Author Topic: 2018 FIRE cohort  (Read 281462 times)

Retire-Canada

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Re: 2018 FIRE cohort
« Reply #650 on: October 24, 2017, 01:01:05 PM »
...but still, we are both a little nervous.

It's a huge life change on so many levels. Being apprehensive is totally normal. Good luck! I'm jealous. ;)

aperture

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Re: 2018 FIRE cohort
« Reply #651 on: October 25, 2017, 05:23:48 AM »
I am sticking out OMY until June, 2018 when I am eligible for full retirement.  Mostly I want to hit full retirement to have access to my pension in the event I determine a better place to use it than leaving it with MegaCorp. There is also a medical benefit that only kicks in when I am 65.  It is some $s to help supplement Medicare and I had not previously thought much of it. 

Monday, I red the fine print of my benefits manual (like you do) and noted this previously unseen language: "Retiree medical benefits for your spouse ...begin when retiree medical benefits begin".  My spouse will not be Medicare eligible when I am (she is 11 years younger), and the manual goes on to specify that in her case, coverage will be "similar to what is offered to an active employee..." Right now, health insurance for active employees is about $600/month and has no deductibles.  On the exchange, I suspect a 55 year old would pay twice as much and have a $3K deductible.

So, I found 11 years of inexpensive health insurance for my spouse this week...

Also, my counter hit 250 days this past weekend. I still feel zero surge of anticipation.  Work is still work.  I am still that guy that is too busy to remember your spouse's name or ask about your kids. But I am working on being different.  I am starting to talk to people more.  Baby steps. 
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Gimesalot

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Re: 2018 FIRE cohort
« Reply #652 on: October 25, 2017, 08:36:18 AM »
I am sticking out OMY until June, 2018 when I am eligible for full retirement.  Mostly I want to hit full retirement to have access to my pension in the event I determine a better place to use it than leaving it with MegaCorp. There is also a medical benefit that only kicks in when I am 65.  It is some $s to help supplement Medicare and I had not previously thought much of it. 

Monday, I red the fine print of my benefits manual (like you do) and noted this previously unseen language: "Retiree medical benefits for your spouse ...begin when retiree medical benefits begin".  My spouse will not be Medicare eligible when I am (she is 11 years younger), and the manual goes on to specify that in her case, coverage will be "similar to what is offered to an active employee..." Right now, health insurance for active employees is about $600/month and has no deductibles.  On the exchange, I suspect a 55 year old would pay twice as much and have a $3K deductible.

On one hand I feel pissed that the benefits offered by my company are so crappy.  There has never been severance for those being laid off, even after 20 years of service.  There are no retiree benefits.  Now they even added a spousal insurance charge.  On the other hand, I am glad I don't have any golden handcuffs.  The only thing my job provides is health insurance and a paycheck so I can quit whenever.

In your case I would totally stick out the OMY to get sweet health insurance like that.

honeyfill

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Re: 2018 FIRE cohort
« Reply #653 on: October 25, 2017, 08:45:04 AM »
I am sticking out OMY until June, 2018 when I am eligible for full retirement.  Mostly I want to hit full retirement to have access to my pension in the event I determine a better place to use it than leaving it with MegaCorp. There is also a medical benefit that only kicks in when I am 65.  It is some $s to help supplement Medicare and I had not previously thought much of it. 

Monday, I red the fine print of my benefits manual (like you do) and noted this previously unseen language: "Retiree medical benefits for your spouse ...begin when retiree medical benefits begin".  My spouse will not be Medicare eligible when I am (she is 11 years younger), and the manual goes on to specify that in her case, coverage will be "similar to what is offered to an active employee..." Right now, health insurance for active employees is about $600/month and has no deductibles.  On the exchange, I suspect a 55 year old would pay twice as much and have a $3K deductible.

So, I found 11 years of inexpensive health insurance for my spouse this week...

Also, my counter hit 250 days this past weekend. I still feel zero surge of anticipation.  Work is still work.  I am still that guy that is too busy to remember your spouse's name or ask about your kids. But I am working on being different.  I am starting to talk to people more.  Baby steps. 


Great news about your wife's health care!  You are lucky about your company's retirement plan.  Our Megacorp cut out all health care benefits for both the employee and the spouse.  This means health care is our biggest unknown.  All we can do is budget a ridiculously large amount for the next 7 years until Mrs. Honeyfill hits 65.  Our back up plans include jiggering withdrawals to maximize Obama Care subsidies or possibly moving to another country for a few years. Does anyone have any other suggestions? (which don't include working longer) :-)
 



sol

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Re: 2018 FIRE cohort
« Reply #654 on: October 25, 2017, 10:59:22 AM »
Does anyone have any other suggestions? (which don't include working longer) :-)

The most common plan for Americans in your position is "try not to get sick".
sol will be totally offline for most of June 2018.  You cannot reach me.  You will not hear from me.  I am not dead, just away from civilization.

DTaggart

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Re: 2018 FIRE cohort
« Reply #655 on: October 25, 2017, 12:12:07 PM »
Well, plan A for me is the ACA with subsidies. If they ruin the ACA, I am hoping that the state of California, where I live and hope to stay, implements something reasonable (I think it will happen eventually, the question is when).

Plan B is to just buy private insurance straight from Kaiser (who we're with now and like), which will certainly put a dent in our discretionary spending, but based on the prices I'm seeing offered now should be manageable (accounting for prices rising with age).

Plans C-F involve some combination of hubby using his VA health care, getting cheaper, crappier plans, selling our house and moving to a lower COL area, earning more money with side hustles, or (worst case scenario) getting a real job again.

I thought long and hard about it and decided I'm willing to take the risk on this. I could spend another 5, 10, 25 years working until our nation pulls its collective head out of its ass long enough to come up with a reasonable solution that helps everyone, or until I have over-saved to such a ridiculous extent that I am prepared to pay sky-high premiums OOP forever,  or I am finally eligible for Medicare (which isn't even a guarantee anymore). But that would GUARANTEE I spend the best remaining years of my life being completely miserable.

