Time that I will never get back versus money that I will never spend….

[Lateboomer]

This often stated phrase resonates with me so I decided to join the class of 2025. One parent died mid 60’s and the other mid 80’s and not sure whose genes I got more of so decided it’s time. Been reading this forum for years but decided to join and introduce myself as part of my own 12 step program to get my head around retirement. My stats: 60, married, healthy, reasonable fit, two adult kids on their own; college, grad schools, weddings, help with kids’ home purchases all done, no debt, live in forever home, financially independent. I told friends and family back in January that the plan was end of 2025 and spent this year getting comfortable with the idea. I started planning at w*rk on my own and will let them know next year so we can come up a transition that works for everyone.

I am a pretty good planner with some room to improve optimization. No pension but required income streams the next 10 years followed by RMD’s will have me pretty well living in the tier 2 (2.0x standard) or tier 3 (2.6x standard) IRMAA levels for good. I will post separately for some help on specific things. Essentially the next 5 years (deferred compensation, RMD on inherited IRA, interest/dividends, and mortgage receivable on 2 kids’ homes) and then the next 5 years (swapping the deferred compensation payments for larger inherited IRA distributions to empty it in 10 and adding SS) will be over 2x spending and really nothing I can do about it. First world problem and very blessed. Then I get to 70 with an untouched mid-seven figure portfolio (1/3 taxable, 2//3 tax deferred) hence the thread title. Maybe 5 years for Roth conversions after that before age 75 RMD’s and will just see if the numbers make sense when we get there.

Lots to do in the next year to wrap the career and find new passions. Did I mention the grandkids? More time with them as everyone is local is top of the list. Look forward to participating in the forum.

 

[street]

Welcome!!! Sounds like you have it under control and a well-planned plan.

 

[Koolau]

Welcome to the Forum. We look forward to your contributions. Keep us posted and let us celebrate with you when you pull the trigger.

 

[Exchme]

Congratulations. Sounds like you have the money part all set, what activities are you looking forward to the most?

 

[pacergal]

Welcome to the forum. Look forward to hearing more from you.

 

[Lateboomer]

Thanks for the welcome everyone. Will see how the plan survives first contact but definitely spending far more time this next year on the “what now” question. I actually first found this forum searching that issue and hit on “life after fire”. Someone else posted the “get a life tree” exercise which was helpful. So, planning to travel (I want to hit all the national parks), hiking, biking, climbing, kayaking, and other outside activities to start.

 

[Closet_Gamer]

Welcome and congrats!

 

[Qs Laptop]

Welcome to the group. Congratulations on executing your well thought out plan. If I were in your shoes I don't think I could make it until the end of 2025 before retiring.

 

[Dtail]

Congrats. Keep up your good thoughts on retirement. Time is more important, especially since you already won the game.
Just a reminder of how many comments have you read here that they should have retired earlier vs how many state that they should have retired later.

 

[iloveyoga]

Welcome to the forum, lots of smart people here, I have learned a lot.

 

[Luvtoride]

I love the title of the thread. It is a quote I often use.

After participating on this board for many years (it says I joined in 2017…not sure I was active here back then), I finally retired in July 2023. We were ready financially but there is always that bit of doubt. I can say after 15 months, it was a great decision and I have no regrets (not many here do).

Congratulations on a well crafted plan. I would even try to move up the date sooner if you can arrange it with your employer to minimize any disruption. You’re ready!

 

[livingalmostlarge]

I really love your title. It really hits home.

 

[Ronstar]

If I were you, i’d announce your retirement to your company now and start the transition process with a retirement date of 5/1/2025.

Why waste another summer at work?

 

[Lateboomer]

Welcome to the group. Congratulations on executing your well thought out plan. If I were in your shoes I don't think I could make it until the end of 2025 before retiring.

Maybe I will phrase it as no later than the end of 2025 and see how it goes. It would help logistically with a couple of tenuously planned vacations.

Congrats. Keep up your good thoughts on retirement. Time is more important, especially since you already won the game.
Just a reminder of how many comments have you read here that they should have retired earlier vs how many state that they should have retired later.

Agree, almost everyone on here over time says their only regret was not retiring sooner and I am under no illusion that I will not say that as well.

I love the title of the thread. It is a quote I often use.

After participating on this board for many years (it says I joined in 2017…not sure I was active here back then), I finally retired in July 2023. We were ready financially but there is always that bit of doubt. I can say after 15 months, it was a great decision and I have no regrets (not many here do).

Congratulations on a well crafted plan. I would even try to move up the date sooner if you can arrange it with your employer to minimize any disruption. You’re ready!

