Author Topic: FIRE Now or After Probate  (Read 1718 times)

Acastus

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FIRE Now or After Probate
« on: April 10, 2018, 08:44:34 PM »
The Bad:  My wife lost her Dad last month. He had a long life, but it was still a surprise. Cause was pneumonia after getting the flu. Get your flu shots, and if you are 65 or older, get the pneumonia vaccine.

The Good:  We will get an inheritance that will put us past the FI + extra threshold. The nestegg will go from 23x expenses to about 28x. I had been planning to FIRE this year, but the market has not been cooperating, yet. It will take a few months for all the dust to settle and do all the paperwork with a lawyer's help. It is not too complicated, but there is a hard to sell house. Dilapidated.

The Ugly:  I am on the fence about giving notice. I am mid-fifties, and I feel it will be very hard to get another job if I have to unretire, or if I find I still want to work, if only part time or seasonally. I have not really figured out what I want to do next. I also feel my job has hit a dead end. It is not just the wrong job at the wrong company. It is the wrong kind of job at the wrong kind of company, and I want more flexibility than they will ever allow. I need some time off before I can be a productive worker for anyone. Maybe 6 months.

Am I being overly cautious about bailing out? Is is easier than I think to reenter the workforce in late 50's? Should I pull the trigger now, or wait until we have the cash in hand? Thoughts from someone outside the bubble are appreciated.

« Last Edit: April 10, 2018, 08:50:52 PM by Acastus »

secondcor521

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Re: FIRE Now or After Probate
« Reply #1 on: April 10, 2018, 09:11:52 PM »
Sorry about your FIL.

Too cautious or not is really an individual decision.  Sounds to me like your gut is telling you to hang on a little longer; I would follow your gut.

It is hard to reenter the workforce in your 50s.  I know two capable people in that age bracket who lost their jobs and have struggled to find work again.  You can probably get a minwage or volunteer job, but anything professional or advanced frequently goes to currently employed people or younger people.

As far as the inheritance goes, wait until you have the cash in your hand would be my advice.

Good luck.

WalkaboutStache

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Re: FIRE Now or After Probate
« Reply #2 on: April 11, 2018, 03:38:20 AM »
Sorry about your FIL.

Too cautious or not is really an individual decision.  Sounds to me like your gut is telling you to hang on a little longer; I would follow your gut.

It is hard to reenter the workforce in your 50s.  I know two capable people in that age bracket who lost their jobs and have struggled to find work again.  You can probably get a minwage or volunteer job, but anything professional or advanced frequently goes to currently employed people or younger people.

As far as the inheritance goes, wait until you have the cash in your hand would be my advice.

Good luck.

I second the above.  To add color, my own father used to say: "Don't count the egg that is up the chicken's ass."  Try to hand on a little if you can.

SwordGuy

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Re: FIRE Now or After Probate
« Reply #3 on: April 11, 2018, 05:52:06 AM »
You don't know what the finances are really like, do you?

No 2nd mortgage that will eat up the money from the sale of the house (and then some!) ?

No credit card or medical debts?

I would be darn sure before I gave notice.

Dragonswan

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Re: FIRE Now or After Probate
« Reply #4 on: April 11, 2018, 06:17:43 AM »
I would wait until after probate.  Use that time to try to find another job.  Even if you have no intention of taking it (i heard you when you said you need at least 6 months) you'll know what the market is like  (what's available in what industries,  how bad is the bias against older workers, how marketable are your skills in other career paths) in your area and can make an informed decision when you're out of probate.

Acastus

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Re: FIRE Now or After Probate
« Reply #5 on: April 11, 2018, 11:15:34 AM »
You don't know what the finances are really like, do you?

No 2nd mortgage that will eat up the money from the sale of the house (and then some!) ?

No credit card or medical debts?

I would be darn sure before I gave notice.

FIL was a simple guy. What we know so far is a bank account, a house, cars, some life insurance. I do not think there are any secret assets.  There is no family to argue over the will. There may be a few minor debts, but there is no mortgage, other loans, or credit cards. He liked using cash when he paid for lunch.

Dicey

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Re: FIRE Now or After Probate
« Reply #6 on: April 11, 2018, 12:31:40 PM »
Did he live near you? Could working on the house to make it easier to sell be a viable first post-FIRE project?

I retired at 54 and am loving it!

jlcnuke

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Re: FIRE Now or After Probate
« Reply #7 on: April 11, 2018, 12:36:18 PM »
I'm reminded of a saying about chickens hatching and counting... I'd wait until you "have" the money, not cut loose because you "think you're about to have" the money.

AMandM

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Re: FIRE Now or After Probate
« Reply #8 on: April 11, 2018, 12:36:59 PM »
My sympathy on your and your wife's loss.

Personally, I would wait, because I would not want to deal with too many changes all at once. I'd rather concentrate on handling the probate without the distraction of finding a new post-retirement routine, looking for a new job, etc. But you might find the combination of tasks a fun challenge.

Acastus

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Re: FIRE Now or After Probate
« Reply #9 on: April 12, 2018, 12:38:55 PM »
Did he live near you? Could working on the house to make it easier to sell be a viable first post-FIRE project?

I retired at 54 and am loving it!
The house is about 2.5 hours away. Close enough to hit and run in 1 day, but hard to get a lot done. We are hoping to sell it to the dairy that moved next door 10 years ago. They are interested, and I think there may be an issue with the well water and cow runoff that they want to make go away. Fine by me, if the price is remotely reasonable.

Dicey

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Re: FIRE Now or After Probate
« Reply #10 on: April 13, 2018, 09:29:03 AM »
Did he live near you? Could working on the house to make it easier to sell be a viable first post-FIRE project?

I retired at 54 and am loving it!
The house is about 2.5 hours away. Close enough to hit and run in 1 day, but hard to get a lot done. We are hoping to sell it to the dairy that moved next door 10 years ago. They are interested, and I think there may be an issue with the well water and cow runoff that they want to make go away. Fine by me, if the price is remotely reasonable.
That actually sounds like a great solution.