I've had two co-workers die in the past year, both of which were quite close to traditional retirement. One was sudden, one spent about 9 months battling cancer. Bottom line is if I have to choose between a longer life span that requires working significantly longer, or a shorter life span where I can get in at least a few healthy years of freedom while I'm still young enough to enjoy it, I'll take quality over quantity.
"It's not just about me and my dream of doing nothing. It's about all of us." - Peter Gibbons, Office Space

honeyfill

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Re: 2018 FIRE cohort
« Reply #656 on: October 27, 2017, 10:24:37 AM »
Just heard that layoffs are coming in January at Megacorp!! Who knows, I might be moving my date up from June.  Wish me luck everyone.



DavidAnnArbor

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Re: 2018 FIRE cohort
« Reply #657 on: October 27, 2017, 03:14:24 PM »
Just heard that layoffs are coming in January at Megacorp!! Who knows, I might be moving my date up from June.  Wish me luck everyone.

If so do you receive a severance package ?

SwordGuy

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Re: 2018 FIRE cohort
« Reply #658 on: October 27, 2017, 08:19:44 PM »
Just a tad over 6 months to go for us!  Woot!

chasesfish

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Re: 2018 FIRE cohort
« Reply #659 on: October 28, 2017, 06:01:15 AM »
Just heard that layoffs are coming in January at Megacorp!! Who knows, I might be moving my date up from June.  Wish me luck everyone.

I've now missed out on three rounds of layoffs.  Unfortunately our company has a revenue problem, and I lead a team on the revenue side of the house that's performing really well.

A severance package for me would BLOW THROUGH my number...golden parachute style.  There's hundreds of thousands of dollars locked up that I'm going to "walk away" from.  Its basically ransom money, a big chunk of my compensation is a 4-year IOU that they can claw back if I screw up or leave.  The only other way I can get it is to leave and have a competitor buy me out, but if I do that then immediately retire, its an ethical issue and I've wrecked my reputation in the industry for the rest of my life.
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aperture

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Re: 2018 FIRE cohort
« Reply #660 on: October 28, 2017, 07:29:27 AM »
Just heard that layoffs are coming in January at Megacorp!! Who knows, I might be moving my date up from June.  Wish me luck everyone.

I've now missed out on three rounds of layoffs.  Unfortunately our company has a revenue problem, and I lead a team on the revenue side of the house that's performing really well.

Sigh, my trendy Megacorp is dedicated to people/partnership.  We have not had layoffs in my 14 years.  I am working OMY for my golden parachute. If they would buy me out of my last year by a RIF, I would jump at it.
Able was I, ere I saw Elba.

honeyfill

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Re: 2018 FIRE cohort
« Reply #661 on: October 30, 2017, 09:20:23 AM »
No more info on the rumored layoff in January at Megacorp.  However, I just arranged my vacation and holidays for the rest of the year.  I'm taking every Friday off plus the Thanksgiving week plus the Christmas week.  And January 1 to boot.  I'm starting to get into the Retirement mindset!!



Monkey Uncle

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Re: 2018 FIRE cohort
« Reply #662 on: October 30, 2017, 07:03:14 PM »
Well, I went and done it.  Today I told the boss, my staff, and my co-workers that I'm leaving, and that January 5 will be my last day at work.

The boss was quiet and puzzled; clearly I caught him off guard.  I like my boss, so that was kinda difficult.

Most of my staff and co-workers, although surprised, were congratulatory.  Several of them openly expressed their envy.  Everybody is overworked and stressed out, so I get the feeling that a lot of folks would like to join me.

No backing out now!
Took that job and shoved it - January 6, 2018

Retire-Canada

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Re: 2018 FIRE cohort
« Reply #663 on: October 30, 2017, 07:06:18 PM »
Well, I went and done it. 

Congrats! *hugs*

CanuckExpat

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Re: 2018 FIRE cohort
« Reply #664 on: October 30, 2017, 07:32:47 PM »
Contratulations

SwordGuy

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Re: 2018 FIRE cohort
« Reply #665 on: October 30, 2017, 09:06:50 PM »
Well, I went and done it.  Today I told the boss, my staff, and my co-workers that I'm leaving, and that January 5 will be my last day at work.

The boss was quiet and puzzled; clearly I caught him off guard.  I like my boss, so that was kinda difficult.

Most of my staff and co-workers, although surprised, were congratulatory.  Several of them openly expressed their envy.  Everybody is overworked and stressed out, so I get the feeling that a lot of folks would like to join me.

No backing out now!

Awesome!   It's got to be a real relief!

6 month's and a day to go for me!

Are you up near the Parkersburg WV area with the big fire?

Monkey Uncle

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Re: 2018 FIRE cohort
« Reply #666 on: October 31, 2017, 04:31:35 AM »
Thanks for the congrats, guys.

Swordguy - I'm on the opposite side of the state from Parkersburg, so I haven't seen any impact from the fire.  It was pretty awful, though, from what I hear.  Major health hazard for a lot of people.
Took that job and shoved it - January 6, 2018

chasesfish

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Re: 2018 FIRE cohort
« Reply #667 on: October 31, 2017, 05:37:10 AM »
Well, I went and done it.  Today I told the boss, my staff, and my co-workers that I'm leaving, and that January 5 will be my last day at work.

The boss was quiet and puzzled; clearly I caught him off guard.  I like my boss, so that was kinda difficult.

Most of my staff and co-workers, although surprised, were congratulatory.  Several of them openly expressed their envy.  Everybody is overworked and stressed out, so I get the feeling that a lot of folks would like to join me.

No backing out now!

We're quickly coming up on 2018...its about time for a LOT of these posts
Check out our journal, counting down the days until I Stop Ironing Shirts

We hit $1mil by 33 and will retire at 36!  Stop by over at my site Stop Ironing Shirts

markbike528CBX

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Re: 2018 FIRE cohort
« Reply #668 on: October 31, 2017, 08:18:15 AM »
I went and got my first personal cell phone (Iphone 3gs).   Feels so weird to be cutting the apron strings of work.  It is a minuscule thing, but really hit me, as others have said, can't back out now.