I’m not sure that I am mentally ready and part of that next year is to get used to the idea. I said that about this year but once it is official then I have a little anxiety about that “it’s about to get real” feeling.

If I were you, i’d announce your retirement to your company now and start the transition process with a retirement date of 5/1/2025.

Why waste another summer at work?

The bottom line is I have some professional commitments through mid year right now. I am sure I will play it out but don’t find myself working that hard. I heard Buffet (Jimmy) sing ‘Trip around the sun” on the drive home today and realize that I could be persuaded to fast track things by the time we are through the holidays.

 

[Target2026]

Welcome Lateboomer. I will surely use your title in conversations.. Love it.

 

[gamboolman]

Welcome LB,
Sounds like you have a good plan.
Go sooner rather than later as long as the numbers make sense.
Here is the obligatory cartoon that says it best...

 

[skipro33]

Every day working after becoming financially independent is a day lost from my perspective. Especially if there are grand kids! They are the only ones who have sway on my day to day decision of what to do. I get to pick up one from school on Mondays. We go for a treat, then to the park to fly kites, movies, playground, etc. I find much greater meaning for my life with just this one activity than I got from a career of public service.

 

[2029FIREaway]

Love the saying too. What a great feeling knowing you’ll be done in a year or so. Congrats!

 

[MarieIG]

Welcome to the forum Lateboomer. It sounds as if you've done what you need to do financially. Now it's time to do what you need to do on a personal level. (I wouldn't spend time regretting the time spent working in the past - you mention all you did to set up your kids as well as yourself.)

Now, unless you really want to work, seriously think about expediting your time frame. If you suddenly became too ill to work, your work would have to figure how to function without you.

 

[pb4uski]

Welcome Latebloomer. I like the screen name and the thread title. It sounds to me like you have you head screwed on straight. Looking forward to your participation in the forum.

 

[Lateboomer]

Gamboolman, yeah, love that cartoon. Hits home every time I see it. 2029Fireaway and pb4uski, thanks for the welcome and same to others if missed anyone.

Every day working after becoming financially independent is a day lost from my perspective. Especially if there are grand kids! They are the only ones who have sway on my day to day decision of what to do. I get to pick up one from school on Mondays. We go for a treat, then to the park to fly kites, movies, playground, etc. I find much greater meaning for my life with just this one activity than I got from a career of public service.

Grandkids are a big motivator to be done soon. Someone at work commented that they know I won’t be around long now given grandkids having seen that movie in the office play out a few times already.

Welcome to the forum Lateboomer. It sounds as if you've done what you need to do financially. Now it's time to do what you need to do on a personal level. (I wouldn't spend time regretting the time spent working in the past - you mention all you did to set up your kids as well as yourself.)

Now, unless you really want to work, seriously think about expediting your time frame. If you suddenly became too ill to work, your work would have to figure how to function without you.

Yes, I have been on the team dealing with other departures and retirements and know the machine will shift gears and continue. Funny, I asked HR a question several years ago related to health insurance before 65 (which is covered) and got the response “I don’t know, no one has left that early”.
People have since and the world still turns.

 

[Koolau]

Funny, I asked HR a question several years ago related to health insurance before 65 (which is covered) and got the response “I don’t know, no one has left that early”.
People have since and the world still turns.

I recall in the early '70s that someone actually just "quit" Megacorp. All the oldsters were flabbergasted. They said "No one has ever quit Megacorp before retirement." Well, after that, it became more and more common. I came close a couple of times but finally decided the golden handcuffs were on too tight for that.

 

[brett]

We were ready financially a few years before we took the leap into early retirement. We we not ready from a personal perspective.

 

[Diogenes]

My stats: 60, married, healthy, reasonable fit, two adult kids on their own; college, grad schools, weddings, help with kids’ home purchases all done, no debt, live in forever home, financially independent.

The above are crucial facts. Lateboomer is retiring "early" by a small handful of years, relative to Medicare/SS eligibility. This is, technically, "early"... makes eminent sense. OMY, golden handcuffs, whatever... their importance recedes, given that the age-gap between "early" and "normal" is small. Why worry?

The trouble obtrudes if by "early" we mean considerably earlier. Suppose that Lateboomer were instead Lategenexer... not even 50, 3 kids at home, big college bills looming, mortgage, maybe an elderly parent who needs care. But Lategenexer scored a killing in the stock market, massive options at work, and so on... and is burning-out with 70 hour workweeks, a needling boss, snappy underlings and high blood pressure.

For Lateboomer to retire "early" is a no-brainer. Congratulations! But what about Lategenexer? That's where the time-vs-money slogans become fraught and problematic.