Author Topic: Oh my!  (Read 9195 times)

Exflyboy

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Oh my!
« on: December 05, 2013, 06:10:00 PM »
Well I was putting off retirement till the end of April next year for 3 reasons..

1) I got a relocation bonus when I joined this company 1.5 years ago.. if I leave before two years I get to pay part of it back
2) I got about $2500 in company stock coming at the end of April
3) I wanted to stuff my 401k with some more cash.

The downside is I hate being here, I commute 80 miles one way and I got $1.25M in addition to the paid off house and about $15k a year in rent.

Yeah I know why not just walk out the door right?

Well today my boss told me he could waive paying back any money and I could leave at the end of the year... Thats means working two more weeks for me as I have vacation.

Really the extra money I would get next year is not too material to my net worth.

Gulp.. I think retirement is a matter of a few weeks.. not months!

Frank

BZB

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Re: Oh my!
« Reply #1 on: December 05, 2013, 06:35:08 PM »
WOW - Big congrats!!
How do you plan to enjoy your retirement? Any change of plans knowing that it will start sooner?

Frankies Girl

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Re: Oh my!
« Reply #2 on: December 05, 2013, 06:58:30 PM »
That's super news! Congrats and hope you're excited about all the possibilities. :)

Exflyboy

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Re: Oh my!
« Reply #3 on: December 06, 2013, 08:55:01 AM »
Yes I am excited.. I went salmon fishing two weeks ago and didnt realise I live in one of the best fishing places on Earth.. Been in Western Oregon since '97 and never been fishing!

So I bought a boat and some fishing gear to go after the steelhead starting mid Jan..:)

Oh the pontoon boat and extra gear was less than $300.. so quite MMM I think..:)

Thanks for the encouragement.

Frank

reginna

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Re: Oh my!
« Reply #4 on: December 06, 2013, 09:46:03 AM »
Congratulations! Enjoy your new adventure!

FIreDrill

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Re: Oh my!
« Reply #5 on: December 06, 2013, 10:34:12 AM »
Awesome!  Enjoy the fresh Salmon :)

Phoebe

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Re: Oh my!
« Reply #6 on: December 06, 2013, 11:02:28 AM »
Congratulations that is sooooo exciting!!

Exflyboy

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Re: Oh my!
« Reply #7 on: December 06, 2013, 12:36:59 PM »
Thanks guys and gals,

This is interesting because the overwhelming emotion right now is fear!

OK your all rolling your eyes right now but the the plain truth is I have never been without a job since early 1985 and I really don't know how to do it.

here are the fears..

1) I don't have enough money!.. Yes I know all the numbers, I know I don't spend hardly any of my income, my Wife will continue to work and makes about 30k with great bennies plus I get $15k in rent. It all works on paper but I can't help the nagging fear that the stock market will collapse and somehow my stash really won't produce enough income.

2) How will I really occupy 40 hours per week of liesure

3) If I am forced back to a real job, will I be any good at doing what I do now by then?

All the above of course is one side of the equation.. Now lets look at the other and assume I keep working.

1) I will be miserable.
2) lots more stress
3) Will the extra stress put me in a hole in the ground in short order, i.e am I simply exchanging time for money that I really don't need?

So yeah.. I'm going to do it and I'm sure it will all work out fine but I am pretty nervouse truth be told.

Frank



greenmimama

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Re: Oh my!
« Reply #8 on: December 06, 2013, 12:51:50 PM »
Well those I'm sure are common fears, but I think you might get used to it and enjoy it a lot! If you get bored, I bet you could always volunteer somewhere, like helping out your mother, or aunt, or anyone else that needs it :)

Megatron

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Re: Oh my!
« Reply #9 on: December 06, 2013, 04:10:41 PM »
Congrats!!!

lcg377

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Re: Oh my!
« Reply #10 on: December 06, 2013, 04:57:17 PM »

2) How will I really occupy 40 hours per week of liesure

3) If I am forced back to a real job, will I be any good at doing what I do now by then?