Also, yesterday I told my successors in office that I was "not working summers anymore".   

I'm not sure that my boss understands the risk of not letting me do sabbatical/furlough etc, as I might not want to come back.   I'm sure has h@ll not coming back at my present rate.   I know what my in-house and external chargeout rate is, and the future rate has got to be closer to those rates than my present gross.    My friend who is in HR (other company) suggested a minimum of 25% raise.

Acastus

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Re: 2018 FIRE cohort
« Reply #669 on: October 31, 2017, 11:24:52 AM »
I was trying to FIRE this year, but I chickened out. Please add me to the 2018 roster. I am shooting for March. that way, I have an instant garden project to dig into when I jump ship.

Gimesalot

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Re: 2018 FIRE cohort
« Reply #670 on: October 31, 2017, 11:47:43 AM »
Well, I went and done it.  Today I told the boss, my staff, and my co-workers that I'm leaving, and that January 5 will be my last day at work.

The boss was quiet and puzzled; clearly I caught him off guard.  I like my boss, so that was kinda difficult.

Most of my staff and co-workers, although surprised, were congratulatory.  Several of them openly expressed their envy.  Everybody is overworked and stressed out, so I get the feeling that a lot of folks would like to join me.

No backing out now!

Congratulations!!  I'm looking forward to Jan 5 as it is my fire date too!

If you don't mind, could you share more about the discussion wit your boss?  I also have a decent relationship with my boss and I know that he will try to talk me out of quitting because he can't fathom that work is no longer a necessity.

CowboyAndIndian

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Re: 2018 FIRE cohort
« Reply #671 on: October 31, 2017, 01:01:43 PM »
Welcome Acastus

01/05/18  Gimesalot
01/06/18  Monkey Uncle
01/??/18  FIBy30
01/31/18  MomCPA
01/??/18  NorGirl
01/15/18  PizzaSteve
01/??/18  PrePube
01/??/18  Zinethstache
02/01/18  DTaggart
02/28/18  brooklynguy
03/16/18  Cherry Lane
03/30/18  sol
03/31/18  Caoineag (at 36)
03/31/18  homestead neohio
03/31/18  Mrbeardedbigbucks
03/31/18  ZiziPB (at 50)
03/31/18  DavidAnnArbor (at 52) (Won't renew my office lease)
03/??/18  Badblackgirl
03/??/18  Clean Shaven
03/??/18  JLTinVA
03/??/18  Sofa King
03/??/18  MiserlyMiser
03/??/18  Acastus
04/20/18  NinetyFour
04/??/18  Aegishjalmur (At 35)
04/??/18  Calvin
04/??/18  FernFree
04/??/18  Gooki
04/??/18  LateStarter
~04/??/18 HappyMargo
~04/??/18 Mother Fussbudget
05/01/18  SwordGuy (at 60)
05/08/18  SwordGuy DW (SwordGuy isn't saying.   He wants to live.)
05/??/18  Alim Nassor
05/04/18  wordnerd and DH (at 30 and 36)
05/15/18  Markbike528CBX (at 53.5)
~06/01/18 Honeyfill  (at 60)
06/15/18  DavisGang90 (at 49)
06/25/18  MaybeBabyMustache (at 42)
06/29/18  aperture
06/29/18  CowboyAndIndian (at 59)
06/??/18  Cheddar Stacker
06/??/18  dbtx
06/??/18  Omalley
06/??/18  poppydog
06/??/18  randomgiraffe
06/??/18  SwissMiss
~06/??/18 Pylortes
07/??/18  AussieGirl
07/??/18  ChasesFish
07/??/18  Mr Griz
~07/??/18 BackAndForth
~07/??/18 cerat0n1a
~07/??/18 Freshwater
~07/??/18 SnidelyWhiplashStache
08/??/18  Mr Mark
08/??/18  NorCalistache
10/05/18  JumboShrimp
10/??/18  Fire1018
10/??/18  Happy
10/??/18  Irishtache
10/??/18  patches
11/??/18  DeSteeg
11/??/18  Kris
12/01/18  Vegasgirl (at 49)
12/??/18  EnjoyIt
12/??/18  yoda34
??/??/18  Blindsquirrel
??/??/18  Michread
??/??/18  Minnesota_mom
??/??/18  OzBeach -- WIGLO (When I Get Laid Off)
??/??/18  thriftycanadian
??/??/18  pecunia


chasesfish

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Re: 2018 FIRE cohort
« Reply #672 on: November 01, 2017, 04:33:33 AM »
Yesterday was payday, twice a month.  Not that I'm counting, but here are some random things that came to mind:

8 months remaining
16 paychecks remaining
30 actual weeks at the office, excluding the five I'll be gone on vacation
29 ridiculous Monday sales calls
Only 1 executive roadshow to attend and listen to (maybe my questions have less filters, or maybe I'm the perfect corporate soldier that surprises everyone)
One more round of performance reviews to write
4-5 more "coaching" sessions with my boss, which generally involve me coaching him...

Oh, and almost completely compiled my list of builders in the neighborhood to contact about selling my house in a few months....11 currently.

But hey, who's counting anything?
Check out our journal, counting down the days until I Stop Ironing Shirts

We hit $1mil by 33 and will retire at 36!  Stop by over at my site Stop Ironing Shirts

Monkey Uncle

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Re: 2018 FIRE cohort
« Reply #673 on: November 01, 2017, 04:49:14 AM »
Well, I went and done it.  Today I told the boss, my staff, and my co-workers that I'm leaving, and that January 5 will be my last day at work.

The boss was quiet and puzzled; clearly I caught him off guard.  I like my boss, so that was kinda difficult.

Most of my staff and co-workers, although surprised, were congratulatory.  Several of them openly expressed their envy.  Everybody is overworked and stressed out, so I get the feeling that a lot of folks would like to join me.

No backing out now!

Congratulations!!  I'm looking forward to Jan 5 as it is my fire date too!

