I retire and sort out the budget I will make a decision if I want to continue with the part time job or not.

My business is very small and will supply a small portion of income if I need it to. We have never paid ourselves with the business proceeds instead reinvested the proceeds so our business debt is zero. We both enjoy working in the business and since we don't get paid it feels more like a hobby/volunteer job and not work.

I can get retiree medical insurance for my wife and myself from my current job for about $350 an month until Medicare kicks in. My wife is also on SSDI so she can get on Medicare at any time.

Yes I have ran the FIRECalc and my numbers look really good basically zero chances of failure, but what will the next few years bring with the stock market at an all time high and bonds at an all time low. The only place you can invest right now is stocks or ETF's. Bonds are barely performing at inflation rates....

 

[L Carlisle]

Budget

I ran a budget last year by looking at all monthly expenses including medical expenses, travel, savings for oh shits, etc. My budget is $4000 a month at the low end and $5000 preferably. So it looks good. Personally if I had 300,000 more in my savings it would be perfect. This is one of the reasons why I want to work part time. If I allow my investments to grow for a few years my balance sheet should be in a better position.

 

[L Carlisle]

My goals for retirement are to travel a lot. My youngest child lives in Europe and he is married. My wife has been able to visit him twice, I have not since I work a lot. I want to travel around Germany and Austria with him and his spouse. They can be our tour guides and interpreters. I would also like to go to Brazil again with my wife before my 10 year Visa expires. Lot's of traveling in the future.

 

[brydanger]

My goals for retirement are to travel a lot. My youngest child lives in Europe and he is married. My wife has been able to visit him twice, I have not since I work a lot. I want to travel around Germany and Austria with him and his spouse. They can be our tour guides and interpreters. I would also like to go to Brazil again with my wife before my 10 year Visa expires. Lot's of traveling in the future.

Hate to be the one to say it... but from an outsiders perspective it seems like you should already be in Europe.

Your dreams are to travel and enjoy seeing the world with the person you love... but you're "fine tuning" and working part time hoping for another 30k?
Rent out your house while you're gone and that 30k just happened while youre gone. Stay in slightly cheaper places for a few years and it's the same. I think you'll also be amazed that you might find opportunities for work or projects while you're away and traveling... but if you keep staying to "fine tune" you may never actually go.

Prepared (like you are_ or unprepared (like we were/are)... its hard to make that leap... but better to make it than to be that story people tell about the guy with 2million dollars that never got to enjoy it.

Best advice I can offer (from someone with far less saved, but who's tasted the other side)...
Set a date with your spouse, put it on the calendar (in sharpie) and make it happen!!