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Take a year off and see if you like it. You might get bored and return to work, so don't burn any bridges.
But I think you have enough given good investing strategy of say 50% stocks and 50% bonds. Don't take out more than 4% per year. Of course, that might not last you 50 years, just 20-25 years. Might be a bit early, actually.
I think my working days might be over, but wanted to throw this out there
I have more than 300x my monthly expenses and over 25x my yearly expenses in investments
FIRECALC retirement calculator has me at a 98% success rate and the Fidelity calculator has me with money left over assuming "below average" market returns
I have no savings, no retirement anything, lost all during the recession. I work a part-time job and just filed for early SS. We get by.
What are you worrying about? No offense meant, but how much money does a person really need to survive and be happy?
If I had a bunch of money, which I don't obviously, I'd be giving it away to help a lot of hungry people. That's MHO.
You said you just filled for Social Security. Come back in a year after living on it and let us know how you are doing. I hope you have a positive report and a comfortable retirement. But right now, all the retirement planning points towards needing money to take care of your health, comfort and enjoying life.
I live in a rent stabilized building and based on my research I am protected and that won't go away.
Starting January 1st I am going on her plan as her domestic partner for health coverage.
We have been together over 11 years and have a pretty good relationship. I don't foresee us breaking up.
I have not included "large unexpected costs" in my plan. I have insurance, but I don't think a 10-20K hit would knock me out. No need for new appliances and then we do they are provided for by the management company.
I have planned my expenses to be the same as when I was working which includes 2 vacations per year.
I apologize if this came off as a "brag" as someone remarked. I didn't mean it that way at all. Honestly, I'm just incredibly excited and wanted to bounce this off the board to see if I missed anything.
In terms of what I will do with my time. I plan to do more volunteer with animal protection groups in addition to projects for NY Cares, take a class at Hunter college, meditation groups, exercise, etc
I don't know how you have done your plan, or what field of business you are in, but a couple of my friends who have recently retired told me they met with a CPA to figure out expenses. They both don't plan to take Social Security until age 70, but have stopped working at age 64 and 65.
I think my working days might be over, but wanted to throw this out there
I have more than 300x my monthly expenses and over 25x my yearly expenses in investments
FIRECALC retirement calculator has me at a 98% success rate and the Fidelity calculator has me with money left over assuming "below average" market returns
any thoughts?
thank you
300/12 = 25.
What are you doing about "extreme events" that require you to pay. It's the maximums (peaks) that cause the most trouble, even if they are rare events. How will you being doing financially at 75+ in this regard?
What are you doing about "extreme events" that require you to pay. It's the maximums (peaks) that cause the most trouble, even if they are rare events. How will you being doing financially at 75+ in this regard?
that's the great unknown...I also could die at 74 and in hindsight should have retired at 45!
the markets might do better than the past too....
as I said my plan short term is to explore my passions...I'm very happy to be in this position...
When you said "pull the plug" I thought you were going off life support...maybe "pull the cord" (as in a ripcord on a parachute)?
hahahahaha
that was good!
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