The Five Years BEFORE You Retired?

[cranberryjoe]

Kind of a mix of all three.


My five year period was 2009-2013, so just at the start of the financial crisis. I lost a lot of money (on paper) and decided my goal of early retirement at 55 in 2013 was probably unachievable, so I moved my ER goal out to 2016 (age 58), increased my savings rate (while stocks were down - woohoo!) and adjusted my AA to be slightly more conservative so another crisis wouldn't wipe me out again. Fortunately, my investments recovered faster than I expected, so I was able to ER on time at 55 in 2013.


During the early part of that period I was trying for a promotion. Twice during annual reviews my boss admitted that it was his fault for not getting me the assignments or the exposure that would have made the promotion possible. So I slacked off my last 3-4 years since it was clear the promotion would never happen. I did just enough to not lose my job, hanging on until I qualified for early retiree benefits at 55.

 

[scrinch]

I took a job overseas for the 5 years prior to retirement. The cost of living there was relatively low, and I got a hefty overseas bonus for working there. The hours were longer and less flexible there (6am to 6pm), but I was able to save over $1M during that period in addition to market gains. While I did have to work harder, I also got to take a number of local/regional vacations with DW, which we enjoyed very, very much.

 

[PointBreeze]

1+, but I also was obsessed with financial planning during those 5 years as well, so that was a significant change. DP had very significant health issues 5 years ago, which made me considering retiring considerably earlier than I had ever planned. I was glad to find out, after all the mad spreadsheet creation and reading, that I could afford it.

 

[Monterey298sc]

I am in that time frame now, saving as much as possible. My problem is closing a 135 yr old family owned 4 generation business. Have no kids to pass it on. I need to set a date to close as a target!for retirement. Guilt has kept that from happening.

 

[Conundrum]

#1

Work did become more demanding the last 5 years at Megacorp. Less staff, same expectations. I did not hit my magic number but I had enough to live the same modest life we are accustomed to and makes us happy. I was burned out to the core so I pulled the trigger anyway in February 2018. My wife turned in her resignation letter yesterday.

In March I sold my existing holdings and deployed my retirement withdrawal portfolio. I am a bit bummed. My companies stock has been on a aggressive upward run since I sold. I would have hit my number if I held on. Oh well, I have “enough” so I’ve made peace with that.

 

[Fedup]

Most likely number 3. The last 5 years, our salary was not much compared to previous years. Then I turned part time the last year. But had I not been working, I would be a nest egg user.

 

[SumDay]

#3, they just didn't know it. I telecommuted for over a decade and got a little less dedicated as I got closer to launch.

I calculated I gave up ~30 weeks of vacation over the years, so guilt certainly isn't consuming me.

 

[bada bing]

It depends on how strict the definition of "retired" is. I intend to pull the plug at MegaCorp in a little less than 2 years. I will still be spending summers commercial fishing and hopefully making a modest amount of self employment income. I will be not working and "retired" for 10 months of the year if things go according to plan. So depending on definitions, I will consider myself "retired" in 2 more years.

I came to this forum while doing research about 3 years ago. Before that time I had been ambivalent about any upcoming MegaCorp retirement. An offer of a severance buy out at work and an offer of a lump sum for an old dormant pension were the catalysts for doing some research and becoming aware about retirement finances.

I discovered that although I could have probably taken the buyout offer 3 years ago, it would have been financially tighter than I was comfortable doing. In the process I became more aware though and set up a ~5 year exit strategy. I have always funded my retirement accounts, but had been ignorant about best practices. In the last 3 years I have really tuned up my retirement accounts and upped my savings rate - mostly from utilizing the "mega-backdoor Roth".

I'm not working any harder now than I was, just modestly scrimping and saving at a greater rate. So my answer is somewhere between 1 & 2.

 

[Jamie1101]

Clear as Mud

I worked production for GM/Delphi/and finished up at GM retiring at 53 in 2005 with my "30 years and out" option. I began serious planning and investing for retirement in the early 1980s.

In 1998 I had relocated 1000 miles from my hometown to an affiliated GM location. After that first month GM announced it was spinning off it's components divisions as a seperate company named Delphi. Workers who stayed with Delphi would have two contracts to flow back/transfer back into GM. That time frame was about six years.

I was in no shape to do another relocation so I stayed put. The stories I have journalled starting in 2001 of the demise of my factory seem so unbelievable when I read through them today.

I realized in 2004 that Delphi as a corporation might not live up to promises as far as pension and benefits go. Delphi wanted to shed workers at the time at my "closed" plant. This was not officially a closed status plant. Hundreds of people reported to work daily to sit in lawn chairs for eight hours a day doing nothing. On the books my plant was still "open."

To entice workers to transfer Delphi offered a $50,000 signing bonus, $22,000. moving allowance, $9,000. first year bonus, and a last $9,000. to be paid at the completion of your second year to those who transferred out of my old plant.

I transferred to the Corvette Asembly Plant in Bowling Green KY, where I put my life on hold for 13 months and finished out my 30 years. I had my spread sheets all ready to turn in to HR to begin my paperwork for retirement at the first instant. That HR office told me thay had never witnessed someone so prepared to retire!

That last year of working I had so much taken out of my check for savings programmes for the first few months there was not enough take home pay to cover Union dues. The UAW told me that was a first! Once I got my PSP maxed out they were covered.

It has been quite a ride.... Of all people, I'm forever indebted to Rush Limbaugh. It was in 2007 GM promoted Limbaugh to be their "Green Spokesperson." That was the dope slap I needed to convince me GM had no concept of the real world. I still had quite a bit of GM holdings in my investments which I promptly ditched. It was a few years later GM declared bankrupcy which would have made those holdings worthless....

A project I've been contemplating is to flesh out my journal writings into a form of a book. There has been very little written on factory life from the perspective I've lived.

I can tell I have slowed down a bit these past few years. Retiring early allowed me to do so much while still physically/mentally able. A good friend is in his last year of work and will be retiring at 56. He told me I was his inspiration to leave the work force early. He summed it up in the sentence, "You can't buy time."