Sounds like you can spend time polishing your skills this season, and then become a fishing guide! ;)

Peony

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Re: Oh my!
« Reply #11 on: December 06, 2013, 05:09:10 PM »
So if you hate retirement, you'll go back to work somewhere. Keep us posted! Congratulations!

frugalNYC

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Re: Oh my!
« Reply #12 on: December 06, 2013, 05:25:05 PM »
So if you hate retirement, you'll go back to work somewhere.

I want to second this and add that it might be psychologically easier for you to transition if you frame it as an experiment. Take it a month at a time. Think about scheduling regular check-ins for yourself to evaluate how you're spending your time, how your investments are doing, and how you're feeling about not having a regular job.

Worst case scenario, you decide to find a different kind of job. Retirement is about the freedom to do what makes you feel fulfilled. You might find that in fishing. You might find it in something else that incidentally also brings in more money.

It's an opportunity for exploration! Congrats!

nz

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Re: Oh my!
« Reply #13 on: December 06, 2013, 08:14:05 PM »
I felt exactly the same just before my 'retirement' earlier this year. The fear was real even though Ihad every thing in place and been over the numbers dozens of times.

My advice would be to savour the moment........life is about to become a whole lot more fun!!

arebelspy

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Re: Oh my!
« Reply #14 on: December 06, 2013, 08:42:05 PM »
OK your all rolling your eyes right now but the the plain truth is I have never been without a job since early 1985 and I really don't know how to do it.

Many of the posters on here were not yet born the last time you have been without a job.

Congratulations on your well earned retirement.  Go enjoy the spoils of your labor.  Go enjoy your life.

And thanks for the inspiration.  :)
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with three kids.
If you want to know more about us, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (rarely) blog at AdventuringAlong.com. Check out our Now page to see what we're up to currently.

nikki

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Re: Oh my!
« Reply #15 on: December 07, 2013, 03:52:09 AM »
OK your all rolling your eyes right now but the the plain truth is I have never been without a job since early 1985 and I really don't know how to do it.

Many of the posters on here were not yet born the last time you have been without a job.

Congratulations on your well earned retirement.  Go enjoy the spoils of your labor.  Go enjoy your life.

And thanks for the inspiration.  :)

*raises hand*

Congratulations, Frank. I'm impatient, but have another 13 years ahead of me at least.

aj_yooper

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Re: Oh my!
« Reply #16 on: December 07, 2013, 08:48:23 AM »
Congratulatons! 

Since your retirement came up unexpectedly early, now might be a good time to review your investments and see how they will work in retirement.  I posted this quote from William Bernstein in another thread:

William Bernstein, in talking about retirement wrote the following:

"Waring and Siegel’s conclusions apply just as well, however, to the individual retiree, who, according to the authors, should have two buckets of assets: a “liability matching portfolio” (LMP) that is structured to provide an adequate lifetime income and a “risk portfolio” (RP) of funds in excess of the LMP that serves for luxuries and bequests."[ 12]

Bernstein, William J (2012-06-18). The Ages of the Investor: A Critical Look at Life-cycle Investing (Investing for Adults) (p. 24). Efficient Frontier Publications. Kindle Edition.

With a rental property and your wife's income, you do seem very well situated. 

irrational

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Re: Oh my!
« Reply #17 on: December 07, 2013, 09:33:48 AM »
OK your all rolling your eyes right now but the the plain truth is I have never been without a job since early 1985 and I really don't know how to do it.

Many of the posters on here were not yet born the last time you have been without a job.

Congratulations on your well earned retirement.  Go enjoy the spoils of your labor.  Go enjoy your life.

And thanks for the inspiration.  :)

I, too, was without a job in 1985... Though, I was just 3, lol.

Congrats to the OP!

One thought, that could ease your fears in this transition... Talk to your boss about switching to part time. Maybe scale back your pay and only work 3 days a week at first. If things go poorly, well then you've still technically got your job. And, on a resume you avoid any gaps in employment.