If you don't mind, could you share more about the discussion wit your boss?  I also have a decent relationship with my boss and I know that he will try to talk me out of quitting because he can't fathom that work is no longer a necessity.

It was pretty awkward.  I went into his office first thing in the morning - I already had a meeting scheduled with him on another topic.  I told him I had something else I needed to discuss first, and then blurted out that I am planning on leaving at the end of the year.  He at first thought I meant the end of next year.  He asked if I was sure, and then we had a brief discussion about succession, in which he said he wanted to try to get at least a temporary successor in place before I leave.  Then he changed the subject to our originally scheduled meeting topic.

Later that day, he asked me "what if you change your mind?"  I said I would have re-hire eligibility (I'm a fed).  Then he said "what if you change your mind before you leave?", and I said, "well, I hope you wouldn't fire me."  But I also clarified that I am unlikely to change my mind.

I talked to him again yesterday morning and expressed regret at the way I handled it all.  In retrospect, it would have been better if I had discussed the possibility of leaving with him privately a few months ago, rather than letting him know an hour before I told everyone else.  But at the time I didn't want to let the cat out of the bag prior to knowing for sure that the ACA was going to be around for at least another year.  He was pretty gracious about it, and didn't really seem upset.  He re-iterated his desire for me to stay, but he didn't apply any pressure tactics or bribery.  I think although he doesn't understand my decision, he respects it.
Took that job and shoved it - January 6, 2018

Mrbeardedbigbucks

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Re: 2018 FIRE cohort
« Reply #674 on: November 01, 2017, 04:59:12 AM »
Well, I went and done it.  Today I told the boss, my staff, and my co-workers that I'm leaving, and that January 5 will be my last day at work.

The boss was quiet and puzzled; clearly I caught him off guard.  I like my boss, so that was kinda difficult.

Most of my staff and co-workers, although surprised, were congratulatory.  Several of them openly expressed their envy.  Everybody is overworked and stressed out, so I get the feeling that a lot of folks would like to join me.

No backing out now!

Congratulations!!  I'm looking forward to Jan 5 as it is my fire date too!

If you don't mind, could you share more about the discussion wit your boss?  I also have a decent relationship with my boss and I know that he will try to talk me out of quitting because he can't fathom that work is no longer a necessity.

It was pretty awkward.  I went into his office first thing in the morning - I already had a meeting scheduled with him on another topic.  I told him I had something else I needed to discuss first, and then blurted out that I am planning on leaving at the end of the year.  He at first thought I meant the end of next year.  He asked if I was sure, and then we had a brief discussion about succession, in which he said he wanted to try to get at least a temporary successor in place before I leave.  Then he changed the subject to our originally scheduled meeting topic.

Later that day, he asked me "what if you change your mind?"  I said I would have re-hire eligibility (I'm a fed).  Then he said "what if you change your mind before you leave?", and I said, "well, I hope you wouldn't fire me."  But I also clarified that I am unlikely to change my mind.

I talked to him again yesterday morning and expressed regret at the way I handled it all.  In retrospect, it would have been better if I had discussed the possibility of leaving with him privately a few months ago, rather than letting him know an hour before I told everyone else.  But at the time I didn't want to let the cat out of the bag prior to knowing for sure that the ACA was going to be around for at least another year.  He was pretty gracious about it, and didn't really seem upset.  He re-iterated his desire for me to stay, but he didn't apply any pressure tactics or bribery.  I think although he doesn't understand my decision, he respects it.

Congrats! I enjoyed reading that. How old are you..if you don't mind?

You should start a separate thread for "How I quit my job and my bosses reaction". It's always fun to read how it went down.


edgema

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Re: 2018 FIRE cohort
« Reply #675 on: November 01, 2017, 06:08:39 AM »
I would love some advice from this group as while it would be great to firmly put us in the 2018 camp, I fear the OMY. Arguably this year is already OMY!

Part of the reason for this fear is a great problem to have. Despite myself it seems that I will hit peak earnings for 2017 and this will largely carry on for 2018. This peak is massively higher than what I was earning five years ago and is a big number. In GBP it will be around £600k pre-tax once you take into account shares I have ‘unlocking’ in the company I work with. This is about 3 times what I was earning 5 years ago and has only really kicked in for the past 2 years due to the shares I have vesting. Further, there was a big boost due to the rising value of USD value of the shares in the US company I work, supercharged by the fall in GBP after the Brexit vote.

These shares have a schedule of vesting, so on current price, I know I will get about £200k work in April 2018 ‘just for keeping the seat warm’. When you throw in that we now have a larger stash, which is also earning a good stable return (rental income) it means that 2018 could be an absolutely huge year for saving – something like £400k after tax. Total net worth is currently around £2m so an opportunity to grow this 20% in a single year and by a big absolute number. It seems a less discussed subject but for many the OMY will also be the biggest year for growing the stash.

It is really tempting to have that extra security as a 41 year old with young kids and hopefully a lot of future ahead.

While the work isn’t hard or long hours, we have moved into a LCOL area a long way from work (as part of the FIRE plan) which is a crazy commute for me and means I don’t see my family for 4 days a week. Walking the dog with my wife we started to discuss this again and she prefers another year, and at times I agree, but I think we are probably both guilty of ending up in a situation where the ‘right’ number will always be the number we have in 12 months’ time. Bear in mind that the overall number is larger now than we expected by 2019 anyway! Not a topic that is comfortable but it is also likely that I will inherit several hundred thousand in the future, hopefully a good while in the future.

We also find it hard to know what life will cost after as our current life has about £40k pre-tax of ‘cost’ which I think will disappear when I hit the button. I can run the spreadsheet saying this but cannot live it on my present set up. We are also not super savers in daily life (only the big things) and definitely not optimized and there is a lot of fat to cut. We tried creating a post-FIRE account which we would live off and separate those expenses there but we didn’t have the discipline to keep to it. 

There have been some threads on golden handcuffs which is sort of what this is but while it is exciting and amazing to have seen the stash grow so amazingly in the past 3 years due to my earnings, on any given day an additional one seems like a small price to pay for the additional safety. I say to myself that the 50-year old me will not beat himself up for only being retired 8 rather than 9 years. On another day I beat myself up for not having the guts to FIRE at a number well above others.

