Wanderlust
Confused about dryer sheets
- Joined
- Jun 29, 2013
- Messages
- 2
Hi,
I am hitting the ER date at megacorp this year and they are offering a buyout, no severance money or pension but almost 120K in funds that can only be used for medical premiums. So the question is do I take this, or work longer and hope that in the future another package is offered. It is tough to predict what megacorp might offer next, if anything, because over the last three years, three diff packages have been offered.
Facts:
Will be 55 later this year. Making very good money, but lots of stress and uncertainty. Not really into the pressure cooker anymore, and also concerned that staying longer might end up causing stress related health problems.
Wife is 57 in the medical field making reasonable money.
Finances:
My pre-tax accounts (ira,401k, etc) = 340K
Wife 401k = 150K
My megacorp retirement account = 360K
After tax money = 400K
Medical buyout account = 120K
Inheritance coming in 6 months ~300K (100K cash, 200K land)
2 Homes – 70K eq / 360K value and 230K eg / 500K value. Both should appreciate slightly faster than inflation and provide a nice payout in the future if the economy does not crater again.
SS @ 62 = 22K, DW SS @ 62 = 18K
Neither of us have pensions
No other debt other than the two homes
Plan would be to rent both houses by mid 2014, and to take a few years to wander around the USA and probably Europe; RVing, exploring, visiting relatives, and volunteering, hiking, biking, and other things to get back in shape. Then settle back down in a college town where one of our children live. We would most likely then work part time in an enjoyable job for 3-5 years. Plan to earn 20K+/- each working. If I model all of this in fidelity and FIRE the outcome is that we can do this if we stay around 80K a year total expenses with medical premiums paid for 5+ years. But this is a big cut from what we make now and quite a life style change. Plus it is somewhat hard to model using FIRE or Fidelity, the rental properties, the need to buy a small house in the future, and some of the other complexities we have, such as some (200K) of the inheritance may be farm land that is cash rented.
In summary, the planning tools say we can do this if we are careful and the markets are reasonably friendly. But I don’t want to make a rash decision based on work stress, so any advice and/or word of wisdom are appreciated. What are some fundamental questions we need to ask ourselves?
Thanks
I am hitting the ER date at megacorp this year and they are offering a buyout, no severance money or pension but almost 120K in funds that can only be used for medical premiums. So the question is do I take this, or work longer and hope that in the future another package is offered. It is tough to predict what megacorp might offer next, if anything, because over the last three years, three diff packages have been offered.
Facts:
Will be 55 later this year. Making very good money, but lots of stress and uncertainty. Not really into the pressure cooker anymore, and also concerned that staying longer might end up causing stress related health problems.
Wife is 57 in the medical field making reasonable money.
Finances:
My pre-tax accounts (ira,401k, etc) = 340K
Wife 401k = 150K
My megacorp retirement account = 360K
After tax money = 400K
Medical buyout account = 120K
Inheritance coming in 6 months ~300K (100K cash, 200K land)
2 Homes – 70K eq / 360K value and 230K eg / 500K value. Both should appreciate slightly faster than inflation and provide a nice payout in the future if the economy does not crater again.
SS @ 62 = 22K, DW SS @ 62 = 18K
Neither of us have pensions
No other debt other than the two homes
Plan would be to rent both houses by mid 2014, and to take a few years to wander around the USA and probably Europe; RVing, exploring, visiting relatives, and volunteering, hiking, biking, and other things to get back in shape. Then settle back down in a college town where one of our children live. We would most likely then work part time in an enjoyable job for 3-5 years. Plan to earn 20K+/- each working. If I model all of this in fidelity and FIRE the outcome is that we can do this if we stay around 80K a year total expenses with medical premiums paid for 5+ years. But this is a big cut from what we make now and quite a life style change. Plus it is somewhat hard to model using FIRE or Fidelity, the rental properties, the need to buy a small house in the future, and some of the other complexities we have, such as some (200K) of the inheritance may be farm land that is cash rented.
In summary, the planning tools say we can do this if we are careful and the markets are reasonably friendly. But I don’t want to make a rash decision based on work stress, so any advice and/or word of wisdom are appreciated. What are some fundamental questions we need to ask ourselves?
Thanks