How do you make the decision to cut and RUN!!!!!!!!!!!!!!!!!!!!!!!! FIRE

[texxan1]

So let me tell yall a story.... So the company has a new blueprint that just got announce, and as i know i was on a contract basis for my work overseas. I expect that they will tell me i wont be extended blah blah blah and then the day comes for my discussion with my boss... Turns out, that i will not make end of 2019, i will actually be lucky to make the end of 2018.. So  am to be repatriated back to the US by EOY 2018.    This throws some kinks into my plan, or non plan,

So I posted before about going ahead and pulling the plug as I would be entitiled to strange medical retirement plan where you get 10k a year put into an account for reimbursement of medical expenses and a 16 month severance package.… NOW, I was just told by our HR department, that the medical account option is no longer available to people under 50.. So that means there is a high probabiligy that I will get forced into a job that I don't want, in a place I don't want with a salary that's about 100k a year which is a nice salary, but in a place that I really do not want to live. Been there done that, the frozen north of Alaska is not good for my health ( nerve issues)

So when do you know when to cut and run.. its suffering really bad for 3 years worth it for the medical coverage (10k a year, still have to go find something on the open market) that would continue until I am eligible for medicare…. Or do you suffer the loss of income and go for living at your home every night, in your own bed with reduced medical issues?

There is pros and cons to the potential jobs that I could take, but they are all in the same region in Alaska....I live in texas

I am just having a hard time deciding to take the loss on the medical and just work it out on my own or find another job in texas making a lot less money.... just to get medical coverage... or just Firing and figure it all out later

If I cut and run, I will move back to my home in Texas, which I would have to buy some transportation( which I have the money for in a separate account), and spend about 5k worth of cash on getting back into my house, furniture, beds, etc etc



What do you guys think...

The stats
47 YO *(in January)
$500 k  paid for house (HCOL)
80k cash in my current bank account
737k Vanguard after tax
690 401k
side business in US that makes me about 25k a year right now... (55k but split with partner and paid help)

So i have about 1.42m liquid and  two pensions.. .one of 250k if i take at end of year and put into own future account, and one for 199k i get at 65.

Just talking outload

 

[RWD]

So i have about 1.42m liquid and  two pensions.. .one of 250k if i take at end of year and put into own future account, and one for 199k i get at 65.

If you can't make ends meet with that stash and a paid off house I don't know how you ever will. I hereby give you permission to retire.

[texxan1]

right now, I would not qualify for any subsidies for ACA... I am a very high earner (over 400k this year)….. All of my after tax money is from the last 3 years... The heartache in the decision is that I have a tight windown to make the decision and I don't want to give up one of my goals for working for the last 13 years for a big oil company ( getting medical retiree insurance)….


Im pretty sure im looking at 60k a year living high on the hog for a nice relaxed FIRED life.... and 35K bare bones... not including medical needs or coverage.

It is hard to get a basis of what it would cost me, I can add everything up and it comes out to around 40k, but since I haven't lived in the US for a few years, I know im forgetting everyday nickels and dimes that will add up...

My taxes on my house alone are 10k a year....

my biggest concern is I have some preexisting nerve conditions that kick my ass during the colder months, and im scared that when I leave big oil company that the medical stuff will kick my ass.. That is the only thing really keeping me from playing there game and letting them make me redundant/…..

so much in my mind and just unsure of the decisions

[texxan1]

Thanks for the comments, keep them coming

as for my repatriation, I will NOT be back to the usa before January 1. No way im gonna let the gubmint take my taxes for this year, as we pay a hypothetical tax and im looking to get over 40k back ….

You two have put it into a lot of perspective, I think my mind is just caught up in the what ifs, and the golden handcuffs.... Now, just to figure out how I work the severance so I can maiximize it

Thank
Tex

[Cassie]

It looks like you are in a good position to retire. I wouldn’t buy upholstered furniture used because of bed bugs. Other furniture no problem.

[bognish]

You have too much $$$ to move to some place you don't want to live for 3 years. Especially if its bad for your health. Also $10k per year is too small of a payout to risk suffering 3 years and hoping the company does not change its policy again. Maybe the company goes bust or gets bought out and the policy ends in 2.9 years.

[Lady Stash]

With those numbers, I would be heading home to Texas on Jan 1.  Pensions plus a side income? dang, color me jealous.  The only way I would be going to Alaska is as a tourist in the summer.  Beautiful national parks up there.

[Check2400]

General Question here:  What is a healthcare monthly premium for a 47 year old?  Everyone always loses their mind about it, but I never see hard numbers.  If I go look at www.healthcare.gov the top of the line plans are ~600/mo with no subsidies?   So roughly $7000 a year with a no subsidies, top tier plan?   I'm not saying that doesn't suck, but we're talking about an extra 150K to cover this for the next 18 years or so if you do it at a 4% SWR?

I guess with your numbers I don't see how that amount is the deciding factor. 

More importantly, you've been doing 3 years of oil and gas work overseas.  Your options aren't Alaska or retire.  I don't even know what your experience is and I can guarantee you you can find a job in West Texas where you live.  It is about as desolate as Alaska, just hot instead of cold.  Hell, if you get your CDL you can bank 100K easy. 

Not that it matters.  You have 1.42 + 250 + 200 = 1,870,000 *.04 = 74,800, plus 25K side business and a paid off house, and 80 grand in emergency fund?  Even at a 20% tax rate, 10K in property Tax, and 10K in health costs, you're looking at $5000 a month for... what?  Wine, women, and/or song? 

Congrats.  You're done.