If things go well, but you still have fears, talk to your boss about transitioning to a "consultant", and really only come in once every so often.

Just thoughts!

Yonco

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Re: Oh my!
« Reply #18 on: December 07, 2013, 11:19:44 AM »
Do we get a picture of you pulling your salmon boat with a bicycle?

Exflyboy

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Re: Oh my!
« Reply #19 on: December 07, 2013, 01:56:27 PM »
Sadly I already tried the work part time deal and my employer was not interested... I am wondering if there is a financial incentive to get me out before the end of the year so I am going to suggest I resign at the end of January.. if there is a financial need to remove me it may just shake a severence package of some sort..:)

Now the interesting news.. My previous employer heard I am about to leave and asked me to apply for a job.. Uh-oh!... I might throw my hat in and say I want to work 2 to 3 days a week max and see if they are willing to go for it. The good thing is previous employer is 4 miles away.. Not 80 miles like the current gig..:)

as to pulling the boat with a bicycle.. nice idea but the river is 45 mins away by car.. So I have a Dodge Neon (36mpg) and a little flat bead trailer to haul the boat on.. Now salmon at $12 a pound makes this net gain of course..:).

As to the financial plan the idea is to not touch the stash and live off the rent plus wifes income. This should allow the stash to grow some more and the stash of 1.25M makes about 50k at 4% SWR.. Seeing as the rent plus Wifes income makes about $45k, this should be a good experiment.

Frank

C. K.

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Re: Oh my!
« Reply #20 on: December 07, 2013, 04:55:53 PM »
Have you seen the 6 Stages of Retirement?
Also, the Early Retirement forum has plenty of people who have been where you are and might have some help for your anxieties.

I like the "What Did You Do Today" thread:
"Who Waited Too Long to FIRE?"
« Last Edit: December 07, 2013, 05:05:51 PM by C. K. »

MariaSouth

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Re: Oh my!
« Reply #21 on: December 07, 2013, 09:56:11 PM »
Wow, what a nice feeling that must be. I dream about it so often... Even if you take the job with your previous employer, the freedom is what counts. Be sure to enjoy your decisions.
But what about your wife? Doesn't she want to retire?

My best wishes for the future, whatever path you take.

 Congratulations!!!!!!!!

Exflyboy

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Re: Oh my!
« Reply #22 on: December 08, 2013, 04:50:51 PM »
My Wife is not ready to retire yet. I think she has a mix of emotions.

1) she feels as though I have worked much harder than she has thus "derserve" retirement more than she does. Her words not mine.
2) She is not sure what else to do. She has a much more spiritual perspective on life than I do and definately has to feel directed to do something or be somewhere. She has not had the sense she should move on yet.
3) she does provide the medical bennies and cutting that off is a bit of a big leap.

Well of course its all a "big leap" but I guess this give us a way to try it out before we completely cut the apron strings I guess.

Interesting times for sure..:)

Frank

Lucy_83

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Re: Oh my!
« Reply #23 on: December 09, 2013, 06:29:53 AM »
Congratulations! This is really awesome.
Keep us posted on your adjusting to the new life :)

Sparafusile

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Re: Oh my!
« Reply #24 on: December 09, 2013, 06:58:22 AM »
Well today my boss told me he could waive paying back any money and I could leave at the end of the year...

Congratulations! Now get it in writing.

dude

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Re: Oh my!
« Reply #25 on: December 09, 2013, 12:33:26 PM »
Congrats!  Color me jealous!

Exflyboy

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Re: Oh my!
« Reply #26 on: December 09, 2013, 04:34:45 PM »
Well today my boss told me he could waive paying back any money and I could leave at the end of the year...

Congratulations! Now get it in writing.

Yes interesting one this.. I'm wondering if there is more of a desire to get me out of there before I infect half the organisation with "in the Bahama's syndrome".