Anyone retire a little early?

[Anonymous]

Anonymous wrote:Mid to Late 50s? What NW? Any SS, Pension? For those that did it already any regrets?

Yes, took DRP and retired. Did so about 5-10 years early. We have, probably, 4-5 mil in net worth, not including my annuity and SS. I will not touch SS or TSP yet.

I loved my federal job and was very good at it. But there was zero chance I was RTO 5 days/week. What a slap in the face. Not to mention working for a bunch of sycophant politicals. No thank you.

I regret that I wasn't able to continue my career at a job I loved and was good at. I regret that I'm a little bored at home and having trouble finding another job (nothing FT) that is remotely appealing to me. But, things could be worse. I'm glad I was in a position to be able to retire. (DH is still working).

[Anonymous]

Anonymous wrote:54 and looking to retire next year. $4.2M in savings. $600K mortgage on a house worth $1.2M (but mortgage at 1.75%, so we don't want to pay it off). Kids outta college and self-sufficient. Expenses about $150K annually, but that's with lots of places to trim fat if times get leaner (20K travel, 1K/mo for toys, etc).

Is that enough? The models say yes ... but also I got diagnosed w/ stage 4 prostate cancer last year ... tumors are gone but it could come back any time ... work is OK, but I'm not looking to do it til the bitter end.

I would retire for sure in that situation.

We have $6M at 45, not including home equity and college funds. We could live quite well on the 3% rule (180k/year with no mortgage or childcare expenses) but DH does not want to retire. I work very part time. When my youngest goes to college in a few years I am going to find some good hobbies but right now the kids are still very needy.

[Anonymous]

Anonymous wrote:54 and looking to retire next year. $4.2M in savings. $600K mortgage on a house worth $1.2M (but mortgage at 1.75%, so we don't want to pay it off). Kids outta college and self-sufficient. Expenses about $150K annually, but that's with lots of places to trim fat if times get leaner (20K travel, 1K/mo for toys, etc).

Is that enough? The models say yes ... but also I got diagnosed w/ stage 4 prostate cancer last year ... tumors are gone but it could come back any time ... work is OK, but I'm not looking to do it til the bitter end.

What health insurance would you get? If buying private, are you accounting for that, especially if you had cancer, and you get a high deductible plan.

Similar boat to you, but I have not had cancer though I have several family members who have had cancer, so I'm just waiting. I'm budgeting about $25K for healthcare expenses when I retire (insurance for 4 people + oop). I'll be retiring at 56.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Age 46, $2M net worth plus a fully paid off condo. I've thought about quitting soon, but I want to stick it out until 57 to get my guaranteed lifetime healthcare. If I leave now, I will get a pension of $3,150 a month at age 60 (14 years away), but no healthcare benefits. I would have to rely on Obama care for 19 years until I get Medicare at age 65.

I've gone without health insurance most of my life. Skipped regular check-ups and the few pushed by the doctor, all came back normal. I'm about to go without insurance again at 48.
Going to doctors is pain in its own. Not having to work is what keeps me even healthier as I have time for my health.

Pre-ACA skipping health insurance was a huge gamble because you could become uninsurable. Develop cancer and you are completely on your own.

And that can still happen. You cannot just add ACA mid year. If you get cancer diagnosis in January, you are not waiting until the next Jan to get treatment (or at least I hope not!). One major health issue could cost you $500K+ if you are not insured.

It's crazy to go without insurance, especially at 48+.

I know so many people who got cancer after 45. Cancer treatments will wipe you out. You don't want to be a statistic - medical bankruptcy.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Age 46, $2M net worth plus a fully paid off condo. I've thought about quitting soon, but I want to stick it out until 57 to get my guaranteed lifetime healthcare. If I leave now, I will get a pension of $3,150 a month at age 60 (14 years away), but no healthcare benefits. I would have to rely on Obama care for 19 years until I get Medicare at age 65.

I've gone without health insurance most of my life. Skipped regular check-ups and the few pushed by the doctor, all came back normal. I'm about to go without insurance again at 48.
Going to doctors is pain in its own. Not having to work is what keeps me even healthier as I have time for my health.

Pre-ACA skipping health insurance was a huge gamble because you could become uninsurable. Develop cancer and you are completely on your own.