I am embarrassed to say that unlike people with real problems this occupies way too much of my mindspace.

Retire-Canada

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Re: 2018 FIRE cohort
« Reply #676 on: November 01, 2017, 06:48:33 AM »
In GBP it will be around £600k pre-tax once you take into account shares I have ‘unlocking’ in the company I work with.

I am generally OMY adverse and I think I'll be able to FIRE without much trouble when I have hit my $$ target, but I feel your pain. If I was making £600k/yr [aka $1M CAD/yr] I can imagine the pull of OMY would be strong as that would be my entire FIRE portfolio value generated in a year!

What worries me in your post is not OMY at 41yrs old, but the fact you mention the target will always be 1 year out meaning it could be many more years.

Ultimately you need to retire towards something not simply stop working. If you and your wife have a shared post-work goal at some point you have to be honest with yourself and say adding more money doesn't help us and losing another year in the prime of our lives is too big a cost. Only you two can come to that conclusion.

edgema

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Re: 2018 FIRE cohort
« Reply #677 on: November 01, 2017, 07:17:12 AM »
Sorry I wasn't clear. It is more the fear that to avoid making the scary decision to pull the trigger, that the 'right' number is always be the one you have a year from now, causing a perpetual OMY. As we all are, we are great at convincing ourselves of false reasons that we do things if the real reason is hard to admit. 

I think we have great stuff planned post FIRE. I won't lie about being a little scared of the first days, weeks and months, but I/we have kept a lot of outside interests which I am excited about spending time doing loads more of, not the least simply spending time with the family. 

Most of my fear is monetary as I have never defined myself by my job or status (to a point). I also feel a weight of responsibility toward my family as I have always been the 'money' person in our relationship where my wife trusts me to get it right. While this trust is great, for such a huge decision I would prefer her to dig into the spreadsheets and be a 50% partner in my decision to FIRE. Maybe I need to get her reading these pages to understand we are not alone in this!

FLStache

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Re: 2018 FIRE cohort
« Reply #678 on: November 01, 2017, 07:40:15 AM »
Please add me to the list for 2018!  Date still TBD as it is depending on a severance option due to a restructure.  Most likely in Q4.

I'll be 50 and with a mix of taxable accounts, a significant 401k, some IRAs, and the anticipated severance package I'll be FI and ready to live footloose and fancy free!

Looking forward to rooting on everyone else as the year progresses.

CowboyAndIndian

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Re: 2018 FIRE cohort
« Reply #679 on: November 01, 2017, 07:42:26 AM »

Welcome FLStache. This group is becoming big ...

01/05/18  Gimesalot
01/06/18  Monkey Uncle
01/??/18  FIBy30
01/31/18  MomCPA
01/??/18  NorGirl
01/15/18  PizzaSteve
01/??/18  PrePube
01/??/18  Zinethstache
02/01/18  DTaggart
02/28/18  brooklynguy
03/16/18  Cherry Lane
03/30/18  sol
03/31/18  Caoineag (at 36)
03/31/18  homestead neohio
03/31/18  Mrbeardedbigbucks
03/31/18  ZiziPB (at 50)
03/31/18  DavidAnnArbor (at 52) (Won't renew my office lease)
03/??/18  Badblackgirl
03/??/18  Clean Shaven
03/??/18  JLTinVA
03/??/18  Sofa King
03/??/18  MiserlyMiser
03/??/18  Acastus
04/20/18  NinetyFour
04/??/18  Aegishjalmur (At 35)
04/??/18  Calvin
04/??/18  FernFree
04/??/18  Gooki
04/??/18  LateStarter
~04/??/18 HappyMargo
~04/??/18 Mother Fussbudget
05/01/18  SwordGuy (at 60)
05/08/18  SwordGuy DW (SwordGuy isn't saying.   He wants to live.)
05/??/18  Alim Nassor
05/04/18  wordnerd and DH (at 30 and 36)
05/15/18  Markbike528CBX (at 53.5)
~06/01/18 Honeyfill  (at 60)
06/15/18  DavisGang90 (at 49)
06/25/18  MaybeBabyMustache (at 42)
06/29/18  aperture
06/29/18  CowboyAndIndian (at 59)
06/??/18  Cheddar Stacker
06/??/18  dbtx
06/??/18  Omalley
06/??/18  poppydog
06/??/18  randomgiraffe
06/??/18  SwissMiss
~06/??/18 Pylortes
07/??/18  AussieGirl
07/??/18  ChasesFish
07/??/18  Mr Griz
~07/??/18 BackAndForth
~07/??/18 cerat0n1a
~07/??/18 Freshwater
~07/??/18 SnidelyWhiplashStache
08/??/18  Mr Mark
08/??/18  NorCalistache
10/05/18  JumboShrimp
10/??/18  Fire1018
10/??/18  Happy
10/??/18  Irishtache
10/??/18  patches
11/??/18  DeSteeg
11/??/18  Kris
12/01/18  Vegasgirl (at 49)
12/??/18  EnjoyIt
12/??/18  yoda34
??/??/18  Blindsquirrel
??/??/18  Michread
??/??/18  Minnesota_mom
??/??/18  OzBeach -- WIGLO (When I Get Laid Off)
??/??/18  thriftycanadian
??/??/18  pecunia
??/??/18  FLStache


Gimesalot

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Re: 2018 FIRE cohort
« Reply #680 on: November 01, 2017, 07:53:56 AM »
Thank you for sharing Monkey Uncle.  I am a little nervous about having the discussion with my boss, so your experience is useful to start planing my talk.

Most of my fear is monetary as I have never defined myself by my job or status (to a point). I also feel a weight of responsibility toward my family as I have always been the 'money' person in our relationship where my wife trusts me to get it right.

