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Here's how to determine when you've reached FI (financial independence), where the interest + dividends + gains cover your yearly expenses:
1. Figure out your average expected yearly expenses in retirement. Many spend less in retirement, but that depends.
2. Once you have a yearly amount figured out, multiply that number x 25. eg. Expected annual expenses $50K/year. $50k x 25 = $1,250MM for a typical 30 yr retirement. It never hurts to have more $$$, but you should at least amass 25x your yearly expenses.
3. The total number you get in step 2 is the nest egg you need to be able to safely withdraw 4% from your investments, year 1, and then draw 4% in subsequent years, with increases for inflation. In the example above, to withdraw $50,000 per year, you should have $1.250 Million in your nest egg, not counting your house or car or anything but investable assets
4. If you have a pension coming, then subtract that expected total amount from the total nest egg. You'll reach FI (financial independence) faster if you're getting a pension.
5. When you reach your FI number you can retire or leave your current job and go do something else with your life.
-- Use these next few months to just plan your plan, get ducks in a row, and be ready when Sept. 29th comes.
I had a friend (my friend's husband actually) who had to wait until August 28th to turn 56, so he could retire. He and his wife sold the house a couple of months early, and stayed in an extended stay until retirement day. I think his B-day was on a Thursday. And I'm not kidding, by the next day -- Friday afternoon -- of Labor Day weekend -- he and his wife were on the road from VA to FLA.
I said to my friend, "Damn, you guys want to leave THAT bad?.... to hit the road, out of DC area on a Labor Day Friday afternoon. She said, yep, he's booked our time share for starting Monday. I thought: "geeeeez." When her husband had said back a year before then -- that he was ready -- and that would be his last year shoveling snow -- he wasn't kidding!
As part of your plan, please make sure you look at health insurance.....and see some of the other threads about retiring before 65 with no health insurance. You may get some kind of supplement and to keep what you've got -- but just be sure about how much of that will truly cover your insurance needs -- and whether you'll need to kick in some more money for things like that.
I've practiced for 30 years, I'm burned out, I feel like a rusty robot, it's no longer a career, it's a pay check and saving as much as I can for retirement. How much money is enough? Who knows. All the regulations, mandates, insurance games, documentation requirements, goals, incentives, my life has turned into one big game, taking care of people is no longer the focus, satisfaction surveys and 5 star ratings are center stage. Feel trapped, don't appreciate my ability to work however, and I am probably pounding sand and need a reality check. No job change anticipated, it's the same everywhere. I'm going to be 59 shortly, need benefits for me and my spouse. Anybody else feel this way? Is this how it gets towards the end of full time employment? If my father were alive he would tell me to stop whining, be glad I can get up, walk, talk, and if nothing else, go to work, keep your nose to the grindstone until you can't do it anymore, don't dig holes for other people, they'll dig their own and eventually fall in, and consider yourself working for God. [maybe I answered my own dilemma] But I want to walk out of there, wipe my hands and feet clean and be done with it, do something totally different but I see no options. I don't want to take a financial risk investing in a new business, I don't have that kind of brain. Trapped and burned out, what a way to wind things down. Anyone want to take me on? Anyone with similar thoughts/feelings? Any thoughts on coping when you're stuck and have to work for benefits and a paycheck? Any feedback appreciated. Thanks.
You're not alone. I'm with you. Here's a link to a good book by Chris Farrell that explores options - Unretirement: How Baby Boomers are Changing the Way We Think About Work, Community, and the Good Life. https://www.goodreads.com/book/show/...4-unretirement
I've practiced for 30 years, I'm burned out, I feel like a rusty robot, it's no longer a career, it's a pay check and saving as much as I can for retirement. How much money is enough? Who knows. All the regulations, mandates, insurance games, documentation requirements, goals, incentives, my life has turned into one big game, taking care of people is no longer the focus, satisfaction surveys and 5 star ratings are center stage. Feel trapped, don't appreciate my ability to work however, and I am probably pounding sand and need a reality check. No job change anticipated, it's the same everywhere. I'm going to be 59 shortly, need benefits for me and my spouse. Anybody else feel this way? Is this how it gets towards the end of full time employment? If my father were alive he would tell me to stop whining, be glad I can get up, walk, talk, and if nothing else, go to work, keep your nose to the grindstone until you can't do it anymore, don't dig holes for other people, they'll dig their own and eventually fall in, and consider yourself working for God. [maybe I answered my own dilemma] But I want to walk out of there, wipe my hands and feet clean and be done with it, do something totally different but I see no options. I don't want to take a financial risk investing in a new business, I don't have that kind of brain. Trapped and burned out, what a way to wind things down. Anyone want to take me on? Anyone with similar thoughts/feelings? Any thoughts on coping when you're stuck and have to work for benefits and a paycheck? Any feedback appreciated. Thanks.
I worked for the feds and changed jobs within my agency when I got bored. I also was lucky enough to be placed on different task forces or projects which alleviated boredom. Those have a beginning and an end so you aren't doing the same thing forever.
So after 30 years of practicing, shouldn't you know how to do it by now? <just kidding you>
You could always move and see if a change of location breaks the monotony.
Thanks for all the folks who responded to my post, lots of excellent advice and support. I studied my finances, I resigned my job, I gave proper notice, and I have a few months to get my house in order, I plan to recreate myself and have lined up a position that is related but totally different compared to what I currently do, much less stress, and decent pay and benefits for another 5-6 years, and then I'm done, some think I'm crazy to leave a prestigious job with a well known organization but I know I'm doing the right thing and feel like a huge weight has been lifted off my shoulders. I just got an email from my boss today with a whole new set of requirements to meet my yearly goals, I just laughed, bye bye! Thanks again everyone.
My husband has 4 years left and I have 5. He could tell you the to the minute the day he will retire and be done. It does feel like years of working our butts off and near the end you feel like it is never enough and they just want more and more from every one and give less and less. I am so tired of always needing to provide data for everything we do at work. I have decided this year I am that robot. I will come in, do what I have to do and not over do anything. Just slide under the radar and leave me alone to do my job. Not going over and above any more. I am just tired and have lost all interest. My husband is so done. We are just hanging by the thread. But, we will get through it! Sometimes there are these down times and things turn around eventually. We are waiting.
Hard to believe I only have 22 work days left. I simply have NO TIME for work anymore. When I am home I am always going, doing, chores, garden, household repairs, etc.
I was thinking today, after working out in the yard on an extraordinarily beautiful day, how nice it will be when I can have the next day, and the next to enjoy being outside. Not in a cubicle with recycled air and moronic "work". Can't wait, I tell ya.
I've been burned out and wanting to retire since the day I started working.
I hate the pressure and deadlines, the rudeness and idiocy from the office people, the monotony of the job itself, the fact that I waste 40 hours a week doing something I couldn't care less about, working for and with people I couldn't care less about.
People tell me that I should be grateful to have a good job, and I really am very grateful for the pay and benefits. However, I am not grateful for all of the crap that comes along with it.
Working sucks!
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