My FIRE is a moving target!

[DeFreeMan]

A few years back, I set my goal to retire when I reached NW of $5M. I estimated it would take me till 2025. I bought myself a countdown clock to remind me. I have just achieved this milestone 5 years earlier BUT I still feel I am not ready!!

Part of it is my corporate retirement medical plan is not vested until 3Q next year. And part of it, I want more cushion and save more for my kids (1 in college, 1 going to college next Fall, and another one in 2024). I have set aside $500K for college fund (included in my NW) so I think it should be enough for them.

However, my attitude towards my work has changed. I am no longer be upset with the corporate BS but just do what I like to do as long as I can convince my management, if not I just don't care BUT I do feel tired. I reckon I can drag on for a good 2-3 more years then decide. However, I am afraid that I will not be able to convince myself to exit the rat race by then...

Does anyone have the same situation? What and how have you done to win yourselves out of this spiral thinking? Need your wisdom here!!!

 

[REWahoo]

"What we have here is a [-]failure to communicate[/-] first world problem."

If it were me I'd be gone the day my retirement medical plan was vested. I won myself out of that thinking thanks to friends and relatives who died in their 60's and early 70's, not getting to enjoy much in the way of retirement.

 

[Dtail]

"What we have here is a [-]failure to communicate[/-] first world problem."

If it were me I'd be gone the day my retirement medical plan was vested. I won myself out of that thinking thanks to friends and relatives who died in their 60's and early 70's, not getting to enjoy much in the way of retirement.

+1
Time is more valuable than money and the money at 5m is not bad either.

 

[SecondCor521]

Everyone has to figure out for themselves when the right time is, both financially and emotionally. Part of that is deciding how much is enough - enough money in the bank, enough time left on the clock of life.

OP, I was in your position for a while. Then I got assigned to a work project with some of the worst managers I had ever dealt with. So I tried to change things for a while, and discovered I didn't have the power to do so. So I FIREd.

Could your kids benefit from you being around more? I FIREd when my youngest two were teenagers and was surprised at the benefit to the relationships.

 

[Sunset]

OP - you could retire now.
If I was in your shoes, I'd certainly retire when corporate retirement medical plan is vested in 3Q next year. That alone will save a huge amount, depending upon your age.

Not knowing your age so may not apply, you need to check your savings have a bunch outside of IRA to avoid the 10% penalty.

 

[wanaberetiree]

Part of it is my corporate retirement medical plan is not vested until 3Q next year. And part of it, I want more cushion and save more for my kids...

Been there ...
Then you will have -- I have new stock options that are vesting on 2022, 2023 etc. etc.

Then you will have 7+ Mil, kids are all set and what? You will say why do I have to FIRE now if I feel good working ?

I consider this as part of aging and you know what - don't push yourself, do what you wish, consider that you are already FIRE'd and forget about "exact" date for FIRE and you will feel much better.

 

[HillCountry]

I was in the similar situation 8 years ago. Achieved FI, but want to keep increasing the stash. Then eventually, I set the date to when my younger kid leaves for college.

 

[brett]

I was in a similar situation.

My attitude to my job and my employer changed completely when I realized that I had the resources to retire early. I stalled work hard, longs, and made my numbers but it was different.

I stayed another year. I was waiting for a golden handshake, I needed another year to reach a point where could take my pension early with very little discount.

It was the right thing for me. I got a great package, the DB numbers right. We spent the year making some concrete retirement plans. When the package came our new life began.

 

[DeFreeMan]

I am with you on this. Seeing people gone around makes me think hard about it. Life is too short!!!

 

[DeFreeMan]

"What we have here is a [-]failure to communicate[/-] first world problem."

If it were me I'd be gone the day my retirement medical plan was vested. I won myself out of that thinking thanks to friends and relatives who died in their 60's and early 70's, not getting to enjoy much in the way of retirement.

I am with you on this! My attitude will even change more when it vested then I can name my time on my own term after.

 

[DeFreeMan]

Everyone has to figure out for themselves when the right time is, both financially and emotionally. Part of that is deciding how much is enough - enough money in the bank, enough time left on the clock of life.

OP, I was in your position for a while. Then I got assigned to a work project with some of the worst managers I had ever dealt with. So I tried to change things for a while, and discovered I didn't have the power to do so. So I FIREd.

Could your kids benefit from you being around more? I FIREd when my youngest two were teenagers and was surprised at the benefit to the relationships.

Yup. ENOUGH is a BIG word. Deep down, we know it's enough. My DW agrees with me but wants to make sure to have some cushion to help kids and our parents. With Kids, I am not suffering much in terms of time being with them and building bonds with them especially being expat in another country. I can carry on with this journey for a couple more years then seriously consider FIRE.

 

[DeFreeMan]

Been there ...
Then you will have -- I have new stock options that are vesting on 2022, 2023 etc. etc.

Then you will have 7+ Mil, kids are all set and what? You will say why do I have to FIRE now if I feel good working ?

I consider this as part of aging and you know what - don't push yourself, do what you wish, consider that you are already FIRE'd and forget about "exact" date for FIRE and you will feel much better.

Words of wisdom here. Thank you!

 

[DeFreeMan]

I was in a similar situation.

My attitude to my job and my employer changed completely when I realized that I had the resources to retire early. I stalled work hard, longs, and made my numbers but it was different.

I stayed another year. I was waiting for a golden handshake, I needed another year to reach a point where could take my pension early with very little discount.

It was the right thing for me. I got a great package, the DB numbers right. We spent the year making some concrete retirement plans. When the package came our new life began.

Yes, absolutely. If I got the golden handshake after next year, I would be happy to FIRE. This is what I call "engineering my layoff"!!

 

[freedomatlast]

Yes, absolutely. If I got the golden handshake after next year, I would be happy to FIRE. This is what I call "engineering my layoff"!!

Yep, that's what made the final decision for me. I was FI for several years and was looking to RE. When the possibility of a golden handshake appeared, that was all I needed to take the next step to RE.