Hello Everyone
I have been working since I was 16. Through some hard work, discipline, and good fortune I find that I may be able to quit corporate america. Howver for some strange reason, it terrifies me to just up and quit for fear of making a huge financial mistake if I do so.
Here are the numbers
Single Female - 53 years of age
Yearly salary 86,000.00
Mortgage including taxes and insurance 700 - downsized from a 300k home to a smaller home. Home is value at 157,000 and I have 94,000 left on the mortgage.
Utilities - about 150.00 (includes, heat, electric, water and trash)
Misc (everything else) - 250.00 (includes groceries, pet care, car insurance etc)
Total about 1100 a month
Savings, retirement and taxable investments 277,000.00
Penison at age 59 - about 600.00 before taxes
Social Sec at 67 (maybe later or sooner) - if I quit working now, should expect around 2300 at the age of 67
According to my numbers, I have enough money to last about 20 years without pension or social security. Obviously with my pension and social security, I have enough money to last well into my 90's and beyond.
My pension will be able to cover the mortgage when I turn 59 or if i move again closer to my family, I plan on paying cash for the my last house (my final resting place so to speak...lol). My expenses are very low and I live in a low cost of living area. The only unknown is medical insurance
My dilemma is I want to quit working right now and feel that I am in a good position to quit working and go into semi retirement where I only work when I want to but I guess the thought of it terrifies me. I have never been more than a few weeks without a job since the age of 26. I work in IT so jobs were plentiful. Now that I am older, I no longer have the motivation or the drive to stay up to date with my skill set as working in corporate america is just getting to stressful.
The only unknown is medical. I'm not sure what is going to happen with the ACA and I find that as you get older, things start breaking down which is what's happening with me right now. Why am I so scared to just pull the trigger?
Looking at the numbers, does my plan seem doable? I think because of my age, I am being extra cautious. If I make a financial mistake now, I will not have the time to recover and could possibly end up working by entire life.
Am I over thinking this? Are all of my bases covered? I want out of corporate america but I want to be strategic about it. Is there anyone else in the same position? I have talked to a financial advisor and he says that I am in an excellent position but I am still a little scared and nervous. I have not lived without a steady paycheck in over 20 years. Any words of encouragement would be greatly appreciated.