I might be ready to pull the plug (vacations, 2015, state)
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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.
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
Seems to me there are only a couple of potential reasons for you to keep working:
1. You LOVE your job, and can't imagine yourself giving it up.
2. You're not yet old enough to qualify for Medicare and are worried about what your healthcare options will be before you turn 65.
3. You have dependents or potential dependents (disabled child, aging parents with serious problems) you'll be in a better position to help if you keep earning a significant income.
If none of those apply, why not retire? You're financially ready to do so.
Sarcasm aside, what do you plan to do in retirement? How much will you need to do it? Some retirees need 2 or 3 houses, a fancy boat, a place on the Riviera, gambling in Vegas, 3 upscale vehicles, a mountain retreat, trips to Europe every year, in between the cruises and Aspen hotels.
Just sayn' it depends on your future plans. Have you thought about it?
Your other posts state you are living with your girlfriend in a rent controlled apartment in NYC. Do these rents ever significantly increase or go away (e.g., apartment building gets sold or apartments require significant repairs like a new roof or heating/cooling system)? Could you afford your expenses if you broke up with your girlfriend? Will you be able to afford health insurance in the interim before you qualify for Medicare? Are you including large unexpected costs in your yearly expenses (e.g., dental procedures and implants, medical costs, new appliances)? Being that you live in NYC, a new car once in a while may not be applicable. Also would your expenses be the same in retirement or would you want to do more things that cost more money (e.g., travel, entertainment, eating out) once you are not going to work everyday?
Your other posts state you are living with your girlfriend in a rent controlled apartment in NYC. Do these rents ever significantly increase or go away (e.g., apartment building gets sold or apartments require significant repairs like a new roof or heating/cooling system)? Could you afford your expenses if you broke up with your girlfriend? Will you be able to afford health insurance in the interim before you qualify for Medicare? Are you including large unexpected costs in your yearly expenses (e.g., dental procedures and implants, medical costs, new appliances)? Being that you live in NYC, a new car once in a while may not be applicable. Also would your expenses be the same in retirement or would you want to do more things that cost more money (e.g., travel, entertainment, eating out) once you are not going to work everyday?
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'm 50.
My plan has baked in me taking SS when I'm 70.
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