And that can still happen. You cannot just add ACA mid year. If you get cancer diagnosis in January, you are not waiting until the next Jan to get treatment (or at least I hope not!). One major health issue could cost you $500K+ if you are not insured.

It's crazy to go without insurance, especially at 48+.

I know so many people who got cancer after 45. Cancer treatments will wipe you out. You don't want to be a statistic - medical bankruptcy.

+1000

We are extremely healthy, yet in our mid 50s, many issues started to appear. No amount of "being healthy" can prevent everything. It's not off pace to expect more health issues as you age. And yes, cancer or another major issue can happen at anytime. Have a 50 yo friend who randomly had a brain aneurysm. 40+ days in the hospital (with 32 of those being in the ICU). I'd go out on a limb and guess the total costs were well over a million, and that's with "insurance negotiated rates", without it's likely to be billed at 2M+. With their insurance our friend paid $7K family max OOP for the year (as everything was in-network) and didn't have to worry about anything. Can't imagine having your spouse fighting for their life and also having to worry that you are about to be wiped out financially for the rest of your life as well

[Anonymous]

Anonymous wrote:

Anonymous wrote:Age 46, $2M net worth plus a fully paid off condo. I've thought about quitting soon, but I want to stick it out until 57 to get my guaranteed lifetime healthcare. If I leave now, I will get a pension of $3,150 a month at age 60 (14 years away), but no healthcare benefits. I would have to rely on Obama care for 19 years until I get Medicare at age 65.

I've gone without health insurance most of my life. Skipped regular check-ups and the few pushed by the doctor, all came back normal. I'm about to go without insurance again at 48.
Going to doctors is pain in its own. Not having to work is what keeps me even healthier as I have time for my health.

Absolute insanity, especially at 48. Good luck to you.

[Anonymous]

I retired two years ago, a month before turning 52. I have no real idea of net worth. I do have two pensions and am scheduled to receive SS when eligible.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Age 46, $2M net worth plus a fully paid off condo. I've thought about quitting soon, but I want to stick it out until 57 to get my guaranteed lifetime healthcare. If I leave now, I will get a pension of $3,150 a month at age 60 (14 years away), but no healthcare benefits. I would have to rely on Obama care for 19 years until I get Medicare at age 65.

I've gone without health insurance most of my life. Skipped regular check-ups and the few pushed by the doctor, all came back normal. I'm about to go without insurance again at 48.
Going to doctors is pain in its own. Not having to work is what keeps me even healthier as I have time for my health.

I could do this if it was just me, but DH has some chronic issues. I am healthy as a horse, as is my Mom and was my grandmother her mid-80s when a hip fracture took her. No cancer or heart issues, all my tests are normal. And TBH, I'm not sure I'd even get an aggressive cancer treatment. I've seen it and I'm not convinced that's the best path for me. I could go without insurance.

[Anonymous]

Anonymous wrote:

Anonymous wrote:54 and looking to retire next year. $4.2M in savings. $600K mortgage on a house worth $1.2M (but mortgage at 1.75%, so we don't want to pay it off). Kids outta college and self-sufficient. Expenses about $150K annually, but that's with lots of places to trim fat if times get leaner (20K travel, 1K/mo for toys, etc).

Is that enough? The models say yes ... but also I got diagnosed w/ stage 4 prostate cancer last year ... tumors are gone but it could come back any time ... work is OK, but I'm not looking to do it til the bitter end.

What health insurance would you get? If buying private, are you accounting for that, especially if you had cancer, and you get a high deductible plan.

Similar boat to you, but I have not had cancer though I have several family members who have had cancer, so I'm just waiting. I'm budgeting about $25K for healthcare expenses when I retire (insurance for 4 people + oop). I'll be retiring at 56.

ACA in MD … draw from Roths to get the AGI down and get subsidized care for a decent rate. Hit the out of pocket max every year.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Age 46, $2M net worth plus a fully paid off condo. I've thought about quitting soon, but I want to stick it out until 57 to get my guaranteed lifetime healthcare. If I leave now, I will get a pension of $3,150 a month at age 60 (14 years away), but no healthcare benefits. I would have to rely on Obama care for 19 years until I get Medicare at age 65.

