Hi everybody,
First off, I'd like to throw out a compliment to how helpful the people here are, and how well behaved for an internet forum. It's a breath of fresh air compared to a couple of other forums I frequented in the past.
I’m fifty, single, no kids, and employed in a segment of my company that’s in a tailspin (budgeting for and placing newspaper advertising). Back in the days when my job was fun and my career was on the upswing, I never imagined retiring early. But the reality is that my job could disappear in the next few years, and it’s pretty miserable waiting for the Titanic to hit the iceberg. I’m hoping to hang on until I turn 55 in four years, four months, and 18 days (not that I’m counting).
At 55, I’ll be eligible for a pension of about $36K annually. I’ll qualify for continuing medical coverage (CMC) through my employer (although I’d have to pay the full premium), plus at 65, full medical benefits kick in. I just learned about the CMC, and it’s a huge relief that I won’t have to worry about potentially being denied coverage. That’s assuming I don’t get laid off before my target date.
If I make it to 55, I should have about $300K in personal savings and investments, about 500K in a 401K, and about $325K in home equity. I plan to work part time in a low stress occupation mostly to keep a healthy social life and structure, but also to help pay for health care and incidentals. I’m estimating a salary of about $15K a year for the part time job. I ran my numbers through Fire-Calc, and it appears that I’d be okay if I retired at 55 even without the part time job.
I live a “reasonably” frugal lifestyle, currently saving close to 50% of my take home pay between my savings and 401K. But here’s my question: I have a couple of (what I consider) luxuries, a housekeeper and a gardener who come every other week. They’re not hugely expensive, but I keep wondering whether I’d be better off saving the money in light of my precarious job situation, or hold onto them as long as I can. My job is stressful and it’s the best feeling in the world to come home to fresh cut grass and a clean house. On the other hand, financial security is a huge hot-button issue for me. Oh, what to do? Deny myself the luxury and stress out that I don’t have time for the chores or stress out that I could be spending money that might be better saved?
What would you do?
Of course, all of my obsessive planning (spreadsheet projected out until age 95 with multiple scenarios) could be moot if I get laid off in 4 years, 4 months and 17 days or less.
Thanks for reading!
Zan
First off, I'd like to throw out a compliment to how helpful the people here are, and how well behaved for an internet forum. It's a breath of fresh air compared to a couple of other forums I frequented in the past.
I’m fifty, single, no kids, and employed in a segment of my company that’s in a tailspin (budgeting for and placing newspaper advertising). Back in the days when my job was fun and my career was on the upswing, I never imagined retiring early. But the reality is that my job could disappear in the next few years, and it’s pretty miserable waiting for the Titanic to hit the iceberg. I’m hoping to hang on until I turn 55 in four years, four months, and 18 days (not that I’m counting).
At 55, I’ll be eligible for a pension of about $36K annually. I’ll qualify for continuing medical coverage (CMC) through my employer (although I’d have to pay the full premium), plus at 65, full medical benefits kick in. I just learned about the CMC, and it’s a huge relief that I won’t have to worry about potentially being denied coverage. That’s assuming I don’t get laid off before my target date.
If I make it to 55, I should have about $300K in personal savings and investments, about 500K in a 401K, and about $325K in home equity. I plan to work part time in a low stress occupation mostly to keep a healthy social life and structure, but also to help pay for health care and incidentals. I’m estimating a salary of about $15K a year for the part time job. I ran my numbers through Fire-Calc, and it appears that I’d be okay if I retired at 55 even without the part time job.
I live a “reasonably” frugal lifestyle, currently saving close to 50% of my take home pay between my savings and 401K. But here’s my question: I have a couple of (what I consider) luxuries, a housekeeper and a gardener who come every other week. They’re not hugely expensive, but I keep wondering whether I’d be better off saving the money in light of my precarious job situation, or hold onto them as long as I can. My job is stressful and it’s the best feeling in the world to come home to fresh cut grass and a clean house. On the other hand, financial security is a huge hot-button issue for me. Oh, what to do? Deny myself the luxury and stress out that I don’t have time for the chores or stress out that I could be spending money that might be better saved?
What would you do?
Of course, all of my obsessive planning (spreadsheet projected out until age 95 with multiple scenarios) could be moot if I get laid off in 4 years, 4 months and 17 days or less.
Thanks for reading!
Zan
