My husband just took the Washington post buyout and retired in late 50s. I will keep working a few more years. Two pensions and lots of savings and huge amount to leave the post.

Retiring next year at 57. only kid freshman in college. spouse stopped working two years ago. nw $8.2m. sick of the bs at work and dc in general. figuring out what’s next

Anonymous wrote:

Anonymous wrote:I was 51. VERA. Getting a PENSION. Was planning to work till 57, so pension is arguably smaller than I had planned. I was a very good saver so feeling alright. Husband is still working. We had kids later in life so he will work until the younger graduates high school - 10 years from now. I’m his trying to make his life easier.

You’re a stay at home mom to a kid in third grade. Not really “retired.” And your husband is still working full time. It’s not like the two of you can just drive into the sunset on a whim just yet. You’re still very structured, busy, and tied down.

If pp took the VERA and no longer working, she is indeed retired. Her young child or her DH still working doesn’t change the fact that she is indeed retired.

Anonymous wrote:I was 51. VERA. Getting a PENSION. Was planning to work till 57, so pension is arguably smaller than I had planned. I was a very good saver so feeling alright. Husband is still working. We had kids later in life so he will work until the younger graduates high school - 10 years from now. I’m his trying to make his life easier.

You’re a stay at home mom to a kid in third grade. Not really “retired.” And your husband is still working full time. It’s not like the two of you can just drive into the sunset on a whim just yet. You’re still very structured, busy, and tied down.

I was 51. VERA. Getting a PENSION. Was planning to work till 57, so pension is arguably smaller than I had planned. I was a very good saver so feeling alright. Husband is still working. We had kids later in life so he will work until the younger graduates high school - 10 years from now. I’m his trying to make his life easier.

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

Yes, 3 million in brokerage and retirement accounts, $1.2 million paid off home. Not taking SS until 70, living off a small pension ($4k/month) and $9k in interest per month. One of us took a $3k/ month PT fun/hobby job. Health insurance fully paid by former employer, when get to Medicare former employer will pay the premiums, and switch the current health insurance to supplemental insurance.

We visit the college kids (paid from their 529s) at their respective colleges once each in fall and once each in spring, family trips at winter break and one in the summer, we take a couple of long weekends just the 2 of us.

ZERO regrets

Anonymous wrote:I retired from full time at age 61 but I wasn't ready to go cold turkey so I leveraged my experience into consulting assignments that were very lucrative and more than covered all of our expenses so we didn't touch any of our principal. I worked maybe 33% of the time which gave me plenty of time for travel and just enjoying life. I'm now winding that down because I don't need the money plus I'm not a spring chicken. As others have said make sure you have a plan for how to stay active and busy. Boredom will age you.

I guess we have different definitions of retirement. As I see it, if you’re still working 33 percent of the time doing “lucrative consulting” you’re still working part time and are not retired. It doesn’t matter if you don’t need the money or if you’re doing it so you’re not bored — you’ve simply downshifted on your way to retirement but aren’t there yet.

Also, some of us never ever get bored in retirement and aren’t aging from boredom. I’m much healthier and in better shape than I ever was now that I’m not working because the only regular thing on my agenda is daily exercise and there’s nothing that ever gets in the way of that.

I retired from full time at age 61 but I wasn't ready to go cold turkey so I leveraged my experience into consulting assignments that were very lucrative and more than covered all of our expenses so we didn't touch any of our principal. I worked maybe 33% of the time which gave me plenty of time for travel and just enjoying life. I'm now winding that down because I don't need the money plus I'm not a spring chicken. As others have said make sure you have a plan for how to stay active and busy. Boredom will age you.

I retired from Biglaw a little over a decade ago at 53 with a net worth of about $4 million. Net worth is now $8 million plus — $5.5 million in retirement accounts, $1.2 million in brokerage and checking and the rest in equity in our primary and second homes. We bring in about $75k a year in SS and rent on our English basement apartment.

My law firm has covered our medical insurance since I retired but I pay the full premium. Once I hit 65 I will switch to Medicare and so will spouse (who never worked outside the home). Kids fully launched long ago and college long paid for. Monthly budget of $20k is proving to be plenty and financial advisor calculates “likelihood of success” at this spend rate at 99 percent with a large nest egg leftover for the kids.

Have never been bored even when doing nothing. Absolutely love being retired despite
the large opportunity cost that I paid and have never looked back. It’s awesome.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:47 yo, $17M NW, not old enough yet for SS, military pension, absolutely no regrets….life is great

You/spouse did 20+ years in the military and still have a $17million net worth? I'm assuming that was made in the past 5-9 years post military? How did you do that?

I did 25 years in the military but started investing in stocks as soon as I started making money when I was a teenager. Started very small and just kept building. Did TSP/Roth TSP as soon as it was offered to active military. When I got promoted I invested more. Most of the gains came from individual stock picking in Roth and taxable brokerage accounts. I hit a couple of
Grand slams in my stock picking. I perform extensive due diligence before buying a stock.

Did you transfer the 9/11 GI bill benefits onto your dependents?

Anonymous wrote:We’re a couple months away. Mid 50s. We calculated it no longer makes sense to work and we want to start 401k conversions to Roth.

Good for you, PP.

Anonymous wrote:

Anonymous wrote:47 yo, $17M NW, not old enough yet for SS, military pension, absolutely no regrets….life is great

You/spouse did 20+ years in the military and still have a $17million net worth? I'm assuming that was made in the past 5-9 years post military? How did you do that?

I did 25 years in the military but started investing in stocks as soon as I started making money when I was a teenager. Started very small and just kept building. Did TSP/Roth TSP as soon as it was offered to active military. When I got promoted I invested more. Most of the gains came from individual stock picking in Roth and taxable brokerage accounts. I hit a couple of
Grand slams in my stock picking. I perform extensive due diligence before buying a stock.

Anonymous wrote:47 yo, $17M NW, not old enough yet for SS, military pension, absolutely no regrets….life is great

You/spouse did 20+ years in the military and still have a $17million net worth? I'm assuming that was made in the past 5-9 years post military? How did you do that?

Retiring next July at 56 years old. Zero debt except our primary residence and rental property, which generates income. College fully funded and our student is a freshman at our state flagship. My pension will pay 90K per year, I have 300K in my 403b, and I have 100K in my Roth IRA. I will collect SS at 62. My wife has a pension that will pay 60K per year. She has 150K in her 403b, and 50K in her Roth IRA. She will also collect SS at 62. Both of us will receive health, dental, and other benefits upon retirement.

Anonymous wrote:I’m projected to have 2.5mm by 50 (wife does as well), and house will be paid off by 56 without extra payments. Without the mortgage (that is, starting at age 56), our combined expenses would be 35k, which requires less than 1mm at 4% withdrawal. So trying to plan ahead on what to do with “too much money”. Might pull back on saving at some point or buy some nice watches. It’s a good kind of problem to have.

Does the 35K include your healthcare, and do you (or will you) use the ACA?