I can relate to this fear.  Yesterday, I asked my husband to wait to give notice at his job until I get back from vacation.  He asked me why, and honestly, it's because we can still bail on FIRE if we need to.  We'll be out some money for the apartments we rented, but nothing major.  Once he gives notice at his job, that's it.  It's not a rational fear, just a huge emotional one.  We are both retiring to something, but it's still uncomfortable to think about how the accounts that I have been growing for years, will most likely start shrinking.

edgema

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Re: 2018 FIRE cohort
« Reply #681 on: November 01, 2017, 08:25:34 AM »
Gimesalot. It isn't entirely irrational depending on your circumstances.

We are all evaluating the risks and rewards of staying versus going and each has both, but I don't think you can weight the options equally if any decision is very hard to reverse. I believe you need to have a higher certainty when a decision is less reversible and has far reaching consequences for your life. Morbid illustration, but if someone asks you to play Russian roulette for $10m, in 5/6ths of the possible futures you are going to be a rich person, but in 1/6 of the possible futures you are dead. You don't play. I find I always focus on the '1/6' risk on FIRE and don't want to risk finding my family there.

My humble opinion is most of the discussion around the 'right' amount is really about how big you are prepared for the '1/6th' to be but maybe I am just a glass half empty person! For me it has to be very very low.

On your 'shrinking stash' point, while I don't like to see myself as Scrooge McDuck counting money, it will indeed be a hard shift to stop seeing the pile of gold grow, or even shrink. For me, that led me to property as we can earn enough in rental income to hopefully not have to touch capital even if that means it is not truly passive and requires us to deal with tenants/repairs.

Good luck!

Retire-Canada

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Re: 2018 FIRE cohort
« Reply #682 on: November 01, 2017, 08:36:35 AM »
Most of my fear is monetary as I have never defined myself by my job or status (to a point). I also feel a weight of responsibility toward my family as I have always been the 'money' person in our relationship where my wife trusts me to get it right. While this trust is great, for such a huge decision I would prefer her to dig into the spreadsheets and be a 50% partner in my decision to FIRE. Maybe I need to get her reading these pages to understand we are not alone in this!



Given that you are retiring in your 40's your chance of running out of $$ is even smaller [red area] than shown above. At some point you need to worry about dying more than running out of money.

edgema

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Re: 2018 FIRE cohort
« Reply #683 on: November 01, 2017, 08:46:14 AM »
I hear you Retire-Canada, I really do.....

TartanTallulah

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Re: 2018 FIRE cohort
« Reply #684 on: November 01, 2017, 08:58:40 AM »
Sorry I wasn't clear. It is more the fear that to avoid making the scary decision to pull the trigger, that the 'right' number is always be the one you have a year from now, causing a perpetual OMY. As we all are, we are great at convincing ourselves of false reasons that we do things if the real reason is hard to admit. 

My numbers are a fraction of yours, but I'm doing the same. I should really switch from 2019 to 2018, because I'm more or less set on it now, but a part of me thinks, "If I keep working for another year, we'll be able to save another £25,000 (or thereabouts), which is a skiing trip every year for the next decade/lots and lots of concerts/a private joint replacement operation if the NHS stops doing them." Or looking at colleagues in their 60s who have no intention of retiring, and thinking, "What do they know that I don't? They can't all be mistaken about needing to work till they don't have two brain cells to rub together."




Retire-Canada

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Re: 2018 FIRE cohort
« Reply #685 on: November 01, 2017, 09:07:14 AM »
My numbers are a fraction of yours, but I'm doing the same. I should really switch from 2019 to 2018, because I'm more or less set on it now, but a part of me thinks, "If I keep working for another year, we'll be able to save another £25,000 (or thereabouts), which is a skiing trip every year for the next decade/lots and lots of concerts/a private joint replacement operation if the NHS stops doing them."

Do you want to add another ski trip to your budget that you can't cover with your current savings? If so and if it's important enough to you to give up another year of your life to work that's a fair reason. It would also point to your current FIRE budget being to restrictive.

Or looking at colleagues in their 60s who have no intention of retiring, and thinking, "What do they know that I don't? They can't all be mistaken about needing to work till they don't have two brain cells to rub together."

They certainly can.

Vegasgirl

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Re: 2018 FIRE cohort
« Reply #686 on: November 01, 2017, 09:33:18 AM »
I'd venture to say most folks here have gone back and forth many times on this, I know I have.  I'm struggling to let go of the "what I'm giving up" in favor of the "what I'm gaining"  which is my life back.  I can't put a price on it but like others have said every day I spend at work, is one less day I have for myself regardless of how many days I might have left.  The situation is a little different depending on how you feel about work, right now I am in a bad place with it so my risk threshold might be a little lower than @edgema but I'm still conservative in my estimates.

sol

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Re: 2018 FIRE cohort
« Reply #687 on: November 01, 2017, 10:09:43 AM »
It seems a less discussed subject but for many the OMY will also be the biggest year for growing the stash.

We've discussed this quite a bit around here.  You might enjoy revisiting the old discussion about how OMY strikes the rich the hardest. You're certainly a model candidate for illustrating the problem.

And from that thread:
« Last Edit: November 01, 2017, 10:13:35 AM by sol »
sol will be totally offline for most of June 2018.  You cannot reach me.  You will not hear from me.  I am not dead, just away from civilization.

TartanTallulah

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Re: 2018 FIRE cohort
« Reply #688 on: November 01, 2017, 11:13:30 AM »
My numbers are a fraction of yours, but I'm doing the same. I should really switch from 2019 to 2018, because I'm more or less set on it now, but a part of me thinks, "If I keep working for another year, we'll be able to save another £25,000 (or thereabouts), which is a skiing trip every year for the next decade/lots and lots of concerts/a private joint replacement operation if the NHS stops doing them."

Do you want to add another ski trip to your budget that you can't cover with your current savings? If so and if it's important enough to you to give up another year of your life to work that's a fair reason. It would also point to your current FIRE budget being to restrictive.