I've gone without health insurance most of my life. Skipped regular check-ups and the few pushed by the doctor, all came back normal. I'm about to go without insurance again at 48.
Going to doctors is pain in its own. Not having to work is what keeps me even healthier as I have time for my health.

I could do this if it was just me, but DH has some chronic issues. I am healthy as a horse, as is my Mom and was my grandmother her mid-80s when a hip fracture took her. No cancer or heart issues, all my tests are normal. And TBH, I'm not sure I'd even get an aggressive cancer treatment. I've seen it and I'm not convinced that's the best path for me. I could go without insurance.

Well, if you are healthy now, of course you will be healthy in the future.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Age 46, $2M net worth plus a fully paid off condo. I've thought about quitting soon, but I want to stick it out until 57 to get my guaranteed lifetime healthcare. If I leave now, I will get a pension of $3,150 a month at age 60 (14 years away), but no healthcare benefits. I would have to rely on Obama care for 19 years until I get Medicare at age 65.

I've gone without health insurance most of my life. Skipped regular check-ups and the few pushed by the doctor, all came back normal. I'm about to go without insurance again at 48.
Going to doctors is pain in its own. Not having to work is what keeps me even healthier as I have time for my health.

I could do this if it was just me, but DH has some chronic issues. I am healthy as a horse, as is my Mom and was my grandmother her mid-80s when a hip fracture took her. No cancer or heart issues, all my tests are normal. And TBH, I'm not sure I'd even get an aggressive cancer treatment. I've seen it and I'm not convinced that's the best path for me. I could go without insurance.

You could until you couldn't. Just because there is no family history of cancer or illnesses doesn't mean it wont/can't happen. Are you saying if you had a stroke or aneurysm or heart attack you'd prefer you not be taken to the hospital? Because the first week after that can cost you $250K+ easily (and that's after negotiated rates---without insurance it would likely be $400-500K+)? Any of those could run you well over a million. So if that happens to you at 48/50 you'd prefer your family just ignore it and wait until you are dead? Because otherwise you could bankrupt them

[Anonymous]

DH (62) may be retiring sooner than expected (he had planned to work until 65 or 67) so I have been running the numbers for various scenarios. I think we will be fine, assuming I continue to work to 62 (another 7 years), even though we are not in the 5m plus club like everyone else here.

DH makes 200k now. If he retires next year, he will get around 4k/month in pension. I will hopefully continue my job (155k). We will supplement with 4% drawdown from our retirement funds. (1.8m in 401k, 200k in Roth, and 500k in mutual funds). We will go from 355 to about 285k, but should be fine, esp with DH not contributing to retirement (30k) and slightly lower taxes, and a little less spending on convenience and services that I hope DH can do now.

When Im 62, I'll retire and we will both get social security (about 7500 combined), I'll have a pension of about 2500 as well.

College is covered, kids probably have enough for grad if they do public. We have about 700k in equity but a mortgage of 600k (at 3%). We live in a MCOL area and could easily downsize to a smaller house (was planning after the kids are off) and not have a mortgage if needed.

[Anonymous]

My husband did. Financially we’re fine but he’s slowed way down mentally and socially and he bores me to death. He retired at 58 and hasn’t done a thing since. I am younger and still working full time. Huge gulf between us.

[Anonymous]

51 yo with a $15M NW. Two Kids in college but expenses very low due to scholarships. Retired 5 years ago but nest egg is growing faster than I can spend it and we live large.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Age 46, $2M net worth plus a fully paid off condo. I've thought about quitting soon, but I want to stick it out until 57 to get my guaranteed lifetime healthcare. If I leave now, I will get a pension of $3,150 a month at age 60 (14 years away), but no healthcare benefits. I would have to rely on Obama care for 19 years until I get Medicare at age 65.

I've gone without health insurance most of my life. Skipped regular check-ups and the few pushed by the doctor, all came back normal. I'm about to go without insurance again at 48.
Going to doctors is pain in its own. Not having to work is what keeps me even healthier as I have time for my health.

Absolute insanity, especially at 48. Good luck to you.

I'll be fine. I went to EU last time. Much faster and cheaper.