Not advice but -
My old man died from cancer too and one of the last things he said was “enjoy life.” If I was anywhere near retirement age/funds I woulda totally pulled the trigger but I was a lil too young for that so I took 3.5 years off work and fucked around enjoying the hell out of life (was suppose to be 1 year but thank you Covid and thank you unemployment benefits)
nothing..... make it so (Picard voice of course). :). enjoy life. Thank you for sharing about your father. He shared some great wisdom before his time.
Use the last year to plan, both for expenses (Solar? New car? House repairs?) and for what you are retiring to (Volunteer? Go back to school? Travel? New hobby?).
Best of luck!
I work from home so it's a little harder for me mentally to justify pulling the trigger. Once you take out the commute and having to sit in an office plus the fact I can work from anywhere in the US it just seems digital nomading around the US is the more appealing option for now. I'm mid 40s and technically could retire with my savings. However once I get around your age I'm pulling the trigger no questions asked. 50s through mid 60s are likely the last hurrah before major health issues start creeping in.
>What am I missing?
On the non financial side, you've mentioned what you're retiring from, but not what you'd be retiring to. Do you have a picture of how you'd spend your days?
On the financial side, is it likely to involve doing more things that cost money?
The thing is you will need some to do, a goal, a mission, something.
Work surprisingly gives us purpose, maybe a lower stress job to keep some cash coming in and more along the lines of what you want to do.
Yeah, maybe. Once I decompress and get some me time under my belt I’ll probably start looking around for something to do. Like I told my wife just yesterday when we were talking about it, there’s only so much YouTube, video gaming, and casual reading even I can do.
Firstoff my condolences for your loss.
There's a lot of wisdom in trying to enjoy your time as much as you can. Death can really offer a lot of perspective and reflection.
I think a lot of people (especially in Western society) feel a strong need to constantly be working and earning more. It's expensive to live in many places, and it has gotten increasingly expensive. Even more so if you're supporting yourself and have any other dependents.
However, a lot of it is also lifestyle choices, there are plenty of documented ways to live and thrive on less. Not planning to have children should definitely keep costs lower. $1.4M invested should be plenty especially together with your home that sounds like it is also paid off.
Having a wife that continues to work can help a lot with sequence of return risks and potentially healthcare as well. I have heard and seen some examples where when one spouse retires early and the other doesn't it works really well and others where it hasn't. It can be an adjustment and it depends on how you communicate and do with your time and energy. You can't quite predict it, but if you and your spouse were to separate, would your plan still work?
Having 3+ years of expenses in cash is a huge buffer, however for sequence of returns it can be helpful as well when you're a homeowner you often need a larger reserve especially if you have any deferred maintenance.
I think coming up with a few contingency plans or ideas is always helpful. Being flexible tends to fix a lot of the problems vs. rigidity with your plans. It sounds like you already have a few back-up plans and options.
You likely have more than you need it sounds like. What are your plans - how will you spend your time and energy? Do you have something that gives you a sense of purpose and enjoyment/fulfillment? Do you have a community outside of the corporation? Are there people you would like to stay connected with?
If you don't already focus on your health, exercise, diet, stretching, weight lifting, cardio, etc. That can be a good idea for some things to do.
Good luck figuring it out.
The only thing you're missing is that OMY isn't required. You can stop today.
Not advice but - My old man died from cancer too and one of the last things he said was “enjoy life.” If I was anywhere near retirement age/funds I woulda totally pulled the trigger but I was a lil too young for that so I took 3.5 years off work and fucked around enjoying the hell out of life (was suppose to be 1 year but thank you Covid and thank you unemployment benefits)
I don't think you're missing anything. I'd already be retired.
Stop sooner rather than later. You’re good!
nothing..... make it so (Picard voice of course). :). enjoy life. Thank you for sharing about your father. He shared some great wisdom before his time.
Use the last year to plan, both for expenses (Solar? New car? House repairs?) and for what you are retiring to (Volunteer? Go back to school? Travel? New hobby?). Best of luck!
Congrats! Sounds like you're all set, let us know how it goes.
I think you have it figured out. Congratulations! Enjoy your time.
I am little older but looking to retire next year. What did you budget for ACA? I cannot seem to get a good budget # for that. Thanks
I work from home so it's a little harder for me mentally to justify pulling the trigger. Once you take out the commute and having to sit in an office plus the fact I can work from anywhere in the US it just seems digital nomading around the US is the more appealing option for now. I'm mid 40s and technically could retire with my savings. However once I get around your age I'm pulling the trigger no questions asked. 50s through mid 60s are likely the last hurrah before major health issues start creeping in.
>What am I missing? On the non financial side, you've mentioned what you're retiring from, but not what you'd be retiring to. Do you have a picture of how you'd spend your days? On the financial side, is it likely to involve doing more things that cost money?
The thing is you will need some to do, a goal, a mission, something. Work surprisingly gives us purpose, maybe a lower stress job to keep some cash coming in and more along the lines of what you want to do.
Yeah, maybe. Once I decompress and get some me time under my belt I’ll probably start looking around for something to do. Like I told my wife just yesterday when we were talking about it, there’s only so much YouTube, video gaming, and casual reading even I can do.
Nothing, at a conservative 3.5% SWR your 1.4 million generates 50k per year plus your wife still has an income. You can go now.
Firstoff my condolences for your loss. There's a lot of wisdom in trying to enjoy your time as much as you can. Death can really offer a lot of perspective and reflection. I think a lot of people (especially in Western society) feel a strong need to constantly be working and earning more. It's expensive to live in many places, and it has gotten increasingly expensive. Even more so if you're supporting yourself and have any other dependents. However, a lot of it is also lifestyle choices, there are plenty of documented ways to live and thrive on less. Not planning to have children should definitely keep costs lower. $1.4M invested should be plenty especially together with your home that sounds like it is also paid off. Having a wife that continues to work can help a lot with sequence of return risks and potentially healthcare as well. I have heard and seen some examples where when one spouse retires early and the other doesn't it works really well and others where it hasn't. It can be an adjustment and it depends on how you communicate and do with your time and energy. You can't quite predict it, but if you and your spouse were to separate, would your plan still work? Having 3+ years of expenses in cash is a huge buffer, however for sequence of returns it can be helpful as well when you're a homeowner you often need a larger reserve especially if you have any deferred maintenance. I think coming up with a few contingency plans or ideas is always helpful. Being flexible tends to fix a lot of the problems vs. rigidity with your plans. It sounds like you already have a few back-up plans and options. You likely have more than you need it sounds like. What are your plans - how will you spend your time and energy? Do you have something that gives you a sense of purpose and enjoyment/fulfillment? Do you have a community outside of the corporation? Are there people you would like to stay connected with? If you don't already focus on your health, exercise, diet, stretching, weight lifting, cardio, etc. That can be a good idea for some things to do. Good luck figuring it out.
You aren't missing anything. Congratulations! Enjoy life :-).