My current RE budget certainly won't be FI in the sense of, "I'll be able to buy whatever I want without having to think about the cost," and there are plenty of people on here who wouldn't be comfortable with it. But I could work and scrimp till I was 100 and still not have enough invested to give me an unlimited passive income, and essential expenditure will be covered safely with a DB pension so everything else I can put aside counts 100% towards optional spending. A time has to come when I say, "OK, how much would I pay in order NOT to do this job for another year?" and the answer, at the moment, is, "Never go skiing again? Deal!"



Retire-Canada

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Re: 2018 FIRE cohort
« Reply #689 on: November 01, 2017, 11:23:04 AM »
A time has to come when I say, "OK, how much would I pay in order NOT to do this job for another year?" and the answer, at the moment, is, "Never go skiing again? Deal!"

I don't disagree with that perspective. I just sold my motorcycle. As a lifelong rider when I first planned for FIRE budgeting for a moto was essential. After a few years of reflection on the opportunity costs of working longer to pay for a moto I decided I could live without one. That said it is statistically quite likely that my portfolio will continue to grow even after FIRE so I may add a moto back into the mix at a later date.

happy

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Re: 2018 FIRE cohort
« Reply #690 on: November 01, 2017, 02:19:35 PM »
I've done a few iterations of that theme also, including no more skiing, and FIRE numbers with and without a horse.
Journalling at Happy Aussie Downshifter

Patches

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Re: 2018 FIRE cohort
« Reply #691 on: November 01, 2017, 04:34:52 PM »
I went ahead and gave one-year notice to the big cheese.  Pretty exciting for me but uneventful.  Him and I have some real estate investments together and we intend to keep working together on such things... I just won't be showing up to the day job anymore. We left the exact leave date flexible... just when they find and train up the right replacement I'll bow out.  Regardless, by Halloween 2018 I turn into a pumpkin!

It's been fun having some people with similar experiences to share this thing with.  Thank you for all the advice and tips and for being a steady outlet for my experiences. 



Retire-Canada

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Re: 2018 FIRE cohort
« Reply #692 on: November 01, 2017, 04:38:13 PM »
I went ahead and gave one-year notice to the big cheese.  P

Congrats! :)

Fresh Bread

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Re: 2018 FIRE cohort
« Reply #693 on: November 01, 2017, 05:37:32 PM »
I've done a few iterations of that theme also, including no more skiing, and FIRE numbers with and without a horse.

Without skiing I could retire now but it's non-negotiable :) Luckily I don't want a horse!

Fresh Bread

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Re: 2018 FIRE cohort
« Reply #694 on: November 01, 2017, 05:38:45 PM »
Confusingly for the list I changed my name, I was Freshwater.

CowboyAndIndian

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Re: 2018 FIRE cohort
« Reply #695 on: November 01, 2017, 06:11:49 PM »
Freshwater -> Fresh Bread

Bread joke as requested in signature :-)

Q: Why doesn't bread like warm weather?
A: Things get Toasty!


(source: http://www.jokes4us.com/miscellaneousjokes/foodjokes/breadjokes.html)


01/05/18  Gimesalot
01/06/18  Monkey Uncle
01/??/18  FIBy30
01/31/18  MomCPA
01/??/18  NorGirl
01/15/18  PizzaSteve
01/??/18  PrePube
01/??/18  Zinethstache
02/01/18  DTaggart
02/28/18  brooklynguy
03/16/18  Cherry Lane
03/30/18  sol
03/31/18  Caoineag (at 36)
03/31/18  homestead neohio
03/31/18  Mrbeardedbigbucks
03/31/18  ZiziPB (at 50)
03/31/18  DavidAnnArbor (at 52) (Won't renew my office lease)
03/??/18  Badblackgirl
03/??/18  Clean Shaven
03/??/18  JLTinVA
03/??/18  Sofa King
03/??/18  MiserlyMiser
03/??/18  Acastus
04/20/18  NinetyFour
04/??/18  Aegishjalmur (At 35)
04/??/18  Calvin
04/??/18  FernFree
04/??/18  Gooki
04/??/18  LateStarter
~04/??/18 HappyMargo
~04/??/18 Mother Fussbudget
05/01/18  SwordGuy (at 60)
05/08/18  SwordGuy DW (SwordGuy isn't saying.   He wants to live.)
05/??/18  Alim Nassor
05/04/18  wordnerd and DH (at 30 and 36)
05/15/18  Markbike528CBX (at 53.5)
~06/01/18 Honeyfill  (at 60)
06/15/18  DavisGang90 (at 49)
06/25/18  MaybeBabyMustache (at 42)
06/29/18  aperture
06/29/18  CowboyAndIndian (at 59)
06/??/18  Cheddar Stacker
06/??/18  dbtx
06/??/18  Omalley
06/??/18  poppydog
06/??/18  randomgiraffe
06/??/18  SwissMiss
~06/??/18 Pylortes
07/??/18  AussieGirl
07/??/18  ChasesFish
07/??/18  Mr Griz
~07/??/18 BackAndForth
~07/??/18 cerat0n1a
~07/??/18 Fresh Bread
~07/??/18 SnidelyWhiplashStache
08/??/18  Mr Mark
08/??/18  NorCalistache
10/05/18  JumboShrimp
10/??/18  Fire1018
10/??/18  Happy
10/??/18  Irishtache
10/??/18  patches
11/??/18  DeSteeg
11/??/18  Kris
12/01/18  Vegasgirl (at 49)
12/??/18  EnjoyIt
12/??/18  yoda34
??/??/18  Blindsquirrel
??/??/18  Michread
??/??/18  Minnesota_mom
??/??/18  OzBeach -- WIGLO (When I Get Laid Off)
??/??/18  thriftycanadian
??/??/18  pecunia
??/??/18  FLStache

« Last Edit: November 01, 2017, 06:15:19 PM by CowboyAndIndian »

Monkey Uncle

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Re: 2018 FIRE cohort
« Reply #696 on: November 01, 2017, 06:27:17 PM »
Well, I went and done it.  Today I told the boss, my staff, and my co-workers that I'm leaving, and that January 5 will be my last day at work.

The boss was quiet and puzzled; clearly I caught him off guard.  I like my boss, so that was kinda difficult.

