Anonymous
Post 10/18/2023 14:42     Subject: Re:Has anyone here retired early on a lean budget (or plan to)?
Anonymous wrote:
Anonymous wrote:One spouse retiring early has caused resentment in our marriage. We regret it. YMMV.


Why doesn’t spouse just start working again? This seems like an easy fix.


Well, their career is not one that is easy to re-enter--and they have kind of stalled. We're working on it.
Anonymous
Post 10/18/2023 13:51     Subject: Re:Has anyone here retired early on a lean budget (or plan to)?
Anonymous wrote:One spouse retiring early has caused resentment in our marriage. We regret it. YMMV.


Why doesn’t spouse just start working again? This seems like an easy fix.
Anonymous
Post 10/18/2023 13:49     Subject: Re:Has anyone here retired early on a lean budget (or plan to)?
Anonymous wrote:IDK if this is your definition of "lean" but I plan to retire in 3 years. I will get $4800 after taxes from my pension and $2000 from the time I retire (58) until I am 62.

So I will live off $6800, i'm single, my kids will be 24 and 26. My house will have 10 more years until it is paid off, so that is $2800/month. So Ill live off $4000/month which is lean.

I can earn up to $20K and it won't affect my $2000, if I work the $2000 goes away.

I will defer my SS until I am 70 so my income will go down to $4800 at 62 and I will use my TSP. I have about $1M in that.

At 70 my SS will be about $3500.


$4k per month AFTER mortgage payment is not “Lean”. Lol you’re delusional.
Anonymous
Post 10/18/2023 13:17     Subject: Has anyone here retired early on a lean budget (or plan to)?
Anonymous wrote:I am 50 and have 2 million in 401k, 200k Roth and 300k in non-retirement accounts.
DH is 58 and has similar assets, so about 5m total. Paid off home.
250k in 529 for 2 kids 14 and 19.
No family money and no pension.
I am thinking of quiting every day while DH wants to wait till younger DS graduate HS.


That’s not a lean budget. Or maybe in DCUM land it is?
Anonymous
Post 10/18/2023 13:05     Subject: Has anyone here retired early on a lean budget (or plan to)?
Anonymous wrote:I am 50 and have 2 million in 401k, 200k Roth and 300k in non-retirement accounts.
DH is 58 and has similar assets, so about 5m total. Paid off home.
250k in 529 for 2 kids 14 and 19.
No family money and no pension.
I am thinking of quiting every day while DH wants to wait till younger DS graduate HS.


We have similar stats but we are a bit younger and our kids are a lot younger. (Had them late in life.) DH is fed, will have a pension, and wants to retire as soon as he is eligible in a couple of years. I am the main breadwinner and want to wait until the youngest graduates high school. My two reasons are: (1) being risk averse and (2) I want to instill good work ethic in my children and have them see us as being productive members of the society.
Anonymous
Post 10/18/2023 12:41     Subject: Re:Has anyone here retired early on a lean budget (or plan to)?
One spouse retiring early has caused resentment in our marriage. We regret it. YMMV.
Anonymous
Post 10/18/2023 11:41     Subject: Has anyone here retired early on a lean budget (or plan to)?
Anonymous wrote:I am 50 and have 2 million in 401k, 200k Roth and 300k in non-retirement accounts.
DH is 58 and has similar assets, so about 5m total. Paid off home.
250k in 529 for 2 kids 14 and 19.
No family money and no pension.
I am thinking of quiting every day while DH wants to wait till younger DS graduate HS.


OP here. Do it! Your DH can wait years to retire.
Anonymous
Post 10/18/2023 11:26     Subject: Has anyone here retired early on a lean budget (or plan to)?
Anonymous wrote:OP here. I'm 35.

There's an early retirement movement where entire families retire on investment portfolios of $600k - $1.5m and live frugally forever. That's seeming increasingly more attractive by the day.

My situation would be different because my spouse plans on continuing working, but I don't want resentment to seep in.


So you want to be a SAHM?
Anonymous
Post 10/18/2023 11:07     Subject: Has anyone here retired early on a lean budget (or plan to)?
I am 50 and have 2 million in 401k, 200k Roth and 300k in non-retirement accounts.
DH is 58 and has similar assets, so about 5m total. Paid off home.
250k in 529 for 2 kids 14 and 19.
No family money and no pension.
I am thinking of quiting every day while DH wants to wait till younger DS graduate HS.
Anonymous
Post 10/18/2023 10:42     Subject: Has anyone here retired early on a lean budget (or plan to)?
Unless you have a few million, I wouldn't do it. Sounds like you need a different less stressful job.
Anonymous
Post 10/18/2023 10:33     Subject: Has anyone here retired early on a lean budget (or plan to)?
How frugal are you right now. The odds are that you aren't going to spend significantly less when retired.
Anonymous
Post 10/18/2023 10:30     Subject: Re:Has anyone here retired early on a lean budget (or plan to)?
For just one person, I still think $1 million will do it. Move to a LCOL/MCOL area, buy a condo for $300K, keep $100K in cash, and invest the remaining $600K in stocks earning 6% such that you have an annual income of $36K.

The real trick there is learning about investing so that you can actually generate 6%.
Anonymous
Post 10/18/2023 10:26     Subject: Has anyone here retired early on a lean budget (or plan to)?
I would love to do the FIRE thing. I could comfortably live on $2k a month while healthy. The thing that keeps me from doing it is long term care. If you have enough money to cover a few years of assisted living, you do not need to live lean when healthy.
Anonymous
Post 10/18/2023 10:23     Subject: Re:Has anyone here retired early on a lean budget (or plan to)?
Do you have kids or plan on having any?I essentially “retired” at 35 to raise our children and have no intention of going back to work once they are older. My DH is absolutely not resentful because I contribute to our family in many other valuable ways.
Anonymous
Post 10/18/2023 10:21     Subject: Re:Has anyone here retired early on a lean budget (or plan to)?
Anonymous wrote:IDK if this is your definition of "lean" but I plan to retire in 3 years. I will get $4800 after taxes from my pension and $2000 from the time I retire (58) until I am 62.

So I will live off $6800, i'm single, my kids will be 24 and 26. My house will have 10 more years until it is paid off, so that is $2800/month. So Ill live off $4000/month which is lean.

I can earn up to $20K and it won't affect my $2000, if I work the $2000 goes away.

I will defer my SS until I am 70 so my income will go down to $4800 at 62 and I will use my TSP. I have about $1M in that.

At 70 my SS will be about $3500.


That's fine but you are no 35.