Most of my staff and co-workers, although surprised, were congratulatory.  Several of them openly expressed their envy.  Everybody is overworked and stressed out, so I get the feeling that a lot of folks would like to join me.

No backing out now!

Congratulations!!  I'm looking forward to Jan 5 as it is my fire date too!

If you don't mind, could you share more about the discussion wit your boss?  I also have a decent relationship with my boss and I know that he will try to talk me out of quitting because he can't fathom that work is no longer a necessity.

It was pretty awkward.  I went into his office first thing in the morning - I already had a meeting scheduled with him on another topic.  I told him I had something else I needed to discuss first, and then blurted out that I am planning on leaving at the end of the year.  He at first thought I meant the end of next year.  He asked if I was sure, and then we had a brief discussion about succession, in which he said he wanted to try to get at least a temporary successor in place before I leave.  Then he changed the subject to our originally scheduled meeting topic.

Later that day, he asked me "what if you change your mind?"  I said I would have re-hire eligibility (I'm a fed).  Then he said "what if you change your mind before you leave?", and I said, "well, I hope you wouldn't fire me."  But I also clarified that I am unlikely to change my mind.

I talked to him again yesterday morning and expressed regret at the way I handled it all.  In retrospect, it would have been better if I had discussed the possibility of leaving with him privately a few months ago, rather than letting him know an hour before I told everyone else.  But at the time I didn't want to let the cat out of the bag prior to knowing for sure that the ACA was going to be around for at least another year.  He was pretty gracious about it, and didn't really seem upset.  He re-iterated his desire for me to stay, but he didn't apply any pressure tactics or bribery.  I think although he doesn't understand my decision, he respects it.

Congrats! I enjoyed reading that. How old are you..if you don't mind?

You should start a separate thread for "How I quit my job and my bosses reaction". It's always fun to read how it went down.

I'm 49.
Took that job and shoved it - January 6, 2018

Monkey Uncle

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Re: 2018 FIRE cohort
« Reply #697 on: November 01, 2017, 06:32:25 PM »
Thank you for sharing Monkey Uncle.  I am a little nervous about having the discussion with my boss, so your experience is useful to start planing my talk.

Most of my fear is monetary as I have never defined myself by my job or status (to a point). I also feel a weight of responsibility toward my family as I have always been the 'money' person in our relationship where my wife trusts me to get it right.

I can relate to this fear.  Yesterday, I asked my husband to wait to give notice at his job until I get back from vacation.  He asked me why, and honestly, it's because we can still bail on FIRE if we need to.  We'll be out some money for the apartments we rented, but nothing major.  Once he gives notice at his job, that's it.  It's not a rational fear, just a huge emotional one.  We are both retiring to something, but it's still uncomfortable to think about how the accounts that I have been growing for years, will most likely start shrinking.

I can relate to this fear also - I've been feeling it the last couple of days since I let the cat out of the bag.  But it started to subside some today.  I keep telling myself it's totally irrational.  I reached basic FI a year and a half ago, so now I have a decent buffer, plus I have a backup plan in case the ACA gets axed.  No rational reason to stay.

Like I told a colleague today - I don't want to work until all the active years of my life are gone.  The time has come, and I'm good with the decision.
Took that job and shoved it - January 6, 2018

honeyfill

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Re: 2018 FIRE cohort
« Reply #698 on: November 01, 2017, 10:54:49 PM »
Great discussions today, so much to think about. It really helps reading about the things other people are working through and how they are handling the challenges.   My biggest issue is estimating income needs. My in-laws have moved in with us and our daughter has some health problems which have prevented her from working since July.  Fortunately, my daughter is doing much better and has started sending out resumes. My inlaws have a lot of health issues but they have not been a financial burden. As these two issues seem to be working themselves out, We are still shooting for a June 1 retirement but but could retire anywhere from Jan 2 to Oct 1. 



edgema

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Re: 2018 FIRE cohort
« Reply #699 on: November 02, 2017, 03:29:35 AM »
Feeling emboldened about sticking to end of March 2018 as an end date. Planning this weekend to sit down with my wife and try and again address the financial facts around our situation and how the plan has a number of safety layers in it before we would really get into trouble. This exercise is as much for me as for her!

We have already approached this very sensibly, I think, in that we have 1) already moved to a LowerCOL area which freed up investment capital from our house 2) we already had sensible cars (yes it is still plural given my work commute) 3) we are always careful on any big purchases, including holidays - this year is was camping for two weeks in France by ferry. 4) We shop at Lidl not Waitrose. In no way a Mustachian idol but I think we have got the big things right.

There are also huge savings that are baked into stopping work - Tax and commuting costs. I have to trust the numbers more. First we are currently a single high income family so I am taxed heavily on much of my income. Simply being able to split our future income between us is a massive saving. Earning 90k as a couple is like me earning 130k alone just because of tax. I also have to trust how much of the cost of my working will, without question, fall away. Put all that commuting/living away from home cost together and it is 1.5k a month, 18k a year, or 30k a year pre-tax.  So if we want 75k post tax to live after FIRE, the pre-tax salary I currently need to earn for the same post-tax income is getting towards 160k adjusted for the cost to work. I still find it hard to believe, but these are facts and arithmetic, rather than speculation about how we might live after FIRE. Furthermore, we have not been as disciplined as we might and I am confident that there are considerable other savings to be had when you have two people with way more time on their hands to optimise, particularly when one of them is me and I will make it a focus.

Then there is the sentiment from a great post from the escape artist (https://theescapeartist.me/2017/04/23/the-inestimable-advantages-of-hardening-the-fuck-up/) which, to me at least, reminds you that there will be challenges, just different ones, and that you will deal with them. 

As a complete aside, I was listening in to a young couple chatting on our overcrowded commuter train this morning. She was struggling to justify a £50 monthly gym membership and then had a eureka moment when she realised she spends £70 on her morning coffee a month! Nice to see people working out how small decisions can have bigger financial impacts. Hopefully she is one step from realising she doesn't need the gym either.

Very happy that this forum exists as it is so helpful to be able to get non judgemental views from people.